The CIIE is planning for the first time a special area for jewelry and art
The 4th China International Import Expo, which will open in November, will for the first time set up an exhibition space dedicated to arts and antiques.
A total of 33 exhibitors signed contracts covering 1,530 square meters of space in this new sector.
During the CIIE, each exhibitor who sells works of art or antiques can benefit from tax advantages up to five pieces with exemption from customs duties, import VAT as well as consumption tax, according to the organizers of the CIIE.
âThe policy aims to encourage the return of cultural relics and promote the development of cultural relics and the art market in China,â said Jiang Mingwei, general manager of Shanghai FTZ International Culture and Development Co Ltd.
Normally, foreign institutions cannot sell antiques to individual Chinese buyers in China, only display them.
Chinese buyers must therefore close the deal overseas and pay a 13% value-added tax when bringing their collectibles back to the country.
Last year, five paintings worth US $ 340,000 were sold to the third CIIE with a tax deduction of around 320,000 yuan (US $ 49,202).
Sotheby’s, one of the world’s largest art, jewelry and collectibles brokers, has signed up for the upcoming exhibition and hopes to increase its visibility and further expand its market in China.
âCIIE offers people a great opportunity to see these precious works,â said Shen Feilin, vice president of Sotheby’s in China. She believed that the CIIE would serve as a convenient transaction platform for buyers and sellers.