How new geographies and collectors’ behaviors are reshaping the art market- Till Vere- Hodge interviewed for Art Basel

The lawyers Katalin Andreides, the founder and director of Andreides Law in Rome, and Till Vere-Hodge, a partner in art and cultural property at Payne Hicks Beach in London, agree. In an email interview, they wrote that ‘the sheer dominance of the US art market is likely to counteract any radical demise in the short run. US collectors, institutions, and family offices continue to drive the highest-value transactions, and there is a strong institutional ecosystem there.’

But some sectors of the art trade are more dependent on frictionless borders than others, say Andreides and Vere-Hodge, who coauthored The Art Trade in a ‘Zero Sum’ World essay in the latest Art Basel and UBS Art Market Report. ‘If international trade further fragments as a result of mercantilist policies, such segments may have to operate in increasingly domestic markets. Clearly, the larger a domestic market, the more attractive it is to sell artworks in such a market. One might expect to see larger domestic markets attract some subsidiaries of galleries and dealers that were previously only present in one or two global or international hubs.’ Such a shift may also result in increased competition within domestic markets or free trade areas, such as competitive tax rates among regional rivals.

Andreides and Vere-Hodge are currently witnessing ‘the first tentative signs of possible geographic shifts’ and a renewed interest in offshoring assets using freeports. This ties in with a trend among their clients, particularly younger buyers, who now ‘frequently ask about possible relocations of assets and ways in which ownership of collections may be structured, including across various jurisdictions.’