European Union law

Art in Germany might be about to get a bit cheaper with the German government confirming it will cut the VAT on art sales from 19% to 7% in line with its import VAT.

Art and antiques trade associations have stepped up their campaign to “dilute the worst effects” of the incoming EU import licensing regulation which comes into force next summer.

As the UK brought into force the EU’s fifth Money Laundering Directive in early 2020, it was believed that the art market had plenty of time to register and comply.

The British Hallmarking Council (BHC) is to raise concerns with the government about the impact of Brexit on antique gold and silver exports into the EU.

The export of Italian art has become easier following changes made to the country’s cultural laws.

The art and antiques sector has until April 21 to submit feedback on new rules on the import of cultural goods proposed by the European Union.

France has changed its export licensing system for cultural goods, increasing the value thresholds and removing some red tape.

HMRC has warned the art market to be on alert for money laundering attempts during the coronavirus pandemic.

For better or worse, Brexit is finally set to proceed and will be a major factor in the year ahead – as will timed auctions, anti-money laundering rules, the looming prospect of a near-total ivory trade ban, antiquities challenges and a new buying ethos based on cultural sensitivities, changes at major fairs and a growing ‘green’ movement.

HMRC is to update UK art market professionals with guidance and webinars in January ahead of the introduction of new anti-money laundering legislation.