japans art market growth asian art news 2748613
Japan’s art market demonstrated remarkable resilience in 2024, growing by 2% to reach $692 million despite a 12% contraction in the global art market. A government-commissioned report by economist Clare McAndrew revealed that the Japanese market is characterized by high-volume, lower-value transactions, with 93% of sales occurring at price points under $10,000 and dealers accounting for the vast majority of trade.
This growth signals Japan's strengthening position as a stable hub within the volatile Asian art landscape. The report coincides with a surge of international activity for Asian artists, including major retrospectives like Kawai Kanjirō at the Japan Society, expanded representation at the Venice Biennale 2026 for Japan and the Philippines, and a significant spotlight on AAPI artists at the upcoming San Francisco Art Fair.