Brexit and the art market (ctd.)
January 19 2023
Picture: Masterpiece
The Masterpiece fair, which was launched in 2010 and had become London's major summer fine art fair, has been cancelled. Brexit was explicitly cited as a reason. Increased costs in getting artworks into and out of the UK have fuelled an almost total collapse in the number of international galleries wanting to participate. Without them, the fair cannot operate, highlighting how dependent London's art market is on European trade and collectors. From the Antiques Trade Gazette:
In a statement Emanuel Kuhn, head of corporate communications at MCH Group, said: “Escalating costs and a decline in the number of international exhibitors mean that the event is not commercially viable this year.
“Brexit has certainly had an impact on the fair. The number of international galleries that applied for the 2023 edition has decreased by 86%.”
He said jewellers in particular have been affected by the UK government’s abolition of VAT refunds for international customers in 2020.
The closure leaves London without a major fair in the summer, since the Olympia fair has been cancelled too (Brexit cited as a reason). It's very sad to see London slowly losing its place as the capital of the European art market, and nobody in the government wanting to do anything about it. Or indeed the Opposition, since Labour now seems just as committed to Brexit as the Conservatives. Frieze Masters, in October, is still due to go ahead. Let's see if it does.
