As of 31 December 2020, the United Kingdom’s transition period with the European Union officially ended (“Brexit”) and as a result new rules and arrangements now apply due to the UK no longer being part of the EU Customs Union. Given this, we would like to clarify what this post-Brexit world looks like for our clients when transacting with us in London.
As a truly global company, Sotheby’s was well prepared for Brexit. We have all the systems and capabilities in place to navigate these regulatory changes, so it has been a smooth transition with no large-scale changes to our business activities as a consequence. London remains for us a key global hub for the non-EU and EU art market trade.
For our non-EU based clients, it is business as usual when transacting with us in London.
For our EU based clients, transacting with us in London will now work as if you were buying and selling in other non-EU salerooms, such as Geneva or New York. There will be changes to the VAT and custom schedules as a result, in several instances these will be minimal or even beneficial. In addition, in the short term at least, we expect additional time and cost to ship between the UK and the EU in some instances.
For further information, please contact your individual sale administrator for more details. Please note Sotheby's is unable to provide tax advice to you and recommends you obtain independent tax advice.