UK Art Export Report Highlights Significant Loss to US Buyers

What's Happening?

The latest annual report from the Reviewing Committee on the Export of Works of Art and Objects of Cultural Interest, administered by Arts Council England, reveals a sharp decline in the value of artworks saved for the UK. In the 2024-25 period, only 1% of artworks with deferred export licenses were acquired by UK museums, a significant drop from 44% the previous year. Notable items saved include the Second World War notebooks of Alan Turing, valued at £398,000, acquired by King’s College, Cambridge. However, high-value items such as a Louis XIV table top and Antoine Watteau’s painting 'La Rêve de l’Artiste' were exported after failing to find UK buyers. The report highlights that 13 out of 15 deferred items were purchased by US buyers, underscoring the US's significant role in the UK art market.

Why It's Important?

The report underscores a concerning trend for the UK art market, where high-value cultural items are increasingly being exported due to a lack of domestic buyers. This trend could lead to a cultural and historical loss for the UK, as significant artworks and artifacts leave the country. The US's prominent role as a buyer highlights its influence and purchasing power in the global art market. This situation may prompt UK institutions to reassess their funding and acquisition strategies to retain cultural heritage. The loss of such items could also impact the UK's cultural tourism and educational sectors, which benefit from the presence of significant artworks.

What's Next?

There are ongoing efforts to retain some key artworks in the UK. A fundraising campaign is underway to acquire Barbara Hepworth’s 'Sculpture with Colour' for The Hepworth, Wakefield, with support from the Art Fund. The campaign has raised all but £600,000, with a deadline of August 27 for the export license deferral. The outcome of this campaign could set a precedent for future efforts to retain cultural items in the UK. Additionally, the report may prompt discussions on policy changes to better support UK museums in acquiring significant works.