THE contraction of the global art market led to a significant fall in the value of works moving across the UK’s borders over the last year.
Overall exports of art and antiques in 2016 were down 13.6% to £4.95bn, while imports declined by 37% to £2.23bn. The figures are based on the value of goods moved rather than actual sales, but tend to mirror the key market trends.
The United States remained the UK’s biggest partner but the figures showed significant market shrinkage with the UK’s fine art exports to the US down by 20% to £1.85bn, while imports fell 40% to £552.3m. Exports of antiques to the US dropped by 24% to £431.1m, and imports declined by over 30% to £224.5m.