On a Tuesday evening in Tokyo’s Roppongi district, the threat of rain did nothing to dampen the spirits of the art enthusiasts gathered there. Artists, collectors, dealers, and aficionados flocked to the bustling gallery neighborhood, home to local favorites like ShugoArts and Taka Ishii, alongside international heavyweights like Perrotin. The evening buzzed with excitement, champagne, and canapés, while Perrotin offered a cool treat with frozen ice desserts at their adjacent store. Meanwhile, upstairs, they unveiled an intimate, salon-style gallery space, adding to the festive atmosphere.
This vibrant gathering marked the start of what is being dubbed Tokyo Gendai Week. The main event, Tokyo Gendai, opens its second edition on Thursday at the Pacifico Yokohama convention center, located about an hour south of central Tokyo. The fair’s founder, Magnus Renfrew, and London gallerist Sadie Coles, a participating dealer, were among the notable attendees on the opening night, mingling with local art lovers.
Last year’s debut edition received positive feedback, but seasoned art fair veterans know that the second year is the real challenge. This year, the global art market’s shifting dynamics present new hurdles. The once-hot market for young, easily flippable artists has cooled, and the strong dollar, while advantageous for American buyers, poses challenges for dealers selling to local clients in yen. Despite these complexities, the art fair scene is a marathon, not a sprint. The expansion of Perrotin and the upcoming September opening of Pace Gallery’s Tokyo branch underscore the city’s rising prominence in the art world. Renfrew, who was instrumental in transforming Art HK into Art Basel Hong Kong, recognizes Tokyo’s growing potential.
In 2007, Hong Kong had yet to attract mega-galleries, though Gagosian was on the verge of establishing a presence there by 2011. Today, these major galleries are shifting focus from Hong Kong to other Asian markets. For instance, Gagosian is set to debut in Seoul, coinciding with the third edition of the Frieze Art Fair, by showcasing Derrick Adams’ new paintings at the Amorepacific Museum of Art’s APMA Cabinet space. This regional diversification signals a broader shift in Asia’s art market, with Tokyo and Seoul emerging as key players.
