La Cometa Madrid, as a member of the Consortium of Contemporary Art Galleries, joins the initiative that seeks that the Government of Spain finally implements the VAT reduction on the sale of contemporary art works, in application of Directive (EU) 2022/542. This historic demand would support the work of galleries and put an end to the disadvantage suffered by the sector compared to other countries such as France, which has set VAT at 5.5%, or Germany at 7%, as well as other cultural sectors.

The approval of this measure is crucial to alleviate the difficulties faced by gallery owners at every international art fair, such as ARCO. The VAT reduction would greatly facilitate their work, boost their internationalization and favor the development of Spanish contemporary art, benefiting artists, collectors and museums alike.