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.
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 Clare McAndrew's annual 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 a strong 2017. 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, The Art Newspaper said.