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Post-Brexit – “Passporting” in the High Value Art Market

The UK is ranked second in the global art world as of 2015.  More than £8 billion of fine art imports and exports travel throughout the UK each year, representing a 21% share of the international high value art market.  Economic implications of Brexit are far from any level of certainty.  Yet, preliminary discussions amongst art experts have begun.  What will be the potential tax implications and value consequences in a post-Brexit environment?  What will be the impact on cross-border purchase and transfer of valued works of art between the UK and European Union nations?