With the U.K.’s October 31st departure date from the European Union fast approaching, art dealers and collectors are anticipating new tax situations and slowdowns at ports that would come with a no-deal Brexit. In a no-deal scenario, all agreements between the U.K. and other European Union member states would end overnight with no replacement measures or provisions in place. The free movement of goods between the U.K. and EU would likely come to a grinding halt, and new value-added tax (VAT) regimes would be imposed on artworks being imported to Europe from the U.K. Some are getting all their art into or out of the U.K. months early, while others are advising buyers and sellers to get any sales made during Frieze London in early October finalized as quickly as possible.
Art logistics companies are anticipating exceptionally busy months ahead. Fritz Dietl, the president of Dietl International, an art shipper, told the Financial Times