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HONG KONG -- China's art sales slumped last year as harsh COVID-19 curbs and declining wealth in a slowing economy hurt demand.
The value of art sales in mainland China and Hong Kong fell 14% in 2022 from the year before to $11.2 billion, according to the Art Basel and UBS Global Art Market Report. That was the lowest level since 2009 apart from the first year of the pandemic in 2020, when sales were $10 billion.
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