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The study, by Thomson Reuters legal business, said art works
worth 11.3 billion pounds ($17.4 billion) were exported from
Britain in the year to April 2014, up 7.6 percent from the
previous year, with the majority traded in London.
"London remains a key market with buyers from across the globe
attracted by its dense network of galleries, collectors and
artists, as well as its pragmatic export regime," the study
quoted Massimo Sterpi, co-editor of "The Art Collecting Legal
Handbook", published by Thomson Reuters, as saying.
The growing value of art exports suggests that the Artist’s
Resale Right, which grants artists or their heirs a share of up
to 4 percent in the resale of work has not impacted British
sales as much as had been feared, the study said.
The Art Resale Right was first introduced in 2006 and since
January 2012 has applied to qualifying works by artists who have
been dead for less than 70 years.
"There was some concern in London that the new law would
encourage sellers to use rival markets where no such resale
right applies," the study quoted handbook co-editor Bruno Boesch
as saying.
"However, sales prices achieved in London are normally so high
that there is little incentive to sell in other markets - in
Paris, for example," he added.
Britain denied export licences to art worth just 13.9 million
pounds last year, less than 1 percent of the value of exports
requiring legal referral, the study noted.
(Reporting by Sam Wilkin; Editing by Alison Williams)
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