The Art Newspaper 12/17/99

  • Previously: IF ELTON JOHN AND THE SPICE GIRLS GET IT, why not Damien Hirst? The case for a resale levy on art sold in Europe. 12/16/99
  •   And: BRITAIN FIGHTS RESALE LEVY: European Commission has proposed a levy on the resale of art in Europe to go to artists. The London Times writes that “A recent report to the French National Assembly shows that most artists lose more than they gain from the levy. It penalizes the least successful, whose work is not resold, because buyers ask for reductions on first sales to take account of future resale levies. Nearly half the money collected goes to the most prosperous 3 per cent; 97 per cent receive less than £300, of which the collecting agency keeps a fifth. And, to avoid the levy, all but 7.6 per cent of French paintings are now sold in New York and London.” London Times 12/15/99
Source: The Art Newspaper