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Art Busan visitors plummet by 10,000 as masterpieces dry up

Published: 13 May. 2025, 16:05

Visitors look at artworks at Art Busan on May 8. [JOONGANG ILBO]

There were no long lines or frantic early entries. Art Busan, Korea’s largest international art fair in the first half of the year, wrapped up its 14th edition on Sunday without the usual fanfare.

Running at the Bexco convention center in Busan from Thursday to Sunday, the event drew 60,000 visitors — about 10,000 fewer than it did last year. Despite participation from 109 galleries across 17 countries, the number of exhibitors has declined steadily from 145 in 2023 and 129 in 2024. The wider aisles created by the reduced number of booths were sparsely filled.

“It used to be hectic trying to greet visitors at our booth, but the calm atmosphere this year caught us off guard,” said a representative from a Seoul-based gallery.

Art Busan’s peak was in 2022, amid a strong rebound from the pandemic. With major global galleries in attendance and works by masters such as Pablo Picasso, Gerhard Richter and Georg Baselitz on display, the fair attracted more than 102,000 visitors and racked up 74.6 billion won ($52.7 million) in sales. Since the following year, however, the organizers have not released sales figures, and the absence of prominent domestic and international galleries has raised concerns about the fair’s diminishing quality.

This year, 22 percent of participating galleries were based in the Yeongnam region. Twenty-nine galleries were first-time participants.

A visitor looks at sculptures by Osang Gwon in Arario Gallery's booth at Art Busan on May 8. [JOONGANG ILBO]

Fewer blockbusters, more affordable works

Sales showed signs of polarization. Some galleries fared well, while many smaller or emerging ones struggled.

“We sold over 25 works, including five of Osang Gwon’s photo sculptures priced around 15 million won each,” said Kang So-jung, director of Arario Gallery, which did not participate last year. “We focused on moderately priced pieces to connect with new collectors.”

Gallery Hyundai, also returning after a hiatus, devoted its booth solely to 12 landscape paintings by Kim Bo-hie, 73, who blends elements of Eastern and Western art. All works sold, generating approximately 1 billion won in revenue.

Kukje Gallery reported selling paintings by Kim Yun-shin and Ugo Rondinone, each priced around 90 million won.

The art industry operates within what’s called the primary market, where galleries sell directly to collectors via art fairs and hold exhibitions. This contrasts with the secondary market, in which previously sold works are traded through auctions.

An art fair is where artworks meet new collectors. To exhibit, galleries pay hundreds of thousands to millions of won in fees for four-day booths, sharing proceeds with artists.

Visitors look at artworks at Art Busan on May 8. [JOONGANG ILBO]

Economic uncertainty dampens mood

This year, economic uncertainty and geopolitical instability made it difficult to attract foreign galleries or motivate collectors to spend. According to Art Market Report 2025, released last month by Art Basel and UBS AG, global art market sales fell 12 percent year over year to $57.5 billion in 2024.

The downturn, driven by a sharp contraction in the high-end sector — especially old masters, or paintings made by artists in Europe before 1800 — also affected Korea, where sales dropped 15 percent. China’s market plunged 31 percent.

Despite lower sales, the number of transactions rose 3 percent to 40.5 million, fueled by stronger sales of works priced below $50,000. Notably, 44 percent of gallery clients were first-time buyers — a sign that art fairs remain critical platforms for expanding the market.

“Compared to holding a monthlong gallery exhibition, we can meet far more people and promote artists more effectively during a four-day art fair,” said Choi Ji-hwan, CEO of Gallery Grimson.

The global art fair calendar has become increasingly crowded. Since Art Basel Hong Kong in late March, Seoul has hosted Art OnO and the Galleries Art Fair. Upcoming events include Plastic Art Seoul later this month and the Suwon edition of the Galleries Art Fair in June. Art Busan coincided with three other fairs — Frieze New York, Art Fair Tokyo and Taipei Dangdai.

Now in its third year of decline, Art Busan has tried to reinvent itself by spotlighting emerging talent. Its “Future” section featured 19 domestic and international galleries established within the past four years. The “Connect” exhibition section introduced lesser-known artists like Kim Sang-don and Hou Yi-ting, who were rarely seen in gallery booths.

With so many fairs competing for attention, attracting foot traffic has become Art Busan’s most pressing challenge.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KWON KEUN-YOUNG [[email protected]]