Brexit forces cancellation of Masterpiece London luxury fair

MCH Group, the parent company of Art Basel, has canceled the 2023 edition of Masterpiece London, a luxury fair that was scheduled for June 28 to July 5 at the Royal Hospital Chelsea. Organizers cited rising costs and a sharp decline in international exhibitor applications—down 86% for 2023—as making the event commercially unviable. The UK government's 2020 abolition of VAT refunds for international visitors has particularly hurt jeweler participation. Additional cost pressures include increased transport and construction expenses expected to rise further in 2023. The fair will refund all deposits and honor supplier contracts. Masterpiece, launched in 2010, was known for its curated sections like Sculpture Series and Masterpiece Presents, featuring artists such as Phyllida Barlow, Marina Abramović, and Iván Navarro. Despite attracting over 40,000 visitors in 2022, MCH Group is now evaluating the brand's future while retaining staff. The cancellation underscores Brexit's ongoing impact on London's art market, as MCH Group also launched Paris+ par Art Basel in October 2022 at the Grand Palais Éphémère, signaling a shift toward more fiscally favorable cities.