Immediately Squanders Market Opportunities Created by Brexit
On a historic day in the European Union, Germany quietly enacted the revised Cultural Property Protection Law (Kulturgutschutzgesetz) that has sparked much controversy in recent months. On the very day that the United Kingdom’s vote to leave the European Union raises myriad questions about the effect on London in particular as a world center of the art market (see here for the terrific first take by our friends at Boodle Hatfield in London), Germany ironically has passed a law that will prevent it from stepping into any of the likely market void left by Britain's EU exit. While Germany is not alone in cultural property protection laws of this sort, it is a silly and unnecessary regulation that will undercut the German art market—as vocally proclaimed by German art market players themselves. In the art world, it was a regressive day on the eastern side of the Atlantic and a huge opportunity lost for Germany.