Takayuki Ishii On How Tokyo’s Relationship To The Art World Has Changed

September 3, 2024

Takayuki Ishii, Founder of Taka Ishii Gallery.

Naoya Hatakeyama “Tsunami Trees”, installation view at Taka Ishii Gallery, Aug 31 – Sep 28, 2024. Photo: Kenji Takahashi / Courtesy of Taka Ishii Gallery

Takayuki Ishii. Courtesy Taka Ishii Gallery.

Since you first opened your gallery, what significant changes have occurred in Tokyo’s art market?

The market size today is entirely different compared to the 1990s, particularly with the active involvement of young collectors. I believe this is a global trend.

In Japan, this phenomenon started a bit later, around 7-8 years ago, and there is an increasing number of individuals collecting contemporary art as an investment tool for business, as well as entrepreneurs supporting young artists. Of course, there has also been an increase in people collecting art as a short-term investment. Local auction houses are fueling this trend, encouraging high bids on young artists’ works.

Has the relationship between the local art market and the international art market also changed?

There has been a growing number of young artists with a domestic market, and it spreads across Asia. A few are also entering the Western market. While the market in Japan is still active, it is anticipated to be influenced by international market changes.

Naoya Hatakeyama “Tsunami Trees”, installation view at Taka Ishii Gallery, Aug 31 – Sep 28, 2024. Photo: Kenji Takahashi / Courtesy of Taka Ishii Gallery

Has the art market been affected by Japan’s macroeconomic conditions?

Recent stock market crashes and similar events may pose challenges for works, especially by young artists, that have been traded at high prices in auctions and the secondary market. This will likely mark a clear turning point for artists who remain in the market and those who fade away.