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China ranks third in global art market sales amid worldwide declines

With Art Basel taking centre stage in Hong Kong today, UBS’ Global Art Market Report points to an 11% YoY drop in total art and antique sales globally in 2016. Global art market sales reached an estimated US$56.6 billion last year, with the US, UK and China (including Hong Kong) accounting for as much as 81% of sales by value….

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