art world italy gallery boom

Austrian art dealer Thaddaeus Ropac is opening a new gallery in Milan, his seventh location, despite initial concerns over Italy's high value-added tax (VAT) on art, which was Europe's highest at 22 percent. The Italian government slashed the VAT to 5 percent in June after pressure from art market players, making it the lowest in the EU. The gallery, spanning over 3,000 square feet in the 18th-century Palazzo Belgioioso, opens on September 20 with a show featuring Georg Baselitz and Lucio Fontana, followed by exhibitions of Valie Export and Ketty La Rocca. Elena Bonanno di Linguaglossa will serve as executive director.

more italians take avantage of art for taxes scheme 131511

The Italian government has successfully revived a program allowing citizens to use cultural treasures, fine art, antique books, and villas to satisfy tax bills. Culture and Tourism Minister Dario Franceschini named a panel to tally the value of works offered for income and inheritance taxes, aiming to reinvigorate a scheme established in 1982 that previously attracted little interest. The program mirrors similar initiatives in other EU countries, notably Britain, where a comparable plan drew works worth $80.4 million in 2012–13.

sir joshua reynolds portrait inheritance tax 602312

The Tate in London has acquired a full-length portrait by Joshua Reynolds of the 5th Earl of Carlisle (1748–1825) through the UK's Acceptance in Lieu scheme, which allows art to be transferred to the nation in place of inheritance tax. The painting, valued at $6.1 million (£4.7 million), was painted in 1769 and had hung at Castle Howard in North Yorkshire for over 200 years. It will remain on public display there but will also travel to other venues including Tate Britain.

guy wildenstein resigns wildenstein gallery president 1234768335

Guy Wildenstein has resigned as president of Wildenstein & Co., the prestigious art gallery founded by his family in 1875, after 35 years in the role. He is succeeded by his son David Wildenstein, who previously served as vice president overseeing investment and real estate, while his daughter Vanessa Wildenstein becomes vice president and director of the New York location. The announcement was made to the Art Newspaper, which first reported the news. Wildenstein, 80, was convicted of tax fraud in 2024 in a high-profile French case involving the concealment of masterworks to avoid inheritance taxes, receiving a four-year prison sentence with house arrest and a €1 million fine.

A Degas for London

Un Degas pour Londres

The National Gallery in London has acquired a pastel by Edgar Degas through the UK's 'acceptance in lieu' scheme, which allows heirs to settle inheritance taxes by transferring important works of art to public collections. The artwork depicts ballet dancers not in performance, but in a state of exhaustion and idleness backstage, capturing a raw, unglamorous moment.

Reynolds works acquired by Waddesdon Manor under UK's acceptance in lieu scheme

Two major paintings by 18th-century British artist Joshua Reynolds—David Garrick Between Tragedy and Comedy (1761) and Portrait of Joanna Leigh, Mrs Richard Bennett Lloyd (1775-76)—have been acquired by Waddesdon Manor in Buckinghamshire under the UK’s acceptance in lieu (AIL) scheme. The works, from the estate of Jacob Rothschild who died in February 2024, settled a combined £24.5 million in inheritance tax. Both paintings had been on loan to Waddesdon Manor, a National Trust property managed by Rothschild, since 1995.

switzerland reject inheritance tax billionaires collectors 1234764622

Swiss voters overwhelmingly rejected a proposed inheritance tax on Sunday, with 78% voting no. The tax, introduced by the Social Democrats, would have applied a 50% rate to inheritances and gifts exceeding 50 million Swiss francs (about $62.3 million). Billionaire Peter Spuhler threatened to leave the country if the tax passed, and Swiss wealth managers warned that other ultra-wealthy individuals would follow, citing their mobility and options to optimize taxes.

hauser amp wirth owners relocate switzerland from uk 1234746659

Iwan and Manuela Wirth, owners of the global art gallery Hauser & Wirth, have relocated their permanent residency from the United Kingdom to Switzerland, where the gallery’s holding company is based. The move was registered in documents filed with Companies House this month, and the gallery confirmed to the Financial Times that the decision was for personal reasons, unrelated to tax law changes. Despite the relocation, the Wirths plan to open a new London location in 2026, and their UK gallery reported a 13 percent drop in turnover to £144 million in 2023.

Masterworks from Jacob Rothschild collection go to London's National Gallery and V&A under acceptance in lieu scheme

Two masterworks from the collection of the late Jacob Rothschild—Guercino's *King David* (1651) and John Deare's *Edward and Eleanor* (1790)—have been allocated to London's National Gallery and the Victoria and Albert Museum (V&A) respectively under the UK's acceptance in lieu (AIL) scheme. The Guercino painting settles £5.6 million in inheritance tax, and will be reunited with two related Guercino works already at the National Gallery. The marble relief by Deare enters the V&A's collection.