Art Trade
What will the UK’s new Labour government mean for the art trade?
The Labour party won a landslide victory in the UK’s general election on 4 July, upending 14 years of Conservative rule and gaining a massive 411 seats out of 650 in total.
But what will be the impact on the art trade? Traditionally, the Labour party is perceived to be less on the side of the wealthy—those who often buy art.
For instance, for years before July’s result, the Labour party had promised to end the “non-dom” tax regime, under which certain affluent UK residents did not pay tax on their overseas income. That policy was then adopted by the Conservatives under then-chancellor Jeremy Hunt, and even before the election had led to many high-income individuals fleeing the country for more tax-favourable countries.
Georgina Adam, our editor-at-large, comments on major art market trends and their impact on the trade. Her column appears on the first Thursday of every month on our website and in our Art Market Eye newsletter in which our art market editors Anna Brady, Anny Shaw and Kabir Jhala analyse the latest news and works coming up for sale.
As the London season unfolded, with its auctions, fairs and gallery weekends, the art market was anxiously holding its breath, waiting for the outcome of an election that could have a major impact on the trade.
Read more: https://www.theartnewspaper.com/2024/07/04/uk-general-election-has-art-trade-on-tenterhooks
Colombia, at the north-western tip of South America, boasts one of the continent’s most vibrant and evolving art markets. It is centred on Bogotá, the capital city high in the mountains, where around 40 commercial art galleries, dozens of museums and Artbo, the annual international fair, have coalesced to create one of Latin America’s most important cultural hubs.
International interest in Colombian art has been on the rise since 2008, according to Paula Bossa, the curator and director at Bogotá’s Casas Riegner, a gallery dedicated to contemporary art. She says that improvements in national security after decades of strife have allowed visitors to feel safer travelling around the country, and a talented generation of Colombian curators who have worked abroad have raised awareness about Colombian artists. Colombian galleries taking part in high-profile international art fairs have also attracted (and retained) crucial collectors and media attention, Bossa adds.
Read more: https://www.theartnewspaper.com/2024/01/22/economic-woe-cant-take-the-shine-off-colombias-art-trade
