Editor’s Note: This story originally appeared in On Balance, the ARTnews newsletter about the art market and beyond. Sign up here to receive it every Wednesday.

The hype surrounding Seoul’s boom years is over. As Frieze Seoul returns for its fifth edition and KIAF marks its 25th anniversary this September, the city’s art market is entering a new phase. While collectors and dealers navigate more challenging terrain, signs point to a maturing market.

Seoul’s recalibration comes amid a modest improvement in global art sales. According to the most recent Art Basel and UBS Art Market Report, the global art market grew 4 percent in 2025 after two years of decline, while South Korea posted growth of 6 percent. Yet dealers on the ground report a more mixed picture.