The Chinese art market saw a reduced supply of high-quality works, with the US trade dispute and the country's soaring debt weighing on buyers. Kejia notes that China’s next generation of buyers is mostly interested in Western contemporary art, a factor she attributes to the marketing efforts by Western galleries and fairs—as this week’s Art Basel in Hong Kong reminds. Art expert Art Basel a strong 2017 report for Art Basel and UBS found that sales from China 's dominant auction sector contracted 6% last year and decreased 24% at the world's third -largest auction house, Poly Auction . Hong Kong saw a 22% dip after last year . A 57% rate of unsold auction lots, damaging import taxes and a lack of state support for philanthropy means the Chinese market is unlikely to recover soon, UBS said.
The Chinese art market saw a reduced supply of high-quality works, with the US trade dispute and the country's soaring debt weighing on buyers. Art expert Art Basel a strong 2017 report for Art Basel and UBS found that sales from China 's dominant auction sector contracted 6% last year and decreased 24% at the world's third -largest auction house, Poly Auction . Hong Kong saw a 22% dip after last year . A 57% rate of unsold auction lots, damaging import taxes and a lack of state support for philanthropy means the Chinese market is unlikely to recover soon, UBS said.