"It has been a tumultuous night, said The British Antiques Dealers’ Association chief executive Marco Forgione. “This result will have considerable repercussions in the short term for the UK economy as sterling weakens and also with regard to Brexit.
“We cannot second guess what the next few days and weeks will bring. Against the backdrop of this uncertainty the weakening of sterling offers an opportunity for UK businesses to increase their export markets."
Some constituencies are having to implement recounts. Following two recounts in the constituency of BADA president Victoria Borwick in Kensington, counting has now been suspended until more staff are available later today. A number of high-profile candidates have lost their seats including the former leader of the Liberal Democrats Nick Clegg.
Some constituencies are having to implement recounts.
LAPADA chief executive Rebecca Davies said: “Trade priorities and concerns remain the same as before and, as with other businesses, our members will want to see stability and clarity now. Political uncertainty must be resolved as soon as possible so that we can focus on issues such as the ticking clock of Brexit. Whatever happens, what hasn't changed is the need to negotiate the best possible deal on that front.”
British Art Market Federation chairman Anthony Browne said: “Above all, the art market needs a government with a clear majority to implement what it promises to do. Now that this has not happened, we really need to see how events unfold in the next few hours and days before reaching any conclusions.”
The Brexit negotiations are due to start on June 19 but the political confusion will be a concern for EU negotiators.
Speaking to a German media outlet, the European Union's budget commissioner Guenther Oettinger said he is unsure whether Britain's Brexit negotiations could begin on time in light of the UK's hung parliament.
