Forbes makes the case for Japanese art as the perfect bubble antidote. Since the Japanese art already had its bubble in the 1980s, crashed and then resume moderate and steady price rise, Forbes feels this is better value-for-beauty arena than Contemporary art. With Asia Week already in full swing in New York, the proposition will be tested later this week:
The most expensive work in the exhibition, “Tale of Heike” by Kano Jinnojo, a 1600 screen showing a medieval battle scene, priced at around $1 million, has already generated interest from three potentially serious buyers. Because the Japanese art market adjusted prices to reflect value following the 1990 crash, explains Longhi, current prices have not been affected by the economic crisis.
The price on “Tale of Heike,” had he sold it a year ago? The same as today, says Longhi.
The Hidden Strength of Japanese Art (Forbes.com)