Published: 2:04pm, 8 Mar, 2019 Updated: 3:20pm, 8 Mar, 2019
Art sales in China fell 3% to $12.9bn last year, according to the 2019 Art Basel and UBS Global Art Market Report. It cited a reduction in the number of high-value pieces at auction, concerns over the trade war with the US and China's growing debt problems as factors behind the decline. The report also found that Chinese collectors are increasingly turning to private collections for their art needs. A record $29.9bn of artwork was sold in the US in 2018, while almost $14bn worth of art was sold in the UK, an increase of 8%.