The UK ’s art market enjoyed a record year in 2018 , rising 8 % to £ 10.6bn ( $ 13.8bn ) , putting it second behind the uk in terms of global sales , according to the latest Art Basel and UBS Global Art Market Report . US sales reached $ 29.9bn , with China falling to third place with $ 12.9bn . France , Germany , Switzerland and Italy all saw their markets decline . The report says Brexit is not expected to impact the UK art market because the majority of sales involve countries from outside the uk .
The UK’s art market enjoyed a record year in 2018, rising 8% to £10.6bn ($13.8bn), putting it second behind the US in terms of global sales, according to the latest Art Basel and UBS Global Art Market Report. US sales reached $29.9bn, with China falling to third place with $12.9bn. France, Germany, Switzerland and Italy all saw their markets decline. The report notes Brexit is not expected to impact the UK art market because the majority of transactions involve countries from outside the EU.