Brexit's decade-long impact on the UK art market

Ten years after the UK voted to leave the EU on 23 June 2016, the art market has shown resilience at the top end but faces structural challenges. The UK retains second place globally with 18% of trade by value (down from 21% in 2016), according to the Art Basel and UBS Global Art Market Report. High-end auctions like the Lewis Collection at Sotheby's (estimate £200m) signal confidence. However, lower-end trade has been crippled by paperwork and costs, says Thomas Woodham-Smith of Treasure House Fair. Old Masters sales declined from 52% of global trade in 2014 to 38% in 2025. Imports fell from $3.2bn in 2019 to $2.1bn in 2020. European galleries have closed London branches: by 2026, all eight EU members of SLAD had resigned. Dealers face burdens from import/export controls, VAT, and anti-money laundering directives. France and Italy are gaining traction with lower VAT rates. The UK opted out of EU cultural goods import regulations. New business models include project-based galleries and increased use of bonded warehouses. The British Art Market Federation will release an updated survey later this year.