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China reclaims spot as world’s second-largest art market

China has reclaimed its spot as the world’s second-largest art market, overtaking the UK, a UBS report has found. In 2023, art sales in China increased by 9% to an estimated US$12.2 billion, according to The Art Basel and UBS Global Art Market Report 2024. Meanwhile, sales in the UK and the US declined by 8% and 3% year-on-year, respectively….

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