The Korean art market has emerged as a significant player on the global stage, tripling in size despite recent contraction worldwide. This growth reflects both quantitative expansion and market maturation, combining established masters with emerging artists.

London’s art scene currently showcases several prominent Korean artists. Haegue Yang’s comprehensive exhibition “Leap Year” at the Hayward Gallery features over 120 pieces, including installations, sculptures and multimedia works that transform everyday items into unique artistic expressions. The exhibition recreates her groundbreaking 2006 solo show “Sadong 30” held in an abandoned house in Incheon.

"Haegue Yang: Leap Year" exhibition view at the Hayward Gallery, London, UK, 2024 Photo: Mark Blower Courtesy of the artist and the Hayward Gallery (Photo provided by: Kukje Gallery) 

At Tate Modern’s Turbine Hall, Mire Lee’s “Open Wound” exhibition demonstrates her experimental approach to industrial and technological materials. The installation features 54 enormous chains holding metal frames that have tightly stretched fabric over them called “skins” and a rotating 7-meter turbine that drips pink liquid from “flesh-like tentacles.” It creates an evolving artwork that explores themes of regeneration and decline. Meanwhile, Heemin Chung’s exhibition “UMBRA” at Thaddaeus Ropac London showcases her innovative transformation of digital images into paintings and sculptures.

"Hyundai Commission: Mire Lee: Open Wound" installation view (Photo provided by Hyundai Commission: Mire Lee: Open Wound, Installation View, Photo © Tate (Ben Fisher Photography)) 

Heemin Chung: UMBRA, installation view at Thaddaeus Ropac London, 2024. Courtesy Thaddaeus Ropac gallery, London · Paris · Salzburg · Seoul. Photo: Eva Herzog.

Exterior view of Tate Modern, London, UK, where Do Ho Suh's exhibition will be held in 2025 (© Tate. Photo by Richard Murgatroyd)

Looking ahead to 2025, the Tate Modern will have a Genesis Exhibition of Do Ho Suh’s work titled “Walk the House.” It will explore relationships between architecture, space, body and memory through large-scale installations and various media.

Sales figures reflect the Korean art market’s growth, with total revenue exceeding 1 trillion won (approximately US$870 million) in 2022, up from 380 billion won in 2019. Gallery sales account for 45 percent of this figure, with art fairs contributing 25 percent. Korea now ranks seventh globally in contemporary art auction turnover, following major art market centers like the United States and China.

This success builds on a legacy dating back to the 1960s, with particular interest in 1970s avant-garde artists such as Lee Seung-taek and Lee Kun-Yong. Contemporary artists like Do Ho Suh and Haegue Yang continue to engage with key art communities, while diaspora artists, including Anicka Yi and Zadie Xa, are also expanding the global influence of Korean art.

The increasing international recognition of Korean art stems from the unique perspectives and innovative approaches of the artists. Major museum exhibitions continue to showcase both contemporary works and historical pieces, following the successful international reception of the Dansaekhwa (monochrome painting) movement. As the Korean art market evolves, its artists are increasingly shaping global artistic discourse, suggesting an even more significant role in the future of contemporary art.