Tax

THE head of one of the United States’ biggest industrial conglomerates has quit the company after being indicted on charges of sales tax evasion on paintings valued at $13m.

“Thank goodness he didn’t put up VAT”, said one dealer in response to Gordon Brown’s budget – the worst fears of the trade did not come true last week.

THE new survey of the European art market commissioned by The European Fine Art Federation makes for grim reading.

UK: CHRISTIE’S and Agnew’s have confirmed that they have successfully negotiated the sale of the Millais masterpiece Mariana in the Moated Grange to the nation in lieu of tax.

ARTS Minister Alan Howarth has announced a new list of works accepted for the nation in lieu of tax.