Italian Tax Expert Calls for Fiscal Reform to Boost Art Market

Federico Solfaroli Camillocci, tax advisor at Unicredit Tax Affairs, argues that Italy's outdated tax laws stifle its art market. He notes that the Italian art market grows modestly compared to global trends, citing anachronistic fiscal discipline as a key factor. Solfaroli Camillocci authored "Agevolazioni fiscali per beni e attività culturali" (2003) and co-authored "No tax culture" (2017, edited by Stefano Monti). In a recent Tafter Journal article (summarized in Artribune Magazine #44), he explains that EU VAT rules could allow Italy to reduce the VAT rate on art imports and sales by authors or heirs from 10% to 5%, but this measure was dropped from the last Budget Law draft. He criticizes the European Commission's January 18 proposal to amend Directive 2006/112/EC, which excludes VAT reduction on art sales, calling it an obstacle to fiscal incentives. Solfaroli Camillocci highlights the absence of clear, organic tax legislation for the Italian art market, though recent legislative interest includes reform of art circulation laws and a proposal to revise crimes against cultural heritage. He condemns a proposed autumn reform on taxing art sale proceeds as revenue-driven rather than equitable, equating collectors with speculators. He hopes for a definitive shift toward supportive fiscal policy for this strategic sector. The interview was conducted by Antonella Crippa, an art advisor and Art Advisory and Fair Value Coordinator at Intesa Sanpaolo since April 2021.