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Mainland Chinese art collectors were the strongest art spenders during the first half of 2023, according to the Art Basel and UBS Global Art Market Report 2024.
Their median expenditure on art and antiques surged to $241,000 in the first half of last year, rebounding from a 6% decline in 2022 to $202,000.
Notably, mainland China was the only market surveyed to surpass reported values in total expenditure for 2022 during the first half of 2023, with an impressive 20% increase. The markets surveyed were the US, the UK, France, Germany, Italy, mainland China, Hong Kong, Taiwan, Singapore, Japan and Brazil.
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