How will Brexit Impact the Fine Art Market?

How will Brexit Impact the Fine Art Market?

Brexit uncertainty for art collectors

With Brexit delayed until 31st October 2019, many galleries, museum and art collectors are now fast preparing for the anticipation of a no deal scenario. Many are concerned on how Brexit would delay the shipping and customs processing between the United Kingdom (UK) and European Union (E.U.).

What is to be expected should Brexit exit with no deal?

1. VAT and Duties are expected to be subject to change
Currently within the EU, there are no import or export duties within the customs territory of the community. However, when Brexit happens, the UK would no longer be part of that territory.

2. Checks at borders
Imports and exports will be diverted into a different lane reserved for third world countries and go through stricter custom clearance taking a longer time to process.

3. Indemnity Uncertainty
Indemnity of fine art is an aspect that has yet to be confirmed. Many art collectors are concerned on the coverage of fine art shipments between the UK and E.U hoping for continuity of coverage.

With the uncertainty of what Brexit may have for future trade arrangements, it is best to be prepared for any scenario. Whatever your decisions are to prepare, know that we at Cube Fine Arts are always here to provide you with bespoke fine art management solutions for all precious investments.

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