"Art Basel signed this joint declaration to echo the concerns of its galleries and the wider French art ecosystem about the potential inclusion of artworks as taxable goods in two amendments made to the 2026 French Budget Law, which is currently being debated in parliament. As an active participant in France's cultural landscape, we remain committed to supporting our galleries and ensuring they can continue to thrive."
"Under the legislation, France would become the only major market art center to impose a wealth tax on the mere possession of artworks, says the statement. France is the world's fourth-largest art market, and accounts for more than half of the European Union's market value, at $4.2 billion, according to the latest Art Basel and UBS Global Art Market Report."
Two French parliamentarians have proposed a new tax regime on art to be included in the 2026 budget that would tax the possession of artworks. Leading art-sector organizations, including Art Basel, Drouot, ADAGP, ADIAF, and the CPGA, jointly opposed the proposal with a signed declaration. The measure would make France the only major market to levy a wealth tax on mere ownership of art. France is the world’s fourth-largest art market, worth about $4.2 billion and over half of the EU market, and a market contraction could trigger up to €578 million in broader tax losses. Questions remain about practical implementation of taxing ownership.
Read at ARTnews.com
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