The value of art exports exported from the United Kingdom has reached the highest level since the 2008 financial crash, the BBC reports. In a report by Sweet and Maxwell, exports were charted at £2 billion in 2012, an impressive number that defied a new law entitling artists and their heirs 4% of the resale price on any work. “Art experts and dealers were concerned that London’s position in the art world could suffer compared to New York or Hong Kong, which haven’t introduced any such levy on the resale of modern and contemporary art,” said editor Massimo Sterpi of Sweet & Maxwell.
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