Super Art Saved

The Australian art trade is this month breathing a sigh of relief as Labor has joined the Coalition and Greens in stating that art would not be excluded from self-managed superannuation funds as recommended in the recent Cooper review. A vocal campaign against the proposal, that would exclude the purchase of artworks from super funds, claimed that the move would have a devastating affect on the local art industry (approximately one in every thirteen paintings sold in Australia in recent years was to an SMSF). However, Financial Services Minister Chris Bowen stressed that rules would be tightened to ensure that purchases were used for retirement purposes and not ‘personal use’. Stricter guidelines on valuation, preservation and storage are set to follow. See Amateurs must beware: investing in art for an overview.