Japan's Art Market Sees Modest Growth in 2024

Report also highlights latest developments in Asia's art world, including exhibitions and events

Published on Feb. 27, 2026

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Japan's total art sales reached $692 million in 2024, a 2% increase over 2023, despite a 12% global contraction during the same period, according to a new report. The report found that around 93% of transactions in Japan were for $10,000 or less, with dealers and galleries accounting for about 71% of sales. The news rundown also highlights various art events and exhibitions across Asia, including a focus on Asian American and Pacific Islander artists at the San Francisco Art Fair, a solo exhibition by Lap-See Lam in Hong Kong, and the presence of Asian artists at the upcoming Berlin Gallery Weekend.

Why it matters

The modest growth in Japan's art market, despite a global contraction, suggests the country's art scene remains resilient. The report's findings on the dominance of lower-value transactions and the role of dealers and galleries provide insights into the structure and dynamics of Japan's art market. Additionally, the coverage of various art events and exhibitions across Asia highlights the increasing visibility and recognition of Asian and Asian American artists on the global stage.

The details

The report, commissioned by the Japanese government, found that around 93% of transactions in Japan were for $10,000 or less, with dealers and galleries accounting for about 71% of sales and auction houses handling the remaining 30%. The San Francisco Art Fair will spotlight Asian American and Pacific Islander artists, partnering with institutions like the Asian Art Museum and the Asian American Art Initiative at Stanford University. In Hong Kong, Blindspot Gallery will host the first solo exhibition in Asia for Stockholm-based artist Lap-See Lam. The upcoming Berlin Gallery Weekend will feature a strong presence of artists with Asian roots, including Vivian Zhang, Anne Duk Hee Jordan, Qiu Ruixiang, and Shinoh Nam. The Museo d'Arte della Svizzera Italiana in Lugano, Switzerland, will open an exhibition exploring South Korea's contemporary art scene through video art, while the Japan Society in New York will present the first U.S. museum retrospective dedicated to the influential folk potter and modern artist Kawai Kanjirō.

  • Japan's total art sales reached $692 million in 2024, a 2% increase over 2023.
  • The San Francisco Art Fair will stage its 14th edition from April 16 to 19, 2026.
  • Blindspot Gallery in Hong Kong will open Lap-See Lam's exhibition 'Bamboo Palace, Revisited' on March 21, 2026.
  • Berlin Gallery Weekend will take place in May 2026.
  • The Museo d'Arte della Svizzera Italiana in Lugano, Switzerland, will open its 2026 season with 'K-NOW! Korean Video Art Today'.
  • The Japan Society in New York will present 'Kawai Kanjirō: House to House' from March 10 to May 10, 2026.
  • The third edition of the Islamic Arts Biennale will take place from November 1, 2027, through March 1, 2028, in Jeddah, Saudi Arabia.
  • Esea Contemporary in the UK is marking its 40th anniversary with a group exhibition and a fundraiser in London on Thursday, 2026.

The players

Clare McAndrew

An economist who oversees studies for Art Basel and UBS and prepared the latest Japanese Art Market report.

Lap-See Lam

A Stockholm-based artist who will have her first solo exhibition in Asia at Blindspot Gallery in Hong Kong.

Vivian Zhang

A London-based Chinese artist who will be featured at Galerie Max Hetzler during Berlin Gallery Weekend.

Anne Duk Hee Jordan

A Korean-born, Berlin-based artist who will be featured at Alexander Levy during Berlin Gallery Weekend.

Qiu Ruixiang

A Xi'an-based Chinese artist who will be featured at Hua International during Berlin Gallery Weekend.

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What they’re saying

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, Grocery employee (Instagram)

The takeaway

The modest growth in Japan's art market, despite a global contraction, highlights the resilience of the country's art scene. The report's findings on the dominance of lower-value transactions and the role of dealers and galleries provide valuable insights into the structure and dynamics of Japan's art market. Additionally, the coverage of various art events and exhibitions across Asia showcases the increasing visibility and recognition of Asian and Asian American artists on the global stage.