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THE HEADLINES
BIG FRIEZE TO THAW? The third edition of Frieze Seoul has kicked off against a backdrop of economic and political challenges in South Korea. The country’s GDP is expected to grow by 2.5 percent this year, a recovery from last year’s 1.7 percent growth. However, President Yoon Suk Yeol faces corruption allegations, with over a million South Koreans signing a petition calling for his impeachment.“The Korean art market has been generally slow this year,” Jinsu So, a researcher and professor emeritus at Kangnam University, told The Art Newspaper. He attributes this to the lingering effects of the pandemic and the ongoing global economic downturn, despite rising visitor numbers at art fairs. Korea’s art market is in a phase of transition, moving from rapid growth to maturity, according to industry experts. Short-term art investments and high-priced auction transactions have declined, with many looking to the September art season for a positive shift. International galleries have continued to make inroads into the Korean market, with new entrants like 333Gallery from Bangkok and Lazy Mike from Riga participating in the Korea International Art Fair (KIAF). Eunice Jung, director of KIAF, says this influx is positive, driving local growth. However, curator Kim Inhye cautions that this interest may not be sustainable, and the competition could present challenges for Korean artists and galleries. As international galleries sign local artists, the Korean art scene is increasingly integrating into the global market, offering both opportunities and challenges for domestic players.
Related Articles
BANKING ON ART. On Monday, Deutsche Bank unveiled a quartet of site-specific commissions for its new UK headquarters in the City of London, the UK capital’s financial district. The four works join the German multinational bank’s long-standing art collection, which has been rehung in the new building at 21 Moorfields. It was designed by international architects WilkinsonEyre. British artists Simeon Barclay, Claire Hooper and Rene Matić – and Irish artist Jake Irvine – created the commissions. “Since its inception in the late 1970s, the Deutsche Bank collection has been ever-evolving, with the radical aim to make a corporate collection accessible and viewable to all,” Britta Färber, Deutsche Bank’s global head of arts and culture, told ARTnews. “In our new London office at 21 Moorfields, we want the artwork to stimulate conversation and enable new discoveries. By displaying our collection in accessible areas, including new commissions for the building, we hope our employees and clients as well as the public, can interact with the artists through their visual narratives and explore how their storytelling echoes with today’s society.”
THE DIGEST
The Dorset Museum in the UK is welcoming naturists for a private view on September 17 (it’s happening after hours, phew!). [BBC]
Artists and collectors are queuing up to support Kamila Harris as the US presidential race heats up. Agnes Gund, the president emerita of the Museum of Modern Art (MoMA) in New York and a high-profile philanthropist, is one of them. She says Harris “represents opportunity and optimism.” [The Art Newspaper]
Sudanese Rapid Support Forces (RSF) fighters have reportedly looted the National Museum of Sudan in Khartoum and smuggled some of its artifacts across the country’s southern border. [Middle East Eye]
Frieze Seoul is hogging the headlines, but KIAF – happening at the same time – is another must-see art fair. [Ocula]
THE KICKER
SOMETHING FISHY (FOR BREAKFAST). Icelandic artist Oddur Eysteinn Friðriksson, known as ODEE, is being sued by Iceland’s biggest fishing company, Samherji, for making an artwork apologizing for its alleged role in the so-called Fishrot scandal. On Monday, ODEE was given an opportunity by The Namibian, the biggest daily newspaper in Namibia, to directly address the country in a video message. “Good day, Namibians. I am grateful for this opportunity to speak directly to you. Today, I want to address the actions of Samherji in Namibia, express my solidarity with all those affected, and discuss how we can move forward together,” ODEE says in the video. “Finally, I call on Samherji to act with transparency and ethics. It is time for them to take full responsibility for their actions and to work towards making things right. I also urge the international community to stand with Namibia in its fight against exploitation. Your voices must be heard, and your rights must be upheld.” [Windhoek Observer]
