UBS: China Becomes World's Second Largest Art Market

While the broader global art market contracted, China went against the tide to grow following a post-reopening boost, according to a UBS report.

In 2023, China became the world’s second largest art market after growing 9 percent to $12.2 billion, according to the «Art Basel and UBS Global Art Market Report 2024». This was particularly fuelled by strong post-pandemic activity in the first half of the year. 

«Enthusiastic buyers capitalized on sales of postponed auction inventories from 2022 in mainland China, while Hong Kong’s major fairs and exhibitions returned to their full-scale programs in the first half of the year,» the report said. «In the latter half of 2023, the pace moderated, possibly influenced by projections of more gradual economic growth.»

Global Contraction

In contrast, the global art market shrunk 4 percent year-on-year to an estimated $65 billion. Factors cited for the slowdown include high interest rates, inflation, and political instability, though transaction volume and online sales increased. 

Overall, the US was the world’s largest art market, despite a 10 decline to $27.2 billion after reaching a historical peak in 2022. According to the report, it was the «key center for worldwide sales of the highest-priced artworks».