Italian Government Rejects Art Market Reform, Industry Faces Crisis

On February 3, 2025, the Italian Chamber of Deputies discussed the Culture Decree Law without including any amendments for art market reform, sparking outrage from industry groups Apollo and ANGAMC. The decree, expected to be converted into law by February 25, 2025, fails to address two key demands: reducing VAT on art imports and transactions from the current 22% to competitive European levels (France 5.5%, Germany 7%), and raising the threshold for free movement of artworks over 70 years old from €13,500 to €300,000. Apollo called the omission a 'coup de grâce' that will push Italy out of the international market. The decree now moves to the Senate, where no additions are anticipated. Without reform, stakeholders warn of a mass exodus of galleries, auction houses, and artists to more favorable jurisdictions, devaluing Italian art globally. The article was written by Cristina Masturzo for Artribune.