🇩🇪Capital Gains on Collectibles: A Country Map

On 18 November 2025, at Sotheby's in New York, Klimt's Portrait of Elisabeth Lederer sold for $236.4m — a record for modern art and the second-highest price ever paid at auction. What the press releases leave out is the fork in the road that follows. The same canvas sold by a German resident after a year and a day of ownership attracts no tax at all; sold by an American, up to 31.8% federally; sold by a Frenchman, 6.5% of the transfer price with no regard to profit. A dedicated tax regime for collectibles exists in exactly two of the jurisdictions covered below. Everywhere else the general regime governs, and four variables decide the outcome: the holding period, the nature of the object, the seller's status, and the regime the taxpayer elects.

The concept

The phrase "collectibles tax" is accurate for the United States (§1(h)(4) IRC) and France (the taxe forfaitaire under art. 150 VI CGI). In the United Kingdom, Germany, Switzerland, Italy and Russia there is no dedicated provision for art and collections at all — the charge arrives through the general capital gains regime, or through recharacterisation of the activity as a trade.

Four distinct logics follow, and each country runs on one of them.

United States: 28% operates as a ceiling

§1(h)(1)(F) IRC sets "28 percent of the amount of taxable income in excess of the sum of the amounts on which tax is determined under the preceding subparagraphs of this paragraph". That is an upper bound: a taxpayer whose marginal rate sits below 28% pays their own rate. §1(h)(4) defines 28-percent rate gain as the excess of collectibles gain plus section 1202 gain over collectibles loss, the net short-term capital loss and the long-term capital loss carried under §1212(b)(1)(B).

The rate is tied to the holding period. §1(h)(5)(A) counts collectibles gain only on an asset "which is a capital asset held for more than 1 year", and IRS Topic no. 409 confirms the 28% maximum applies to long-term gain. A sale within the year runs at ordinary rates of up to 37%.

The list is closed by the six categories in §408(m)(2): "(A) any work of art, (B) any rug or antique, (C) any metal or gem, (D) any stamp or coin, (E) any alcoholic beverage, or (F) any other tangible personal property specified by the Secretary". "Any metal", unqualified, captures gold, silver, platinum and palladium; "any alcoholic beverage" captures wine and whisky.

The real trap sits in the cross-reference in §1(h)(5)(A): a collectible is defined by reference to §408(m) "without regard to paragraph (3) thereof". The §408(m)(3) carve-out for coins under 31 U.S.C. §5112 and for bullion of the requisite fineness opens with the words "For purposes of this subsection", so it operates inside the IRA regime alone — and even there only where the bullion is in the physical possession of the trustee. A bar sold by a private individual outside a retirement account is a collectible in full.

§1(h)(5)(B) extends the rate to interests: gain on the sale of an interest in a partnership, S corporation or trust attributable to unrealised appreciation in collectibles is treated as gain from the sale of the collectible itself. Prospectuses for physically backed gold trusts flag this consequence for unitholders separately. Futures-based gold ETFs run under the 60/40 rule of §1256; miners are taxed as ordinary shares.

On top sits the 3.8% NIIT under §1411, with MAGI thresholds of $250,000 for a joint return, $200,000 for a single filer and $125,000 for married filing separately. The thresholds are fixed in the statute and are not indexed for inflation, so they capture a steadily wider population. The federal ceiling is 31.8% before state tax.

Three seller statuses and the deductions that vanished

The dealer operates under §162 together with §1221(a)(1): the objects are inventory, they fall outside the definition of a capital asset, the profit is ordinary income of up to 37%, and expenses are fully deductible. The investor gets the 28% rate and a formal right to deduct under §212 for the "management, conservation, or maintenance of property held for the production of income". The collector who buys for personal pleasure runs into §262 and §183: no deduction for expenses, no recognition of a loss on sale.

The investor's deduction has been reduced to nothing. §67(h), as it now reads after OBBBA: "Notwithstanding subsection (a), no miscellaneous itemized deduction shall be allowed for any taxable year beginning after December 31, 2017". Pub. L. 119-21, §70110(a) struck the words ", and before January 1, 2026", converting a temporary suspension into an indefinite bar, while §70110(b) redesignated the former subsection (g) as (h) and used the vacated letter for a provision on educator expenses. Any reference to a "§67(g) suspension through 2025" now points to a provision that no longer exists.

