Art exports from the U.K. spiked last year as Brits braced for the possible effect of Brexit on the movement of collectibles across borders. According to a study by London law firm Boodle Hatfield cited by City A.M.
, art exports from the U.K. reached a three-year high in 2018, totaling £5.4 billion (or just over $7 billion). That total included art, antiques, and other collectibles worth a total of £240 million ($311.8 million) exported specifically to the European Union, an uptick of 64% over the previous year.
Boodle Hatfield attributed the increase in art exports to concerns about how Brexit will impact customs and export processes, but noted that growth in the U.S. art market in 2018 was also partly responsible for the uptick in British art exports. As Boodle Hatfield art associate Fred Clark told City A.M.: