The Art Market after Brexit: An Opportunity for Luxembourg

Indeed, in uncertain times art and other collectibles present an attractive alternative investment proposition. London, the second largest art center in the world (after New York), is currently in disarray following the Brexit vote. As reported in the TEFAF Art Market Survey 2016, art and art related services occupy close to 70,000 people in the UK (primarily in London) and the UKa��s global art market share by value represents 21% or US$ 13.5 billion. The fact that art works sold or imported into the UK from third countries will no longer be considered “EU goods” benefiting from the free circulation after the divorce is bound to shift a portion of the art business currently transacted in LondonA�to the Continent. Luxembourg is well positioned to catch some of that business.

LAFA wishes to engage with the political decision makers in Luxembourg to make them aware of that opportunity and to see how the platform around art can be improved. Avenues to explore in this respect include an alignment of the import tax on art works and other collectibles with that of France or Belgium and implementing legislation to facilitate public auctions and art secured lending. The executive summary of previous proposal is attached. Our art platform should also be highlighted in our promotion material and initiatives/events abroad. Finally, a major support to the art platform would be the inclusion of curricula, degrees and certifications focusing on Art Finance and Art Law within the University of Luxembourg educational programs.

LAFA intends to initiate a series of events during the balance of the year to broadcast this message.