Global art sales declined by 4% to approximately $65 billion last year, driven by cautious spending among wealthy buyers amid inflation, high interest rates, and political instability. Auction sales fell by 7%, while dealer sales dropped by 3%, particularly affecting high-value art and NFTs, which saw a 51% decrease in sales from their 2021 peak. In contrast, China's art market grew by 9%, becoming the second largest globally, as buyers returned post-COVID lockdowns.
