Italy’s financial capital Milan is shaping up to be the latest European art hotspot, as galleries join a wave of super wealthy individuals drawn there by an increasingly attractive tax regime.

Entering the fray is the international gallery Thaddaeus Ropac, which represents artists such as Antony Gormley and Anselm Kiefer. It opens its seventh permanent gallery later this year – in Milan’s neoclassical Palazzo Belgioioso. “We are so rooted in Europe and Italy was missing,” Ropac says. The Salzburg-founded business also has spaces in London, Paris and Seoul. “Rome might be Italy’s most beautiful city but it doesn’t have the same energy,” he adds.