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 noted a reduction in the price 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 decline in the average age of Asian art buyers . A record $ 29.9bn of artwork was sold in the US in 2018 , while almost $ 14bn worth of artwork was sold in the UK , an increase of 10 % .