The British Art Market Federation have announced that Lord Inglewood is to be their new president.
He replaces Lord Brooke who first took up the mantle as one of the founders of BAMF in 1996.
Lord Inglewood, a businessman who in 1999 was elected one of the hereditary peers to remain in the House of Lords, chairs the House of Lords Select Committee on Communications and is a Fellow of the Society of Antiquaries (FSA). He has just completed his term as chairman of the Reviewing Committee on the Export of Works of Art.
Having twice served as an MEP, he also brings valuable experience to his new role working with BAMF chairman Anthony Browne in negotiating European Union issues, which have formed a major part of the federation's work over the years.
Mr Browne paid tribute to Lord Brooke, saying: "We are enormously grateful to Peter Brooke for all he has done over the years, especially for all his wise advice and political expertise. In Richard Inglewood, we have found the ideal candidate to follow in his footsteps."