Deloitte Art & Finance Report 2024 Japan Edition : Introduction
In an era of uncertainty, the fusion of art and finance imagines new value
Published biennially since 2008, the Deloitte Art & Finance Report has consistently explored the potential synergy between the arts and finance industry, aiming to drive growth and benefit the entire art, culture, and finance ecosystem. Like many other economies and societies, the global art industry is facing volatile economic, environmental, and geopolitical uncertainty. However, even in the face of such challenges, the movement to explore the innovative possibilities emerging from the fusion of art and finance is gaining momentum.
The Deloitte Art & Finance Report 2023 Japan edition focuses on the global Deloitte Private & ArtTactic Art & Finance Report, published late last year. In addition to a summary of the global report, this edition includes content unique to Japan, such as an overview of the contemporary art market in Japan and interviews with companies that actively draw inspiration from the art field for their own business development.
Global Summary: The Evolution of Art and Finance
The Deloitte Art & Finance Report 2023 Global revealed that ultra-high-net-worth individuals (UHNWIs) held $2.174 trillion in art and collectibles in 2022. This demonstrates the increasing significance of art and finance, with further growth projected in the future.
To provide an overview of the Deloitte Art & Finance Report 2023 Global Edition, this chapter highlights key findings and presents them through easy-to-understand graphics. Considering the evolving ecosystem, we focus on the following comprehensive range of topics:
- The Role of Art and Finance under Increasing Uncertainty
- The Importance of Purpose and Asset Diversification
- Wealth Management Strategies Leveraging Arts and Heritage Assets
- Increasing Innovation and Transparency in the Art Market
- Sustainable Development and Social Contribution
Japan Contemporary Art Market: Growth and Potential
As a unique feature of the Japan edition, this report analyzes the current state, challenges, and future prospects of the contemporary art market in Japan. In recent years, the Japanese contemporary art market has experienced steady growth and garnered increasing international attention. However, compared to Western countries, the market size remains relatively small, and issues like transparency and liquidity persist. This report examines ongoing efforts to address these challenges and explores potential trajectories for the future growth of the contemporary art market in Japan.
The emergence of young collectors, young artists, and the opening of art complexes across Japan represent significant new developments in the Japanese art scene. We encourage readers to use this report as a starting point for discussions on how these new trends are interacting with traditional art business practices and how a distinctive Japanese art market is taking shape, all while considering global trends in the art industry.
Company Interviews: Learning from the Art Field
In the realm of art, creativity, flexibility, and innovation are inherent qualities. In the business world, there has long been a movement to actively embrace and incorporate these aspects of the art domain, with various industries experimenting and evolving their approaches., While there is no single formula for successfully integrating art into business, these trial-and-errors have settled down for the moment. We have reached a point where art can drive economic value beyond mere brainstorming, and we assume companies’ attempts to leverage art have become more sophisticated.
This chapter features interviews with companies that have drawn inspiration from the art field and applied it to their own business development. The articles aim to showcase how each company has incorporated artistic inspiration into their practices, offering readers new perspectives and ideas for their own endeavors.
As a compass for navigating times of uncertainty
The Deloitte Art & Finance Report, in both its Japan and global editions, is intended to serve as a compass for exploring the potential of the art and finance intersection and provide guidance for navigating uncertain times. We hope this report proves to be a valuable resource for all stakeholders in the art and finance sectors.
