asian art market 2638608
The Chinese art market experienced a 31% year-on-year decline in sales to $8.4 billion in 2024, its lowest level since 2009, according to the latest Art Basel and UBS Art Market Report. The downturn is attributed to slower economic growth, a property market slump, and broader economic uncertainties. However, other Asia Pacific markets showed resilience: Japan saw a 2% increase in sales, Australia's dealer market grew 11%, and China remains the second-largest auction market for postwar and contemporary art. Dealer sentiment is improving, with half expecting stronger sales in 2025.