After a challenging few years, Japan’s art market is experiencing a strong revival. According to the Japanese Art Market Report 2024, the market has grown by 11% since 2019, significantly outperforming the global market’s modest 1% growth. Japan now holds the title of Asia’s second-largest art market, commanding a 5% share by value—second only to China’s dominant 80% share.

Historical Context

The Japanese art market has undergone significant transformations over the past decades, shaped by economic cycles, cultural shifts, and global influences.

During Japan’s economic bubble (late 1980s–early 1990s), the country was a major player in the global art market. Wealthy Japanese collectors and corporations aggressively purchased Western masterpieces, including works by Van Gogh, Monet, and Picasso. At its peak, Japan accounted for nearly half of the global art market. Notably, Ryoei Saito, a Japanese businessman, purchased Van Gogh’s Portrait of Dr. Gachet for a record-breaking $82.5 million in 1990.

Portrait of Dr. Gachet, Vincent Van Gogh, 1890, © to vggallery.

The bursting of Japan’s economic bubble in the early 1990s led to a prolonged recession, significantly impacting the art market. Many collectors and institutions were forced to sell artworks, and investments in Western art dwindled. By the 2000s, Japan’s art market showed signs of recovery. The rise of contemporary Japanese artists such as Takashi Murakami and Yoshimoto Nara year helped reignite global interest. Murakami’s Superflat movement, blending pop culture and fine art, attracted international attention, while the anime and manga boom further influenced the perception of Japanese contemporary art.

Takashi Murakami, Shangri-la Shangri-la Shangri-la Pink Silkscreen, 2017.

The Japanese art scene became more internationally integrated in the 2010s. Leading galleries like Perrotin and Blum & Poe opened spaces in Tokyo, and major institutions such as the Mori Art Museum and National Art Center expanded their programs. Art fairs, including Art Fair Tokyo, gained prestige, and the government began promoting art and culture as part of its soft power strategy. The pandemic initially slowed the market, with galleries and museums facing closures. However, post-COVID recovery has been strong. Events like Art Week Tokyo have helped re-establish Tokyo as a major art hub, attracting both domestic and international collectors.

Reasons Behind the Market’s Success

In 2024, the Japanese art market continues to expand, driven by several key factors:

A Growing Interest in Digital Art

In recent years, digital art and NFTs (non-fungible tokens) have captured attention in Japan, particularly among younger collectors. Digital art has become an increasingly prominent form of expression, with artists utilizing technologies such as virtual reality (VR), augmented reality (AR), and generative art.

Takashi Murakami, Flower #10342; Pilot Goggles, 2022

Gallerists note that many collectors are motivated by their deep personal connection to Japanese culture. Individuals who grew up with Japanese pop culture, including manga and anime, and who have an admiration for the Japanese aesthetic, are now in their 30s and 40s with disposable income to invest in art. As noted by Stéphanie Vaillant of Perrotin Tokyo, this generational shift has played a key role in expanding Japan’s art market.

Increasing Foreign Investment and Global Gallery Presence

As the art market has globalized, international collectors and investors have increasingly turned to Japan to discover new artists and investment opportunities. The weak yen has made Japanese art more accessible to foreign buyers, increasing international acquisitions.

However, Japan’s art market remains a challenging landscape for both galleries and buyers. Japanese law requires galleries to pay customs duties and a 10% sales tax upfront on artworks, a cost that is later passed on to the buyer upon sale. This regulatory complexity has historically limited international expansion.

Perrotin Tokyo, © to Perrotin

Despite these challenges, the presence of global galleries and auction houses has helped elevate Japan’s status as a key art hub. Major international galleries such as Pace, Gagosian, and Perrotin have expanded into Tokyo, bringing global attention to Japanese artists. These galleries not only showcase Western artists but also represent Japanese talents on the international stage, fostering cultural exchange and market growth.

The International Success of Japanese Artists

Japanese artists continue to gain recognition on the global stage. Major exhibitions featuring Yayoi Kusama, Takashi Murakami, Kohei Nawa, and Hiroshi Sugimoto have increased engagement with contemporary Japanese art. These internationally renowned artists have helped attract art collectors to Japan, indirectly giving exposure to emerging talents.

Yayoi Kusama, Pumpkin (yellow), Circa 2021

From the younger generation, artists like Yuko Mohri, who represents Japan at the 2024 Venice Biennale, are building strong international reputations. Their presence in international exhibitions helps cement Japan’s position as a powerhouse in the contemporary art scene.

Stronger Presence in the Global Art Fair Circuit

Art Fair Tokyo has become one of Asia's leading contemporary art fairs, attracting galleries, artists, and collectors from around the world. Meanwhile, Japanese galleries are increasingly participating in renowned global art fairs like Art Basel, Frieze, and The Armory Show. These fairs provide Japanese artists and galleries with an international platform, increasing visibility and market expansion. Additionally, Tokyo has developed stronger ties with art fairs in Hong Kong and Singapore, reinforcing Japan’s role as a dominant player in the Asian art market.

The Market Today

According to the Art Basel and UBS Survey of Global Collecting 2024 curated by the economist Clare Mcandrew, high-net-worth (HNW) collectors are showing strong interest in Japanese artists. Collectors from 14 countries ranked Japan among their top six regions of interest for acquiring new artworks.

• Collector Behavior and Market Trends: Demographics & Preferences: Japan, alongside the UK, France, and Germany, has one of the highest concentrations of millionaires, making it a key region for luxury art investments. Works on paper dominate the market, accounting for 24% of sales, compared to 20% for paintings.
• Gender Representation: Japan has the lowest representation of female artists among major art markets, at just 40% compared to the UK’s 49%, highlighting an ongoing gender imbalance in the art world.
• Inheritance & Tax-Driven Sales: A significant portion of art sales in Japan is influenced by inheritance tax settlements. 72% of collectors who sold artworks cited tax considerations as a key motivator. As a result, Japan has one of the highest shares of potential sellers, with 71% of respondents planning to sell artworks in the near future.
• Buying Preferences: Traditional avenues remain popular, with 21% of collectors preferring to buy through dealers at art fairs. While there is growing interest in discovering new artists, purchases are often made alongside more familiar and established works.

HNWI Main Motivations for Reselling Works 2023 and 2024, © Art Basel Report 2024

• Motivations: Unlike in some other major art markets, Japanese collectors prioritize personal enjoyment and aesthetic appreciation over financial returns. Only 16% of respondents cited investment as their primary reason for buying art.

Future Outlook

The future of Japan’s art market looks promising. High-net-worth individuals remain optimistic, confident in the continued growth of the sector. With increasing international engagement, a strong domestic collector base, and a rising interest in digital and contemporary art, Japan is cementing its position as a global art market powerhouse. As Tokyo continues to attract top-tier galleries and cultural events, its role as a leading art hub in Asia is set to expand even further in the coming years.