Wrightsman v. United States, 428 F.2d 1316 (Ct. Cl. 1970) remains the watershed between collector and investor: the Court of Claims held that the couple had failed to establish investment as their primary purpose and disallowed the costs of maintaining the collection. The modern irony is that a win would have changed nothing — §67(h) has removed the deduction for everyone.

Basis is computed under Publication 551 (rev. December 2025): "the purchase price plus any costs of purchase, such as commissions and recording or transfer fees", plus everything properly added to a capital account, including improvements with a useful life of more than one year. In practice: the auction buyer's premium is capitalised, the seller's commission reduces the amount realised, substantial restoration goes into basis, and insurance and storage remain current expenses that never reach basis. A painting-for-painting exchange under §1031 is closed off: the TCJA (Pub. L. 115-97, §13303) confined like-kind exchange to real property.

Watches and classic cars are not named in §408(m)(2). Practitioners bring vintage watches under "any metal or gem" or under "work of art" / "antique"; the statute says no such thing. For classic cars there is no support at all in the sources checked for a 28% charge — neither a provision nor a decision to cite.

Germany: a year and a day

§ 23 Abs. 1 Satz 1 Nr. 2 Satz 1 EStG taxes "Veräußerungsgeschäfte bei anderen Wirtschaftsgütern, bei denen der Zeitraum zwischen Anschaffung und Veräußerung nicht mehr als ein Jahr beträgt". A year and a day of ownership, and the gain on movable property in the private sphere leaves the charge entirely: no monetary cap, no tapering, no distinction by asset type.

Satz 2 removes "Gegenstände des täglichen Gebrauchs" — objects of everyday use — from §23 altogether. The exclusion is symmetrical: the profit is untaxed and the loss is not deductible. An ordinary second-hand car sits squarely here. Whether the same holds for an Oldtimer bought as an investment and never driven remains open; no relevant BFH decision could be verified. It carries little practical weight, since the one-year period settles the matter first.

The only extension of the period comes from Satz 4: "Bei Wirtschaftsgütern im Sinne von Satz 1, aus deren Nutzung als Einkunftsquelle zumindest in einem Kalenderjahr Einkünfte erzielt werden, erhöht sich der Zeitraum auf zehn Jahre". Renting out a painting for a fee, or exhibiting it for consideration, falls within the wording on its face; no art-market case law illustrating the point could be verified. A gratuitous Leihgabe to a museum generates no income and, on the logic of the provision, does not extend the period — though direct confirmation of that in primary sources is likewise absent.

The Freigrenze in § 23 Abs. 3 Satz 5 EStG is €1,000 of aggregate gain from private disposals in a calendar year: "Gewinne bleiben steuerfrei, wenn der aus den privaten Veräußerungsgeschäften erzielte Gesamtgewinn im Kalenderjahr weniger als 1 000 Euro betragen hat". It is a threshold: exceed it and the whole amount is taxed.

United Kingdom: chattels and wasting assets

There is no separate rate for collectibles here — 18% within the basic rate band (£37,700) and 24% above it, with an Annual Exempt Amount of £3,000 for 2026/27. The Autumn Budget of 26 November 2025 left CGT rates alone; Business Asset Disposal Relief rose from 14% to 18% with effect from 6 April 2026.

Two exemptions turn on the nature of the object. The first is the chattel exemption, TCGA 1992 s. 262(1): "A gain accruing on a disposal of an asset which is tangible movable property shall not be a chargeable gain if the amount or value of the consideration for the disposal does not exceed £6,000". Above that, the chargeable gain is capped at "five-thirds of the difference between the amount or value of the consideration, and £6,000". HMRC CG76870 gives the working list of chattels: "Paintings and other works of art, antiques, furniture, non-sterling coins and bank notes, ornaments, jewellery, stamps, books and magazines, militaria, models and toys".

The second exemption is the stronger one. s. 44(1) defines a wasting asset as one with a predictable life not exceeding 50 years, and s. 44(1)(c) adds that "plant and machinery shall in every case be regarded as having a predictable life of less than 50 years". s. 45(1) exempts the disposal of tangible movable property that is a wasting asset. The exception covers assets used in a trade or profession with entitlement to capital allowances.

