Fintech PR
Artmarket.com: France obtains the maintenance of VAT at the reduced rate of 5.5% on the Art Market, a major victory with very considerable advantages according to Artprice.
PARIS, Sept. 25, 2023 /PRNewswire/ — France’s art market professionals will be extremely relieved by this news. The French government has decided to maintain the VAT rate at 5.5% for initial sales and imports of artworks from countries outside the European Union, proof that the two French Ministers, (Rima Abdul Malak for culture and Bruno Le Maire for the economy) succeeded in making their case against strong headwinds from Brussels.
Photo – https://mma.prnewswire.com/media/2219463/Artmarket_1.jpg
If they had failed, there was a high risk that VAT would be raised to 20% before 1 January 2025, which would undoubtedly have broken the dynamics of the French art market, now the fourth largest national art market in the world according to Artprice.com by Artmarket.
Over recent years France has been accumulating a number of very positive signals for the re-emergence of its art market. These include the presence of large private foundations such as the Fondation Louis Vuitton and the Pinault Collection, the replacement of the FIAC with Paris+ (organized by Art Basel), the arrival and/or expansion of major international galleries such as the Gagosian, Zwirner, Skarstedt, Max Hetzler, Thaddaeus Ropac, Continua, Marian Goodman, and Bonhams’ recent acquisition of the French auction house Cornette de Saint Cyr, not to mention the rise of the two major global auction houses, Christie’s and Sotheby’s, both owned by French business tycoons (François Pinault and Patrick Drahi respectively), and, the successful transformation of Drouot, and Arcurial (Dassault family), France’s leading auction house in terms of turnover which now ranks 14th among the world’s top 20 auction houses.
Since Brexit, the French art market has been the main beneficiary being the main gateway to the European Union.
A VAT rate hike to 20% would have a negative impact not just on artists, antique dealers, art dealers, and auction houses, but also on the entire art market ecosystem which includes tens of thousands of people employed in related fields ranging from frame-building to journalism, from restoration to transport, from logistics to security and from tourism to insurance.
In March 2023 the Parisian gallery owner Kamel Mennour told the Le Monde newspaper (interview by Harry Bellet) “If the increase makes it difficult for me to sell their works, I will obviously be less inclined to sign new artists“. Now that the VAT has been maintained at 5.5%, Kamel Mennour can breathe a sigh of relief…
Artprice.com by Artmarket congratulates the government’s decision.
VAT at 20% would have harmed the art market in France as a whole, and, as a result, would have damaged the confidence and dynamism of Artprice.com by Artmarket’s French clientele. Incidentally – as the World Leader in Art Market Information for more than 25 years – Artprice notes that its French clients, who represented less than 5% of their total clientele a few years ago, now represent more than 10% (see Artmarket.com’s universal reference document registered with the AMF, France’s Financial Markets Authority), showing that French collector participation has doubled.
The reduced VAT rate of 5.5% will therefore continue to apply as of 2025 to initial sales as well as to imports of artworks from outside the EU. The rate will apply to the total price and not just to the margin, which will penalize low-margin sales very slightly.
“A VAT rate at 20% would, for example, prevents the return to our country of Impressionist paintings or even masterpieces of Modern art by the likes of Picasso, Matisse and Manet, which are no longer in France although they were created in France and are adored by French collectors. Art is not a common consumer good: a State is enriched by its imports as well as the production of its ‘home-grown’ artists. Inversely, the departure en masse of its national treasures has an impoverishing impact on the State that loses them.” This idea was expressed with courage by journalist Martine Robert who became the ‘whistleblower’ for this cause for the French economics newspaper Les Échos in February 2023.
thierry Ehrmann – founder of Artprice and CEO of Artmarket.com and himself a sculptor (see his biography in Who’s Who In France) – made the following observation: “This decision by the government will ensure that the dynamism of the French Art Market is not disrupted. We can only rejoice at this courageous decision by our Ministers Rima Abdul Malak and Bruno Le Maire. Artprice.com by Artmarket has worked for more than 25 years with all the players in the French art market, and it knows how much the VAT rate can impact the good performance of the art market. As a sculptor, I have been passionately following artistic creation in France for 40 years, and it is once again resonating around the world. This move will give substantial reassurance to French artists.”
Faced with an increasingly globalized art market, France remains a strong and competitive market.
Infographic – https://mma.prnewswire.com/media/2219464/Artmarket_2_Infographic.jpg
France’s place in the global and European art market
In the first half of 2023, French auction houses sold 54,000 fine art lots, generating a total turnover of $384.3 million. Artprice.com‘s econometrics department has calculated that France therefore accounts for 5.9% of the overall value of global art auction sales, (giving it 4th place in the world) and 50% of the European art market. And it is creeping ever closer to the Top 3 podium.
