Iranian artists participation in South Korea

Another record-breaking year for Art Busan as collectors mature

By Park Yuna– May 16th 2022

BUSAN – Art Busan, the second largest art fair in South Korea, hit yet another record-breaking sales figure this year, attracting established collectors and younger generations of collectors.

South Korea’s thriving art market turned its focus to the southwestern port city over the past few days, as Art Busan 2022 kicked off Thursday with a VIP opening session and ran through Sunday.

“As of Sunday morning, we are expecting to see around 60 billion won ($50 million) in sales. It is another sales record,” Chae Seung-min from Art Busan told The Korea Herald.

The art fair announced early Monday morning that it recorded 75 billion won in sales. A total of 102,000 people visited the four-day fair, including 1,2000 visitors during the VIP sessions.

The art fair has grown into the country’s second largest annual art event. Sales hit a record high of 35 billion won last year, behind only Kiaf Seoul, which reported 65 billion won in sales.

“It seems like collecting culture is maturing,” said an official from Gallery Hyundai. “I saw people hesitating before choosing works last year, but now it seems that many collectors know what they want.”

At the entrance to the Gallery Hyundai‘s booth — the gallery is one of the oldest art galleries in the country with a 52-year history — was “One Through Zero (The Ten Numbers)” by Robert Indiana, famous for his iconic “LOVE” image. Works by Lee Kun-yong, Kang Ik-joong and German painter Sabine Mortiz were also on display in the booth.

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