Fears over what Brexit could look like has cast a pall over the U.K., yet a weaker pound could be a blessing in disguise for London and its art scene, a former CEO of Christie's explains.
"It's a very short-term event. I mean the fact that the sterling is down for the moment is helping art perhaps a bit for non-UK buyers at this moment," Steven P. Murphy, former Christie's CEO and now founder of specialized advisory firm 'Murphy and Partners', told CNBC Friday.
This week, international art lovers and investors have been flooding into the British capital to attend Frieze London, which shows contemporary art, and Frieze Masters, which concentrates on classical and modern works.
The art fairs, which take place every October in London, invites enthusiasts in to discover new as well as celebrated artists for as little as £100 ($123.50) or less, to several millions. And this year, a weaker pound is definitely a bonus for international buyers.
"It's dangerous to look at the art market and call a trend from a weekend or a one season sale, just as I would advise clients if you want to buy a piece of art and see it increase value, you have to wait five years to hold it."
"But for this weekend (at Frieze) and for the auction this week, the fact that the pound is cheaper is an incentive."