BASYCS/MONTBLANC EVENING PRESENTATION AND COCKTAILS – 21 November 2017
On Tuesday, 21 November 2017, to mark the end of a busy and successful year, BASYCS held an evening talk and drinks event in the sumptuous setting of the MONTBLANC boutique, Geneva on the subject of ART AND YACHTS. We were delighted to welcome our Members as well as the MONACO ECONOMIC BOARD represented by Justin Highman, Director of MONACO INVEST with whom BASYCS collaborated at the Superyacht Investor VIP event during this year’s Monaco Yacht Show.
Alexandre Treuba and Thierry Cognard from WES YACHTING, Monaco gave a fascinating insight into the often-overlooked subject of installing and displaying Art aboard superyachts and jets and the complications that can arise in managing and accounting for these pieces carried on Yachts and Jets within the EU.
Alexandre, who has previously worked for the French customs authorities, highlighted that Owners and their Family Offices need to be aware that there are key legal and tax implications to consider before deciding to display artwork on board their Yachts and Jets.
Artwork can be classified within the EU as: ‘decoration’, ‘cultural property’ or ‘national treasure’ with differing consequences as to how these categories are treated for VAT purposes, as well as the extent to which import/export certification is required.
Furthermore, there are subtleties as to the ownership structures of Art pieces installed on board. They can be owned by a physical person or a corporate. However so owned, it’s important to ensure that whoever has possession of the Yacht or Jet, (and hence and the Art) is aware of the duties imposed upon them by the relevant tax and customs laws where they took possession/or ownership of the Art.
Additionally it is important that the Yacht or Jet owner (and where relevant their Family Office) have a vision on all Art pieces being placed on board at any one time and that regular coordination is made with the Yacht’s captain of the Jet’s operator, which respectively should carry an inventory of Art pieces aboard.
BASYCS is most grateful to Alexandre and Thierry for this informative presentation which prompted a great deal of discussion both during and afterwards. Following the talk, Members enjoyed the opportunity to network over drinks and canapés as well as admire the beautiful writing pieces and watches displayed in the MONTBLANC store. A lucky few were even able to have a go on the new ‘Augmented Paper’ digital script recognition pad.
We thank MONTBLANC, Geneva for hosting us as well as WES YACHTING for their informative presentation. We also thank, emphatically, Xavier Calloc’h, Servanne Sohier and the team at YACHT INVESTOR, our Media Partner, for their continued, close and valuable support.
BASYCS wishes its Members and friends a restful holiday period and a very Happy New Year.