The export of Works of Art, Collectors Pieces, and Antiques from the UK has exhibited fluctuating trends over the last decade. From 2013 to 2019, the exports saw intermittent growth and decline, peaking in 2015 at 9.2408 billion USD and hitting a significant low in 2017. The substantial drop in 2020 by 59.4% reflects the impact of global disruptions, followed by a rebound in 2021. By 2023, the value stood at 7.6906 billion USD.
In the past two years, the year-on-year growth rates were 12.67% in 2022 and a modest 1.36% in 2023. The compound annual growth rate (CAGR) over the last five years settled at 1.38%.
Looking ahead, the forecast from 2024 to 2028 indicates a steady increase, with a projected CAGR of 1.09% and a total growth rate of 5.59%. These projected values suggest a cautious optimism for the sector.
Future Trends to Watch For:
- Technological advancements in the art market, such as digital platforms for art sales.
- Regulation changes and trade policies impacting international conveyance of art.
- Shifts in global demand and the influence of emerging markets on UK exports.
- The impact of sustainability and ethical considerations in art investments.