"The gloom has had an impact in the run up to Art Cologne, says Daniel Hug, the director of the fair. The current economic mood, paired with poor sales results from the early autumn fairs in Seoul and New York, has 'scared' some gallerists, he says. Ten galleries withdrew from Art Cologne this summer because of financial difficulties, he adds. Their places have since been filled by others, and Hug says he's optimistic that this year's edition will be a success, despite the difficult context."
"I expect it to be like last year, which went well. For the first time, we had three sales over €1m. This year, we had more applications from young galleries, so we increased our Neumarkt section from 20 booths to 26."
"The reduction in VAT on art sales to 7% from the current rate of 19% is due to take effect from January 2025 if it passes through parliament. Part of a large package of tax legislation, it is due to be approved by both houses this month. The reduced rate is a longstanding demand of German art dealers, who said they suffer a disadvantage relative to competitors in other countries."
Collection
[
|
...
]