How Trade Tariffs Impact the Global Art Market

The global art market, valued at approximately $68 billion in 2023, is increasingly affected by trade tariffs and protectionist policies. The United States, United Kingdom, and China account for over 70% of worldwide transactions. During the US-China trade war, imported Chinese artworks faced tariffs up to 15%, significantly impacting sales. The European Union imposes variable tariffs up to 5% on works from third countries and requires specific authorizations for cultural goods over 50 years old, adding costs and bureaucracy. Conversely, China has exempted many categories of ancient works from customs duties to incentivize repatriation of its dispersed heritage. In Italy, the art market showed slow recovery post-pandemic, with turnover exceeding €1.8 billion in 2023. However, Italy's 22% VAT on art sales is among the highest in Europe, compared to France's reduced 5.5% rate. Export bureaucracy and import tariffs up to 5% for non-EU countries further hinder competitiveness. Experts propose creating duty-free 'cultural corridors' to facilitate international dialogue through visual arts. The article by Angelo Argento questions whether art should be treated as a regular commodity or deserve preferential treatment for its universal function.