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Tokyo Gendai Prepares to Launch Amid Japan’s Hot Art Market

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On a rainy Tuesday evening in Tokyo’s vibrant Roppongi district, artists, collectors, dealers, and art enthusiasts gathered for gallery openings amidst the bustling art scene. Local favorites like ShugoArts and Taka Ishii, alongside international giants like Perrotin, hosted events filled with champagne, canapés, and even frozen desserts at Perrotin’s new salon-style space upstairs. 

This marked the beginning of what could be dubbed Tokyo Gendai week, preceding the art fair’s second edition at Pacifico Yokohama starting Thursday. Among the attendees were Magnus Renfrew, the fair’s founder, and Sadie Coles, a London gallerist participating in the event. 

While the inaugural edition of the fair received positive feedback last year, the second year poses challenges amidst shifts in the global art market and fluctuating currency exchange rates. Nevertheless, expansions by galleries like Perrotin and the upcoming launch of Pace Gallery’s Tokyo branch indicate a growing interest in the Japanese capital’s art scene. 

Renfrew, with his experience from founding Art Basel Hong Kong, understands the dynamics of emerging art markets well. Reflecting on the evolution from Hong Kong to regional markets like Seoul, where major galleries are establishing footholds, underscores Tokyo’s rising prominence in Asia’s art landscape. 

Overall, Tokyo Gendai and the concurrent gallery openings signal a dynamic period for Tokyo’s art community, with optimism tempered by the nuanced realities of the global art market. 

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