The art trade has also been rocked by President Trump’s “Liberation Day” tariffs. For now, the list of goods to which US tariffs apply does not include works of art. But other countries have targeted art in retaliatory tariffs on US goods. Among them is the United Kingdom, which has released a list of items that could be hit with import duties in response to Trump’s 10 percent tariffs on US imports of British goods. This includes paintings, drawings and sculptures of any material that are less than 100 years old, as well as photographs, prints and other printed materials. In addition, also camera lenses and equipment, as well as wooden frames for paintings, photos or similar objects. For the rest of Europe, the situation is not yet clear, doubts, fears and uncertainties fall on all operators in the art market. Collecting certainly does not grow with this situation, it will take more time also depending on the financial markets that at the moment do not tell anything positive.
Upcoming US Trade Shows What to Expect
There will soon be new editions of US fairs with galleries from all over the world participating, as in previous editions, but they may have to double-check their shipping documents. While US tariffs may not currently apply to works of art, there is still some uncertainty regarding antiques, decorative objects and furniture, which may face additional duties. And retaliatory tariffs from other countries could further muddy the waters.
Will the domestic market grow?
It is advisable for those interested in participating to produce accurate documentation for all artworks they intend to exhibit, as fees are determined by the country of origin, i.e. the country in which the artwork was physically created. However, it may be preferable for now to delay shipments until the regulations are fully codified and clarified, in which case they may have to bear additional storage costs. But for now, there is only chaos. What is certain is that without clarity, collectors may become more reluctant to buy, at least internationally. This would mean that the market will push towards local fairs and auctions within their own country. Galleries with offices in multiple countries will be favored, which means that smaller organizations are likely to bear less of the brunt of any impending trade war. But it is always better to be prepared not to arrive unprepared and plan your own relaunch and national presence, which in recent years has been a bit too neglected to cope with foreign markets. The grass is not so green on the other side of the fence in this case.
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