MARKET NEWS IN BRIEF

A meeting to be staged this afternoon by the British Art Market Federation in the presence of John Glen, Heritage Minister, will draw the government’s attention to the art market’s importance to the British economy, and to the opportunities that will arise to improve its contribution when Britain leaves the EU.

BAMF estimates that the art market provides 41,700 knowledge intensive jobs in the UK, and a further 94,710 jobs in ancillary businesses such as insurance, shipping and restoration. Its fiscal contribution to the Exchequer through taxes and levies was an estimated £1.46billion in 2016. It is also a major contributor to cultural tourism, accounting for 40 per cent of the tourism sector.

The extent of these benefits relates to Britain’s status as a leading global market hub, along with the US and China. To maintain that position, it needs to attract quality works for sale from around the world – to that end, BAMF is lobbying to abolish the 5per cent import VAT on works of art imposed by the EU’S Seventh Directive. “Last year, the charge raised only £49million in net revenue,” says Anthony Browne, BAMF’S executive chairman. Abolishing the tax, he argues, would stimulate consignments from abroad and, therefore, the economy.

Further issues on the agenda are the maintaining of high standards of overseas employment as befits a global industry, and the removal of the artist’s resale royalty charge.

Art Sales returns in September. For more images go to telegraph. co.uk/luxury/art