Brexit and the art worldAugust 19, 2016
Though many businesses have been impacted by the recent Brexit vote, the international contemporary art market has managed to maintain its current trends. British art in particular has maintained strength in the art market, though not in ways that were anticipated by experts.
Examples of this unexpected success include:
- Experts feared that a devalued pound would scare away buyers. Instead, several of the most recent local auctions - including the two most prestigious at Sotheby’s and Christie’s – attracted more Asian and American buyers than expected.
- Post-war and contemporary works did not meet expectations at auction; however, older pieces like Henry Moore’s Reclining Figure: Festival and Alfred Munnings, H.M. the Queen and Aureole in the Paddock at Epsom before the Coronation Cup sold for higher than anticipated.
While experts realize that the true effects of Brexit won’t become obvious until Britain actually starts the process of leaving the EU, these recent events provide a positive indication that the art world will escape the upheaval relatively unscathed.