Japan is experiencing a renaissance in its art market, positioning itself as a burgeoning hub in the global art scene. The recent Tokyo Gendai art fair, held in early July, showcased this transformation, featuring a diverse array of contemporary artworks, including a striking piece titled “Two O’Clock” by Masaru Shichinohe, which captivated attendees at Hillside Gallery’s stand. This painting, depicting a three-armed girl pointing at a red ball, symbolizes the compression of time, a theme resonating with the fair’s innovative spirit.
Shengyu Tang, the owner of Hillside Gallery, emphasizes the importance of looking beyond domestic sales. His international background has shaped his perspective, leading him to seek artists capable of making an impact both in Japan and abroad. This approach reflects a growing recognition among galleries that success in the art market requires a global outlook.
The arrival of prominent international galleries, such as Pace Gallery, further underscores Japan’s ascendance in the art world. With plans to open a Tokyo branch in September, Pace aims to tap into the city’s vibrant cultural landscape. Joseph Baptista, a partner at Pace, notes that the number of international galleries in Tokyo is still limited, indicating a significant opportunity for growth.
Despite being the third-largest economy globally, Japan’s share of the international art market remains modest at just 1%. However, experts like Magnus Renfrew, co-founder of Tokyo Gendai, believe that Japan is on the cusp of becoming a major art hub. The fair’s organizers have successfully negotiated tax incentives, alleviating financial burdens for exhibitors and fostering a more vibrant art market.
Interest in Japanese art is also surging due to the global popularity of anime and the success of renowned artists like Yayoi Kusama and Takashi Murakami. Joan B. Mirviss, a New York gallery owner specializing in Japanese ceramics, highlights the exponential growth in international interest, noting that her gallery now serves over 60 institutions in the U.S. alone, compared to just six when she opened nearly 50 years ago.
However, challenges remain within Japan’s domestic market. Despite the country’s wealth, a cultural tendency towards saving rather than spending on art limits the growth of local collectors. Mirviss points out that the Japanese typically do not fill their homes with art, contrasting sharply with Western collecting habits.
As Japan welcomes nearly 18 million tourists in the first half of 2024, driven by cultural fascination and a favorable exchange rate, the potential for art sales remains uncertain. Baptista from Pace Gallery believes that the influx of visitors will create new opportunities for engagement with Japanese art, further solidifying the country’s status in the global art market.