Use
\bVALUES\s(?:[^\n,]*,){2}\h*\K[^,\n]+
See proof
Explanation
\b the boundary between a word char (\w) and
something that is not a word char
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VALUES 'VALUES'
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\s whitespace (\n, \r, \t, \f, and " ")
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(?: group, but do not capture (2 times):
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[^\n,]* any character except: '\n' (newline),
',' (0 or more times (matching the most
amount possible))
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, ','
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){2} end of grouping
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\h* horizontal whitespace (0 or more times
(matching the most amount possible))
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\K match reset operator (discarding text matched so far)
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[^,\n]+ any character except: ',', '\n' (newline)
(1 or more times (matching the most amount
possible))
Another attempt:
\bVALUES\s*\((?:\s*'(?:''|[^'])*'\s*,){2}\s*\K'(?:''|[^'])*'
See another proof
Explanation
--------------------------------------------------------------------------------
\b the boundary between a word char (\w) and
something that is not a word char
--------------------------------------------------------------------------------
VALUES 'VALUES'
--------------------------------------------------------------------------------
\s* whitespace (\n, \r, \t, \f, and " ") (0 or
more times (matching the most amount
possible))
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\( '('
--------------------------------------------------------------------------------
(?: group, but do not capture (2 times):
--------------------------------------------------------------------------------
\s* whitespace (\n, \r, \t, \f, and " ") (0
or more times (matching the most amount
possible))
--------------------------------------------------------------------------------
' ' char
--------------------------------------------------------------------------------
(?: group, but do not capture (0 or more
times (matching the most amount
possible)):
--------------------------------------------------------------------------------
'' ''
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| OR
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[^'] any character except: '
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)* end of grouping
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' '\''
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\s* whitespace (\n, \r, \t, \f, and " ") (0
or more times (matching the most amount
possible))
--------------------------------------------------------------------------------
, ','
--------------------------------------------------------------------------------
){2} end of grouping
--------------------------------------------------------------------------------
\s* whitespace (\n, \r, \t, \f, and " ") (0 or
more times (matching the most amount
possible))
--------------------------------------------------------------------------------
\K match reset operator (discarding text matched so far)
--------------------------------------------------------------------------------
' '
--------------------------------------------------------------------------------
(?: group, but do not capture (0 or more times
(matching the most amount possible)):
--------------------------------------------------------------------------------
'' '\'\''
--------------------------------------------------------------------------------
| OR
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[^'] any character except: '''
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)* end of grouping