If it is a buyer in the EU, they will now be getting stung for import duty, as cautioned in the Sotheby's blurb. I wonder what rate of tax is levied? If it was 10%, they will need to find another 5+ million euros!
Not necessarily. There are designated tax exempt storage zones in the EU where one can hold a valuable item without taking physical possession within the boarders of the EU and triggering Govt Fees. Items are held, but not technically owned, then eventually shipped to a more advantageous location. We have them in the US, called "foreign trade zones". Items can enter the US, then go to the FTZ to await transportation to a final destination where import duty is levied.
Possible EU buyer can own without paying duty, just not take physical possession in the EU. Murky and legal clarifications then take over.
Of course, said buyer could donate the car to a museum and receive a tax deduction to offset import duty. In the US, there are many private museums that are owned by the donors for all intents and purposes. They donate their valuable items to the museum, which they control, then can use and enjoy the items as if they owned directly. This arrangement also allows operating costs of ownership to become deductable expenses. If you can afford to spend e50MM+ , you can afford the team of lawyers to navigate all of the above....
I am surprised at the W196 sale did not surpass the Uhlenhaut Coupe or various recent GTO sales, and came in below expectations. Wonder if Sonic 1, the 250LM and GT40 will meet expectations ?
Edited by rl1856, 04 February 2025 - 14:35.
