China reclaims No. 2 spot in global art market, report says

TOKYO -- China reclaimed its position as the world's second-largest art market in 2023, after the U.S., as pent-up demand supported sales of inventory left over from auctions canceled due to its strict zero-COVID policy.

China, including Hong Kong, overtook the U.K. to move up to second place in the rankings, with sales rising 9% to an estimated $12.2 billion, according to the Art Basel and UBS Global Art Market Report published Wednesday. Despite falling 10% in value year-on-year, the U.S. retained its top position with sales of $27.2 billion.