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Monaco Government Update 25 July

Government officials from Andorra and San Marino have met in Monaco, with the Minister of Foreign Affairs here, to discuss talks with the European Union over their future status and trading relationships. All three states are anxious to continue to have access to the common market, with free movement of people and business. This is especially important for Monaco, given the special protection afforded to enterprises registered in the Principality.

The Monaco Government is considering a change to auction rules, that could see the Principality become a centre of excellence for modern art auctions. Currently artists, or descendants of an artist, are entitled to 3% of any sale made at auction, without limit. The government is considering putting a limit of €12,500 on this right, bringing auction laws in line with France.

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