'Conditionally exempt' works for sale

April 25 2016

Image of 'Conditionally exempt' works for sale

Picture: ACE

Enterprising museum directors ahoy - the Arts Council has published a long list of 'conditionally exempt' works that are being offered for sale either in the Old Master auctions this summer, or privately. These are works that have had tax deferred on them, and so UK museums are given advance notice of their sale, should they wish to have a go themselves. Alas, usually museums only get involved after an auction at the export process, by which time the price has usually gone up.

This time around there is a cache of Old Master drawings, including a rare Titian (above) with a guide price of £4.8m. Also on offer is a rather fine Reynolds portrait, and a picture by Hogarth that seems quite reasonable at $1.5m. A £6m Modigliani, until recently on long term loan at Birmingham City Art Gallery, will be offered at auction at Christie's in June.

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