Japanese Art Museum Kawamura Memorial DIC Museum of Art Under Threat of Liquidation
The Kawamura Memorial DIC Museum of Art in Chiba Prefecture, renowned for its significant collection of 20th-century Western art, is now facing the possibility of liquidation. Located approximately 50 minutes by train from Tokyo, the museum was opened in 1990 by Katsumi Kawamura, the then-president of Dainippon Ink and Chemicals (DIC). Kawamura had been an avid art collector since the 1970s and saw the museum as a way to link DIC, a major pigment, ink, and resin manufacturer, with a corporate-sponsored art collection.
The museum, designed by architect Ichiro Ebihara, sits adjacent to DIC's research center in Sakura City. It holds 754 artworks, with DIC owning 384 of these pieces, including masterpieces by artists such as Rembrandt, Claude Monet, Pablo Picasso, René Magritte, and Mark Rothko. Notably, the museum contains seven of Rothko's famous Seagram Murals, making it one of only four "Rothko Rooms" in the world.
Despite its cultural significance and status as a popular tourist destination, the DIC board recently announced that the museum will close in February 2025. The decision stems from concerns about the museum's "capital efficiency" and a lack of sufficient return on investment. Although previous board members viewed the museum as an essential aspect of corporate social responsibility, current shareholders are less inclined to support its continued operation purely for philanthropic reasons. The board has been cryptic about its reasons, citing "opinions from investors" and difficulties in maintaining the museum.
The announcement has sparked outrage from various figures, including Chiba's Governor Toshihito Kumagai, who called the closure a "great loss" and promoted an online campaign to save the museum. Japanese billionaire art collector Yusaku Maezawa also expressed sadness over the museum's impending closure, stating his willingness to cooperate as an art lover to preserve the collection. He further urged that if the artworks are sold, Japanese buyers should be given priority to prevent the masterpieces from leaving the country.
The museum faces two potential outcomes: downsizing and relocation or cancellation of operations, leading many to fear that the collection will be liquidated. Although the museum's current valuation is around ¥11.2 billion ($76 million), the sale of Barnett Newman's Anna’s Light (1968) for $105.7 million in 2013 suggests that the true value of the collection is likely much higher, raising concerns about the future of these valuable works.
