Riding the Brexit Storm: London’s Art Market Experiences Volatility

[kreslik.news]

The financial markets were not alone in dealing with the pre- and post effects of Brexit. During the two weeks of auctions surrounding Britain’s historic vote to leave the European Union, London’s art market experienced its fair share of volatility.

Uncertainty leading up to the referendum left some sellers hesitating to part with holdings. The political and economic volatility that followed voters’ shock decision, with the pound plunging the next day and the British prime minister resigning, disrupted some sales but triggered more, according to Bloomberg.

Although a £14 million Gerhard Richter painting was withdrawn at the last minute from Christie’s and ... (read more)