Date of Award

Fall 12-19-2016

Document Type

MA Project - Open Access

Project Type

MA Project - Journal Article

Degree Name

Master of Arts (MA)

Department

Art Business

First Advisor

Morgan Falconer

Abstract

The United Kingdom, most notably London, has been known on the international commerce scene as a pivotal trade center for many centuries acting as a stepping stone from Europe to the Western World. Even though the economic importance of London can be dated back to early times, the inherent popularity of its art market only began flourishing in the late eighteenth century, riding on the back of the already established, but restrictive, art epicenter in Paris. The rise and prominence of Paris’ art market from 17th to 19th century eventually came to an end at the heels of direct competition from London. The UK capital never looked back and has become known as the leading European, international, art-business center of the world. As the UK leaving the EU became a reality in 2016 the global market responded with uncertainty. Even though the full affects of Brexit will not materialize for another half-decade the paths forward can be broken out into a number of different scenarios. From the worst possible outcome to the best, the auction house business in London will have to acknowledge the potential changes and adapt in order to best position itself for the future.

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