How Much Is A Tour of the Waterfalls of the Provinces (complete series) Worth?
Last updated: May 1, 2026
Quick Facts
- Last Sale
- $509K (2024, Bonhams, New York)
- Methodology
- comparable analysis
Estimated market value for a complete 8-print set of Hokusai's A Tour of the Waterfalls of the Provinces is $150,000–$600,000. This range is anchored to a recent public sale of a complete set at Bonhams (US$508,500) and adjusted for impression state, pigments, condition, provenance, and likely sale venue.

A Tour of the Waterfalls of the Provinces (complete series)
Hokusai • Series of woodblock prints
Read full analysis of A Tour of the Waterfalls of the Provinces (complete series) →Valuation Analysis
Valuation conclusion: Based on recent public-market comparables and current demand for high-quality Hokusai series, I place the market value for a complete 8-print Shokoku taki meguri set at $150,000–$600,000. The primary market anchor is the Bonhams New York complete-set sale realised at US$508,500 (including premium) which demonstrates robust collector interest for well-matched sets in good condition [1].
The comparable-analysis approach weights direct set sales most heavily and single-sheet highs as per-sheet benchmarks. High-quality single-sheet results from 2024 show per-sheet prices in the tens of thousands to low six-figures for exceptional impressions; for example, a premium single impression from this series sold for US$75,000 at Heritage Auctions, which supports higher aggregate values when all sheets in a set match in state and quality [2]. I also used large Hokusai complete-set sales (for more famous series) to gauge upper-end institutional willingness to pay and to set context for a complete-series premium [3].
How the range maps to likely conditions: a later-state or mixed-state complete set with trimmed margins, heavy backing, or notable restoration will typically sit at the lower-to-mid portion of this band (roughly $150k–$250k). A uniformly printed, unbacked set with original pigments, visible mica where used, strong bokashi, intact margins and few restorations will sit in the mid-to-upper band ($250k–$600k). A set with exceptional early-state impressions, documentary provenance or an institutional buyer may reach or modestly exceed the top of this band, though truly blockbuster Hokusai results remain concentrated in rarer groups and single iconic impressions.
Key adjustments in the comparable analysis include: (a) state identification (first-state impressions carry material premiums), (b) pigment and mica retention, (c) condition penalties for backing, staining, tears and trimming, and (d) provenance and exhibition history uplift. Sale venue and timing matter: Asia Week / major-house sales typically outperform regional listings for high-end Japanese prints.
Recommendation: to tighten this range to a point estimate, provide high-resolution recto/verso images, close-ups of publisher/censor seals and margins, and any provenance or exhibition documentation. If preparing for sale, obtain a conservator condition report and consult auction specialists at houses active in Asian works on paper; consigning to a major house during an Asia Week sale will likely maximise realisation for a high-quality set.
Key Valuation Factors
Art Historical Significance
High ImpactHokusai's Shokoku taki meguri is a focused landscape cycle that showcases his mature engagement with natural motifs, especially waterfalls, and stands within his broader landscape production. While it does not carry the same mainstream name recognition as Thirty-six Views or The Great Wave, the series is well regarded by curators and collectors of ukiyo-e and appears in major museum collections in single-sheet and occasional complete-set forms. The series' thematic unity and representation of Hokusai's later stylistic concerns make complete sets more desirable than disconnected single sheets for institutional buyers and advanced private collectors, producing a tangible premium for complete, well-preserved sets.
Impression/Printing Quality
High ImpactImpression state and printing quality are the most determinative technical factors. First-state impressions and those with original, untouched pigments, fine bokashi gradations, and mica highlights command outsized premiums relative to later reprints. Matching state across all eight sheets is critical: a uniform set of first-state impressions is worth substantially more than a mixed-state combination. Publisher and censor seals, clear signature impressions, and paper quality (thickness, fiber, watermark if present) also materially affect marketability and price. Accurate state identification and documentation are therefore central to valuation.
