Frieze Art Fair makes Asian debut in Seoul

STORY: In a nod to South Korea's millennials-backed art market, which is set for another record-breaking year, the Fair – a closely-watched showcase of top works by contemporary artists – moved for the first time beyond its traditional venues of London, New York and Los Angeles.

An art hub focused on post-war and contemporary works, South Korea last year overtook Germany to rank the fifth largest market, according to bank UBS and Art Basel's Art Market Report.

Sales grew 180% to a record $680 million (922 billion won), Korea Arts Management Service (KAMS) data showed.

Reasons for the boom include a growing interest among millennials, who often see art as an investment opportunity.