Pursuits
London Art Market Rides Out Brexit, Sets Records as Pound Drops
- Casualties included unsold diamond and Freud, pulled Richter
- Asian and American bidders snapped up works at auctions
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London’s art market was whipsawed like the financial world during the two weeks of auctions surrounding Britain’s historic vote to leave the European Union.
Uncertainty leading up to the June 23 referendum left some sellers hesitating to part with holdings. The political and economic volatility that followed voters’ shock decision, with the pound plunging the next day and Prime Minister David Cameron resigning, disrupted some sales but spurred more.