Merrill, UBS Follow Rockefeller to Back Japanese Art
John D. Rockefeller III and his wife
Blanchette would be pleased. The couple, major Japanese-art
patrons from the 1950s and 60s, are now being followed by a
growing band of individual and corporate sponsors such as Merrill
Lynch, who are turning the spotlight on Japans student artists.
On Feb. 21, Merrill Lynch Japan Securities Co. and Mitsubishi
UFJ Merrill Lynch PB Securities Co. will host a charity auction of
university students artworks called “Tomorrows Masters. Four
days earlier, works by artists at four Kyoto art universities go
under the hammer. The first student art auctions held in Kyoto
last February and October drew heavyweight collectors such as
Makoto and Ayako Yamamoto, owners of the Reicof Group hotel chain.
“Im trying to create the new Rockefeller of Japan, said
Tetsuji Shibayama, president of art-consultants AG Holdings, who
helped organize the Kyoto sales. The former head of Sothebys in
Japan is trying to encourage companies and rich individuals to
sponsor contemporary artists in the country.
“Corporations here lost their mission to develop culture and
art after World War II because they had to rebuild the country
first, he said. “There are wealthy people in the new industries
here — IT, service, banking, medical and science — but they need
to be taught about the benefits of art patronage.
The Tokyo and Kyoto auctions are part of a renaissance in
Japanese contemporary art that has pushed prices up 30 percent to
50 percent a year in the past five years. By targeting students,
they allow collectors with a good eye to buy promising works at a
fraction of the price of those by more established artists.
Won the Lottery
“We had more than 500 attendees and all the lots sold
well, said Shibayama. At the October sale, undergraduate Sachi
Shigeno said she felt like shed won the lottery when her painting
sold for 300,000 yen to the Yamamotos. For the buyers, it was a
bargain. The 162-by-145 centimeter Chinese ink painting
“Fireworks will hang in their hotel in Atami, a hot-spring
resort south of Tokyo.
“So far, art universities in Japan have done little to
prepare their students for art careers after graduation, so many
end up unemployed, said Shibayama.
Half the proceeds of the Merrill sale will go to the artists
and half to charities. The auction will include works by
undergraduates such as Chie Shibata and recent graduates like Taro
Sakakibara. Many have never sold works commercially before.
Jason Kendy, director of marketing and communications for
Merrill Lynch Japan Securities, said the sale would “contribute
to two highly deserving communities — budding art students who
need to gain exposure and Japanese charitable organizations that
have funding challenges. Merrill is the first financial
institution in Japan to sponsor an auction of this kind.
UBS Collection
The bull market has also given an added fillip to more
traditional corporate patrons. “Art is for the Spirit: Works from
the UBS Art Collection at the Mori Art Museum in Tokyo until
April 6, shows part of the extensive UBS AG collection, much of it
acquired with the purchase of PaineWebber in 2000. The collection,
featuring works by Nobuyoshi Araki and Andy Warhol, now focuses on
contemporary art in Asia and Latin America.
“Its the perfect community program because it can be shared
with everyone, said Petra Arends, the collections executive
director. “We dont even have to brand it because the UBS name
and collection philosophy is in the title of the show.
One of the speakers at a symposium linked to the show was
Soichiro Fukutake, chief executive of Benesse Corp. and one of
Japans leading contemporary art patrons. To help revive the rural
economy around the companys headquarters in Okayama, Benesse
developed Naoshima Island, in the Seto Inland Sea, as a center for
contemporary art. The islands Benesse House, Art House Project
and Chichu Art Museum attracted more than 190,000 visitors last
year.
Economic Art
“Weve proven that contemporary art can help revitalize an
economy, said Fukutake.
The Ishibashi Foundation, established by Bridgestone Corp.
founder and art patron Shojiro Ishibashi, is also modernizing its
collection. Spearheaded by grandson Hiroshi, current head of the
foundation, the collection began to actively acquire modern and
contemporary works by established Western and Japanese artists
again in 2004.
A designer educated in the U.S., Hiroshi is reviving a family
tradition. His father Kanichiro, a former head of Bridgestone,
amassed an impressive private collection of 50s and 60s abstract
works. An exhibition at the Bridgestone Museum of Art until April
13, titled “New Horizons, the Collection of the Ishibashi
Foundation, reflects the new direction.
“When Blanchette Rockefeller saw my grandfathers collection
in the early 50s, she encouraged him to establish the museum,
said Hiroshi.
(Lucy Birmingham writes on the arts for Bloomberg News. The
opinions expressed are her own.)
