The domestic art market last year earned over KRW 1 trillion in sales for the first time despite the prolonged COVID-19 pandemic and sluggish global economy.
The Ministry of Culture, Sports and Tourism and Korean Arts Management Service on Jan. 4 said in a report that the scale of the market last year was KRW 1.03 trillion.
The amount was up 37.2% from KRW 756.3 billion posted in 2021.
By sector, sales at art fairs recorded KRW 302 billion, up 59.8% from KRW 188.9 billion in 2021. The ministry said driving the revenue growth was the 13.1% rise in the number of visitors to art fairs from 774,000 to 875,000.
Sales figures from the globally renowned art exhibition Frieze Seoul held in September last year by the Korea International Art Fair, the nation’s biggest event of its kind, are confidential and were thus excluded from this result.
Sales through galleries reached KRW 502.2 billion, up of 59.8% or KRW 188 billion from KRW 314.2 billion in 2021.
Purchases via auction, however, fell 30.9% from KRW 338.4 billion to KRW 233.5 billion over the same period.
The ministry said, “We plan to reflect this estimated market scale in our art policy for the new year,” adding, “We will raise policy interest in domestic art fairs that provide the general public with opportunities to enjoy art and actively support participation in art fairs and exhibitions abroad to enable rising and mid-level artists and galleries to aggressively advance to overseas markets.”
Source: Ministry of Culture, Sports and Tourism