With some nostalgia, as it happens with all good things that reach to an end, last Sunday, March 1st, we closed the doors of our 15th edition; but we also have a deep feeling of satisfaction and gratitude towards all those who have participated in this party and have made Art Madrid the best celebration of contemporary art to date.

Photo by Mario Domingo, Art Madrid'20

We close our 15th edition reinforcing its position as a must-see fair within the Art Week of the capital, thanks to our commitment to innovation and the expansion of disciplines, that has resulted in a huge reception by the public and the professional art sector. For five days, Art Madrid has transformed the Crystal Gallery of the Palacio de Cibeles into a real dynamic and festive event around contemporary art, attended by about 20,000 people.

Our audience grows and diversifies every year, and both visitors as exhibitors remark that Art Madrid is one of the most attractive, accessible and welcoming fairs to visit. The gallery owner Luisa Catucci, who participated in the Art Madrid for the first time, says that “it was surprising to see the fair full of people at all times, it has been a fantastic first experience; in addition, there were many collectors and directors of foundations and institutions, so the public was excellent.”

Photo by Henar Herguera, detail of "Orejuda V", by Iván Prieto, in Art Madrid'20

Other galleries that chose Art Madrid as the first option to enter the Spanish market share this same opinion, such as Panoptikum or Urban Spree, who underlines the high interest of visitors, the extraordinary opportunity to expand contacts and the satisfaction of concluding operations with new collectors. As Adeline Jeudy, director of the Parisian Galerie LJ who premiered at Art Madrid, comments “it is a very positive experience and the location of the fair is perfect; and I have been able to meet new collectors, art lovers and visitors of more professional as well as varied profiles.”

In addition to having grown in terms of the interest and specialisation of the visiting public, the galleries also underline the potential growth of Art Madrid year after year and its emblematic situation in the heart of the capital, besides the constant effort to offer the best contemporary art of the moment. Some senior exhibitors at the fair, such as the Kreisler Gallery, highlights the influx of public and the increase in sales with new national customers. Likewise, Aurora Vigil-Escalera points out that Art Madrid is “one of the most important contemporary art fairs and it is essential to take care of it and pamper it. I think that the space is unbeatable and that the quality of the galleries has been increasing every year.”

Photo by Lourdes Diaz

This evolution of Art Madrid is also much appreciated by the professional sector. Carlos Delgado, a critic, curator and member of the Art Madrid Committee, explains that the fair has established itself as “an absolute expression of the most contemporary scene that seeks direct contact with present art and strengthens its commitment to support young artists and emerging creators maintaining the balance with more consolidated artists.” In the same way, Art Madrid also stands out as the optimal space to enter into collecting, something that confirms Nuria Blanco, director of the Moret Art gallery (A Coruña), who corroborates an increase in young buyers around the age of 40 that start their collections with small or medium-sized pieces. “We have had many couples who bought their first piece together. This makes it a more special sale for us”. Nuria also states: "We are very happy with the presence of institutional collectors, such as the Museum of La Palma that acquired a piece of Lino Lago, something that has a positive impact for both the gallery and the artist.”

Photo by Lourdes Diaz, Art Madrid'20

Indeed, this edition has seen an increase in the support provided by public institutions, with a greater presence of authorities and political representatives. It should be highlighted the visits from the Ministry for Culture and Sports with, among others, Elisa de Cabo de la Vega, Deputy Director for the Protection of Historical Heritage (Fine Arts G. D.); as well as the Government of the Community of Madrid, among which we mention Antonio Sánchez Luengo, Deputy Director of Fine Arts of the General Management of Cultural Promotion. Likewise, the support provided by regional and local governments is remarkable. All this gives an account of the interest shown by the public sector to support art and culture, with its active participation in large events such as Art Madrid.

It should be noticed the numerous visits of directors and curators of outstanding museums and cultural institutions such as the MNCARS, Thyssen-Bornemisza Museum, Würth La Rioja Museum, Galician Centre of Contemporary Art, Circle of Fine Arts of Madrid, Museum of Contemporary Art of Vigo, CaixaForum Madrid, CEART, Cab de Burgos, Atlantic Centre of Modern Art-CAAM, TEA Tenerife Space of the Arts, Es Baluard Museum of Modern and Contemporary Art or MUSARCO, to name a few. We also had the visit of collections and private entities such as the INELCOM Collection, SOLO Collection, Thyssen Bornemisza Foundation, Repsol Foundation, Casa de Alba Foundation, Manuel Benedito Foundation, Enrique Ochoa Foundation, Support Art Foundation, BBVA Foundation or Cepsa Foundation.