Hence the British story about watches. CG76721 defines machinery as "any machine or its parts, mechanism or works. A machine is any apparatus which applies mechanical power", and gov.uk tells the public plainly that no CGT arises on "anything with a limited lifespan, like clocks — unless used for business". The chain "mechanical watch → machinery → s. 44(1)(c) → s. 45(1) → nil" has been built by practitioners. HMRC has published no manual page calling a wristwatch plant and machinery — CG76721 is silent on watches — and no judicial authority on expensive examples appears in the sources checked. Paul Newman's Rolex Daytona sold at Phillips in October 2017 for $17,752,500, a world record for a wristwatch at auction; on this logic a UK resident would have paid nothing, while an American would have handed over 31.8% federally on close to the whole sum.

The motor car in the UK is exempt on its own footing: gov.uk states the exclusion directly — "your car — unless you've used it for business" — and there is no need to route it through the wasting-asset construction.

Wine: the live manual text against the practical reading

CG76901, as revised on 22 May 2026, says that cheap table wine is plainly a wasting asset, that port and fortified wines plainly are not ("it would certainly not apply to port and other fortified wines which are generally recognised to have a very long storage life"), and that between those poles the question is whether the wine has turned to vinegar or has merely matured. The paragraph closes: "where the facts justify it, we would normally contend that wine is a wasting asset if it appears to be fine wine which not unusually is kept (or some samples of which are kept) for substantial periods sometimes well in excess of 50 years".

Read literally, that sentence contradicts both the s. 44(1) definition and the rest of its own paragraph. Practitioners read HMRC's position the other way round: the inspector is more likely to argue that fine wine is not a wasting asset precisely because it will keep. The manual traces its position to Tax Bulletin 42 (August 1999); the bulletin itself could not be verified. Planning a collection sale on the literal text of CG76901 means building a position on what is evidently a drafting slip.

The same page confirms that bottles are chattels subject to the £6,000 threshold and that, sold to a single buyer, they may form a set: "if the bottles are disposed of to the same person then they may form a set. This would depend on the facts of the case." Splitting a parcel into £5,999 lots does not defeat the set rule.

France: 6% of price or 36.2% of profit

The code never names a "taxe forfaitaire of 6.5%": art. 150 VI CGI gives 6%, and the CRDS adds 0.5%. For precious metals it is 11% plus 0.5%. DGFiP form 2091-SD sets out the computation line by line, and economie.gouv.fr confirms both pairings. The tax bites on the transfer price or the customs value; profit is not computed at all. The threshold is €5,000 per transaction for jewellery, works of art, collectors' pieces and antiques; for precious metals the tax applies "quel que soit le montant du bien vendu".

Art. 150 VL CGI offers the alternative — an option pour le régime de droit commun. The rate is 19% income tax plus 17.2% social levies (CSG 9.2%, CRDS 0.5%, prélèvement de solidarité 7.5%), 36.2% in total, as lines 140–143 of form 2092-SD show. The point of the election is the taper in art. 150 VC, I CGI: 5% for each year of ownership beyond the second, with full exemption after 22 years. Before 1 January 2014 the taper ran at 10% and exemption arrived after 12 years.

The mechanics are unforgiving. Declaration 2092-SD is filed, with payment, within one month of the transfer. Ownership beyond 22 years must be proved on paper: BOI-RPPM-PVBMC-20-20 admits "tout élément écrit tel qu'un catalogue d'art, un inventaire dressé par un huissier assermenté, un contrat d'assurance" and then closes the door — "Le témoignage n'est toutefois pas admis". The election cannot be undone: "L'option exercée est irrévocable".

One divergence from the United States deserves its own line. Under the election, form 2092-SD provides line 106 "Frais d'acquisition" and line 107 "Frais de restauration ou de remise en état". Restoration in France is capitalised by the express text of the form, while the American investor's running costs were cut away by §67(h).

Cars are exempt separately: art. 150 UA, II-1° CGI takes "les meubles meublants, les appareils ménagers et les automobiles" out of charge. The exemption falls away where the object qualifies as an objet d'art, de collection ou d'antiquité and the taxpayer has elected under art. 150 VL. Art. 150 UA, II-2° adds a general €5,000 threshold for movable property.

Switzerland and Italy: the seller decides the outcome

Art. 16 Abs. 3 DBG exempts private capital gains outright. The boundary runs through art. 18 Abs. 1 and 2 DBG: income from self-employment is taxable, and it includes "alle Kapitalgewinne aus Veräusserung, Verwertung oder buchmässiger Aufwertung von Geschäftsvermögen". The baseline test in the Federal Court's case law is whether the transactions go beyond the simple administration of private wealth and are conducted systematically with a view to profit. Planning by volume offers no shelter: Swiss practice can find self-employment even in a single transaction where the surrounding circumstances point to a trade.

