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The United Kingdom's historic art scene has embraced technology such as artificial intelligence, as it evolves to compete with growing markets such as China. CNBC met with the new generation of artists, dealers and experts shaping the future of London's art market.
The United Kingdom's historic art scene has embraced technology such as artificial intelligence, as it evolves to compete with growing markets such as China.
While the United States and China hold the number one and two spots respectively, the U.K.'s contribution to the art market is nothing to be sniffed at – holding 17% of the global share, according to the Art Basel and UBS Art Market Report.
London is widely regarded as the art hub of Europe, and its biggest art fair, Frieze, boasted 90,000 visitors in 2024.
"We have been going for 21 years now, and it's a meeting point," said Eva Langret, Director of Frieze London, in an interview with CNBC's Art of Appreciation.
"We have over 160 galleries from 42 countries coming to present the work of the artists, and it's really the moment where the entire art world community comes together," Langret said.
And while a new generation of dealers, experts and artists have embraced innovation to future-proof the city's art market, so have some of the city's historic auction houses.
Phillips Auction was founded in 1796 and was initially known for selling paintings from Marie Antoinette's estate. Today, Phillips sells everything from jewelry to modern and contemporary art.
"AI is affecting the way that we live our lives, the way that we work, the way we communicate, the way that we research. Within the art world, it's been sort of bubbling away, burning away for a while, and it's suddenly caught fire," said Henry Highley, Head of European Private Sales for Phillips.
Watch the video above for an up-close look at some of the art breaking barriers on London's art scene.
English (US)