Brexit Could Reshape Europe's Art Market, Italy May Benefit
The article analyzes the potential impact of Brexit on the art market, particularly contemporary art. London currently dominates as Europe's art hub, accounting for 23% of the global contemporary art market (ArtPrice 2015). If the UK leaves the EU, three scenarios are considered: London's position strengthens, remains unchanged, or European countries gain. The author argues that London's exit would create a leadership vacuum, potentially benefiting France, Germany, and Italy. For Italy, this could spur fiscal and legislative reforms, such as revising antiquated notification laws that deter international collectors. However, the author concludes that Brexit is unlikely, and Italy will likely remain complacent.
Key facts
- London accounts for 23% of the global contemporary art market (ArtPrice 2015).
- Only France (2%) and Germany (1%) have over 1% of the global contemporary art market in Europe.
- The Tefaf 2016 report ranks London as a top global art center despite Chinese market expansion.
- Brexit could lead to three scenarios: London strengthens, unchanged, or European countries gain.
- London attracts artworks from EU members due to favorable sales conditions and international investors.
- Brexit would void fiscal and commercial agreements that benefit London's art market.
- Italy could benefit from Brexit by reforming fiscal policies and notification laws.
- The author believes Brexit is unlikely and Italy will not change its approach.
Entities
Institutions
- Tefaf
- ArtPrice
- Artribune
- Monti&Taft
- la Repubblica
Locations
- London
- United Kingdom
- Italy
- France
- Germany
- Austria
- Belgium
- Switzerland
- Europe
- China
- United States