“From New Year’s Day under European legislation the UK’s art dealers and auctioneers must pay the heirs or estates of artists deceased within 70 years up to 4% of the sale price of each work they sell for more than €1,000 (£840). With Picasso, Matisse, Bacon, Lowry and Sickert all in this category, critics of Europe’s imposition of Artist Resale Rights (ARR) claim the EU directive will put London at a competitive disadvantage with top art works going instead to rival markets in New York, Geneva and Hong Kong, where no such levy applies.”