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 2018 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 noted a reduction in the average age of Asian art buyers. A record $29.9bn of artwork was sold in the US in 2019, while almost $14bn worth of art was sold in the UK, an increase of 8%.