Despite economic concerns such as Brexit – and the imposition of the Artist’s Resale Right in 2014 – UK sales of modern and contemporary art grew last year at a faster rate than in other selling centres, writes Laura Chesters.
According to ArtTactic Global Art Market Outlook report, London’s post-war and contemporary auctions reached their highest level since 2010 at $1.17bn.
Based on sales at Christie’s, Sotheby’s and Phillips in the UK, values in 2018 grew 51.8% on 2017 figures – almost double the 2016 result of $580.2m. Advantageous exchange rates were a significant factor.