UK General Election Sparking Uncertainty in Art Trade
London’s art market was filled with uncertainty during the recent election season. Prime Minister Rishi Sunak called for a snap election on 4 July, leading to concerns about potential tax increases. The possibility of a hike in Capital Gains Tax caused anxiety among art buyers. Additionally, changes to non-domicile tax rules prompted some wealthy individuals to leave the country. Rumors of job losses at major auction houses added to the negative sentiment in the market.
Despite these challenges, two art fairs took place just before the election. Treasure House, a revamped version of the traditional fair Masterpiece, saw mixed results with some dealers reporting successful sales. Meanwhile, Eye of the Collector, held in a historic church, showcased a variety of artworks at accessible price points.
While buyers showed caution and hesitancy to make big purchases, there was a sense of optimism among participants. The upcoming election results will shed light on the future of the art market in the UK.
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Cillian O’Rourke, studied at the National College of Art and Design in Dublin, Ireland, where he majored in Visual Communication. His work spans graphic design, illustration, and branding, with a distinct minimalist style that emphasizes simplicity and impact. Cillian has collaborated with international brands and runs his own design studio focusing on creative solutions for startups.