The main financial challenges that art galleries face when managing their business activities are:
- managing inventory in relation to cash flow and funding availability and keeping consigned and purchased artworks separate in their inventory;
- appraising works and managing profit margins;
- paying social security contributions as a disseminator for artists affiliated with La Maison des Artistes or Agessa;
- managing the share of the artist’s profits in cases where they fund the production of the works in question.
The transactions that art galleries carry out are often highly complex in terms of taxation, and more specifically regarding VAT, and require proficiency in the following:
- VAT on actual margins,
- Flat-rate VAT,
- VAT on temporary imports,
- And more.
Our expertise at the service of your challenges
The Houdart A&C team has experience in your specific sector and art market – paintings, photography, sculpture, drawings. Whether your art gallery is a physical location or an online store, you can count on our expertise and the personal involvement of the firm’s partners.
We provide chartered accountancy and statutory audit services to numerous art galleries in our client base. Our cross-disciplinary approach ensures a comprehensive offer that is well suited to your business concerns.