Italy's largest contemporary art fair, Artissima, opened its 32nd edition in Turin's Oval Lingotto arena with 176 international galleries from 36 countries. The fair is the first major international art event in Italy since the government slashed VAT on art sales from 22% to 5% in July, a move long sought by galleries and dealers. Early sales included works by João Gabriel, Silvia Capuzzo, and Simon Pasieka, and the fair attracted top curators like Hans Ulrich Obrist and Massimiliano Gioni, as well as prominent Italian collecting families. However, some gallerists noted a lack of American collectors, echoing trends seen at Art Basel in Switzerland.
The VAT reduction is significant because it positions Italy with the lowest art sales tax in the European Union, potentially generating an additional €1.5 billion over three years and boosting the economy by up to €4.2 billion, according to a Nomisma study. Artissima's director Luigi Fassi expressed optimism that the cut gives Italian galleries and collectors a competitive edge internationally. Beyond sales, the fair is valued as a platform for dialogue and networking with curators and museum directors, distinguishing it from mega-fairs like Frieze and Art Basel that prioritize profit.