The UK art market has more than tripled in size over the past 30 years but has fallen behind the pace of growth seen by its principal competitors, with mounting regulation identified as one of the key potential barriers to growth.
A report published this week to mark the 30th anniversary of the British Art Market Federation (BAMF), authored by Arts Economics, found that the UK remained the world’s second-largest art market by sales value, growing from £2.6bn in 1996 to £8bn in 2025. The UK also continues to enjoy the dominant position in Europe, with its hold over 50% of the continent’s market share.
However, its recovery from successive economic shocks has been weaker than that of its major competitors. Since the market’s low point in 2009 following the global financial crisis, UK sales have risen by 17% to 2025, compared with 114% growth in the US and 51% globally.
"While celebrating three decades of growth and cultural contribution, our sector faces clear hurdles," says Thomas Christopherson, Chairman of BAMF, in a release accompanying the report, which was launched at a reception at Christie’s in London, on 27 October. "Over-complicated and excessive regulation continues to disproportionately impact the many small and micro businesses that form the backbone of the UK art market. If we are to maintain our competitive edge against major global peers, the heavy burden of compliance must be addressed so that our galleries and auction houses can continue to invest, expand, and thrive."
Given the report’s finding that 89% of UK art businesses reported annual sales below £1 million, the potential burden of regulatory obligations on small teams is evident.
Shifts in cross-border trade
Patterns of cross-border trade are also shifting. UK imports of art and antiques are down 45% from £4.1bn in 2015, to £2.2bn in 2025. UK exports, meanwhile, stand at £3.1bn in 2025, down 48% from £6bn recorded in 2015.
Beyond this contraction, the report notes a diversification of trading partners. In 2000, the United States dominated the UK’s export market, taking 72% of the total value, followed by Switzerland (14%), Japan (2%), and China, Australia and Qatar (1% each). The US remained the largest single destination in 2025, but its share had fallen to 35%, less than half its earlier level. Exports were by then spread across a far broader range of markets, with Switzerland (11%), France (10%) and the Netherlands (6%) among the leading recipients.
There were signs of resilience in the domestic market, however. UK public auction sales rose by 8% to £2.1bn, and the report underlines the sector’s wider economic importance, with the UK art market found to be supporting an estimated 53,290 jobs across 8,780 businesses and generating £1.5bn in tax revenue in 2025. It also underpins the livelihoods of an estimated 62,800 visual artists, according to the report.
Art dealers and auction houses spent an estimated £2bn on ancillary services and products in 2025, equivalent to around a quarter of their turnover.
"Our success is built on a long tradition of specialist skills and expertise in buying and selling art, the benefits of which support thousands of jobs, nurture specialist ancillary businesses, generate tax revenues, and contribute to Britain’s cultural life," said BAMF’s president, Anthony Browne, in the release.
This positive impact is also seemingly reaching beyond the capital. While London remains a major international hub, 65% of employer-registered art businesses are based elsewhere in the UK.
