The Art Market: Major Changes Ahead! Watch This Space…

The report of the fact-finding mission on the art market, set up by the Cultural Affairs and Education Committee of the French National Assembly and published on 30 November last, recommends a number of measures to support the art market.

As part of its information role, i-CAC presents an important extract from the report concerning pictorial art in France, outlining the main provisions adopted on patronage of living artists.

1. Revisit the notion of “accessibility to the public” by encouraging a broader interpretation (currently a restrictive condition).
2. Raise the ceiling of the tax deduction available to companies for the purchase of original works by living artists.
3. Raise the ceiling of the tax deduction available to SMEs for the purchase of original works by living artists.
4. Extend the tax scheme for patronage of living artists to the self-employed, the liberal professions and private individuals.
5. Entitlement to the tax reduction would be conditional on the artist whose works are purchased being identified and registered (MDA + SIRET).

The rapporteur considers that opening up tax schemes that encourage the purchase of original works by identified and registered living artists to the self-employed, the liberal professions and private individuals could significantly boost investment in the work of artists who create and pay social contributions in France, to the great benefit of artistic creation and of our contemporary art market.

Rémy Aron, President of the MDA (Maison des Artistes), fully defends and supports all of these provisions, and points out that making the tax reduction subject to this condition (5) would indirectly encourage other artists, even amateurs, to register and pay contributions to the MDA. This requirement would enhance the standing of the visual arts profession.

i-CAC fully shares this approach and offers appropriate verification (see the conditions on the website) by issuing an indisputable certification (an individual certificate for the year), enabling investors to build a relationship of trust with the artist.