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Speedometer Accuracy

My speedometer is reading slow. I have European gauges (Veglia Borletti). My mechanic tells me there is not much I can do. He said it is due to the gauges in combination with the non standard wheels and tires. I have 345/35 tires on the back and 285/40 on the front on 15 inch wheels. I paced the car and the readings are about 20% slow. For example, 60mph reads as 50mph. Is there anything I can do with the existing gauges? Should I put in different gauges? If I do, will I still have the same type of problem? Thanks, Rich.
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