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Global Art Market

France obtains the maintenance of VAT at the reduced rate of 5.5% on the Art Market, a major victory with very considerable advantages according to Artprice.

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Source: CISION

France’s art market professionals will be extremely relieved by this news. The French government has decided to maintain the VAT rate at 5.5% for initial sales and imports of artworks from countries outside the European Union, proof that the two French Ministers, (Rima Abdul Malak for culture and Bruno Le Maire for the economy) succeeded in making their case against strong headwinds from Brussels.

If they had failed, there was a high risk that VAT would be raised to 20% before 1 January 2025, which would undoubtedly have broken the dynamics of the French art market, now the fourth largest national art market in the world according to Artprice.com by Artmarket.

Read more: https://www.newswire.ca/news-releases/artmarket-com-france-obtains-the-maintenance-of-vat-at-the-reduced-rate-of-5-5-on-the-art-market-a-major-victory-with-very-considerable-advantages-according-to-artprice–803063183.html

Global Art Market

Expo Chicago 2024 Proves City Is Strong Player On Global Art Stage

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Source: Forbes

In its first year as part of the Frieze network—which also acquired the Armory Show in 2023—Expo Chicago managed to balance its notably friendly Chicago atmosphere with a strong showing from the global art market. This past Sunday, Expo concluded the 11th edition of its annual four-day fair, with over 35,000 visitors and robust sales from 170 galleries representing 29 countries and 75 cities.

“In our 11th edition of Expo Chicago, we are grateful to now be part of the Frieze family,” said Tony Karman, President and Director of Expo Chicago. “There was a tangible sense of excitement around this year’s edition, a sentiment echoed by our patrons and gallerists, translating into strong sales and an energized atmosphere at the fair and throughout the city.”

Read more: https://www.forbes.com/sites/juliabrenner/2024/04/17/under-new-ownership-expo-chicago-2024-showed-the-city-as-a-strong-player-on-the-global-art-stage/

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Global Art Market

Art Busan to focus on local, global markets

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Source: The Korean Herald

Art Busan 2024, the largest annual art fair in Busan, will return in May, strengthening its exhibition program and locality amid a sluggish art market. The art fair also plans to tap into the global art market to expand its brand overseas.

“It is a shame that the art market is assessed on its commercial aspects, although it is understandable. We will continue to do what Art Busan can do with our own programs,” said Jeong Seok-ho, managing director for Art Busan, at a press conference in Seoul on Tuesday.

Shrugging off concerns over the state of the art market, Jeong noted that the Busan art fair is putting in its utmost effort to cement its presence, maintaining its uniqueness as a local art fair in South Korea. As part of the art fair, it plans to stage Busan Art Week for collectors, offering them a tour around the city alongside the art fair.

Read more: https://www.koreaherald.com/view.php?ud=20240402050660

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Global Art Market

Seven Takeaways from The Art Basel and UBS Global Art Market Report 2024

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Source: LUXUO

The global art market totaled USD 65 billion in 2023, contracting by 4 percent year-over-year but remaining above its USD 64.4 billion pre-pandemic high, according to The Art Basel and UBS Global Art Market Report 2024, authored by Dr. Clare McAndrew, the founder of Arts Economics. The report can be downloaded for free here.

The market was constrained by factors including thinning sales at the highest price levels, high inflation and interest rates, an ongoing war in Ukraine, a new war in the Middle East, and uncertainty about economic growth in China. Those surveyed for the report also cited higher costs for things such as logistics and rent.

Here are seven key takeaways from The Art Basel and UBS Global Art Market Report 2024.

Read more: https://www.luxuo.com/culture/art/seven-takeaways-from-the-art-basel-and-ubs-global-art-market-report-2024.html

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