The Performing Arts Market in Seoul (PAMS) is celebrating its fifth year in 2009. Its 2005 launch was accompanied by a vague fantasy about art markets and concerns that local performing arts were not ready to venture into overseas markets. Over the past four years, however, PAMS has carved concrete functions and roles out of the unfamiliar, undefined expectations that had accompanied the term “art market.” Consequently, Korea’s performing arts professionals have grown familiar with PAMS.