According to the research findings, it can, therefore, be said that British market of modern art consists of a large number of sole agents, auction houses, and small enterprises; they appear to serve as a part of the distribution system in the art market. There are also dealers who operate on the local level, as well as regionally and internationally. The development of the modern art market in Britain is rather rapid at present which can be seen through the following facts. Galleries magazine, which serves as the guide for both amateurs and connoisseurs of modern art (and not only modern) increases the number of new galleries with each new issue.
Another printed edition, the Merlin Scott Associates Industry Report is one more proof for the developing modern art market in the UK – its pages list all galleries of the UK, with the thorough analysis of the art industry; it is clear as if the market was not developing, these magazines would not exist at all. The principal representations of the modern artists and their art can be viewed through the Young British Artists organization; it is presented at the international level and is known worldwide.
The galleries like White Cube represent modern artists and their works, becoming the promotion factor for them and for their development. The British Council has also become the instrument of representation of the British modern artists at the international scene. The British modern art market not only provides a certain amount of revenues for some industries but is also supported by other sectors. The number of visitors to the UK, the primary aim of whom is art, spent more than 2,000 million pounds on the works of modern art in the UK.
The market shows great potential for growth; the basis for this statement is in the fact that art market (especially modern art market, as it is mostly presented by modern living artists) greatly depends on the general economic prosperity of the UK. ‘ On average, firms within the industry are exercising tight financial control of their debtors and creditors. This being the case, working capital requirements have decreased.
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