Germany increased the budget to purchase famous pieces of art

The German government is going to purchase about 150 works of art into the state collection for a total of 3 million euros. This will be done in order to help galleries and artists overcome economic difficulties due to the coronavirus pandemic.

The Ministry of Culture said that an independent commission would be responsible for purchasing the works, which would buy directly from German galleries and artists, as well as at national and international art fairs. The cost of most of the works will not exceed 20 thousand euros.

The state collection of modern art in Germany was founded in 1971. Today it counts about 1700 works. Until now, the annual budget for the purchase of works did not exceed 500 thousand euros.

According to the Federal Association of Galleries and Art Dealers of Germany, its members suffered serious losses due to the pandemic, quarantine and restrictions, and galleries lost 60-100% of their income. The Federal Association demanded that the government take appropriate measures to help art dealers and galleries get back on their feet and, among other things, introduce tax breaks for the purchase of works of art and reduce VAT.