Gregor Kleinknecht comments on the European art market in the Art Media Agency July Newsletter

  • August 10, 2016
  • By Hunters Law

What holds Great Britain’s fate in the European art market post-Brexit?

Great Britain is today the second largest art market in the world, behind the United States. China, which is third, could benefit from the English market’s contraction due to Brexit. In Europe, Paris and Berlin could also attempt to make their presence felt on the Continent even though their respective markets are far behind London in size.

Other than Paris, the art market doesn’t really have another place that could take London’s leadership away. Germany could attempt to seize the opportunity to increase its domination in Europe, but it’s national market is far behind (5% in market value worldwide according to the recent report TEFAF 2016).

With 21% of the value of the world art market according to the recent report TEFAF 2016 (a drop of 9% compared with 2014), Great Britain is without a doubt the leading place in the European market. London has currently no competition of its size on the continent, Paris being relatively far behind.

Gregor Kleinknecht, partner at Hunters, the Lincoln’s Inn firm, added: “Brexit will force people to think again about temporary importations: if the auctioneers were forced to pay certain taxes for importation prior to a sale, that would pose a significant problem for auction houses and London might lose its position in the international market.”

Read the full article in the Art Media Agency (AMA) July Newsletter here.

Related News

Jan 16, 2023
Mark Stiebel and Anastassia Dimmek contribute to the third edition of The Art Law Review: United Kingdom chapter
Jun 13, 2022
Amy Scollan and Anastassia Dimmek examine what happens to an art collection when couples divorce in Antiques Trade Gazette
Jun 08, 2022
Amy Scollan and Anastassia Dimmek discuss the distribution of artwork during divorce proceedings in EPrivateClient
May 09, 2022
Gregor Kleinknecht discusses the Nicosia Convention and how it could tackle cultural goods trafficking in Antiques Trade Gazette
May 05, 2022
Gregor Kleinknecht examines the new international convention to create criminal law sanctions to protect cultural property in The Times
Apr 28, 2022
Gregor Kleinknecht and Annabelle Woosnam examine the Council of Europe Convention on Offences relating to Cultural Property in Lawyer Monthly
Apr 05, 2022
Hunters art law team assists Forum Auctions with its first ever NFT auction
Jan 19, 2022
Gregor Kleinknecht and Anastassia Dimmek contribute to the second edition of The Art Law Review
Dec 16, 2021
Gregor Kleinknecht discusses NFTs and why artists must protect their copyright in The Times
Dec 08, 2021
Fee earners choose their favourite pieces from London Art Week Winter 2021

© Hunters Law LLP 2023 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)