The British art market is in danger of decamping completely to New York or the Far East because of new tax laws introduced by the European Commission.
Anthony Browne, chairman of the British Art Market Federation, said that the multi-billion pound industry was being threatened by last week’s European Union legal opinion backing higher value added tax on imported art.
New legislation being introduced next year, which will impose an artist resale levy, could add further burdens to the UK market.
‘The problem is the market won?t be spread around Europe by these measures ? it will just leave,’ he told the Financial Times.
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