Britain’s complicated withdrawal from the European Union has not deterred investors from purchasing some of the UK’s finest works of art, which has seen a record year of sales. In 2018, the UK’s income from purchases soared by an astonishing 8 percent to £10.6 billion ($14bn) overtaking China (£9.9bn) into second place on the global scale, according to highly respected Art Basel And UBS Global Art Market Report. Meanwhile, the same could not be said for other countries in Europe, as France, the world's fourth largest market, saw sales drop by five percent to £3.1bn ($4.1 bn) while sales also declined in Germany, Switzerland and Italy. The report added the UK's art market is unlikely to be affected by the departure from the EU because the bulk of trade by value is already with non-EU countries. However, small businesses in the UK are more likely to be at risk by Brexit-related trade policies, due to having "less capital to ride out any periods of volatility". But the slide across Europe is forecast to continue because of “over-regulation”. The global report adds: "The factors that have made Paris and other centres in Europe less competitive, such as over-regulation and tax complexities, are domestic, homegrown issues that will not disappear because of Brexit.” The report written by economist Dr Clare McAndrew found the US retained its spot at the top of the table, with record-high sales of £22.8 bn ($29.9 bn). Meanwhile, globally, sales in the art market in 2018 reached £51.4 bn ($67.4 bn), up six percent year-on-year. The report also found that women accounted for half of the spenders above the one million US dollar mark (£763,000) in the UK. The record breaking year included a David Hockney painting - Portrait of an Artist (Pool with Two Figures) - went under the hammer at Christie's in New York and fetched £70 million, smashing the auction record for a living artist. In May, a 1917 work by Italian artist Amedeo Modigliani, Nu couche (sur le cote gauche), sold for £119 million at Sotheby's New York, the highest auction price in the establishment's history.
The UK’s art market enjoyed a record year in 2018, rising five percent 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.