British Art Market Woes?

November 23 2023

Posted by Adam Busiakiewicz:

The Art Newspaper have published an interesting piece on the launch of the British Art Market in 2023. Much of the text explains the increased difficulties with cross-border trade between the UK and the EU, with suggestions that the UK's 5% import VAT for art and antiques should be scrapped to increase the competitiveness for the country's art trade.

The news isn't all bad, as it explains:

The outlook is not as gloomy as one might have feared. Although Brexit—along with Covid-19 and geopolitical tensions—has taken a great toll, the report paints a picture of relative resilience: the UK has managed to cling onto its position as holder of the second largest share of the global art market, accounting for 18%, which represents $11.9bn in aggregate sales in 2022. This is partly due to a sluggish economy in China, which narrowly comes in third—representing 17%.

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If you need cheering up after the article, then I recommend watching the following video by Will Bayliss of the Dickinson Gallery, whom exhibited Reynolds' exceedingly beautiful Portrait of Mrs. Moses Franks at Frieze Masters earlier in the autumn (pictured above).

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