UK art imports fall 16% for second year in a row as Hong Kong picks up slack

The UK art trade faces significant challenges post-Brexit, with a 16% drop in imports and exports, leading to a request for simplified trade procedures.

In 2023, the UK's share of global art imports plummeted to 7%, down from 30% in 2010, while Hong Kong's imports surged by 9%.

Clare McAndrew highlights a drastic 60% drop in UK's art exports since 2019, a remarkable decline from previously competing closely with the US.

The total UK art market decreased by 8% last year to $10.9bn, reflecting deeper problems, especially in the high-value trade category.

Read at The Art Newspaper - International art news and events