Brexit bureaucracy, rising costs, and a drop in public sector culture funding are causing problems for the commercial art sector. Yet, Arun Kakar finds glimmers of cautious optimism in London's gallery scene.
Brexit, bills, and bloody costs: Ask a London art dealer about what’s grinding their gears at the moment, and they’ll likely answer one of these three things.
Like U.K. business at large, London’s art trade in 2024 is fighting a battle on numerous fronts. Brexit continues to be a costly, bureaucratic burden for many; the “cost of living crisis” is making business—from materials to services—more expensive; and local rental prices continue to climb. These factors are exacerbated by a tricky moment for the art market globally, too, with total art sales worldwide falling by 4% in 2023, according to Art Basel and UBS’s “The Art Market 2024” report. Sales in the U.K. market, according to the report, were down 8% year over year in 2023, to $10.9 billion.
All of this might give Londoners cause to feel slightly more downtrodden than usual... Keep reading on Artsy.
Brexit, bills, and bloody costs: Ask a London art dealer about what’s grinding their gears at the moment, and they’ll likely answer one of these three things.
Like U.K. business at large, London’s art trade in 2024 is fighting a battle on numerous fronts. Brexit continues to be a costly, bureaucratic burden for many; the “cost of living crisis” is making business—from materials to services—more expensive; and local rental prices continue to climb. These factors are exacerbated by a tricky moment for the art market globally, too, with total art sales worldwide falling by 4% in 2023, according to Art Basel and UBS’s “The Art Market 2024” report. Sales in the U.K. market, according to the report, were down 8% year over year in 2023, to $10.9 billion.
All of this might give Londoners cause to feel slightly more downtrodden than usual... Keep reading on Artsy.