The reasonably new elected president of South Korea, Yoon Suk-yeol, may be enjoying his honeymoon period right now, but his announcement to the art world has creatives quaking with glee.
Former prosecutor Yoon Suk-yeol may have emerged as the winner of South Korea’s bitterly contested presidential election, but after a neck and neck race, he was welcomed with open arms into the A-list circle.
It may have happened two months ago, but the new president is still basking in his glorified win – as he should. Suk-yeol has some big projects on the cards and is expected to take a harder line on North Korea and “reset” ties with China, South Korea’s largest trading partner.
However, everyone in the creative industry went wide-eyed to discover that a $3.7 billion investment plan had been implemented for the country’s cultural portfolio. The options are endless, from TV, film, and museums to dancing studios – with that figure on the table, imagine the possibilities.
Numerous investment projects have been spilling out, with one of them even transforming the ‘Blue House’ – a former presidential site into a cultural complex to host over 600 localised and otherworldly pieces.
But adding more arts and crafts is nothing new for South Korea. The contemporary art scene has been actively growing since day dot. The arrival of the upcoming ‘Seoul Frieze 2022’ set to take place between September 2 to 5, only confirms the city’s rise to being a critical Asian centre for the global art market.
Artists and collectors are expected to flock to the city for one of the most significant art fairs of the year. As we know at DDW, Frieze is a common recurrence in London, Basel, New York and LA.
Yoon Suk-yeol has promised to implement these plans before the event doors open, but only time will tell. This would be a massive opportunity to allow domestic art galleries and experts to introduce Korean artists to the global art market.