The UK’s share of the global art market fell to a historic low in 2021, according to the Art Basel and UBS Global Art Market Report.
The UK’s $11.3bn share equated to 17% of the global market, 3% less than the year before.
The US recorded the largest market ($28bn), while the Chinese market replaced the UK as second largest in the world ($13.4bn).
The report attributes the decline in part to Brexit and the continued imposition of VAT on art imports.
“Some domestic EU art trade has been transferred outside of the UK, boosting markets such as France and Germany,” it reads.
Chairman of the British Art Market Federation (BAMF) Anthony Browne says the report “did not make for easy reading from the UK's perspective”.
“[The UK’s] failure to take advantage of the opportunities offered by Brexit and remove the barrier of import VAT [has] put us at a disadvantage on every level”.