The latest Art Market Report by Art Basel and UBS reveals a continued downturn in global art and antiques sales, with a 12% ...

Global art sales sagged 12% last year to $57.5 billion, according to a report from Art Basel and UBS that’s widely considered the best way to track the “notoriously opaque” international art market.

Cooling interest in contemporary works and slow high-end sales contributed to another “challenging year” for the art market, according to UBS and Art Basel’s annual report.