Frieze attempts to launch the launch of Frieze House, a new permanent venue designed to host a rotating gallery pop-up in the heart of the South Korean capital and leverage the brand strength it cultivates in South Korea. The space will debut in Seoul in September’s fourth edition of Frieze and will be located in Yaksu-dong, which has so far become a reality, but has not been considered a gallery or creative district.
The initiative was founded with format trim explored in London, with the 9th Cork Street, launched in 2021 and has so far proven to be a valuable platform for galleries seeking to increase audiences in the UK and Europe. The new Seoul flagship store will occupy the building originally built in 1988, a pivotal year in South Korea’s modern history and will be renovated by Seoul-based architecture studio Samuso Hyoja with major contractors. The space is considered a cultural hub and will provide location-specific facilities by Kazuyo Sejima and Ryue Nishizawa in Sanaa.
Kristell Chadé, executive director of Frieze's Fairs, called the launch “a natural and exciting evolution” in the statement, is Frieze's presence in South Korea. “Seoul has become the focus of the global art world, and this new space will allow us to interact more deeply with the city’s vibrant art community throughout the year,” she said. “Our goal is to create new opportunities for galleries from around the world to build presence in one of the world’s most dynamic art markets.”
Although the move may have been in development for years, it reached the Korean art market compared to its initial boom, compared to its early collector-driven moments in Frieze. When the Expo announced its 116 exhibitors for its 2025 edition, many international galleries quit after mixing up in the previous edition. Among the confirmed blue chip participants were Gagosian, Hauser & Wirth, Pace Gallery, David Zwirner, White Cube, Gladstone, Thaddaeus Ropac, Lehmann Maupin, SprüthMagers and Esther Schipper. Korean galleries that bring the work to the art fair include Gallery, Modern Gallery, Jason Haam, Johyun Gallery, Kukje Gallery, P21, PKM Gallery and Whistle. Among exhibitors this year, Asia-based galleries account for 64% of the lineup (from 48% last year), marking a significant change in profile for the fair.
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This raises questions about whether international, especially Western galleries will still see their plans to Seoul, as Korean collectors have eased Korean collectors from the craziest purchases launched by Definition Expo. As power-dealer Tina Kim noted in a recent interview with Observer, Korea's institutions remain active and well-funded by the government, but as the country emerges from a period of political turmoil following a failed coup attempt by former president Yoon Suk Yeol in December 2024, the question is whether newly elected president Lee Jae-myung will continue to prioritize art and culture in public spending. South Korea is currently facing stagnant economic growth (about 0.8%), rising household debt, youth unemployment and increased social anxiety.
The country's export-driven economy has also been severely affected by global trade disruptions and is now facing other threats to increase U.S. tariffs. In response, President Lee proposed a $300 trillion (about $22 billion) fiscal stimulus plan and reforms aimed at restoring growth, including the so-called “Korean discount” of stock valuations through increased dividends and tightened market governance.
Despite economic headwinds, Lee emphasized during the campaign that Korean culture (K-Pop, movies, food and television) remains an unlimited global resource, but is still in its early stages of influence. His administration hopes to continue to leverage this cultural soft power internationally while investing in fundamental technologies such as AI, renewable energy and biotechnology to support the creative industry. This approach offers hope for new momentum in the Korean cultural sector and has the potential to rebound in the art market.
In April, just ahead of the New York edition of Frieze, New York, the fair was acquired by former CEO and Hollywood electric player Ari Emanuel, who bought the brand for $200 million from Entertainment Giant Endeavor, who co-founded it. Emanuel oversees efforts to acquire Frieze in 2023, Emanuel is very familiar with the brand’s potential and its recent challenges (including Frieze Lossing Ground to compete for Mega-Fair Art Art Basel). Whether Emanuel’s bold acquisition proves wise will depend on whether initiatives such as Frieze House can be more competitive on the global stage to revitalize and reposition the brand.
