Anne-Laure
Pérès

Companies subject to Corporate Tax, as well as businesses and sole proprietors subject to Income Tax in the BIC category, can benefit from a tax reduction when purchasing an artwork under certain conditions:

• The artworks must be original and entirely executed by the artist's hand.
• The artwork must be exhibited in a location freely accessible to the public or employees for 5 years.
• Accounting obligations: record the artwork as a fixed asset and allocate the tax deductions to the liabilities side of the balance sheet.
• The deduction base corresponds to the price of the artwork excl. VAT, limited to €20,000 or 0.5% of the company's turnover. The deduction is spread over 5 years.

Individuals who purchase an artwork can also benefit from tax advantages in France:

• The purchase of art is not included in the Wealth Tax (IFI) declaration.
• Donating an artwork to a museum or a public interest organization allows a 66% tax reduction.
• Reselling an artwork allows one to benefit from capital gains exemptions.
• In the event of an inheritance, artworks can be considered as furnishing elements, meaning inheritance taxes on these objects will be set at 5% of their value.