This research analyses the forces shaping trade in the international market for works of art using both descriptive and econometric analysis. It also explores the institutional structure of the art trade specialising in the regulatory and policy framework of the EU art market. Although art trade takes place on arguably one of the most internationalised markets, and although it exhibits a number of interesting features warranting special attention, the economic research on trade in art has up to now been minimal. This thesis addresses this gap in the literature by comprehensively describing and analysing the international art market, the EU art market, and the centre of trading art in Europe, the UK. It recognises at the outset that works of art differ substantially from other goods due to a number of features: they are unique, heterogeneous, and have no close substitutes; they are portable, storable, and durable consumer goods, and financial assets at the same time; ...