The five safe-harbour criteria of Kreisschreiben Nr. 36 of 27 July 2012 — a holding period of at least six months; annual transaction volume no greater than five times the securities and cash holdings at the start of the period; capital gains not needed to replace missing income for living expenses; investments not debt-financed, or taxable investment income exceeding the attributable interest; derivatives confined to hedging one's own positions — do not apply to paintings. The circular limits itself in terms: it "betrifft ausschliesslich die Bewirtschaftung eines Wertschriftenportefeuilles". Transposing its numbers to a collection is a common error in popular writing; only the general indicia and the Federal Court's case law govern.

BGer 9C_606/2022 of 6 June 2023 shows those indicia at work. An art historian specialising in the Italian Renaissance — a lecturer and independent appraiser — built a collection from 1982 to 2016 and accumulated some 80 works. Nine sales in 2009, for €479,500, went untaxed. In 2014 he sold 33 works in a single block for $1m. What proved decisive was that 21 of them had been bought after the 2009 sales, and 14 in 2014 itself. The court upheld the recharacterisation, citing professional expertise, short holding cycles, systematic dealing, the scale of the realised gain, and reinvestment of the proceeds in comparable assets.

Italy has no dedicated provision in the TUIR. The Court of Cassation divides sellers into three categories. The mercante d'arte, who "professionalmente e abitualmente ne esercita il commercio", is taxed as an entrepreneur under art. 55 TUIR. The speculatore occasionale falls into redditi diversi under art. 67, comma 1, lett. i). The collezionista puro, buying "per scopi culturali", stays outside the charge. The dividing line is animus — "lo scopo dell'acquisto, sulla frequenza e sul numero delle transazioni, sulla durata del possesso, sulle attività finalizzate a facilitare la vendita e sull'esame delle ragioni che hanno portato alla cessione".

Judgment no. 19363 of 15 July 2024 — the "Monet case" — shows how low the bar sits. A collector sold a Claude Monet canvas through an auction house for €6,500,000, having bought it seven years earlier for €1,443,752. The gain was €5,056,248 and the assessment fell in the 2013 tax year. The argument that the sale was non-professional did not persuade the Cassation: against the seller ran the purchase of three works in that same year of 2013, the exchange of four Segantini works for a Gauguin, and a run of transactions through prestigious auction houses in the surrounding years. Formally, the Italian concept of attività commerciale non abituale allows a single deal to be taxed; in the Monet case the court also had the benefit of the deal not being a single one.

Legge delega of 9 August 2023, no. 111 contemplates a dedicated regime for gains on disposals of artworks outside a business activity, with inheritance and gift excluded. No implementing decree could be found in the sources checked. The reform that is actually in force concerns indirect tax: art. 9 of Decreto-Legge no. 95/2025 introduced a single 5% VAT rate on the supply and import of works of art, antiques and collectors' pieces from 1 July 2025, replacing the previous 10% and 22%. The capital gains position for collectors remains unlegislated.

Precious metals: VAT on the way in, tax on the way out

In the EU, Directive 2006/112/EC exempts investment gold from VAT. Chapter 5 of Title XII is headed "Special scheme for investment gold" and covers gold alone; no equivalent was ever created for the other metals. The relief was introduced by Directive 98/80/EC to put gold on the same footing as financial instruments — a deliberate piece of design.

The UK's VAT Notice 701/21 reproduces the criteria verbatim: a bar or wafer "of a purity not less than 995 thousandths… of a weight accepted by the bullion markets"; a coin minted after 1800, of a purity of not less than 900 thousandths, which is or has been legal tender in its country of origin and is normally sold at a price "that does not exceed 180 per cent of the open market value of the gold contained in the coin". The exemption itself is unqualified: "The following supplies are exempt: (a) A supply of investment gold". Silver, platinum and palladium stay at the standard rate — 20% in the UK.

A separate British thread is the nil CGT on coins, which rests on a currency rule. HMRC CG78305: "Sovereigns minted in 1837 and later years and Britannia gold coins are currency but, like all sterling currency, are exempt because of TCGA92/S21 (1)(b)". The same page adds: "Coins which are currency but not sterling, for example Krugerrands, are chargeable assets". The mechanics are two-layered: sterling coins are not chargeable assets at all under s. 21(1)(b), and the chattel exemption does not reach currency in any event — s. 262(6)(b) excludes "a disposal of currency of any description". Pre-Victorian sovereigns are not legal tender, so they take the ordinary chattels route with the £6,000 threshold. Bullion bars are taxed at 18/24%. Investment gold status has no bearing whatsoever on CGT.

