The Impact of Brexit on the Art Market in the EU —Focus on the UK and France
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The UK formally left the EU on January 31, 2020. Brexit will have a certain impact on politics, economy, immigration, and other aspects of the UK and EU. Since the UK’s art market accounts for about 63% of the entire EU market, Brexit will undoubtedly also affect the art market. Hence the purpose of this paper is to probe into the impact of Brexit on the art market in the EU, especially in the UK and France. This paper analyzed a series of problems that may arise in the import and export of artworks between the UK and the EU after the Brexit, as well as the changes in the UK’s attitude towards the Resale Right system. Meanwhile, by comparing the UK and French art markets, the author draws the following conclusions. For the UK, Brexit represents a temporary setback in the export of artworks from the UK to the EU, but if the UK abolishes the system of the Resale Right, Brexit can activate the UK’s art market, which is undoubtedly beneficial to the UK’s art market. And for the EU, the EU’s export of artworks to the UK will also be hindered by the Brexit, but it is a good opportunity for the French art market. The French should seize this opportunity to reduce the gap with the UK’s art market and realize the repositioning in the world art market.
Abstract
The UK formally left the EU on January 31, 2020. Brexit will have a certain impact on politics, economy, immigration, and other aspects of the UK and EU. Since the UK’s art market accounts for about 63% of the entire EU market, Brexit will undoubtedly also affect the art market. Hence the purpose of this paper is to probe into the impact of Brexit on the art market in the EU, especially in the UK and France. This paper analyzed a series of problems that may arise in the import and export of artworks between the UK and the EU after the Brexit, as well as the changes in the UK’s attitude towards the Resale Right system. Meanwhile, by comparing the UK and French art markets, the author draws the following conclusions. For the UK, Brexit represents a temporary setback in the export of artworks from the UK to the EU, but if the UK abolishes the system of the Resale Right, Brexit can activate the UK’s art market, which is undoubtedly beneficial to the UK’s art market. And for the EU, the EU’s export of artworks to the UK will also be hindered by the Brexit, but it is a good opportunity for the French art market. The French should seize this opportunity to reduce the gap with the UK’s art market and realize the repositioning in the world art market.
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