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Practical Heritage Manual 2022.

9. Art objects and antiques

Regulations: Art. 19 Wealth Tax Law

For the purposes of the Wealth Tax, it is understood as:

Art objects: paintings, sculptures, drawings, engravings, lithographs or other analogues, provided that in all cases they are original works.

Antiques: movable, useful or ornamental property, excluding objects of art, that are more than one hundred years old and whose fundamental characteristics have not been altered by modifications or repairs carried out during the last one hundred years.

The valuation of these assets will be carried out at their market value on the date of accrual of the Tax (December 31).

Note: Objects of art and antiques that are considered exempt from the Tax should not be included in the declaration. See in this regard the list of exempt art objects and antiques in the section dedicated to exemptions in Chapter 2.