Fine Art Takes A Loss
In post-bubble Japan, fine-art museums are an endangered species. That’s because their fate is often inextricably bound to the companies and millionaires who founded them. Accountants have always advised wealthy Japanese businessmen to build small museums as tax shelters. (With their nonprofit status, museums can help families avoid massive inheritance taxes on pricey art.) Companies were also thought to benefit from museums and in-house galleries, which could help raise their profile and grant them a veneer of sophistication....