The Japan Times revels in Tokyo Art Week going as far as claiming that the art market is growing in Japan in the middle of global recession that is hitting Japan’s export trade very hard:

Record bankruptcies around the world. Tumbling shares. Spiraling debt. Soaring unemployment. Escalating homelessness. And? A blossoming art scene.Those keen to take a breath of fresh air far from the gloom-laden commentary of Japan’s deepening recession would do well to seek refuge in an unlikely location: the art world. A tsunami of recession- defying art events will kick off in Tokyo at the start of April, collectively evolving into what is increasingly, but unofficially, being dubbed the Tokyo Art Week. [ . . . ]

“We are lucky that we do not have a bubble art scene, like China, New York, London, so the recession will not have as big an impact on Japan,” says Misa Shin, the fair’s executive director. “But younger galleries and those who export to foreign collectors are still suffering. Art Fair Tokyo has a big responsibility to help sustain the Japanese art market in this unstable climate.” [ . . . ] “China and Japan may both be in Asia but have totally different mentalities when it comes to art,” says Shin. “Japanese art has been much cheaper but the quality of the art is the most important priority.”[ . . . ]

The difficulties caused by global financial instability are all the more reason to raise the profile of the nation’s art works, according to Yoichiro Kurata, president of Shinwa Art Auction, which will stage a major contemporary auction on April 4 to coincide with the art fairs. “The impact of the recession on the Japanese market is big. Despite the demand for art, people hesitate to spend money on higher priced commodities,” says Kurata. “To keep expanding markets with art fairs and auctions is really important for the future of the Japanese art market. Japanese contemporary art is going to become better known within the global market if we keep up these activities.”

Fine Art Takes Over Tokyo for a Week (Japan Times)