5% VAT on Art: Revitalizing Italy’s Market and Attracting Global Collectors

• Italy reduces VAT to 5% on art, antiques, and collectibles to boost the art market.
• Francisco Schenone from Crown Fine Art sees this as a positive change for Italy’s competitiveness.
• Lower VAT makes art more affordable, potentially increasing sales and repatriating Italian artworks.
• Early signs show increased interest in international imports and shipments.
• Crown Fine Art expects a 15% to 25% increase in shipment volume over the next year.
• Growth in logistics and art services could create more jobs in the sector.
• Challenges include navigating the margin scheme and ensuring regulatory compliance.
• Industry professionals need to adapt quickly with training and seminars.
• Italy’s new VAT rate aligns it more closely with other European markets.

Source: crownfineart.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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