KOREAN ART MARKET MOVES TOWARD MATURITY AMID CHALLENGES

The third Frieze Seoul has opened during a period of transition for South Korea’s art market, reflecting both economic slowdowns and new government initiatives. The rapid growth seen after the fair’s 2022 debut has cooled, with high-priced art transactions and profit-driven investments declining. Jinsu So, a Kangnam University professor, attributes this to the pandemic's aftermath and the global downturn, noting that participation in art fairs has increased, but sales haven’t followed.

Despite this, international galleries are actively entering the Korean market, boosting competition and enhancing local talent exposure. Meanwhile, the government has relaxed export restrictions on local art and passed the Art Promotion Act, signaling a commitment to fostering a collaborative art ecosystem. However, concerns remain over the potential impact of new regulations on transparency and artist resale royalties, leaving the market in a delicate balance between optimism and caution.

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ART021 HONG KONG ART FAIR EXPANDS ITS GLOBAL FOOTPRINT

The ART021 Hong Kong Contemporary Art Fair, running from August 28 to September 8, is making waves in the Greater Bay Area’s art scene. Supported by the Mega Arts and Cultural Events Fund, this year’s edition features five key sections, including "Sculpture," "Galleries," "Videos," and "Expansion," across multiple cultural sites. Notably, Robert Indiana’s iconic sculpture LOVE is on display in Hong Kong for the first time.

David Chau, ART021’s co-founder, views the fair’s expansion into Hong Kong as a bold move, offering a new platform for galleries and artists from China, Asia, and emerging markets to break into the international art world. Despite global economic uncertainties, Chau sees art as an alternative investment, with over 20,000 VIPs already pre-registered for the event.

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NEW YORK METS SCORE BIG WITH ARTIST SERIES FINALE FEATURING SARAH SZE

The New York Mets wrapped up their “Artist Series” program with a 7-2 win over the Boston Red Sox, highlighted by a special giveaway: a Sarah Sze-designed baseball cap. Sze, a renowned New York-based artist, threw the first pitch as 15,000 fans received caps featuring her signature fragmented blue-and-orange globe design. This marked the final installment of the Mets' collaboration with contemporary artists, which earlier included a Joel Mesler-designed tote and a bucket hat by Rashid Johnson.

Curated by Sophie Cohen, daughter of Mets owner and top art collector Steve Cohen, the series aimed to democratize access to high-end art, allowing fans to own pieces from prominent artists. Instead of commissions, the artists chose charities for donations, further connecting the project to the New York community. With this unique fusion of art and baseball, Mets fans became unexpected collectors, making the series a memorable success.

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MYSTERIOUS REMBRANDT-STYLE PORTRAIT FETCHES $1.5 MILLION AT MAINE AUCTION

An unsigned painting resembling the work of Rembrandt van Rijn recently sold for nearly $1.5 million at Thomaston Place Auction Galleries, smashing its initial estimate of $10,000. The portrait, depicting a teenage girl in black attire, was listed as created “after” Rembrandt and dated to the early 1630s when the artist was overseeing commissions in Amsterdam.

Intrigue surrounded the piece due to a label on its reverse, suggesting it may have been attributed to Rembrandt and previously loaned to the Philadelphia Museum of Art. Despite the museum’s inability to authenticate the work, bidding soared, with an anonymous UK collector ultimately claiming the portrait.

The sale reflects the ongoing allure and high stakes of Old Master paintings, even when their origins remain uncertain.

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STATE-OWNED CHINESE COMPANY BIDS $1.2 BILLION FOR K11 ART MALL IN HONG KONG

In a surprising move, CR Longdation, a state-owned subsidiary of China Resources Holdings, placed a $1.2 billion bid for Hong Kong’s K11 Art Mall, owned by New World Development. The mall, a fusion of art and commerce, was founded by Adrian Cheng, a prominent figure in the art world and CEO of New World Development. The possible sale comes as Cheng’s firm aims to offload non-core assets amid financial pressures, following declining property prices and rising interest rates in Hong Kong. The outcome could significantly impact the K11 Group’s art-focused ventures.

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