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And of those, only 43 could be analysed.

In total, only 36 dealers and five auction houses responded, leaving analysts wondering just how accurate a picture of the effects of ARR on the UK art industry can be gleaned from the findings.

Why such little apparent interest? Possibly apathy mixed with a lack of confidence among dealers and auctioneers that the study would lead to any meaningful change in policy. However, another reason is that an unknown number of dealers and auctioneers have avoided paying ARR and so have been unable, or unwilling, to draw attention to themselves in the process.

As ARR specialist lawyer Simon Stokes and ATG editor Ivan Macquisten warned at the inaugural Art Business Conference at the beginning of September, those who chose to ignore the rules by not filing accurate returns and paying dues risked prosecution at some point in the future. What this avoidance has also meant is that it has been impossible to gain a true picture of the impact of ARR on the trade, destroying any hope of effecting change through the IPO study.