Cars, wine, watches

Additional note 1 to Chapter 97 of the Combined Nomenclature sets three cumulative criteria for a collectors' motor vehicle: original condition, without substantial changes to the chassis, body, steering, brakes, transmission, suspension or engine; an age of at least thirty years; and a model or type no longer in production. Meeting all three creates a presumption that the vehicle is a collectors' piece; the relief does not apply automatically, and turns on whether the importer can establish the collectors' character of the object. The Mercedes-Benz 300 SLR "Uhlenhaut Coupé", sold in May 2022 for €135m and still the most expensive car in history, meets all three criteria on their face.

The thresholds nonetheless diverge. The EU works to thirty years under the CN, while CBP excludes from Section 232 "those manufactured in a year at least 25 years prior to the year of the date of entry" — twenty-five years, the same line drawn by NHTSA and the EPA. Collapsing the two into a universal "30-year rule" is a mistake.

Wine held in bond runs on excise logic. Excise Notice 197, as revised on 27 April 2026, keeps goods in an excise warehouse under duty suspension: they can only be removed "to home use" once a deferment advice (W5D/W6D) or remittance advice (W5/W6) has been submitted to HMRC. Until the bottles leave the warehouse they pass from owner to owner without excise duty. The CGT analysis — wasting asset and the £6,000 chattels threshold — sits on top of that.

Russia: three years and the price of getting it out

Art. 217, para. 17.1 of the Tax Code exempts income "from the sale of other property held continuously by the taxpayer for three years or more". Works of art and collectibles are "other property", so three years of continuous ownership bring personal income tax to nil. The provision is amended often: the most recent changes were made by Federal Law no. 425-FZ of 28 November 2025, no. 15-FZ of 30 January 2026 and no. 292-FZ of 4 August 2026, so the wording is worth re-checking before any transaction.

Within three years there are two instruments to choose between. Art. 220, para. 2(1) gives a deduction of up to RUB 250,000 a year across all "other property". Art. 220, para. 2(2) allows the taxpayer instead to "reduce the amount of their taxable income by the amount of actually incurred and documented expenses connected with the acquisition of that property" — almost always the better answer on a substantial purchase.

The rate is mild. Art. 210, para. 6 places the base for income from property sales in the list governed by art. 224, para. 1.1: 13% where the aggregate bases do not exceed RUB 2.4m, and RUB 312,000 plus 15% on the excess. The five-band progression up to 22% does not reach a collection sale.

Export costs more than the tax. Art. 35.1 of Law of the Russian Federation no. 4804-1 of 15 April 1993, introduced by Federal Law no. 435-FZ of 28 December 2017, prohibits the permanent export of cultural property of special significance, items from state and municipal collections, objects within the Archival, Museum and national library funds, and archaeological items. The former arts. 6–11 of the same law have been repealed, though their content is still reproduced on the pages of some state bodies. Art. 35.2, "Export of cultural property", as amended by Federal Law no. 304-FZ of 31 July 2025, requires an export certificate for individuals and a licence for sole traders and legal entities.

The state duty for the certificate is set by art. 333.33, para. 1(34) of the Tax Code: "individuals — 5 per cent of the value of the cultural property being exported, but no more than RUB 1,000,000; individuals registered as sole traders, and legal entities — 10 per cent of the value of the cultural property being exported". The widely repeated version — "10% for items created more than 50 years ago and 5% for newer ones" — belongs to the wording that preceded the reform of late 2017.

