Vincenzo de Bellis on Italy's Art Market Crisis: Tax Disadvantage and Structural Paralysis

Vincenzo de Bellis, director of Art Basel's art fairs, criticizes Italy's failure to reduce VAT on art sales despite EU pressure and neighboring countries like France and Germany having done so. He warns that every day of delay makes Italy less competitive, harming not just gallerists but the entire ecosystem including artists, transporters, insurers, and publishers. De Bellis notes a global market slowdown due to geopolitical factors and a generational shift among collectors who prioritize financial returns. He calls for urgent action on three fronts: reducing VAT, lowering import taxes from 10% to 5% (as France did post-Brexit to become Europe's art gateway), and reforming the free circulation of artworks over 70 years old, which are effectively blocked from export. De Bellis controversially advocates for museums to sell works from storage to reinvest in contemporary pieces, creating a virtuous cycle that would revitalize collections and unblock artist valuations. He warns of Italian galleries relocating abroad, artists abandoning their careers, and a shrinking collector base if reforms are not implemented quickly. The interview was conducted by Massimiliano Tonelli for Artribune.