How to Kill an Art Market, the Italian Example

CNBC looks at some new proposals made by Massimo Sterpi to help lessen the country’s laws on export of art and antiquities. Pointing to the vibrant health of the market for 20th Century Italian art, critics say the laws that require approval for any work over 50 years of age to be exported whether it qualifies as a “national treasure” or not.

“I have studied the art trade in Europe very closely for the last 15 years, and whenever I’m describing what not to do to have a successful and healthy art market, I use the case of Italy and its regulatory system,” [Clare] McAndrew told CNBC via email.

[Philip] Hoffman said the market for Italian work over 50 years of age currently stood at “practically zero,” with the total Italian market worth just under 390 million euros ($538 million) in 2013. He forecast that the liberalization of export rules could see Italy’s art industry explode to over $10 billion per year [….]

“I’m totally surprised that Italy made so much harm to itself by passing these kind of laws and making everything so complex, rather than being the natural top art market in the world,” Sterpi told CNBC over the phone.

Italy: The next multibillion-dollar art market? (CNBC)