The Japanese art market grew by 11% from 2019 to 2023, reaching an estimated value of $681 million, significantly outperforming the 1% growth seen worldwide during the same time.
Clare McAndrew, the report's author, noted a 10% decline in the Japanese art market from 2022, attributing it to downturns at the top end of the market.
In 2023, galleries and dealers accounted for 68% of Japan's art sales, with 74% of transactions occurring in-person at gallery facilities, contrasting starkly with global trends in art sales.
McAndrew highlighted a digital disinterest in Japan, noting that while online sales represent 20% of global art sales, they only constitute 5% within Japan.
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