Condition & Conservation
High ImpactPhysical condition drives percentage adjustments to any base comparable. Common negative factors include heavy backing, pasted repairs, significant foxing, staining, losses or tears, and trimmed margins that remove key signatures or seals. Even minor localized restoration can depress value for high-end buyers, while unbacked, supple paper with original margins and minimal restoration retains maximum market value. Uniform condition across the eight prints reduces buyer uncertainty and supports higher prices; inconsistent condition across sheets usually forces a discount relative to top comparables.
Provenance & Exhibition History
High ImpactDocumented provenance, especially institutional ownership, museum exhibition history, or inclusion in authoritative catalogues raisonnés, substantially elevates value and buyer confidence. Single-owner museum dispersals and well-documented private collections have produced premium bids in the Hokusai market historically. Conversely, anonymous or undocumented sets can trade at a meaningful discount. Provenance also affects the marketing channel: museum-quality provenances increase the likelihood of sale at major houses and attract institutional buyers, which can be decisive when realising a set near the top of the estimated range.
Sale History
Bonhams, New York
Heritage Auctions, Dallas
Christie's, New York
Hokusai's Market
Katsushika Hokusai is one of the most collectible and market-driving ukiyo-e artists. His best-known works, notably The Great Wave and the Thirty-Six Views of Mount Fuji, have set modern auction benchmarks and driven institutional interest. The market is bifurcated: museum-grade early impressions and complete series command substantial premiums and sometimes record prices, while later impressions and condition-compromised sheets continue to trade at more modest levels. Recent years have seen elevated demand from institutions and HNW collectors, supporting strong realizations for the best material.
Comparable Sales
Shokoku taki meguri (A Tour of the Waterfalls of the Provinces) — complete series (8 prints)
Katsushika Hokusai
Direct match — identical complete 8-print series; primary recent public-market anchor for a complete set.
$509K
2024, Bonhams, New York
~$519K adjusted
The Falling Mist Waterfall at Mount Kurokami in Shimotsuke (single sheet from Shokoku taki meguri)
Katsushika Hokusai
Single-sheet from the same series — useful per-sheet benchmark showing market strength for high-quality impressions.
$75K
2024, Heritage Auctions, Dallas
~$77K adjusted
Thirty-six Views of Mount Fuji (complete set of 46 prints)
Katsushika Hokusai
Comparable as a complete Hokusai series sale — demonstrates buyer willingness to pay premiums for complete, museum-quality sets (upper-tier anchor).
$3.6M
2024, Christie's, New York
~$3.6M adjusted
Under the Wave off Kanagawa (The Great Wave) — rare early impression
Katsushika Hokusai
Top-tier single-print benchmark for Hokusai — shows the ceiling for exceptional impressions and how marquee lots can reset the market.
$2.8M
2025, Sotheby's, Hong Kong (Okada Museum sale)
Kisoji no oku, Amida ga taki (Amida Falls on the Kiso road) — single sheet from Shokoku taki meguri
Katsushika Hokusai
Older single-sheet sale from the same series — useful for long-term perspective on price appreciation and variability of single-sheet results.
$45K
2000, Christie's, New York
~$83K adjusted
Current Market Trends
Since 2023 the high end of the Hokusai market has been buoyant, with record and near-record results for early impressions and complete sets. Institutional exhibitions, high-profile single-owner sales, and cultural moments boosting public awareness have increased competition for top-condition examples. Collectors are favoring original impressions with intact pigments and provenance, and auction houses emphasise state and conservation documentation. The market remains segmented, with pronounced premiums for museum-quality material.
Sources
- Bonhams — Lot: Katsushika Hokusai, Shokoku taki meguri (complete set), Bonhams New York, 18 Sep 2024
- Heritage Auctions — The Falling Mist Waterfall at Mount Kurokami in Shimotsuke (single sheet), 27 Jun 2024
- Christie's — Complete Thirty-Six Views of Mount Fuji (complete set), Christie’s New York, 19 Mar 2024 (press release)