The British Art Market Federation’s report “The British Art Market 1996–2025,” marking the anniversary of the foundation, is out now, measuring how the world’s second-largest art market has performed against its principal competitors, the United States and China. It’s authored by Arts Economics, the same firm that writes the Art Basel/UBS art market reports, founded by economist Clare McAndrew.

The good news (for the British, anyway) is that the UK is the world’s second-largest market by value, and has grown from £2.6 billion ($4 billion) in 1996 to £8 billion ($10.5 billion) in 2025. (It’s relevant to note that $4 billion, adjusted for inflation, is $8.7 billion.)

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The bad news is that the UK market’s growth has lagged behind that of its competitors in recent years. While the US market has grown since 2009 by some 114% and aggregate global sales have climbed by 51%, UK sales have grown by just 14%.…