China has overtaken the UK as a global art market for the first time, a report suggests.
The UK was knocked from second spot to third place as a global market for antiques and arts, according to The European Fine Art Foundation.
The US continued to dominate the market in 2010, with a global share of 37%.
China’s share is 23%. The UK’s is 22%. The British Art Market Federation – which represents many UK dealers – said the figures made “alarming reading”.