Law Commission’s report on the Bills of Sale Acts: A missed opportunity to stimulate the UK art-secured lending market?
Authors Nigel Boardman, Emily Raftos
Affiliations: Partner, Slaughter and May, London; Associate, Slaughter and May, London
Source: Journal of Corporate and Commercial Law & Practice, The, Volume 3 Issue 2, 2017, p. 15 – 30
Notwithstanding the fact that the UK art market accounted for 21 per cent of the global art market in 2015 (with US$13.5 billion out of US$63.8 billion) and employed more than 40 000 people (as well as supporting 100 000 jobs through ancillary services, such as art fairs and auction sales), recent research suggests that the UK art—secured lending market is lagging behind similar lending markets of other countries, particularly that of the US. This paper investigates whether the England and Wales Law Reform Commission’s Report on the Bills of Sale Acts was a missed opportunity to stimulate the UK art—secured lending market.