Flowering Wisteria, artist unknown, Hasegawa school, Edo period (1615–1868)
Pair of six-panel folding screens, low to mid-six figures $. Western artists like Van Gogh, Toulouse-Lautrec, Monet and Louis Comfort Tiffany all drew inspiration from Japanese paintings of nature. "Flowering Wisteria" is by an artist who may have been part of a workshop that produced screens for the interiors of wealthy merchants' homes, restaurants or temples.
As the tanking economy batters art prices, collectors should think about exploring categories that let the air out of their bubbles long before the stock market blew up. Consider Japanese art.
From the end of World War II until the early 1990s, Western and Asian collectors drove demand for screens, hanging scrolls, prints and ceramics made between the fifth and the 19th centuries.
Then came Japan's 1990 economic nosedive.
The sudden exit of Japanese speculators pummeled art prices worldwide. In the realm of Japanese art, both Western and Japanese buyers pulled back. As the crash receded into the past, prices stabilized and then rose steadily without the froth of speculative pressures.
In contrast to the $8 million hedge fund billionaire Steven Cohen paid for British contemporary artist Damien Hirst's formaldehyde-soaked shark, the finest Japanese art infrequently costs more than $1 million. This is a field devoid of glamour and hype. Rather, collectors are attracted to the sheer beauty and exquisite execution of Japanese artists.
The root of Japanese aesthetics is nature, embraced by Shintoism, and later Buddhism, which arrived in Japan in the sixth century. Early Japanese artists created finely balanced depictions of the Buddha and of Japan's lush hills, trees, flowers and landscapes. Example: "Mount Fuji and Musashino Grasses," a 1640 pair of six-panel screens that shows a traditional approach to broad expanses of nature. The price for this piece: $195,000.
Later, Western artists including Van Gogh, Monet and Louis Comfort Tiffany were inspired by pieces like "Flowering Wisteria," a six-panel screen that shows flowers in riotous bloom. The price for this piece is in the low to mid-six figures.
A departure from traditional subjects emerged in the Ukiyo-e, or "floating world," genre, which began in the late 17th century and continued into the 20th. The term initially described inexpensive woodblock prints for a new merchant class who wanted art but couldn't afford original painting. This new class was breaking free of traditional restrictions and hence, "floating."
Japanese artists are also famous for their lacquer work, an art form that began in China. One stunning example is a gold lacquer box in a style known as "uramasari," which means hidden decoration, or inner victory. While the box cover is decorated with a relatively simple conch shell, the decoration inside is wildly intricate, with leaves, flowers, rocks, blossoms and richly sculpted rocks. The price: $25,000.
Starting March 14, Japanese art will be available for sale and view in New York, during Asia Week. Bonhams is holding two auctions that feature Japanese works and Christie's is including Japanese pieces in its Asian art sales.
A group of dealers, the Japanese Art Dealers Association, is collaborating on a three-day exhibition of some 100 works, all of which are for sale. The show will be at the Fletcher-Sinclair mansion at 2 E. 79th St. March 15 through 17. Dealer Leighton Longhi says enthusiasm is running high for the upcoming show. In the last week, Longhi reports, two museums approached him to buy pieces.
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.
from Susan Adams of Forbes.com
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