The UK art market has more than tripled in size over the past 30 years but is falling behind its main competitors, according to a new report published to mark the 30th anniversary of the British Art Market Federation. Authored by Arts Economics and launched at a reception at Christie's in London on 27 October, the report finds the UK remains the world's second-largest art market by sales value, growing from £2.6 billion in 1996 to £8 billion in 2025, and still holding more than half of Europe's market share.

The recovery from successive economic shocks has been weaker than elsewhere. 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 United States and 51% globally. Federation chairman Thomas Christopherson said over-complicated and excessive regulation continues to disproportionately affect the small and micro businesses that form the backbone of the UK market, and warned that the compliance burden must be addressed if galleries and auction houses are to keep investing and expanding. The report notes that 89% of UK art businesses reported annual sales below £1 million.

Cross-border trade has also shifted sharply. UK imports of art and antiques are down 45% from £4.1 billion in 2015 to £2.2 billion in 2025, while exports stand at £3.1 billion in 2025, down 48% from £6 billion in 2015. Trading partners have diversified: in 2000 the United States took 72% of the total value of UK exports, but by 2025 its share had fallen to 35%, with Switzerland at 11%, France at 10% and the Netherlands at 6% among the leading recipients.

There were signs of resilience at home. UK public auction sales rose by 8% to £2.1 billion, and the report puts the sector's wider economic weight at an estimated 53,290 jobs across 8,780 businesses, generating £1.5 billion in tax revenue in 2025 and underpinning the livelihoods of an estimated 62,800 visual artists.