However, the financial crisis in South-East Asia is now threatening the country's successes. Yet the crisis is not the only reason why South Korea has been in the international headlines. The election of the new President Kim Dae Jung could well be of historical significance, with the opposition coming to power for the first time. After years in jail and in exile, South Korea's most famous dissident is taking over the leadership of the injured tiger. The election of Kim Dae Jung represents a significant advance for the young democracy.
Many artists regard the current financial and economic crisis as an opportunity.
The cracks in the materialistic order are increasingly revealing the spiritual traditions of the Korean civilization. The issue is that of a modern Korean awareness, which cannot be expressed exclusively either in traditional costumes or in terms of Western aesthetics. What began in the 1980s as a national theatre and art movement has become emancipated into one of the leading contemporary art scenes in the whole of Asia. It is also becoming increasingly renowned internationally. A second focal point will be the interaction between the international market and local identity, and a third will be devoted to the aesthetic aspects of Korean avant-garde art in installations, fashion and calligraphy.