Frieze Seoul and Kiaf Seoul kicked off Wednesday at Coex in southern Seoul with VIP openings for their third collaboration, bringing a festive mood to the city, albeit in a cautious mode amid concerns of a slowdown in the art market.

Some 110 galleries are participating in Frieze Seoul, while 206 are represented at Kiaf Seoul. Frieze Seoul runs through Saturday at Halls C and D while Kiaf Seoul will continue through Sunday at Halls A, B and the Grand Ballroom. A single ticket offers admission to both fairs.

This year marks the debut of Frieze Live with the inaugural edition, titled “Nerve or Divine Pathway,” curated by Moon Je-yun, a project director at Art Sonje Center with five performances by seven artists running at Coex throughout the fair.

Each performance explores how movement, sound and visual elements can extend poetic expression, transforming the human body into a language, and poetry into a multisensory experience, according to Frieze.

This year's featured artists include Hong Ji Young, Jang Su-mi and Kim Won-young & Project YYIN.

While some galleries showed a cautious note on the first day of the art fair, saying "people seem to take time to purchase works this year," some mega galleries such as Hauser & Wirth released sales reports of what they sold on the VIP opening day, including the painting "PARTY126824" by Nicolas Party, whose solo exhibition is ongoing at Hoam Art Museum.

"The majority of the exceptional works we placed on opening day have been acquired by respected collectors in South Korea and wider Asia which was our goal for this fair. The incredible enthusiasm and engagement we've experienced today is a true indication of the highly informed and sophisticated audiences in the region," said James Koch, an executive director and partner at Hauser & Wirth.

This year's Frieze Masters section, led by Frieze Masters Director Nathan Clements-Gillespie, sees an increased presence of galleries operating across Asia, according to Frieze, including first-time participants Asia Art Center, DAG, Liang Gallery, Mizoe Art Gallery, Galerie du Monde and Gallery Shilla.

Gana Art, Hakgojae Gallery and Tokyo Gallery + BTAP are returning to Frieze Masters.

The Focus Asia section, featuring solo artist presentations from relatively young Asia-based galleries, sees participation by Barakat Contemporary in Seoul featuring media artist Jun So-jung, Seoul-based G Gallery presenting installation artist Hwang Sue-yon and Tokyo-based Parcel showing Chinese digital artist Lu Yang.

An annual talk program hosted by Frieze Seoul, Kiaf Seoul and Korea Arts Management Service takes place at Coex Studio 159, touching on topics of the power of biennales, feminism in Asian art and the evolving role of curators in galleries.

Frieze Film is taking place from Monday to Friday with works curated by Park Joo-won of the National Museum of Modern and Contemporary Art, Korea, and Valentine Umansky of the Tate Modern. This year’s program, titled "All That Weaves the Universe: Of Quantum Entanglements," unites time-based media works from over 20 international artists, taking place at Ewha Womans University in Seoul.

On the sidelines of the country's biggest art week, four gallery night events are taking place across the city, having started Monday with the inaugural Euljiro Night, followed by Hannam Night on Tuesday, Samcheong Night on Wednesday and Cheongdam Night on Thursday. Galleries and museums in each neighborhood will stay open late, with some hosting VIP parties.

Kiaf Seoul is an international art fair organized by the Galleries Association of Korea. Frieze, one of the leading global art fairs, is running its third iteration in the city.