The UK art market continues to face significant challenges, with imports of fine art and antiques falling 16% year-on-year in 2023, according to the latest United Nations figures published in the Art Basel/UBS Survey of Global Collecting 2024. This decline has reduced Britain’s global share of art imports to 7%, a steep drop from 30% in 2010. Concurrently, Hong Kong’s imports rose by 9%, further solidifying its position in the global market.
Sharp Decline in Exports
UK art exports also saw a 16% decline in 2023, marking a dramatic 60% drop since 2019. The country now holds 15% of the global export market, down from near parity with the US in 2019. In contrast, Hong Kong’s global export share has grown from 2% in 2010 to 18% in 2023, surpassing the UK.
The 2019 export collapse followed an unusual 70% surge in 2018-19 as collectors moved stock out of the UK ahead of the Brexit deadline. Despite this spike, UK exports fell by 32% between 2018 and 2023, highlighting ongoing struggles.
Shift in Global Wealth and Brexit Impact
Cultural economist Clare McAndrew attributes the UK’s losses partly to Brexit, which has complicated intra-EU art trade. Prior to Brexit, the UK acted as a hub for importing and redistributing art across Europe at no extra cost. However, McAndrew emphasizes that the decline is more closely tied to global wealth shifts toward Asia, where markets like Hong Kong have become central to international sales due to low taxes, minimal import/export barriers, and its role as Asia’s freeport.
Market Contraction and New Challenges
Britain’s total art market value dropped 8% in 2023 to $10.9 billion, falling below 2019 levels and 15% below 2013 figures. The most notable losses occurred in the high-value segment of works priced above $10 million, where the UK saw a 42% drop in value and a 35% drop in volume, pushing it from second to third in global market share behind China.
Calls for Policy Changes
Martin Wilson, chairman of the British Art Market Federation, underscores the UK’s position as one of the top three global art markets. He stresses that maintaining this status requires simplifying import and export procedures to match the ease of doing business in the US and Hong Kong. Discussions with the government are underway to address these issues.
Hong Kong’s Rise and Emerging Competitors
While the global art trade has cooled overall, Hong Kong has become a pivotal player, with its low taxes and streamlined trade processes making it a hub for Asian buyers and sellers. Other countries, such as France, Switzerland, and Singapore, have also seen slight increases in their market shares.
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