(Finance) – Despite having generated In 2023 a direct turnover of 1.36 billion euros and an overall economic impact of 3.86 billion euros, the Italian art industry He is experiencing a slow but worrying contraction. In particular, in recent years, 1,618 art galleries and 1,637 antiques active on the national territory have progressively decreased their number and real turnover due to not only the increase in operating costs, but also due to a tax system not aligned with that of other European countries and burdened from the highest VAT rate at the Community level.
It is the photograph taken from the second report “Art: the value of industry in Italy”, promoted by the Apollo Group Association and made by Nomisma in collaboration with Intesa Sanpaolo, presented today at Palazzo Wedekind, in Rome, in the presence of Alessandro Giuli, Minister of Culture; Roberto Marti, president of the Culture Commission of the Senate of the Republic; Federico Mollicone, president of the Culture Commission of the Chamber of Deputies; Alessandro Amorese, member of the Culture Commission and first signatory of the proposed law for the reduction of VAT, Stefano Lucchini, Group Chief Institutional Affairs and External Communication Officer Intesa Sanpaolo.
In Italy, Today the sale of works of art is subject to the ordinary rate of 22%, lhigher in Europe. On the contrary, France has decided to extend the subsidized regime of 5.5% to all artistic transactions from 1 January 2025, including imports and sales, and consequently Germany has reduced its rate to 7%. This means that for the same work of art a collector would pay up to 18% more by acquiring it in Italy rather than in France, with the result of obliging Italian operators on the one hand to compress their margins to remain competitive and on the other to induce young artists to migrate to foreign galleries. It goes without saying that this will lead to serious damage throughout the supply chain: restorers, transporters, scholars and the many craftsmen who envy us the whole world.
To evaluate the possible repercussions on the sector, The study carried out by Nomisma measured the direct, indirect and induced impacts that would derive from the reduction of VAT on the import of works of art in Italy from non-EU countries. The investigation then photographed the alarming scenario that would derive from the failure to apply a rate also reduced on internal transactions. Despite a multiplier effect equal to 2.8 (i.e. for every euro of turnover in the Italian art market, a total of 2.8 euros are generated in terms of overall economic impact) the industry presents multiple Elements of fragility that not only brake their development, but even undermine survival.
According to the estimates presented by Nomisma, By maintaining the VAT rate at the current levels, the sector could lose up to 28% of the overall turnover, with -50% tips for small galleries. On the contrary, if Italy decided to lower VAT to 5% on artistic transactionsapproaching it to the French parameters, according to the simulations produced by Nomisma in a single three -year period the overall turnover generated by galleries, antique dealers and auction houses would grow until you reach About 1.5 billion euros, with a positive effect on the Italian economy estimated up to 4.2 billion euros.
The Apollo group – which represents the art industry in Italy – is ready to dialogue with the government to harmonize the Italian tax regime with that of the nearby European countries and thus relaunch the competitiveness of the entire sector.
“The art market contributes significantly to the wealth of our country – said Alessandra Di Castro, president of the Apollo group – However, we must recognize that we are still far from our full potential. If we lowered the 5%VAT rate, therefore even less than France, Italy could acquire the HUB position for purchase and sale operations. This would allow, at the same time, to safeguard the entire ecosystem of culture, enhancing all the protagonists “.
“Undoubtedly the different tax regime represents a real problem, with the risk that the Italian art system progressively loses competitiveness, structurally impoverishing and losing operators, artists, skills and perspectives – commented Roberta Gabrielli, Marketing Manager of Nomisma – not yes It is only about protecting an economic sector, but of defending a fundamental cultural garrison for the identity of our country “.