A decade on: Brexit's impact on the UK art market

Ten years after the UK voted to leave the European Union on 23 June 2016, The Art Newspaper reports that Brexit’s effects on the British art market have been shaped by additional shocks including the Covid-19 pandemic, wars in the Middle East, Europe’s first major conflict since the Second World War, economic recessions, and punitive tariffs introduced by US President Donald Trump. Paul Hewitt of the Society of London Art Dealers (SLAD) says the impact is “amplified” when Brexit-linked issues combine with broader factors. The latest Art Basel and UBS Global Art Market Report cited in the article shows the UK retaining second place globally by value at 18%, down from 21% in 2016, according to economist Clare McAndrew of Arts Economics. High-end confidence is illustrated by Sotheby’s planned June sale of the Lewis Collection, estimated at £200m (the highest ever estimate for an auction in Europe), while Thomas Woodham-Smith of the Treasure House Fair says Brexit has “crippled” lower-end trade and increased paperwork burdens, and notes that Masterpiece London closed in 2023 citing rising overheads and difficulty attracting international exhibitors.

Read the full article at The Art Newspaper - International art news and events