Popular, and it ends badly

Sources

• 26 U.S. Code §1 — §1(h)(1)(F) as the 28% ceiling, the definition of 28-percent rate gain, the more-than-one-year requirement, the reference to §408(m) without regard to paragraph (3), and the treatment of interests in trusts and partnerships
• 26 U.S. Code §408 — the §408(m)(2) list of collectibles and the §408(m)(3) carve-out operating only "for purposes of this subsection"
• 26 U.S. Code §67 — §67(h) as amended by Pub. L. 119-21, §70110: the indefinite bar on miscellaneous itemized deductions
• IRS Topic no. 409 — the 28% maximum on net long-term gain from collectibles
• IRS — Net Investment Income Tax — the §1411 MAGI thresholds and the 3.8% rate
• IRS Publication 551 — December 2025 revision: the composition of basis and capitalisation of improvements
• 26 U.S. Code §1031 — like-kind exchange confined to real property after the TCJA
• Wrightsman v. United States, 428 F.2d 1316 (Ct. Cl. 1970) — the collector-versus-investor watershed under §212
• § 23 EStG — the one-year period, the exclusion for objects of everyday use, the ten-year period where income is derived, and the €1,000 Freigrenze
• TCGA 1992, s. 262 — the £6,000 chattel exemption, the five-thirds rule, and the exclusion of currency under s. 262(6)(b)
• TCGA 1992, s. 44 — the definition of a wasting asset and the plant-and-machinery presumption
• TCGA 1992, s. 45 — the wasting-asset exemption and the trade and capital-allowances exception
• HMRC CG76721 — machinery defined as "any machine or its parts, mechanism or works"
• HMRC CG76870 — the working list of chattels
• HMRC CG76901 — wine and spirits, the contested fine-wine sentence, and the set rule for bottles
• HMRC CG78305 — post-1837 sovereigns and Britannias as sterling currency, Krugerrands as chargeable assets
• GOV.UK — Capital Gains Tax rates — 18/24%, the £37,700 basic rate band and the £3,000 Annual Exempt Amount for 2026/27
• GOV.UK — Capital Gains Tax on personal possessions — the exemption for a private car and for items with a limited lifespan
• Macfarlanes — The Autumn Budget 2025: private client perspective — CGT rates unchanged, BADR from 14% to 18% on 6 April 2026
• DGFiP, form 2091-SD — 11% on metals and 6% on works of art, plus CRDS 0.5%
• DGFiP, form 2092-SD — lines 106 and 107 (frais d'acquisition, frais de restauration) and lines 140–143: 19% IR, CSG 9.2%, CRDS 0.5%, prélèvement de solidarité 7.5%
• BOI-RPPM-PVBMC-20-20 — the art. 150 VL election, written proof of ownership, the inadmissibility of testimony, and irrevocability
• BOI-RPPM-PVBMC-10 — the 5% annual taper beyond the second year, exemption after 22 years, cars and the €5,000 threshold
• economie.gouv.fr — Vente d'objets précieux — 6% and 11% plus CRDS, the €5,000 threshold, and its absence for precious metals
• ESTV, Kreisschreiben Nr. 36 — the five safe-harbour criteria and the circular's self-limitation to securities portfolios
• BGer 9C_606/2022 of 6 June 2023 — recharacterisation of a collector as a dealer: 80 works, 33 sold in a block for $1m
• Osservatorio Giustizia Tributaria — Cass. 19363/2024 — the Monet case and the three-part classification of sellers
• Withers — IVA al 5% per le transazioni artistiche — art. 9 DL 95/2025, a single 5% rate from 1 July 2025 replacing 10% and 22%
• Directive 2006/112/EC, consolidated text — Title XII Chapter 5, "Special scheme for investment gold", covering gold alone
• VAT Notice 701/21 — the UK investment gold criteria and the exemption for supply
• CBP — Section 232 Additional FAQs: Autos — the exclusion for vehicles more than 25 years old
• Excise Notice 197 — 27 April 2026 revision: duty suspension in an excise warehouse and removal to home use
• Tax Code of the Russian Federation, art. 217 — para. 17.1: exemption for other property after three years of ownership
• Tax Code of the Russian Federation, art. 220 — the RUB 250,000 deduction and the documented-expenses alternative
• Tax Code of the Russian Federation, art. 224 — para. 1.1: the two-band scale of 13% and RUB 312,000 plus 15% above RUB 2.4m
• Tax Code of the Russian Federation, art. 333.33 — para. 1(34): 5% capped at RUB 1m for individuals, 10% for sole traders and legal entities
• Law of the Russian Federation no. 4804-1 of 15 April 1993 — art. 35.1 (introduced by Federal Law no. 435-FZ of 28 December 2017), art. 35.2 as amended by Federal Law no. 304-FZ of 31 July 2025, and the repeal of arts. 6–11
• Sotheby's — The New York Sales, November 2025 — the Klimt at $236.4m on 18 November 2025, a record for modern art and the second-highest auction price on record
• Phillips — Paul Newman's Rolex Daytona — $17,752,500, a world record for a wristwatch, October 2017
• Mercedes-Benz Group — Uhlenhaut Coupé — €135m, the most valuable car of all time

Last reviewed: August 2026