By Lee Jihae
Video = Frieze's official YouTube channel

Frieze, one of the world's top three art fairs, is holding its first event in Asia in Seoul.

Frieze Seoul was opened on Sept. 2 at 2 p.m. at the Seoul COEX in the capital's Gangnam-gu District

KIAF (Korea International Art Fair) Seoul, the largest art fair in the country, was simultaneously launched at the same venue.

Frieze Seoul through Sept. 5 is being held on the third floor of the complex and KIAF Seoul on the first floor until Sept. 6.

Only VIP ticketholders may enter on the first day, and regular visits begin from Sept. 3.

A combined 110 galleries from 21 countries are participating in Frieze Seoul, with booths featuring the works of the greatest artists in history and the best artists of each generation.

Several of the world's top galleries such as Gagosian and Hause & Wirth are making their first forays into the Korean art market through Frieze Seoul.

The event also features works by famed artists such as Pablo Picasso, Andy Warhol, Francis Bacon, Keith Haring, Ellsworth Kelly, Willem de Kooning, Henri Matisse, Piet Mondrian and Robert Rauschenberg.

The displays also include the pop art of Roy Lichtenstein and works by David Hockney. The most expensive work shown at this event is "Girl with a Red Beret and Pompom" by Picasso, a painting owned by Acquavella Galleries with an estimated worth of KRW 60 billion.

KIAF, hosted by the Galleries Association of Korea, is marking its 21st edition this year through its first joint hosting with Frieze.

A combined 164 galleries from 17 countries are participating in this year's KIAF.

The British magazine Economist on Sept. 1 covered Frieze Seoul in its article titled "One of the world's most important art fairs comes to South Korea."

"As Frieze's first art fair in Asia, the inaugural Seoul edition attests to the city's growing importance in the art market, as well as to the deep pockets of collectors in the region," it said.

jihlee08@korea.kr