Frieze Seoul – Art collectors and visitors packed into Seoul’s COEX convention centre on Friday (September 2) as the city became the first in Asia to host the Frieze Art Fair, which features works from over 110 galleries worldwide.

In a nod to South Korea’s millennials-backed art market, which is set for another record-breaking year, Frieze Seoul – a closely-watched showcase of top works by contemporary artists – moved for the first time beyond its traditional venues of London, New York and Los Angeles.

An art hub focused on post-war and contemporary works, South Korea last year overtook Germany to rank the fifth largest market, according to bank UBS and Art Basel‘s Art Market Report. 

Sales grew 180% to a record 922 billion won ($680 million), Korea Arts Management Service (KAMS) data showed. Reasons for the boom include a growing interest among millennials, who often see art as an investment opportunity, as well as a favourable tax regime.

Frieze Seoul will be held until next Monday (September 5), along with Kiaf Seoul, South Korea-based global art fair run by the Galleries Association of Korea. Via REUTERS