When economists talk about a “perfect market” they think of an idealised market where there are no barriers to entry and exit. This classical economic theory also tells us that perfect market conditions - free from trade barriers and restraints - ultimately lead to the best economic results for all participants in the global market. Of course, in the real world, there are no perfect markets. Other factors - human factors - are in play. It is fair to say that the global art market is an example of a market which is not perfect. Factors beyond pure economics are at play, and the art market has its own share of trade barriers and restraints. All of these imperfections add a certain fragmentation to the way that our clients approach their art collections. This session will look at regimes around the world, from the UK, to Italy (given that we are in Lake Como!).