Dr Alessandro Stradi
Encouraged by XLNC head office, I am pleased to set up the Art & Media Focus Group. I have already started by carrying out an in depth analysis of the market, needs and demands.
Evaluating needs and demands for setting up this Focus Group the main reason is economically motivated, but that’s not the only one:
- Works of art and artefacts have always represented an investment option in the portfolios of investors;
- The works of art and artefacts make up part of the tangible assets of numerous banks and financial institutions;
- There are many more specialised foundations;
- The art market, particularly the contemporary one, has been characterised by its ability to become a real industry;
- The main financial intermediaries, wealth managers and private sector, see the art market not only as a place of privilege as a place to network but also a way to create professional relationships;
- A few areas of the market still have a huge unsaid potential,
- At the same time there is an objective and widespread lack of professional services (legal and fiscal) that supports the market;
- By creating this service it could favour the growth of the art market, the possibility to increase the number and value of the transactions;
- The increased interest in not only contemporary but also modern and classic art would determine an exponential growth of the gross profit for the sector. This market has in fact been static for years and there is a wide variety of products that can be placed on the market.
Objectives of our newly established Focus Group (operative with immediate effect) are:
- To find out which colleagues are interested, by trying to gain interest in those countries where contemporary art has established a flourishing market (USA, UK, Europe, China and Russia);
- To discuss fiscal topics in depth, in particular regarding the indirect taxation and the customs duties;
- To exchange information about tax regimes in the various countries;
- To guarantee legal support for the contractual art (more specifically regarding the origin and the authenticity of the work); and
- To create a valid reference point for the operators of the sector (collectors, galleries, auction houses, institutional investors and financial analysts,...).
In the upcoming spring issue of the XLNC magazine, we aim to include a technical contribution as well as a presentation of our Focus Group
If you are active in this field and you would like to join our Focus Group, I look forward to hearing from you. Do not hesitate to contact me if you require any further information or if you would like to contribute. Let’s start our cooperation in this wonderful area of practice.
XLNC MAGAZINE | No. 02 | November 2018