"Mollicone, who chairs the culture committee within Italy's chamber of deputies (the lower house of parliament), was referring to the decision made by the Italian parliament in June to reduce VAT on art sales from 22%, the highest rate in Europe, to 5%, its lowest. The decision, announced by prime minister Giorgia Meloni's government, was a major boost for Italy which wants to improve the competitiveness of its art market, especially in the wake of a global slowdown."
""[The tax incentive] helps to close deals, it's not as complicated as before," said Thomas Brambilla of the eponymous Bergamo gallery which had sold seven works by the second day (31 October) including UK artist Maggi Hambling's painting Wave Crashing III (2021), priced at €45,000. "It has not in a sense generated more sales but it has definitely sparked a different attitude among collectors," said Mauro Nicoletti of the Rome-based gallery Magazzino."
""We have waited more than 30 years to introduce this measure," announced the Italian politician Federico Mollicone at a lavish dinner held in Turin last Thursday (30 October). The event, attended by more than 500 guests, marked the 30th anniversary of the Fondazione Sandretto Re Rebaudengo set up by the popular local patron Patrizia Sandretto Re Rebaudengo."
Federico Mollicone announced that Italy reduced VAT on art sales from 22% to 5% during a dinner in Turin marking the Fondazione Sandretto Re Rebaudengo's 30th anniversary attended by over 500 guests. The change, approved by parliament and announced by Prime Minister Giorgia Meloni's government, aims to boost Italy's art-market competitiveness amid a global slowdown. The Artissima fair in Turin was the first major event to test the tax overhaul. Italian dealers reported mostly positive effects, citing easier deal-closing, a shift in collector attitudes, and stronger opening-day sales with galleries reporting multiple works sold at price ranges from €5,000 to €45,000.
Read at The Art Newspaper - International art news and events
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