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After LVMH donated a Gustave Caillebotte painting worth 43 million to the French government, the Ministry of Culture has announced that it will be integrated into the Musée d’Orsay. A true masterpiece of Impressionism, the painting will be one of the highlights of an exhibition dedicated to the painter at the end of 2024. But what consequences will this gift have for the luxury group ?
LVMH confirms its vocation as a patron of the arts. The world leader in luxury goods has just donated the painting by French painter Gustave Caillebotte, The Boat Party, to the State so that it can be installed in the museum. The group had bought the impressionist masterpiece for 43 million euros.
Painted between 1877 and 1878 by Gustave Caillebotte (1848-1894), the painting was one of the few works by the artist to be in a private collection. The Ministry of Culture has declared that it is now classified as a “national treasure”.
Already accessible to the public, it will be displayed at the Musée d’Orsay in 2024 in a major exhibition dedicated to the Impressionist painter, as well as in several cities in France on a travelling basis.
But for LVHM, is this donation only proof of “commitment to the preservation and influence of the national artistic and cultural heritage”, as stated by Jean-Paul Claverie, adviser to Bernard Arnault and chairman and CEO of the number one luxury goods company?
Corporate sponsorship
In March 2022, the State published its notice of appeal for corporate sponsorship for the acquisition by the State of a national treasure. This provides that the company participating in the purchase of such an asset by the State may be granted a tax reduction. But to benefit from these tax advantages, the cultural property must have been qualified as a national treasure by the ministry in charge of culture. It can be property belonging to public collections and museums of France, classified as historical monuments and archives, or of major interest to the national heritage from the point of view of history, art or archaeology.
This system is part of the law of August 1st 2003 on patronage, associations and foundations, thanks to which the State has already been able to preserve many cultural assets, dear to the French heritage.
The General Tax Code states that “companies subject to corporate income tax on the basis of their actual profits may benefit from the corporate income tax reduction provided for in Article 238 bis 0 A of the General Tax Code, equal to 90% of the payments they may make to participate in the acquisition by the State of a national treasure for a museum in France”. In France, corporate income tax is levied on profits made during the course of an annual financial year. Thus, if the tax reduction is equal to 90% of the payments made by the company, it will still have to take into account a reduction limited to 50% of the amount of the tax due by the company during the fiscal year in which the donation was made.
Ultimately, this tax system is a win-win situation for donors and recipients. Without it, LVMH would not have been able to reduce its tax burden. The Musée d’Orsay would certainly not have been able to afford to pay 43 million euros to buy Caillebotte’s La Partie de bateau. And the general public would have had to continue to be satisfied with admiring its reproduction.
Read also >LVMH to record 14 billion euros in net profit by 2022
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After LVMH donated a Gustave Caillebotte painting worth 43 million to the French government, the Ministry of Culture has announced that it will be integrated into the Musée d’Orsay. A true masterpiece of Impressionism, the painting will be one of the highlights of an exhibition dedicated to the painter at the end of 2024. But what consequences will this gift have for the luxury group ?
LVMH confirms its vocation as a patron of the arts. The world leader in luxury goods has just donated the painting by French painter Gustave Caillebotte, The Boat Party, to the State so that it can be installed in the museum. The group had bought the impressionist masterpiece for 43 million euros.
Painted between 1877 and 1878 by Gustave Caillebotte (1848-1894), the painting was one of the few works by the artist to be in a private collection. The Ministry of Culture has declared that it is now classified as a “national treasure”.
Already accessible to the public, it will be displayed at the Musée d’Orsay in 2024 in a major exhibition dedicated to the Impressionist painter, as well as in several cities in France on a travelling basis.
But for LVHM, is this donation only proof of “commitment to the preservation and influence of the national artistic and cultural heritage”, as stated by Jean-Paul Claverie, adviser to Bernard Arnault and chairman and CEO of the number one luxury goods company?
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After LVMH donated a Gustave Caillebotte painting worth 43 million to the French government, the Ministry of Culture has announced that it will be integrated into the Musée d’Orsay. A true masterpiece of Impressionism, the painting will be one of the highlights of an exhibition dedicated to the painter at the end of 2024. But what consequences will this gift have for the luxury group ?
LVMH confirms its vocation as a patron of the arts. The world leader in luxury goods has just donated the painting by French painter Gustave Caillebotte, The Boat Party, to the State so that it can be installed in the museum. The group had bought the impressionist masterpiece for 43 million euros.
Painted between 1877 and 1878 by Gustave Caillebotte (1848-1894), the painting was one of the few works by the artist to be in a private collection. The Ministry of Culture has declared that it is now classified as a “national treasure”.
Already accessible to the public, it will be displayed at the Musée d’Orsay in 2024 in a major exhibition dedicated to the Impressionist painter, as well as in several cities in France on a travelling basis.
But for LVHM, is this donation only proof of “commitment to the preservation and influence of the national artistic and cultural heritage”, as stated by Jean-Paul Claverie, adviser to Bernard Arnault and chairman and CEO of the number one luxury goods company?
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