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 critic Clare McAndrew 's annual report for Art Basel and Shanghai found that sales from China 's dominant auction sector contracted 6 % last year and rose 24 % at the world 's third - largest auction house , Poly Auction . Hong Kong saw a 22 % dip after a strong 2017 . Fausto Melotti on show with Mazzoleni gallery at Art Basel in Hong Kong in 2018 A 57 % rate of unsold auction lots , damaging import markets and a lack of state support for philanthropy mean the Chinese market is unlikely to recover soon , The Art Newspaper 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 critic Clare McAndrew 's annual report for Art Basel and Shanghai found that sales from China 's dominant auction sector contracted 6 % last year and rose 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 markets and a lack of state support for philanthropy mean the Chinese market is unlikely to recover soon , The Art Newspaper said .