The French government has announced a plan to offer interest-free loans to less wealthy art buyers as well as tax incentives for small businesses to buy artwork, BBC News reports. The loans of up to €10,000 ($15,000) will be provided by banks, who will be compensated through arts patronage tax breaks. The plan also proposes to modernize auction houses.
The plan comes after the results of an Artprice survey were released this week, showing that France has fallen behind China, from third to fourth place, in art sales. The numbers suggest that the French art market is growing at only 13 percent, whereas global growth is at 36 percent.