Brexit's Impact on the Art Market: Auction Houses Brace for Change

As the UK prepares to leave the EU, major auction houses Sotheby's and Christie's are cautiously optimistic about the art market's resilience. Both houses expect low financial impact from Brexit, citing their ability to trade in pounds and hedge against currency fluctuations. The devaluation of sterling is seen as a potential boon for international buyers at upcoming contemporary art auctions in London. Christie's is already considering trade issues and plans to align its business with new regulations once the political process clarifies. Sotheby's CFO Michael Goss noted that new exchange rates could make London sales more attractive to foreign buyers. Gordon Innes, CEO of London & Partners, emphasized London's strengths in culture and education, with 215 museums, 857 galleries, and 245 live music venues, to maintain its global leadership post-Brexit.