With Boris Johnson, our newly elected Prime Minister busy making preparations for the possibility of a No Deal Brexit on 31 st October 2019, the Art market eagerly awaits to know what lies ahead for the industry.
How will Brexit impact art collectors?
1. Additional Tariffs
Currently, import VAT taxes is at 5% which is the lowest rate in the EU. With Brexit, we will lose the advantage of importing art competitively into the EU. As of existing, there are no import or export duties and no onerous paperwork but after Brexit, art collectors may need to comply to extra administration and to pay additional tariffs. This would certainly affect buying habits and the movement of art, with the possibility of incurring increased costs!
2. Border Checks
In the event of a No Deal, imports and exports would need to undergo strict customs clearance causing potential delays. The government in case of a no deal scenario, has issued guidance on import and export recommendations for those wishing to transport items across the border. It’s definitely worth a read!
Minimise and Prepare for these setbacks with Cube Fine Art Service!
Store and move your Fine Art ahead of Brexit! We have extensive experience in storing, handling, relocating and moving art for art collectors. We’ve worked with some of the world’s foremost museums, galleries and international corporations. So, trust us to handle your precious processions with care!
Safe and Secure Climate Controlled Storage for your fine arts
Rest assured, your fine art will be stored in our highly secure climate controlled storage facility which is certified in accordance with ISO 9001:2008 and satisfies the most stringent of specifications by maintaining temperature requirements in parallel with humidity levels. For ultimate security of your fine art, we’ve equipped our storage facility with 24 hours CCTV and restricted access to relevant authorised staff only.
We also provide expert transportation service to and from any installation location in the world!
Speak to our Fine Art consultants for some friendly advice today. We are always ready to be of assistance!