Various Small Fires, an influential Los Angeles gallery, has opened up an outpost in Seoul and shows work by Korean-American artist Nikki S Lee at the inaugural Frieze Seoul. Photo: the artist and Various Small Fires
Various Small Fires, an influential Los Angeles gallery, has opened up an outpost in Seoul and shows work by Korean-American artist Nikki S Lee at the inaugural Frieze Seoul. Photo: the artist and Various Small Fires
Various Small Fires, an influential Los Angeles gallery, has opened up an outpost in Seoul and shows work by Korean-American artist Nikki S Lee at the inaugural Frieze Seoul. Photo: the artist and Various Small Fires
Various Small Fires, an influential Los Angeles gallery, has opened up an outpost in Seoul and shows work by Korean-American artist Nikki S Lee at the inaugural Frieze Seoul. Photo: the artist and Var

Frieze kicks off its first foray into Asia in Seoul


Melissa Gronlund
  • English
  • Arabic

There were rumours for years that Frieze — the contemporary art fair behemoth that started in London and now includes events in New York and Los Angeles — was eyeing a site in Asia. A few contenders were floated about in whispered tones: Seoul, Singapore, Shanghai.

In the end, Seoul won out, and this Friday, more than 110 galleries will descend on the inaugural Frieze outing in the upscale Gangnam district — the one made internationally famous a decade ago by that viral galloping dance.

“The arrival of Frieze in Seoul is a huge validation of the city and its place within the arts ecosystem,” says Patrick Lee, director of Frieze Seoul.

Patrick Lee, director of Frieze Seoul. Photo: Deniz Guzel
Patrick Lee, director of Frieze Seoul. Photo: Deniz Guzel

“Of course, we hope it will replicate the success of what we have achieved in other cities — the best fairs facilitate dialogue and lasting relationships.

"The art world has its own wonderful machinations and network. Korea is already an important part of this — as shown by the fact that Frieze Seoul has landed here — but the fair can play a leading role in extending this international reach and continuing the development of the art scene here in Asia.”

In retrospect, it was inevitable. South Korea has become an incredibly wealthy nation over the past 40 years. Cars, electronics and technology companies such as Samsung, Hyundai and LG have generated a huge amount of cash and contemporary art has been a favourite destination for this money.

Lee Kun-hee, the son of the founder of Samsung, amassed an art collection estimated at $1 billion by the time of his death two years ago; 23,000 of these works will be donated to local museums. One of these is the National Museum of Modern and Contemporary Art or MMCA, which now has four branches across the country.

Corporations have also been particularly active in the art scene, such as Hyundai’s gallery in the city and its partnerships abroad, while the highly respected Busan and Gwangju biennials have given the country curatorial credibility.

The National Museum of Modern and Contemporary Art in Seoul. Photo: MMCA/Park JeongHoon
The National Museum of Modern and Contemporary Art in Seoul. Photo: MMCA/Park JeongHoon

Collecting has grown exponentially and is set to continue upwards. South Korea’s new President Yoon Suk-yeol, elected last year, ran on a platform of market-friendly policies, and the country is an efficient place for individuals to buy art, with no VAT on artworks.

Despite South Korea’s strong local art scene and art history, this new era is highly international in character. Seoul has become a destination for a number of blue-chip galleries: since 2016, Lehmann Maupin, Emmanuel Perrotin, Pace, Thaddaeus Ropac and Konig Galerie have all opened branches. Barbara Gladstone also has an office, and last year, the smaller Los Angeles space Various Small Fires also opened a site.

Jason Haam, who opened his eponymous gallery in Seoul five years ago, says that the recent boom in art activity has been shaped by a generation of the art world who are looking outward.

“A lot of people seem to think that this [collecting boom] is happening out of thin air, but it really started from Art Basel Hong Kong,” he explains. “We’re a small country. We have 50 million people, but it's still one-fourth the size of California by land. So we are always eager to know what's outside of our country, and we always want to engage with the bigger communities like China or the US.”

Jason Haam started his gallery in Seoul five years ago and shows a mostly international roster of artists, such as Urs Fischer, Sarah Lucas and Daniel Sinsel. Photo: Jason Haam
Jason Haam started his gallery in Seoul five years ago and shows a mostly international roster of artists, such as Urs Fischer, Sarah Lucas and Daniel Sinsel. Photo: Jason Haam

The mention of Hong Kong is divisive in Seoul, which is keen not to be seen in competition with the Asian city-state. But the comparison is inevitable. For years, Art Basel Hong Kong was the major fair in Asia, run by Frieze’s rival. The fair has suffered, though, during both the pandemic and the civil unrest in the city-state, as China moves to bring the territory closer under its laws. Its event last May was still hybrid and many gallerists and collectors have ceased visiting.

Lee, Frieze’s director, bristles against the idea that Seoul’s rise comes at Hong Kong’s loss.

“Asia is a huge place and Seoul is vastly different from Hong Kong, so I don’t think it’s a case that if one benefits it’s to the detriment of the other,” he says. “There is scope for multiple cities to be destinations in their own right.”

However, for the moment, the demise of Art Basel Hong Kong has left a void that Frieze Seoul can productively fill.

Frieze Seoul itself is larger than the Los Angeles and New York outings. The galleries are spread across three sections of a main fair, including a Frieze Masters section for work from antiquity through to the 20th century, and a Focus Asia section for galleries younger than 12 years.

As is typical of Frieze, the works skew towards global art. While the Korean art scene has major international stars, both historical and contemporary, such as Lee Bul, Do Ho Suh and Lee Ufan, the artists in the fair are the cross-section of big names across the world, such as Gagosian’s group show including Albert Oehlen, Richard Serra, Ed Ruscha and Takashi Murakami.

Mariane Ibrahim, from Chicago, is presenting younger artists such as Amoako Boafo, Yukimasa Ida and Peter Uka. And Stephen Friedman in London has a female-only presentation, with artists such as Mamma Andersson, Leilah Babirye and Hulda Guzman.

Museums and galleries across town are also hosting major shows and parties to welcome the influx of visitors. In a choice that reflects long-standing ties between South Korea and California, Emmanuel Perrotin's gallery is showing the San Francisco artist Barry McGee. Even local galleries skew more established: Haam’s gallery show is by Swiss mega-artist Urs Fischer.

Frieze Seoul is also being held in partnership with Kiaf, the Korean International Art Fair, which was established in 2002 — one ticket gains entry to both fairs, which have signed a five-year agreement together. Building on Frieze's ability to draw in a top tier of galleries and collectors internationally, Frieze Seoul is ultimately seeking to replicate its Frieze Week London on Korean soil.

“The wind is certainly blowing in this direction,” says Haam. “Artists are wanting to show and the appetite is there. The whole artwork will be there — journalists will be there, collectors will be there, institutions will be there. We’ll have access to a much bigger audience than we ever had before. Things that never happened here are now happening.”

Frieze Seoul runs from Friday to next Monday at Coex in the Gangnam district of the city, alongside Kiaf Seoul, operated by the Galleries Association of Korea

UAE currency: the story behind the money in your pockets
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Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50

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The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.

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Karachians
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Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

Who was Alfred Nobel?

The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.

  • In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
  • Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
  • Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
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UAE currency: the story behind the money in your pockets

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Global state-owned investor ranking by size

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China

3.

UAE

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Japan

5

Norway

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Australia

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Saudi Arabia

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HIJRA

Starring: Lamar Faden, Khairiah Nathmy, Nawaf Al-Dhufairy

Director: Shahad Ameen

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Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: September 01, 2022, 10:16 AM