CIIE plans special area for jewels and art for the first time
The 4th China International Import Expo, due to open in November, will set up an exhibition area especially for arts and antiques for the first time.
A total of 33 exhibitors have signed contracts covering 1,530 square meters of space in this new sector.
During the CIIE, each exhibitor who sells artworks or antiques can enjoy tax incentives for up to five pieces with exemption of tariffs, import VAT as well as consumption tax, according to the CIIE organizers.
"The policy aims to encourage the return of cultural relics and promote the development of the cultural relics and art market in China," said Jiang Mingwei, general manager of Shanghai FTZ International Culture and Development Co Ltd.
Normally, overseas institutions cannot sell antiques to Chinese individual buyers in China but only display them.
So Chinese buyers have to close the deal abroad and pay a 13-percent value-added tax when bringing their collectibles back to the country.
Last year, five paintings worth US$340,000 dollars were sold at the third CIIE with a tax deduction of about 320,000 yuan (US$49,202).
Sotheby's, one of the world's largest brokers of art, jewelry and collectibles, has signed for the upcoming expo and is hoping to raise its visibility and further expand its market in China.
"CIIE provides a great opportunity for people to see those treasured works," said Shen Feilin, vice chairman of Sotheby's in China. She believed that CIIE will serve as a convenient transaction platform for both buyers and sellers.