Brexit and its predicted impact on Art Funding – Karabi Art
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Brexit and its predicted impact on Art Funding

Brexit and its predicted impact on Art Funding

It was a big shock this Friday as UK in a surprising vote decided to leave the European Union even as there was a major impact and turbulence in the global equity and currency markets, the creative industries of the country too were considerably shook up with it. The creative industries are one of those industries that lie heavily on the funding and collaborative projects with the union to not only create but also share content.

According to Michael Ryan, the chairman of Independent Film and Television Alliance, filmmakers, especially the young ones especially relied on the grants from the union for their seed money would receive a considerable blow from this decision.

As per Arts Council England, various British arts organization received a total of £40 million in various grants from the union’s Creative Europe funding program in 2014 and 2015. The arts and related fields have also been getting additional supports and grants from other funding programs in EU like European Regional Development Fund. Films like “The King’s Speech” and “The Iron Lady” that have received wide critical acclaim including the Oscars and even significant institutions like Tate Liverpool have all received assistance and funds from EU grants.

The chief executive of the Creative Industries Federation, an association for arts organization across the UK, John Kampfner says that there will be a strong impact on each and every sector in the nation. Further, he says that it needs to be made sure the creative industries are put right in the front and center of all vital discussions and negotiations. There is a meeting scheduled by the federation to further deliberate on the potential impact of Brexit.

The art community in the country would now explore the options of receiving grants from the EU as an outsider for various art projects including films and television projects. Doubts however have come up whether the funding through these media would be at the same levels as they were before Brexit. Ryan has gone on to question whether EU will extend the advantages it offered earlier now that Britain is no longer in it.

The art community came together as one and expressed their support for Britain remaining in the EU. Creative Industries Federation conducted a poll prior to the vote where 96% of the members voted in favor of remaining in the EU. An open letter urging the Britons to vote for and stay in the EU was signed by 300 reputed British creative professionals including artists like Patrick Stewart and Hilary Mantel.

There, however are some for whom the Brexit is an opportunity for the British work to take on the center stage. Founder of the Bridgeman Art Library, Harriet Bridgeman has gone on to mention that there is a need for freedom to really focus and to do their best in the interest of the arts. Ms. Bridgeman predicts that when Britain leaves EU the arts organizations in UK would gain more control over its funding and direct the aid where it really is needed.

It is predicted that the vote could actually give the sales of art an extra boost especially in London’ eminent and upcoming summer art auctions at Christie’s and Sotheby’s. The global buyers are expected to find the Contemporary art sales in London a lot more lucrative due to the exchange rate, said the representatives from Sotheby’s.

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