Several other European Union countries also play significant roles in the global art market, albeit on smaller scales: Germany (2.8% of global art auction turnover), Italy (1.5 %), Switzerland (1.3%), Austria (0.8%), Poland (0.6%), Belgium (0.6%). Much less centralized than France, the German market is the strongest neighboring country, and Sotheby’s has recently launched new sales sessions in Cologne. Read Artprice by Artmarket reports on the art market: https://www.artprice.com/artprice-reports/the-art-market-in-2022
Competition with the United Kingdom
Despite Brexit, the United Kingdom still accounts for 17% of global art auction turnover with 5% VAT. The competition between London and Paris is particularly palpable every year in October.
In a few weeks, Frieze London and Paris+ by Art Basel will take place in short succession. For the first time ever, the latter will be hunting on an equal footing with the Frieze, thanks to the power of Art Basel. In all, October is an intense period with the most prestigious galleries deciding whether or not to make the trip across the Channel. It is also a key time with auction houses hosting major sales and several organizations choosing to make major announcements to the world press. The Marcel Duchamp prize, for example, is awarded every October by the ADIAF (of which Artprice.com by Artmarket is a patron) to an artist from the French art scene at the Pompidou Center in Paris.
According to Artprice.com‘s econometrics department, in 1960, France’s share of the global art market was 62%. The old stock market adage “a price once attained always comes back sooner or later,” also works in economics…
More than 23 years ago, when Artprice definitively became the World Leader in Art Market Information following the spectacular and unexpected acquisition of the American leader Sound View Press NY, there was a widely held belief in financial and economic circles that Artprice’s head office would inevitably migrate to its New York offices. The decision to stay in France was indeed a daring one. Today, France can rest assured that the World Leader in Art Market Information, Artprice.com by Artmarket, will remain in France.
Images: [https://imgpublic.artprice.com/img/wp/sites/11/2023/09/image1-Rima-Abdul-Malak-Culture-Bruno-Lemaire-Economy-Finance.jpg] [https://imgpublic.artprice.com/img/wp/sites/11/2023/09/image2-geographical-distribution-fine-art-auction-turnover-H1-2023.png]
Copyright 1987-2023 thierry Ehrmann www.artprice.com – www.artmarket.com
- Don’t hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: [email protected]
- Try our services (free demo): https://www.artprice.com/demo
- Subscribe to our services: https://www.artprice.com/subscription
Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.
See certified biography in Who’s who ©:
https://imgpublic.artprice.com/img/wp/sites/11/2023/04/2023_2_Biographie-thierry-Ehrmann_WhosWhoInFrance.pdf
Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 817,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.
Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).
Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.
Artprice by Artmarket’s Global Art Market Report, “The Art Market in 2022”, published in March 2023:
https://www.artprice.com/artprice-reports/the-art-market-in-2022
Artprice releases its 2022 Ultra-Contemporary Art Market Report:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022
Index of press releases posted by Artmarket with its Artprice department:
https://serveur.serveur.com/artmarket/press-release/en/
Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 6.3 million followers)
Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
La Demeure du Chaos / Abode of Chaos
GESAMTKUNSTWERK & SINGULAR ACRHITECTURE
Confidential bilingual work now public:
https://ftp1.serveur.com/abodeofchaos_singular_architecture.pdf
- L’Obs – The Museum of the Future: https://youtu.be/29LXBPJrs-o
- www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (over 4 million followers)
- https://vimeo.com/124643720
Contact Artmarket.com and its Artprice department – Contact: Thierry Ehrmann, [email protected]
Logo – https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg
View original content:
STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
The following files are available for download:
|
Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
|
|
https://news.cision.com/eqt/i/eqt-ab-group,c3285895 |
EQT AB Group |
View original content:https://www.prnewswire.co.uk/news-releases/invitation-to-presentation-of-eqt-abs-q1-announcement-2024-302109147.html
- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
Photo – https://mma.prnewswire.com/media/2380039/Photo_1__2024_CEO_Investor_Day.jpg
PDF – https://mma.prnewswire.com/media/2380040/Press_Release__2024_Kia_CEO_Investor_Day_240405.pdf
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/kia-presents-roadmap-to-lead-global-electrification-era-through-evs-hevs-and-pbvs-302109142.html
VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
Logo – https://mma.prnewswire.com/media/1430981/BIOVAXYS_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/biovaxys-technology-corp-provides-bi-weekly-mcto-status-update-302108920.html
-
Latest News7 days ago
TradeFlow Capital Management advances collaborations with Obligate through further USDC-denominated eNote™ issuances
-
Latest News7 days ago
TradeFlow Capital Management advances collaborations with Obligate through further USDC-denominated eNote™ issuances
-
Latest News7 days ago
TradeFlow Capital Management advances collaborations with Obligate through further USDC-denominated eNote™ issuances
-
Latest News7 days ago
Fisher Investments Selects Advent International and ADIA as Strategic Partners in Minority Common Stock Investment
-
Latest News6 days ago
Buzz Dealer Set to Make a Splash at iFX Expo International 2024 In Limassol
-
Latest News5 days ago
Millionaires on the Move: Where are the World’s Wealthy Migrating to and from in 2024?
-
Latest News6 days ago
PSP Investments delivers solid financial returns in a complex investment environment
-
Latest News6 days ago
Personetics Recognized by Celent as a Global Leader in Personal Financial Engagement (PFE) for Retail Banking