Brexit is official; the UK has left the EU with a trade deal

What are the implications for the art world?

Some of the potential consequences as Brown reports in ArtnetNews may include:

1. More Red Tape when transporting Art

2. The UK loses a key competitive advantage

3. E-commerce may not be spared

4. International collaboration becomes more difficult

5. Less free movement for cultural producers

In summary, there is still a lot to be determined and evaluated and over the next few months we will be able to understand more about the implications of the European Union (Future Relationship) Act 2020. The import and export of works of art will certainly be impacted with artworks taking longer to move from the UK to the EU and vice versa. It remains to be seen whether the UK stays a center for art commerce or perhaps we see a gradual move towards Paris which is becoming increasingly attractive and has one of the lowest VAT rates in Europe at 5.5%. Perhaps this also explains why we have seen so many galleries recently open an outpost in Paris? Moreover, it is yet to be determined how virtual sales will be impacted. Museums could start to look more "inwardly" and artists and art professionals may require a visa to work in the UK.

Read the full ArtnetNews article here.