Proposals to introduce a new tax on art ownership have sparked anger in France, with major organisations such as the gallery association Comité Professionel des Galeries d’Art (CPGA) and the fair group Art Basel issuing a joint statement (14 November) condemning the move. Under the legislation, France would become the only major art hub to impose a wealth tax on the possession of works, says the statement.
The proposal involves the tax on Immovable Property law (IFI, impôt sur la fortune immobilière) being turned into a tax on “unproductive wealth”, which would cover works of art. The change was put forward by Jean-Paul Matteï of the Democratic Movement party and Philippe Brun of the Socialist party and provisionally approved by MPs in a first reading on 31 October. The bill is due to go before the French senate on 24 November and then be examined by a joint parliamentary committee before returning to the National Assembly.
The joint statement, which has 127 signatories, says: “While France is gradually catching up with London in the post-Brexit system, a tax on the ownership of artworks would lead collectors to organise their transactions, storage, and conservation facilities in Switzerland, the United States or the United Kingdom.”
Other signatories of the statement include the visual artist rights organisation ADAGP and the Association for the International Diffusion of French Art (ADIAF). Matteï and Brun were contacted for comment.
Mathias Ary Jan, the president of the Syndicat des négociants en art, an association representing galleries and dealers, told La Gazette Drouot that “the consequences would be disastrous: a definite flight of works of art and heritage from [France].” The CPGA says online that it is immediately “mobilising to defend the tax exemption for works of art and the stability of the French market”.
Art Basel, which recently held the fourth edition of its Paris fair, says in a statement that it signed the joint declaration to echo the concerns of its galleries and the wider French art ecosystem about the potential inclusion of works as taxable goods in… amendments made to the 2026 French Budget Law, which is currently being debated in parliament.
“As an active participant in France’s cultural landscape, we remain committed to supporting our galleries and ensuring they can continue to thrive,” adds the Art Basel statement.
More than 1,500 people, many of them artists, have also signed a separate petition against the proposed bill, saying: “We, artists, are speaking out today to defend our professions and refuse to allow the fruit of our creation to be reduced to a speculative value.”
According to the latest Art Basel/UBS report, in 2024 France contributed more than half of the European Union’s art market value, at $4.2 billion, despite a 10% year-on-year decline in sales. It also secured its position as the fourth-largest market worldwide, with a 7% share of global sales.