Tokyo Gendai, Japan's first major international art fair, is poised to make a significant impact on the country's art market with its inaugural edition. The fair has successfully negotiated a tax break for exhibitors, easing the financial burden on international galleries. Previously, foreign dealers had to pay a 10% goods and services tax upfront, which posed challenges for cash flow. Now, the tax will be charged only at the point of sale, encouraging more dealers to participate. This move comes as a result of discussions between Tokyo Gendai and Japan's tax office, signaling a proactive approach to stimulating the art market.

Japan's art market has faced obstacles, including cumbersome tax structures and the absence of a major international fair, hindering its growth compared to other global financial centers. Tokyo Gendai aims to address these limitations and act as a catalyst for an art-market boom in the city. The fair's co-founder, Magnus Renfrew, believes that the lack of a significant international fair has held back the art market's potential. By providing a platform for 74 galleries, including prominent Western and Asia-Pacific dealerships, Tokyo Gendai aims to establish itself as a premier destination for art enthusiasts.

The fair's choice of venue, the Pacifico Yokohama convention center, was carefully considered due to its suitable size and excellent transport links. Tokyo Gendai hopes to leverage its convenient location to attract visitors and offer them opportunities to explore Tokyo's rich cultural landscape. Talks are underway with several museums in the city to stage blockbuster shows alongside the fair.

Support for Tokyo Gendai has been bolstered by influential art collectors who sit on the fair's advisory board. Notable figures like Yoshiko Mori and Ryutaro Takahashi bring their expertise and networks to enhance the fair's impact. The fair's program features various highlights, including the unveiling of a new installation by artist Ryuichi Ohira, designed exclusively for Tokyo Gendai. Additionally, a themed exhibition will showcase the works of contemporary women artists in Japan, offering visitors an opportunity to engage with Japan's vibrant art scene.

Eri Takane, the fair's director, expressed excitement about the upcoming event, stating that audiences will have the chance to discover and interact with the most exciting culture happening in Japan today. For local visitors, it will be a rare opportunity to experience a wide range of international art, marking a significant milestone in Japan's art landscape.

With its strategic initiatives, including the tax break for exhibitors, the fair is set to make a lasting impact and contribute to the country's artistic development. Tokyo Gendai promises to be a groundbreaking art fair that not only supports the growth of Japan's art market but also positions Tokyo as a thriving cultural hub.