Sales in the global art market reached its second highest level in 10 years to reach $67.4bn in 2018, up 6% from a year ago, according to a report by UBS and Art Basel.

The US remained the largest market in this area, reporting its highest sales in a decade at $29.9bn.

The country contributed to 44% of art sales by value in 2018.

Even with Brexit looming large, the UK unseated China to claim the second spot in the art market.

The UK generated 21% of sales in 2018, with sales of just under $14bn.

China emerged as the third largest art market in 2018, accounting for 19% of sales.  Art sales in this market totalled $12.9bn last year.

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Online art sales were $6bn in 2018, up 11% from the previous year.

The online art market accounted for 9% of the value of the global market.

Sales at public auction of fine and decorative art and antiques totalled $29.1bn last year. The figure marks a 3% rise from 2017.

Sales in the dealer sector reached $35.9bn in 2018, a 7% increase from 2017.

Art fair sales also increased in the previous year, reporting a 6% year-on-year growth to $16.5bn.

UBS Global Wealth Management CIO Mark Haefele said: “The art market is a fascinating reflection of economic developments and trends in wealth creation.

“Most notable is the growth of billionaire and millennial spending power, particularly in Asian markets.”