[INTERVIEW] Phillips Asia chairman sees Korea as expanding foothold in art market of Asia

Jonathan Crockett, chairman and head of 20th century and contemporary art at Phillips Asia, poses in front of Julien Nguyen's "New World Order" (2016) prior to his interview with The Korea Times at Songwon Art Center in central Seoul, Aug. 31. The global auction house is hosting a pop-up group exhibition, "Briefly Gorgeous," at the center until Saturday on the occasion of Frieze and Kiaf Seoul. Korea Times photo by Choi Won-suk

'Briefly Gorgeous' exhibition offers unique blend of established, emerging artists

By Park Han-sol

It isn't just the galleries and museums across Korea that are joining the art-filled action on the occasion of the return of two major art fairs ― Frieze and Kiaf Seoul ― this week.

As the leading global auction houses have mounted their own free pop-up exhibitions throughout the capital city, dazzling art lovers who are traveling beyond the fair venue at COEX in southern Seoul, Phillips is stealing the limelight with its fresh approach.

Whereas Sotheby's and Christie's have zeroed in on bringing multimillion-dollar Basquiats, Warhols, Banksys and Harings, Phillips has used a notably different tactic in its presentation, putting the works of established masters like Alexander Calder and David Hockney in dialogue with those of the emerging creatives.

Lee Yoo-ra, Oh Se, Kim Ho-jae and Annette Hur are some of the rising Korean-born artists featured in the roster of more than 30 artists in its group show, "Briefly Gorgeous," which runs until Saturday at Songwon Art Center in central Seoul.

Such a blend of art titans and next-generation talents in its showcase reflects the auction house's reputed role in bringing emerging international names to the market in addition to 20th century luminaries, according to Phillips Asia chairman Jonathan Crockett.

"Briefly Gorgeous" includes 20th-century icon Alexander Calder's "One Yellow Crinkle" (1975), a moving sculpture ― or "mobile" ― valued at $1 million. Courtesy of Phillips

Korean-born artist Oh Se's three ceramic works are on view at "Briefly Gorgeous." Courtesy of Phillips

"It's long been in Phillips' DNA to be the house that works on the cutting edge of the contemporary market, bringing new names in our auctions and selling exhibitions… It's important for us to give the opportunity to artists and use our auction as a platform to reach a wider, more global audience than they might be able to do within their own pre-existing ecosystem," he said in an interview with The Korea Times, Aug. 31.

"But we've also been simultaneously developing our success in the 20th century art market with some significant sales recently."

In Phillips' New York sale in May 2022, Jean-Michel Basquiat's "Untitled" (1982), a monumental red painting of a horned devil, was hammered for $85 million ― the most expensive lot the house has sold in its history.

"The work was consigned by an Asian consignor and went to an Asian buyer. This means that our Asian client base has proved to be invaluable to our success as a company on a global level," he added.

Installation view of "Briefly Gorgeous" at Songwon Art Center / Courtesy of Phillips

Phillips was a relative latecomer to the Asian art market compared to its rivals, launching its first auction in Hong Kong in 2015.

But at the helm of its current executive chairman Edward Dolman, the house has prioritized the expansion of its business in the region, hiring more than 100 employees over the years across eight different cities, including Hong Kong, Seoul, Tokyo and Shanghai. Last March, it opened its new Asia headquarters in the West Kowloon Cultural District ― the largest of any auction house in Hong Kong.

The participation from Asian clients is growing year by year, both regionally and internationally, in all of its major auctions, Crockett noted. "Approximately 35 percent of our buying activity comes from Asia on a global level now, based on the results seen from the last three years."

The firm opened a regional office in Seoul's Yongsan District in 2018. Last September, in time for the debut of Frieze Seoul, it hosted its first curated pop-up exhibition in the city, "New Romantics." Shortly after, it announced the appointment of a new regional director of Korea to expand its footprint in the country.

"Korea remains very important and highly relevant in the pan-Asian stage. I think it's very much up there with other leading art hubs in Asia, including Hong Kong and perhaps Shanghai," said the Asia chairman.

The country's strategic location in the Northeast Asian region as well as its key economic conditions ― existing tax incentives for artworks and openness that makes the import and export of art pieces feasible, among others ― makes its art ecosystem a viable and attractive one, he added.

Scott Khan's "Resting by the Stream" (1985) is currently on display at "Briefly Gorgeous." Courtesy of Phillips

And as for the collectors' buying activities, Phillips' transactions coming from Korean clients have risen by some 340 percent since 2018. The auction house has also witnessed a rising demand from Korean collectors for works by lesser-known artists, signaling a shift in the market dynamics.

"Koreans have long been pioneers in collecting artwork from around the globe by some of the world's leading artists," he said. "That continues today with a younger generation of collectors who are looking to experiment and invest in the most in-demand yet youngest names ― as in names that are new to the market here. This is a phenomenon that's happening across Asia, but we see it happening in Korea on a heightened level."

For instance, Scott Kahn, a 77-year-old American landscape artist who lived in obscurity for most of his life, has recently found success in the secondary market. Khan's "Resting by the Stream" (1985) is currently on display at the Seoul show.

"There's something here for everyone at all price points within all media ― sculptures, works in paper editions, or unique works on canvas," the chairman spoke of "Briefly Gorgeous."

"And the show represents Phillips in a way that it is truly international and also promotes artists from Korea, too."