Resilience and Accessibility: Japan’s Art Market Grows 11% Post-Pandemic
Japan’s art market has shown remarkable growth in recent years, expanding by 11% between 2019 and 2023 to an estimated value of $681 million. According to The Japanese Art Market 2024, authored by Clare McAndrew and commissioned by Japan’s Agency of Cultural Affairs, this growth contrasts with the global market’s modest 1% increase over the same period. Despite a dip in high-end transactions in 2023, Japan’s unique focus on local buyers and affordable art sets it apart.
Galleries and dealers accounted for 68% of Japan’s art sales, with Tokyo and the Kanto region dominating the market. Japanese collectors primarily favor in-person transactions, with 74% of sales conducted at galleries compared to 29% globally. Online sales remain minimal, comprising just 5% of the market versus 20% globally. McAndrew attributes this trend to Japan’s preference for direct artist-collector relationships, often facilitated through platforms like Instagram.
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Notably, works by internationally renowned artists like Yayoi Kusama and Yoshitomo Nara sell for much lower prices domestically, reflecting Japan’s focus on affordability. Over 91% of auction sales in Japan were under $10,000 in 2023, emphasizing the market’s accessibility. This inclusive environment fosters greater engagement, with art market-related industries employing over 12,700 people and supporting 47,320 visual artists across the country.
Japan’s art market, now representing 1% of global sales and 5% of Asia’s market, remains dwarfed by the dominance of Hong Kong and mainland China, which together account for 80% of Asia’s art sales. However, Japan’s democratic pricing model ensures art permeates more of its society, creating opportunities for middle-class and emerging collectors.
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