"I don't buy paintings".. The art market transformed into a dating spot for the MZ generation

[Financial News] "Although many MZ generation people come to art fairs or art auction markets where they can buy paintings, transactions are not well conducted, and it's just a dating spot for them." (Representative of a domestic art auction house)

"The price of paintings is too high, and there are many cultural attractions even if you don't buy paintings, so I just go to art fairs for fun." (Jung In-young, 30s)

The MZ generation shows high interest in viewing artworks, but it turns out they are not very interested in art transactions. They do not yet have the economic ability to purchase expensive artworks, and they are more focused on showing off on social media than on transactions. Moreover, it is being used as a dating spot regardless of art transactions.
According to the art world on the 17th, it has been analyzed that many MZ generation people have recently entered art fairs, museums, and auction houses where painting transactions are possible in the past five years. It used to be a place representative of the middle-aged, but it has become a 'place of communication' that surpasses this for the MZ generation.
Reflecting this, social media is filled with photos of art exhibitions posted by the MZ generation. A spectacle is created where they boast exhibition photos, reviews, and photos of visits with their partners to acquaintances.
However, the art world responds that it does not lead to art purchases. A representative of a domestic art auction house said, "Although many MZ generation people come to the auction house, the MZ generation's art purchase ratio is insignificant in the overall transaction ratio," adding, "Although the number of visitors is increasing, the auction transaction amount is decreasing every year, which is a strange phenomenon."
In fact, the domestic art auction market in the first half of this year recorded the lowest performance in the past five years. The total transaction amount decreased by 37% compared to the same period last year, and both the winning bid rate and the highest winning bid price fell.
According to the '2025 Domestic Art Auction Market Half-Year Report' released by the Korea Art Market Appraisal Association, the total transaction amount in the auction market from January to June was about 57.2 billion won. This is a decrease of 34.5 billion won (37%) compared to 91.7 billion won in the same period last year, the lowest level in five years since 2021.
Looking at the transaction amount in the first half of recent years, it was △143.8 billion won in 2021 △144.6 billion won in 2022 △81.1 billion won in 2023 △91.7 billion won last year, showing a steady decline.
One of the reasons for this phenomenon is the recession in the art world, but it is also analyzed that it has shifted to an era of 'seeing and being satisfied' rather than owning art. Unless you are considering art as an investment, there is no need to stress about owning art in the current era where there are many things to enjoy.


The situation is the same for domestic art fairs. Every year, the number of visitors decreases, and it is becoming difficult to find the red stickers indicating 'sold out'.
The major domestic art fair 'Art Busan 2025' also opened in May, but the atmosphere was quiet instead of heated. Typically, when a large art fair is held, it is filled with excitement from the VIP opening, but this year, Art Busan had less crowded crowds and less buying competition.
This year's Art Busan involved 109 galleries from 17 countries, but it was disappointing as the number of participating galleries decreased compared to 145 from 22 countries in 2023 and 129 from 20 countries last year. The number of visitors decreased from about 100,000 in 2022 to 70,000 last year and 60,000 this year.
A gallery representative who participated in Art Busan said, "As the recession in the art world continues, there is a tendency for paintings not to sell much," but added, "However, the younger generation definitely has a higher rate of just viewing compared to the older generation, which also contributes to the decrease in transaction volume."
However, the art world is expecting that regardless of the current art transaction ratio of the MZ generation, they will become more discerning in the future and transactions will become more active.
A representative of a domestic art fair said, "If the MZ generation becomes middle-aged and economically established, the purchase rate will increase significantly as they have developed an eye for paintings during their youth."
rsunjun@fnnews.com Yu Seon-jun Reporter