Acquiring an Artwork is also a great opportunity for Companies and Professionals.
When you decorate your business premises; whether it is a restaurant, hotel, office or waiting room; you significantly improve your brand image with your customers and your employees. You send out a strong signal, proof of particular attention and sensitivity. You stand out by offering Unique and Original Artworks and you support artistic creation.
The acquisition of Artworks can also be part of an investment strategy.
Tax Incentives
Beyond any medium/long-term capital gains in the event of resale, Companies and Professionals can benefit from tax advantages, depending on residing country. For example in France, under certain conditions, it is possible to deduct the value of the Artwork acquisition from the results of your Company. The tax deduction is open to Companies and Entrepreneurs subject to corporate tax or some category of income tax. The Artist must be alive at the time of the purchase of the Painting and the company must exhibit the Artwork for 5 continuous years in a place accessible free of charge to the public or to employees (with the exception of its offices). The tax deduction is spread over 5 years in equal fractions. For example, for an Artwork Canvas at €790, the company can make a tax deduction of €158 each year. The sums are deductible within the limit of €20,000 or 5‰ of turnover excluding VAT.
In France, under certain conditions, Paintings may benefit from a special VAT regime specific to Artworks - article 297 A of the General Tax Code, and may be invoiced without VAT.
We invite you to contact your accountant to learn more about these topics.
