2023-09-20 18:32:11
Published on September 20, 2023 at 6:12 p.m. Updated on September 20, 2023 at 6:32 p.m.
The French art market can breathe a sigh of relief. The fiscal earthquake that threatened its current good momentum will not take place. At least, the shock will be much less than French artists, antique dealers, art dealers and auction houses feared.
Since the start of the year, they have multiplied op-eds in the press and rants on social networks. The cause of this anger – exceptional for the sector – was the overhaul of the favorable VAT regime from which the art sector in France benefited. Until now, sales of paintings, sculptures, antiques, etc. were subject to a VAT rate of 5.5% on the first sale or importation from a country outside the European Union. The resale of these objects was taxed at the standard VAT rate of 20%, but only on the margin made by the seller – and not on the entire sale price.
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