China’s reopening expected to release pent-up demand for art, after report by Arts Economics, Art Basel and UBS shows mainland’s share of art sales declined in 2022

The Chinese art market was in third spot, with its share decreasing from 20 per cent in 2021 to 17 per cent last year, ‘The Art Basel and UBS Global Art Market Report 2023’ says

Reasonable to forecast that plans for a full reopening in China will mobilise pent-up demand, UBS executive says

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A work by Japanese artist Yayoi Kusama is displayed during Art Basel Hong Kong 2023. This year’s edition was the first staging of the art fair since Hong Kong’s and mainland China’s strict Covid-19 curbs ended. Photo: Elson Li

Published: 2:40pm, 5 Apr 2023

Art sales rose globally in the post-coronavirus pandemic era, but China’s share declined, according to a report by Arts Economics, Art Basel and UBS. But the country’s reopening is expected to release “pent-up” demand.

The sales of art increased globally by 3 per cent year on year in 2022 to an estimated US$67.8 billion, rising above pre-pandemic levels in 2019, according to the seventh edition of “The Art Basel and UBS Global Art Market Report 2023”.

The United States retained its lead position with 45 per cent of sales, an increase of 2 per cent year on year. It was followed by the United Kingdom, which accounted for 18 per cent of sales. China was in third spot, with its share decreasing from 20 per cent in 2021 to 17 per cent last year.

“After two years of disruption from the pandemic, 2022 started out as the first year of regular momentum for art market sales and activities,” said Clare McAndrew, founder of fine and decorative art research and consulting firm Arts Economics and author of the report. “However, performance varied significantly across regions and value segments, resulting in more muted growth overall.”

High-end art continued to be the main driver of growth in values across all sectors of the market in 2022, according to the report.