A £400k Picasso, or a worthless copy?

July 21 2022

Video: Euronews

Police in Ibiza have questioned a man on suspicion of smuggling in a Picasso sketch without paying import Vat. Spanish import Vat for artworks is 10%, and the sketch was being brought in from Switzerland, so outside the EU. Apparently, the man had two receipts in his luggage, one for the value as a Picasso, of about CHF450k, the other as a copy, for CHF1,500. Which suggests he hadn't really thought it through...

More here.

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