On August 3rd, the Italian Parliament officially approved an important reform for the Italian art market. In essence, the reform entails the following:
(i) prolongation of the time-frame for declaring a work of art of cultural interest and requiring an export license from 50 to 70 years. Consequently, most post-war Italian art will no longer require an export license in order to be able to circulate internationally;
(ii) for works created more than 70 years ago, a monetary threshold of 13,500 euros has been introduced. Works of art whose value falls below the threshold cannot be classified as cultural property and will not require an export license. The new law will become effective August 29, 2017.
CBM & Partners played a key role as Advisor to ‘Apollo 2’, a group representing the major Italian and international art and antiquity market intermediaries, who presented the reform project to the Italian government.