Italian art stands at a crossroads. Culture Minister Alessandro Giuli has pledged an intervention in the VAT rate of 22% on works of art, the highest in Europe, which penalizes the Italian market in comparison to neighboring nations. The promise follows Undersecretary Federico Mollicone's announcement at Tefaf in Maastricht of a measure to decrease the levy. According to the Nomisma study, which was sponsored by the Apollo Group Association, the sector generates 1.36 billion euros in revenue and has an economic impact of 3.86 billion, but risks losing up to 28% of its revenue, with losses reaching 50% for small galleries. Italy, with its strict taxation and legislation requiring notification of art older than 50 years, is witnessing an exodus of auction houses, galleries, and collectors abroad. France, Belgium, and Germany have all reduced their VAT rates to 5.5%, 6%, and 7%, respectively. However, Italy experiences a blockage. Giuli stated that the sector is at risk and that immediate action is required to prevent the country's art market from permanently declining.