‘Momentous’: Italy to slash art VAT to 5%, the lowest rate in the EU

Italian lawmakers have approved a reduction of VAT on art sales from 22% to 5%, the lowest rate in the European Union. The decision, announced by culture minister Alessandro Giuli after a cabinet meeting on June 20, is expected to take effect this week. The reform follows intense lobbying by art market groups and a letter signed by 500 art world figures, including artists Maurizio Cattelan and Michelangelo Pistoletto, who warned the high rate was turning Italy into a "cultural desert." The tax cut must be passed by parliament within 60 days to remain in force, and may also apply to import VAT, potentially making Italy the most competitive art market in Europe from a tax standpoint.

Interview with Pietro Vallone, new president of the Association of Modern and Contemporary Art Galleries in Italy

Intervista a Pietro Vallone nuovo presidente dell’Associazione delle gallerie d’arte moderna e contemporanea in Italia

Pietro Vallone, partner and financial director of Massimo De Carlo, has been elected the new president of ANGAMC (Associazione Nazionale Gallerie d'Arte Moderna e Contemporanea) for the 2026-2030 term. The election took place during the association's ordinary assembly at Triennale di Milano on May 25, 2026, where a new board of directors, including vice presidents Giovanni Bonelli and Claudia Ciaccio, was also appointed. In an interview following his election, Vallone addressed the challenges facing Italian galleries, including a structural slowdown in the global art market due to geopolitical instability, economic shifts, and changing patterns of cultural consumption and collecting.