China has lost its place as the world leader of public auctions of works of art, according to a report by Artprice that was released to the AFP. Fuelled by major sales in New York, the US has overtaken the Asian giant, which is now followed closely by the UK, reports The Art Newspaper.

This is “an unexpected rebound when, year after year, China seemed confident in holding its place at number one,” says Thierry Ehrmann, the president and founder of the Artprice database and index firm.