Art-Exchange opens in Paris
 

Art Exchange opens in Paris

18:12 14/12/2010

MOSCOW, December 14 - RIA Novosti. The World's First Exchange of art opens in Paris in the coming days, thanks to her French investors can benefit to invest as well as deflecting from a tax on wealth, reports the Art Newspaper.

In exchange for 5%commission the exchange will sell shares in the ownership of a piece of art, the minimum selling the share - 10%. However, if the market for six months will not be able to sell at least 20%of rights in a work of art, the gallery will again become his full owner, returning himself and has already sold part of it.

Now the list of "suppliers" Art Exchange are registered only six Parisian galleries, but the representatives of stock exchanges are hoping that they will enter markets in the U.S., UK and China.

At first, the stock market will be put six items of art, including works by contemporary American artists Mike Kelly and Sol Levitt, and French sculpture by Richard Texier.

According to a spokesman Art Exchange, Carolyn Matthews (Caroline Matthews), Exchange customers are likely to be French investors, who can at the acquisition of works of art to avoid the tax on wealth.

This is a solidarity contribution on the state (SNS), which in France are subject to individuals with family status more than 790 thousand euros (as of January 1 of each year). However, the law does not include the tax base for the calculation of the SNA, some types of property, in particular art.

http://www.rian.ru/culture/20101214/308620992.html