Brexit sparks an exodus of artworks form the UK
The last days of Britain's membership of the EU saw a rush to get artworks out of the country before the introduction of new export rules.


Among the thousands of lorries backed up in Dover last month trying to get across the Channel, one was carrying a painting by Henri Matisse, says Alberto Nardelli on Bloomberg. Another, transporting a work by Argentinian-born artist Lucio Fontana, was stuck in the queue along with “tens of millions of dollars of other artworks”. All were trying to get to the European Union before the end of “minimal restrictions… without cumbersome tax and customs procedures” that arrived with the end of the Brexit transition period on 31 December 2020.
One specialist shipping company saw volume jump by 75% in December compared with the previous year. While some works will return to Britain with a Temporary Admission Bond (an arrangement that defers sales tax for up to two years), the reasons for the exodus were many. Some galleries saw more potential buyers in the EU, others decided that “maintaining the pieces’ European status would better support their financial value in the longer term”. Still others wanted to “preserve the allure of artworks that were originally from Europe”. Whatever the reason, the “impact of the Brexit departures is likely only a ripple in a UK market that in 2019 was estimated to have reached $12.7bn in sales… But it’s still another example of how Brexit is bringing friction to markets where previously there was none”, says Nardelli.
The extra paperwork “is actually proving to be quite a painful process”, Joe Kennedy, co-founder of London gallery Unit London, tells The Art Newspaper. “But we are hopeful these are just growing pains.”
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.
Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.
You can follow Chris on Instagram.
-
8 of the best properties for sale with communal gardens
The best properties for sale with access to communal gardens – from an apartment in a listed building opposite London’s Hyde Park, to a wing of a mansion with access to 180 acres of parkland in Henley-upon-Thames
-
The five insurance policies you should have
Some insurance cover will be more important than others. We look at five insurance policies you may need to have to make sure you aren’t caught out in an emergency
-
Napoleon’s bicorne headgear, the original MAGA hat, could fetch €800,000
Collectables Napoleon would not be out of place in Trump’s America, says Chris Carter
-
The British railway industry is in rude health – here's why investors should jump aboard
The railway industry has bounced back from the devastating impact of the pandemic and is entering a new phase of development – and profitability
-
Infrastructure investing: a haven of stable growth amid market turmoil
From booming construction in emerging markets to digital and green transitions, the infrastructure sector offers security, returns and long-term opportunities
-
The costly myth of “sell in May”
Opinion May 2025's strong returns for US stocks have once again shown that putting too much weight on seasonal patterns will only make investors poorer, says Max King
-
Who’s driving Tesla?
As Elon Musk steps back from government with his eyes on the stars, investors ask if he’s still behind the wheel at his electric-car maker.
-
Take a look under the bonnet of the classic car market
Dearer money has taken the momentum out of the classic car market, says Chris Carter
-
Investment opportunities in the world of Coca-Cola
There is far more to Coca-Cola than just one giant firm. The companies that bottle and distribute the ubiquitous soft drink are promising investments in their own right.
-
Streaming services are the new magic money tree for investors – but for how long?
Opinion Streaming services are in full bloom and laden with profits, but beware – winter is coming, warns Matthew Lynn