French Court Rejects Plan For Additional Tax on Art

There is good news for art dealers in France.

The French Assemblée Nationale voted 18 to 3 last week not to adopt a proposed amendment put forth by the Union des démocrates et indépendant (or UDI), which would make artworks subject to the solidarity tax on wealth, Art Media Agency reports.

The left-of-center UDI party is part of a coalition that has attempted to pass such an amendment since 1988, when the solidarity tax was established.

UDI president Philippe Vigier spoke of the wanton speculation that shapes the art market, which is seen by some experts as the world’s largest unregulated commercial entity. He told  AMA: “it is a case of supervising the practices of a speculative market and not at all a question of taxing culture or creativity.”

But the assembly wasn’t convinced. AMA reports that opposition to the amendment fell across a wide political spectrum. Socialists are opposed to it out of fear that private sales will be discouraged and that the market could collapse entirely, the AMA says. The center-right Union pour un mouvement populaire (UMP),  the party of former president Nicolas Sarkozy, opposes the new amendment’s intended increase of the solidarity tax. For once, everybody agreed.

 

 


Follow Artnet News on Facebook:


Want to stay ahead of the art world? Subscribe to our newsletter to get the breaking news, eye-opening interviews, and incisive critical takes that drive the conversation forward.

Share

Subscribe or log in to read the rest of this content.

You are currently logged into this Artnet News Pro account on another device. Please log off from any other devices, and then reload this page continue. To find out if you are eligible for an Artnet News Pro group subscription, please contact [email protected]. Standard subscriptions can be purchased on the subscription page.

Log In