Impact of Weakened Yen on Second Tokyo Gendai Art Market
The Yokohama art fair Tokyo Gendai’s second edition takes place amidst a dynamic time in the Japanese art market. Despite economic indicators showing a mix of challenges, such as high inflation and slow wage growth, there is overall stability. The depreciation of the Japanese yen has impacted art sales, making it more challenging for local collectors to purchase in dollars but more favorable for international visitors.
Tokyo Gendai, organized by The Art Assembly, showcases 70 galleries this year, featuring both Japanese and international dealers. A special project promoting female artists has been curated to address gender equality issues in Japan. Recent government revisions to the Customs Act have also aimed to boost art sales by making the purchase of imported works more accessible.
The international engagement with Japan’s contemporary art scene has increased, driven by a tourism boom and the country’s cultural appeal. With a thriving art ecosystem that includes various art fairs and a network of artists, galleries, and museums, Japan presents significant potential for the art market to develop further. Tokyo, being one of the wealthiest cities globally, has the opportunity to become a leading art market capital in Asia.
Tokyo Gendai, held at Pacifico Yokohama from 5 to 7 July, signifies the growing art scene in Japan and the region’s emergence as a major player in the global art world.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.