Five fiscal proposals to revive the Italian art market

Italy's art market lags behind France and the UK due to unfavorable tax policies and unfair competition from private sales. Franco Broccardi proposes five measures: (1) allow companies to deduct the purchase price of works by living artists over five years if publicly displayed, similar to a French rule; (2) reintroduce a US-style deferral of capital gains tax on art sales if proceeds are reinvested in other works; (3) oblige the state to purchase works subject to export bans ("notified" works) as in the UK, rather than leaving them with collectors at reduced value; (4) reduce import tax on art from 10% to 5.5% to match France; (5) tax private sales between individuals at a declining rate starting at 26% and decreasing by 5.2% per year to zero after five years. Broccardi argues that these reforms would eliminate unfair competition, increase state revenue, and help Italy capture a larger share of the global art market, especially as London's dominance wanes post-Brexit.