Photo by Lourdes Diaz, Art Madrid'20

In addition, this 15th anniversary has achieved a very positive impact on the public, critics and the media, thanks to its determined commitment to turn the event into a dynamic and up-to-date celebration that everyone loved. Both the new video art, action art and performance program carried out together with the video art platform PROYECTOR, curated by its director Mario Gutiérrez Cru; as well as the redefinition and expansion of the One Project program, directed by art critic and curator Fernando Gómez de the Cuesta under the title of “Salvajes. La cage aux fauves”, have kept alive the spirit of celebration and full relevance that has served as a leit motiv to this 15th edition.

Finally, we cannot forget our sponsors Royal Bliss, Yelmo Cines Luxury, One Shot Hotels, and all our collaborators, volunteers and media partners, who have contributed to turning this anniversary into a memorable event.

Art Madrid celebrates this way 15 years of experience, consolidating its evolution and recognition as a unique space for present international creation, supporting both emerging artists and the most consolidated professionals, becoming an essential event for collectors, experts and other cultural agents necessary to the revitalization of contemporary art.

Ignacio Iñigo. Me recogió el viento sobre un arbol catalán. Piel de pintura roja sobre rama del Collserola. 45 x 22 x 20 cm. 2024

March transforms Madrid into a true hub of the art market, with fairs such as Art Madrid—an event we at Devesa have the privilege of supporting—characterized by a closer connection to private collecting and the Spanish art scene. In that context, it is no coincidence that a familiar question resurfaces whenever art ceases to be merely a passion and begins to occupy a stable place within a family’s or group’s wealth architecture: does it make sense to channel the acquisition, stewardship, and rotation of a collection through non-profit vehicles—foundations or associations—and, if so, what are the legal and tax boundaries of such a model?

The short answer is yes, it can be an appropriate structure—but only if one clearly understands what is truly being established: not a “wrapper” for tax optimization, but an entity oriented toward purposes of general interest (cultural, educational, heritage conservation and dissemination, among others), subject to governance, oversight, and asset-allocation rules that make the reversion of contributed assets to founders or trustees, in practice, extremely difficult. For precisely that reason, when the objective is the intergenerational continuity of a collection without fragmentation through inheritance, a foundation (or an association declared to be of public benefit) can be a highly effective solution. The collection “exits” the personal estate and becomes part of a dedicated patrimony allocated to a cultural purpose, with a vocation for permanence.

Mario Valdés. Simetría dicroica. 4 Ying. 2026. Vidrio. Proceso dicroico sobre base de luz. 20 × 30 × 22 cm. 2026

From a technical standpoint, if the aim is to access the special tax regime established under Law 49/2002, the first step is selecting the appropriate vehicle. The law recognizes as non-profit entities, among others, foundations and associations declared to be of public benefit, provided they meet the requirements set out in Article 3 (pursuit of purposes of general interest, allocation of income, generally unpaid governing positions subject to certain nuances, and—crucially—the mandatory allocation of assets upon dissolution). In the art context, this requires careful drafting of the bylaws: the cultural mission must be genuine rather than rhetorical, and activities must be grounded in demonstrable policies concerning acquisitions, conservation, research, cataloguing, loans, exhibitions, publications, or support for artists.

From the perspective of Wealth Tax (and, where applicable, the Temporary Solidarity Tax on Large Fortunes), the principal mechanism is straightforward: assets that are no longer personally owned do not form part of the taxable base. The Temporary Solidarity Tax operates as a complementary state tax to Wealth Tax for net assets exceeding €3,000,000, with its own specific mechanics. Accordingly, the contribution (by way of donation) of a collection to a foundation reduces, from the following tax accrual date, the contributor’s exposure to these taxes—provided the transfer is effective and ownership genuinely passes to the entity.

Lúcia David. Orange descentralized control. Caja de mdf, papel, hilos, pegamento. 50 x 50 x 10 cm. 2025.

