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Britain can no longer consider itself the second largest arts and antiques auction market in the world after China took its place behind the USA in the rankings. According to a report published by Clare McAndrew for the European Fine Art Foundation, auction sales in China rose to nearly six billion Euros and accounted for 23 per cent of the global market during 2010; while the UK slipped into third place with a 22 per cent share of the market, down five per cent since 2006. The USA meanwhile, remained the largest global market with 34 per cent. Tax warning The report has been used by the British Market Federation to warn the government about the potential affects of the proposed Droit de Suite, also known as the artists’ resale royalty tax. It is expected to be imposed next year to works by European artists that died up to 70 years ago including the likes of Picasso and Bacon. Fears are that the tax will divert money away from the UK and further diminish its market share while rocking the cultural economy. However, some critics have suggested that the new regulations in the Droit de Suite will not have a significant impact. This is because the taxation is already imposed on the works of living European artists and there is little evidence to suggest that it has significantly impacted arts trade. On the contrary, critics argue that the statistics are not so much the weakness of the UK market for antiques, as they are an indication of the strength of the developing Chinese market. Savings for buyers Consumers with a keen interest in arts and antiques can actually make savings on their initial purchases which could ultimately increase their profits during a resale. One step is to search online for an antiques-related voucher code. Many companies that specialise in collectibles now offer incentives to new customers by publishing these codes which are entered before a purchase is made in order to secure a saving. Meanwhile, consumers looking to make money with antiques should consider checking garage sales; restoring items to their original condition; and selling the item on the internet while providing as much detail as possible and setting a base price to ensure it is not undervalued. The Article is written by www.5hop5.ie providing Voucher Code. Visit www.5hop5.ie for more information on www.5hop5.ie Products & Services.
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