China News & Info
National Centre For The Performing Arts, Beijing, China.
China, including Mainland China and Hong Kong, became the second-largest global art market
In 2023, the Chinese art market, constrained for several years due to COVID-19 restrictions, overtook the UK to become the second-largest market globally. Elsewhere, high inflation, economic volatility, and divisive conflicts in the Middle East and Ukraine cast a pall on activity as fairs, auctions, and exhibition calendars reared back to pre-pandemic norms.
The eighth edition of our landmark report, The Art Basel and UBS Global Art Market Report, authored by Dr. Clare McAndrew, Founder of Arts Economics and published in partnership with UBS, sheds light on these complex developments as it reveals decisive trends and emergent tendencies within the global art business.