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The Ultimate in Conspicuous Consumption
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18223 |
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Section : |
THE ARTS
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10 / 1990 |
2,188 Words |
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Elbrich Fennema
Elbrich Fennema writes on the arts from Tokyo. |
Few people in Tokyo knew that the warehouse of Dainippon Ink and Printing Company housed over eight hundred pieces of art. Word got out only last May, when the Kawamura Museum opened its doors next to the ink factory in Sakura, one of Tokyo's smaller suburbs. The museum showcases paintings collected over a century by three generations of Kawamuras, all presidents of the Dainippon Ink Company. The paintings on display include Rembrandts, Monets, Renoirs, Picassos, Chagalls, Pollocks, and Stellas not even known to be in Japan. As most Japanese are buyers do, the Kawamuras operated most discretely while acquiring their collection.
Because of the Japanese preference for secrecy, solid figures about art in Japan are hard to get. But beyond doubt the speed with which Japanese art buyers snap up art works has increased dramatically over the past few years. This "art boom" began in 1985, the year the yen started its rapid climb against the dollar to almost double its value in two years.
It is estimated that Japanese buyers now command roughly one third of the world's art market, spending $6 billion on art in the past year, half of which was spent abroad. That makes Japan the second biggest buyer of art in the world, after the United States.
It is difficult to keep track of artworks that fall into the hands of Japanese buyers. Because art is often bought for investment, most prefer to hide these assets for tax reasons. It is highly unusual for Japanese to donate pieces of art to a museum, or even to lend them for that matter. Even auctions are not public, again for tax reasons. They are more like a gathering of special guests at an
... (1998 of 12176 Characters)
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