31/08/2001

With the French art market now open to international auction competition after the groundbreaking sale with Parisian auctioneers Poulain-Le Fur, in conjunction with Sotheby’s in June 2001 (sale of the collection of Italian antiquarians Luigi and Nera Anton Laura), new legislation has been enacted by the government to safeguard artworks from foreign buyers. If an artwork is considered culturally important and an export licence is not given, the state will then be able to draw on national funds to buy it on behalf of a public institution up to three years after the work has been offered for sale. The purchase fee offered by the French government will be set at global market rates, with the owner of the work choosing a valuer at their own expense. In addition the government has the power to renew its banning of an export license indefinitely as there is no limit to the number of valuations that can be sought. (Andrew Moore)