Reports suggest that China has over taken the global art market of UK for the first time.

 

 

Reports suggest that China has over taken the global art market of UK for the first time. As stated by European Fine Art Foundation UK has recently slipped down to third position in the global market for antiques and arts. However US still continues the domination of this market with the shares of 37% and it remained the leader in 2010

According to British Art Market Federation which generally represents many leaders of UK says that current market share of UK are 22% in contrast to that of China which is 23% and the figures seems quite alarming. However UK stills leads to be the Europe’s biggest market leader as followed by France

The report further says that although the period from 2008 to 2010 remained to be crisis period for the UK arts industry, but still the industry seems to have recovered from this crisis period. it further says that art tax due to be extended in UK, Ireland, Netherlands and Austria further an attempt to damage the market and encouraging the vendors to sell their art elsewhere.

Pay plan for public sector senior revealed by Will Hutton

An independent review recently indicated that the pays for senior public servants should be based on their performance rather than subject to the cap imposed on them. The review by Government commissioned fair pay stated that at least 10% of the pay must be awarded to the public servants if the objectives were met

The review as conducted by Will Hutton also compared the link between the executive pay and the pay given to lowest paid staff. However he further said that pay level comparison should also be conducted by the public sector bodies and public limited companies. George Osborne the Chancellor then said that he will give the review careful consideration, however there was no pledge for implementing the proposed solution.

Benetton to increase the costs because of its profit reduction

Italian Fashion retailer Benetton operating worldwide has announced a low profit margin on the products throughout Europe during the year 2010. The increased costs of raw materials were mainly the factors that resulted in reduced profits. The outlet across Europe announced a net profit of 102m euros equal to £89m which is very less as compared to 2.1bn euros in the previous years.

Even through Benetton managed to grow good profits in other regions but particularly in Europe the revenue fell by 2.8%. The company is trying to plan some new strategies to cater the raw material costs problem and to increase the profits. The shares in Benetton have also fell by 3.4% in Milan and a strong growth of the brand is expected in near future. Currently the net debt of the company is 556m euros which were 486m euros in the previous year; this might be a good sign and opportunity for the coming years.

The UK market is experiencing a tough competition in fashion and clothing which is predicted to further increase as many global designers are entering into the UK market due to large amount of potential customers.