The Art Market Report, released on Thursday by Swiss bank UBS, estimates that global art sales dropped 4% to around $65 billion last year due to decreased purchases by the wealthiest customers.

Clients who are interested in purchasing artwork receive advice from the bank's wealth management section, which does not consider artwork purchases to be investments.

Paul Donovan, chief economist at UBS Global Wealth Management, claims that the most affluent clients have grown increasingly reticent to buy artwork and have taken their time making decisions about possible purchases because of rising prices, high interest rates, and political unrest.