‘The government understands what is at stake’: Italian art world weighs in on tax cut at Artissima
The Italian parliament reduced VAT on art sales from 22% to 5%, the lowest rate in Europe, a move announced by Prime Minister Giorgia Meloni's government. The tax cut was celebrated at the 30th anniversary dinner of the Fondazione Sandretto Re Rebaudengo in Turin, where politician Federico Mollicone noted it had been over 30 years in the making. The contemporary art fair Artissima, holding its 32nd edition in Turin, became the first Italian fair to test the new tax policy. Italian dealers reported positive effects, including easier deal closures and increased sales to both Italian and European collectors, with some galleries experiencing their best opening day ever.