Overview

     As highlighted in our previous column, the Japanese contemporary art market has faced the stagflation of economy and the art market over the past 30 years.

     The art market, closely tied to the broader investment market, thrives not just on having assets but on actively circulating them. To revitalize the market in Japan’s current economic climate, it’s essential to expand beyond the domestic sphere and actively pursue international opportunities.

     While Western economies managed to rebound quickly from the pandemic and resume economic activities, Asia, with its strict zero-COVID policies, has experienced a slower recovery. Despite this, Japan’s stock market remains buoyant, largely due to investment-friendly schemes like NISA and iDeCo, and the attractiveness of certain high-end properties to foreign investors because of the weaker yen.

     However, the current situation, where inflation outpaces wage and interest rate increases, signals more than just caution—it’s a red alert. As the gap between rising stock and real estate prices and stagnant wages grows, the risk of investors withdrawing to secure their profits increases.

     Given these domestic economic conditions, Japanese artists must look beyond the local market and set their sights on Western markets for future success. The next step is to explore how to approach international expansion effectively.

Expanding Artists Abroad

     When it comes to showcasing contemporary art internationally, identifying the right region and implementing effective promotional strategies are crucial. It’s important to assess the potential of different markets, recognizing that Western markets often provide the most robust foundation for expanding recognition, even though opportunities may also arise from Asian markets like China.

     Securing credibility through prestigious events is another key aspect. Participating in renowned art platforms such as the Venice Biennale, Art Basel, and the Turner Prize can significantly enhance an artist’s profile. The U.S., now representing 40% of the global art market, offers substantial opportunities for gaining critical acclaim.

Participation in Local Art Fairs

     Local promotion and branding are vital for long-term success. Simply exhibiting at art fairs is not enough; artists need to engage in comprehensive local promotion. This includes securing media coverage in local online outlets and boosting social media presence to connect with potential collectors and build a lasting reputation.

     Understanding and integrating local culture is also crucial. Collaborating with local curators and gallery owners who are familiar with the regional art scene helps tailor marketing efforts and artwork selection to fit local preferences and trends. Translating artist statements and interviews into the local language can further enhance engagement.

     Building long-term relationships with collectors beyond art fairs is essential for sustaining market presence. By continuously connecting with collectors and avoiding a one-off sales approach, artists can foster a more stable and successful international presence.

     To achieve success in the global art market, Japanese artists must combine strategic planning with effective promotion and cultural adaptation. Persistent effort, a deep understanding of regional dynamics, and a commitment to building international recognition are key to long-term success.

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https://x.com/kenji_tokumitsu

Second book written by the president of Tagboat, Kenji Tokumitsu, “Textbook of Contemporary Art Investment,” is now available for purchase on Amazon here.

 

First book written by the president of Tagboat, Kenji Tokumitsu, “Art as Culture, Art as Investment” is now available for purchase on Amazon here.