Art and the brave new post-Brexit world
Art Law

Art and the brave new post-Brexit world

With a new plan for UK-EU relations post-Brexit announced earlier this month, art market pundits are looking afresh at the potential consequences for Britain’s share of the global art trade. According to some commentators, the forecast is ominous . In June 2016, our art law specialists considered the possible longer-term impact of Brexit on the art market including on EU funding for the arts, Artist’s Resale Rights, Export Licenses and VAT import duty. One year later, art auction search engine Barnebys, dubbed ‘ the Google of the art world’ , has weighed in on the debate. Currently, the UK sits just behind the USA and ahead of China in terms of volume of art sales with a 21% share of the global art market. However, this figure represents an almost 10% decline over the past year. To make matters worse, Barnebys Co-Founder, Pontus Silfverstolpe has warned Brexit policies may further jeopardise the UK’s position. As Silfverstolpe points out, the UK currently enjoys numerous advantages which give it an edge over the competition: 1. It houses international auction houses such as Sotheby’s , Christie’s , Bonhams and Phillips as well as a host of major art galleries; 2. Many high […]

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