antiquesandartireland.com

Information about Art, Antiques and Auctions in Ireland and around the world
  • ABOUT
  • About Des
  • Contact
  • A GOOD YEAR AT WHYTE’S DESPITE COVID AND BREXIT

    With three auctions planned for the first quarter of 2021 Whyte’s has reported that sales in 2020 reached €7 million. This compares to €8.5 million in 2019. Increased demand for art and collectibles offset the worst of the effects of the pandemic. Demand was driven by savings made from not travelling abroad, not eating out, not drinking in pubs, not commuting and not buying clothes for work. The imposition of negative interest rates on bank deposits has encouraged cash rich individuals to purchase tangible assets such as art and collectibles.

    Whyte’s anticipate that 2021 will be another challenging year with the continuance of pandemic restrictions and Brexit. This will cause problems for trading in art between the EU and the UK. Individual collectors will have to pay 13.5% VAT on importation of art, and 21% on importation of collectibles from the UK. UK collectors and businesses will only pay 5% VAT on imports of art and most collectibles from Ireland. Irish VAT registered businesses will account for the importation VAT in their returns to Revenue. Customs clearance charges will add an extra 1% to the cost of importing art and collectibles. Thus a painting bought in the UK for €10,000 could cost an extra €1,450 to import to Ireland, and a €1,000 collectible will be charged €220 on arrival.

     Whytes will hold sales of Irish & International Art on March 1, The Eclectic Collector on March 27 and a Spring Art Sale on April 13-19. 

    This 1916 Procalamation of the Irish Republic sold for €190,000 in July
    Tags:

    Comments are closed.