Thursday, July 30, 2015

High End Collectibles Moving From Europe to US

News
The hunt for money, a search that includes cash and production, has expanded to high end collectibles. The proposed legislation plans stiffer controls on the export, sale and provenance of art objects and antiquities, and will examine its museum collections for dubious objects, similar to the way it treats art confiscated or stolen by the Nazis. This legislation that targets collectors retroactively, if passed, should rekindle the migration of collectibles from Europe to the US. This flow, the movement of values away from social, political and economic uncertainty and unrest, generally follows the cycle of war.

Germany, under the guise of preservation of cultural heritage of all human, wants to guarantee that the trade in antiquities is restricted to objects with a clear and legal origin. New legal regulation places the burden of proof and it collateral expenses on the collector.

Smart money is already moving prized collections.

Headline: Proposed Law Regulating Art Sales Would Destroy German Art Market Experts Say

The German government's planned revision of the nation's cultural protection legislation has been met with fierce resistance from art dealers, auction houses and collectors.

The legislation proposes that all cultural artifacts valued at €150,000 ($165,900) or more and older than 50 years must be granted an export license.


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