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HVMC a change in the law to come?

Intended to ensure remuneration for artists and their heirs on subsequent
transactions, resale rights laws are due to be reformed in Monaco.

Monaco, a 3% duty is levied on the sale price of if these rights were managed by an organisation
the work, excluding costs,» explains Franck Baille, in the Principality and no longer by the French
co-founder of the Maison des Ventes de Monte- Society of Authors in Graphic and Plastic Arts.»
Carlo (HVMC), along with Chantal Beauvois. This The reflection is still ongoing. The assumptions
inalienable right is regulated in Law 491 of 1948, made by the CSA were the possible setting of a
which provides for a time limit: «In Monaco, the ceiling, the establishment of a degressivity, the
resale right applies for a period of 50 years after modification of the duration of collection, or even
the artist’s death,” adds the auctioneer, curious the abolition of this right. This last hypothesis
to know the result of the ongoing reflection of would obviously be an attractive opportunity
the Monégasque authorities. for the Principality to see an increase in the
volume of transactions in the field of modern and
Under discussion: a limit contemporary art. It would allow an increased
In 2018, the Strategic Council for Attractiveness development of art galleries and auction houses,
(CSA) announced its desire to change the 1948 given that in the United States, China, Switzerland
Franck Baille law and mentioned a ceiling of €12,500. «There and other countries, this provision does not exist
is currently no ceiling in Monaco, while in France and that as a humanist justification it has gone
Let us give back to Caesar what belongs to him. and under the European directive, the resale astray, crediting families of extremely wealthy
In 1920, concerned about the well-being of artists right is declining and a ceiling is set at €12,500,» contemporary artists with a tax levied to the
and their families, French lawmakers were the observes Franck Baille. In France, the applicable detriment of collectors.
first to introduce resale rights to guarantee artists rate will thus be, for example, 4% for the portion of
and their heirs a share of the growing commercial the price up to €50,000 and 0.25% for the portion
value of their works of art during subsequent of the price exceeding €500,000.01. The amount From César to César
transactions. Awareness had been raised by the may not ultimately exceed €12,500. «We hope that
experience of the family of Jean-François Millet. this reform will be beneficial for the Monégasque The highlight of the HVMC’s next auction, De
’
Originally sold for a thousand francs, LAngelus art market. We would like the Monégasque César à César, on 29 April will be the marble
by the French painter had just resold for one resale rights rate to remain the same, for the Centaure sculpture, well known to people
million francs, while Millet’s granddaughter frequency to be advantageous and for a cap to in Monaco, commissioned from César by
was living in poverty. «Today, during auctions in be established. Moreover, it would be a good thing Michel Pastor and which sums up the artist’s
two passions – horses and Picasso.
Organised at the Yacht Club de Monaco,
this auction by HVMC (launched in the
Principality in 2012) will include several
important works of
sculpture, from
antiques to
contemporary
pieces.

Le Douanier Rousseau (1869-1954) - Deux lions à l’affût dans le jungle - 85 x 120 cm
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