Artissima, Italy’s largest contemporary art fair, opened its 32nd edition to VIPs on Thursday at the Oval Lingotto Arena in Turin. Show director Luigi Fassi said earlier this week art news After the Italian government cut the value-added tax on art sales from 22% to 5% in July this year, “people have high hopes.”
“I’m personally more motivated than ever,” said Fassi, who is leading Artissima for the fourth time. “The reduction in VAT is big news. We now have the lowest art sales tax rate in the EU and this is the first international fair in Italy since the VAT cut, so everyone is excited. This creates a solid foundation for Italian galleries and collectors to compete at an international level.”
After two decades of lobbying by galleries, antiques dealers and auction houses, the government finally gave in. A study released earlier this year by consulting and market intelligence firm Nomisma estimated that cutting VAT could generate an additional €1.5 billion ($1.7 billion) in revenue over three years. It also predicted that the Italian economy could grow by as much as 4.2 billion euros ($4.8 billion) as a result.
A total of 176 international galleries from 36 countries have opened Artissima galleries in Turin, which will last until November 2. Among them, 73 galleries are from Italy, 26 galleries are participating for the first time, and 12 of them are camping in the exhibition area of new works.
On Thursday, the packed crowds gathered, including groups of young Chinese collectors who had completed the route from Frieze in London to Art Basel in Paris to Artissima, all held back-to-back in October. Italy’s famous contemporary art collecting families were also present at the event, with members of the Sandretto Re Rebaudengo, Bulgari and Daniele families looking for possible purchasing opportunities. Top curators on hand include Hans Ulrich Obrist, artistic director of the Serpentine Galleries in London; Emma Lavigne, director Pinault Collection; Polly Staple, former British artistic director of the Tate; and Massimiliano Gioni, artistic director of the New Museum in New York.
Some gallerists told art news They noted a lack of U.S. collectors in Turin, as was the case at Art Basel in Switzerland in June, but more than one dealer said some collectors skipped Art Basel in Paris to attend Artissima instead.
The first-day sale at Lehman Gallery in Porto, Portugal, included five paintings by João Gabriel, selling for €2,900 to €14,000 ($3,300 to $16,100); and two works by Silvia Capuzzo, each selling for €1,900 ($2,200) at VIN VIN USD), which has exhibition spaces in Naples and Vienna; three works by Simon Pasieka, priced from €8,700 to €17,000 ($10,000 to $19,600), constitute “an important collection in Switzerland,” according to Paris gallery Romeo Paprocki.
However, several dealers and art consultants told art news While sales are certainly important, Artissima also aims to foster conversation and conversation with collectors, curators and museum directors, something that seems to no longer be so important at major fairs such as Frieze and Art Basel. During these events, there is tremendous pressure to sell in order to make a profit or at least break even.
“Artissima has always been a ‘curator’s fair’ because there are so many curators and museum directors in the city,” said Milan-based consultant Mattia Pozzoni. art news. “There’s an opportunity to make a good connection, which is often more useful than a simple sale.”
Tatiana Cheneviere, founder of Pipeline Gallery in London, is exhibiting at Artissima for the first time. She said her mission is to inject more purpose, perspective and patronage into collections, which she believes have become “too transactional.” Then, this summer, she launched Black + Cheneviere (B+C), an “alternative” consultancy program with gallerist Alice Black, to tackle the issue by promoting greater sponsorship and support of artists from collectors. At the art fair, Pipeline Gallery has a personal booth by Giorgio van Meerwijk, and Chenewell said that his work is suitable for an art fair like Artissima. “Conversational works that attract dialogue with curators and museum directors are the most valuable.”
Rose Easton, founder of the London gallery of the same name, is exhibiting at the show for the first time. (As a British gallerist, any of her sales this year will not benefit from Italy’s new 5% VAT rate.) “I’m trying to balance more commercially focused fairs with more fairs showcasing ambitious installations that further advance a different agenda for my gallery,” she told me. art news. “It’s important to create new connections with curators and museum staff.”
Many discussions between gallerists and institutional figures appear to be productive. Fondazione per l’Arte Moderna e Contemporanea CRT, founded in 2000 to promote the cultural and artistic heritage of Turin and Piedmont, this year increased its acquisition funding to 300,000 euros. Among the nine works acquired by the Castello di Rivoli Museo d’Arte Contemporanea this year are works by Cian Dayrit The natural history of the struggle: for the land (2021) from Nome Gallery Berlin and Muscle memory III (2022) by Majd Abdel Hamid, Gallery P420, Bologna.
Fondazione Arte CRT also purchased five works for GAM – Civic Gallery of Modern and Contemporary Art, including works by Marco Cingolani conference stamp (1993) From Galerie Thomas Brambilla and Galerie David Schutte, Bergamo ANB C 1.03 series (2024) from Magazzino Gallery, Rome.
Francesco Manacorda, director of the Castello di Rivoli Museum of Contemporary Art, said: “The institutional planning standards combined with the attraction of the VAT exemption make this year even more attractive for collectors and professionals in Turin.” art news.
Although Artissima VIP day sales were at the low end of the market, it’s perhaps unfair to view the show as a litmus test for Italy’s effectiveness in reducing VAT on art sales. Artissima abandons the commercial impact of large-scale exhibitions in exchange for a more academic and reflective energy. But it’s hard to ignore the hype surrounding Italy’s contemporary art scene, especially after mega-dealer Thaddaeus Ropac opened a branch in Milan in September. Ropac told us that this move art news At the time, this was confirmed long before Italy introduced a flat tax rate of just €200,000 ($230,000) for non-residents, making it an attractive landing spot for the ultra-rich.
As Artissima Director Fassi said art newsthe expo is both “a cultural platform and a market.”
Pozzoni said collectors are “still taking their time, but the recent reduction in VAT has started to inspire huge confidence and interest in the Italian market.”
France also lowered the value-added tax on art sales to 5.5% earlier this year. art news French dealer Almine Rech asked if her business would benefit immediately from the move. The dealer has 9 international office spaces, 3 of which are located in Paris. “In France it’s very popular, but it’s hard to say whether this change will lead to an immediate increase in sales,” she said. “A really positive aspect is that the VAT cut has kept art in France as dealers no longer travel abroad [to take advantage of lower VAT]”.
Rech is not showing at Artissima, but one of her New York gallery directors, Ermanno Rivetti, is in Turin. “After talking to an Italian collector in the stairwell, he sold two works on Artissima, so there was definitely a lot of energy at the show,” she added. “Italian collectors have great taste and culture, they know the history of art. They know what art is.”
