§ Mr. GibbTo ask the President of the Board of Trade what representations she has received concerning the impact of European regulations on the London art market. [21456]
§ Mr. Ian McCartney[holding answer 19 January 1998]: The London art market has a turnover of around £2.2 million which makes it the largest art market in the European Union, and the second largest in the world. However, although the London art market continues to prosper, there are indications of an overall decline in the 554W UK's share of world trade. This may, in some part, be attributable to changing market trends, which are difficult to isolate. However, I am concerned that the London art market should not lose its competitive edge, in particular as a result of new legislative burdens, and that this should be taken into account in current discussions on EU Single Market measures which impact upon the art market.