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. In an interview in March, Mr Wang said he was not worried about his future as a collector. Hong Kong saw a 22% dip after a strong 2017. annual tome on the global scene, produced for Art Basel and UBS this month, finds that in 2018 China witnessed “a contraction in supply of high-quality works and cautious buying, as trade and debt crises loomed”. 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.
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. In an interview in March, Mr Wang said he was not worried about his future as a collector. 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.