British Art Trade is the Second Biggest in the World
The UK has the second biggest market for art according to new research by the British Art Market Federation (BAMF) which aims at measuring British art trade and its influence on a more global scale. Reports Investor.
According to the report 21% of all transactions involving art deals take place in the UK, writes The Art Newspaper. First place is for the US with 40% market share and third is China with 20%. More than forty thousand people are directly involved in this industry and 94 thousand are in similar industries like restoration, logistics and information technologies.
The total contribution of art dealing to the British economy in 2016 is estimated at GBP 1.46 billion. According to the chairman of BAMF Anthony Brown these statistics mean that the art market is something that the government should take care of, especially due to the upcoming Brexit.
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