SPAIN Trends and Developments Contributed by: Rafael Mateu de Ros and Patricia Fernández Lorenzo, Ramón y Cajal Abogados
the Spanish Historical Heritage Law remains largely unchanged, even though the regulation predates Spain’s entry into the EU in 1986. Furthermore, the sector continues to criticize the application of a 21% VAT on the sale of artworks, a 10% on art imports to Spain, and the introduction of the new Wealth Solidar - ity Tax, which also applies to works of art.
These legal constraints hinder the growth of the Spanish art market, where prices can be up to 50% lower than those in international markets. Although patronage incentives have been slightly increased, they remain insufficient to stimulate private support for artistic creation.
169 CHAMBERS.COM
Powered by FlippingBook