That said, Wealth Tax itself contains a particularly relevant nuance for collectors: certain works of art and antiques may qualify for exemption where their value does not exceed specified thresholds by category. In addition, exemption may apply to works placed on permanent deposit for a minimum period of three years with museums or non-profit cultural institutions for public exhibition, for as long as the deposit remains in force. An artist’s own works are likewise exempt while they remain part of the artist’s estate. This deposit alternative may prove attractive where the collector wishes to retain ownership while mitigating tax exposure and reinforcing the social function of the collection without definitively relinquishing it. In other words, before “foundationalizing” a collection, it is advisable to assess whether category-based exemptions or the deposit mechanism already address a significant portion of the issue.

Succession planning is likely the most compelling—and at the same time most delicate—argument. References to “preserving an inheritance without taxation” require precision: a foundation is not a device for transferring assets to heirs while avoiding Inheritance and Gift Tax, because the collection ceases to be inheritable in the traditional sense.

Daniel Sueiras. "The shining". Mixta sobre papel pegado a tabla. 40 x 30 cm.2025.

What it achieves is something different: it prevents the collection from being fragmented among heirs upon the collector’s death or from having to be liquidated to satisfy tax liabilities or distribution requirements. Instead, the collection remains within a legal entity of indefinite duration, governed by a Board of Trustees and oriented toward cultural purposes. The family may retain influence through the composition of the Board, governance protocols, and professional artistic management, but always within clear limits: trustees cannot be the principal beneficiaries of the entity’s activities or enjoy preferential conditions. In the event of dissolution, the assets must be allocated in their entirety to other entities eligible for patronage incentives or to public bodies pursuing purposes of general interest. This “lock”—which ultimately guarantees that the assets are devoted to the public interest—explains why contributed property is difficult to reverse and, in economic terms, exits the family’s patrimonial sphere.

Where the regime under Law 49/2002 offers particularly significant advantages for the natural cycle of collecting—selling in order to reinvest—is in Corporate Income Tax at the entity level. The law exempts, among others, income derived from donations; income from movable and immovable property (dividends, interest, royalties, rental income); and, notably, income arising from the acquisition or transfer, under any legal title, of assets or rights. In a foundation that rotates works to enhance the curatorial coherence of the collection, finance restoration, or acquire pieces more aligned with its mission, capital gains generated upon sale will generally fall within the scope of the exemption under the special regime. The Corporate Income Tax base will therefore be limited to non-exempt economic activities, taxed at a rate of 10% on that base.

Carmen Mansilla. La pintora. Óleo y lápiz sobre lino. 80 x 80 x 4 cm.2026.

This advantage, however, is not a blank check. Law 49/2002 requires that at least 70% of certain income and revenues be allocated, directly or indirectly, to purposes of general interest within a period that generally extends up to four years following the close of the financial year. Moreover, the entity must avoid engaging in economic activities unrelated to its statutory purpose, subject to operational limits that require careful monitoring of the proportion of income derived from non-exempt activities. Translated into art-market terms: selling works in order to reinvest and sustain cultural programs is consistent with the regime; transforming the entity into a disguised dealership or a vehicle for systematic trading is not.

When properly structured, therefore, a foundation (or an association declared to be of public benefit) provides a legally coherent response to three classic challenges of patrimonial collecting: (i) recurring exposure to Wealth Tax and the Temporary Solidarity Tax on Large Fortunes, (ii) succession discontinuity and the risk of fragmentation, and (iii) tax and governance friction when rotating works to improve and professionalize a collection. In exchange, two trade-offs must be accepted: first, the collection becomes irrevocably dedicated to a cultural purpose that must be substantiated and actively managed; second, the contributed assets cease to be “recoverable” in family terms, as the legal framework safeguards their allocation and, with it, the social credibility of patronage.

Perhaps that is the essential message in fair season: the art market thrives on passion, but it is consolidated through institutions. When collecting is conceived with a long-term perspective, non-profit structures do more than organize tax exposure—they provide structure to purpose, governance, and legacy. And in an ecosystem such as Madrid’s in March, where creation, investment, and public culture coexist, that combination—properly designed and executed—may represent the most sophisticated way to transform a private collection into shared heritage without sacrificing professionalism, managerial control, or the capacity for evolution.