Sunday, 23 September 2018

Chinese Art and Antiquities Spared From Trump Tariffs, For Now

Trump ordered his administration to impose 10 percent tariffs on $200 billion in Chinese goods next week and to raise the rate to 25 percent in January if Beijing refuses to offer trade concessions. Among items removed from the initial list of goods targeted for duties are those covering paintings, sculptures, collages, ceramics and historical collectibles, along with antiques older than 100 years.

Critics of the tariff plan said it would discourage private collectors and dealers from acquiring Chinese art and cultural items, and because museums rely on donations, they and the viewing public would suffer. They also questioned the effectiveness of trying to spur U.S. production or change China’s trade behavior by targeting art.

Global Sales

China is the world’s No. 2 art market, accounting for 21 percent of sales by value, behind the U.S. at 42 percent, according to the Art Market 2018 report from Art Basel and UBS Group AG. Sales in the global art market reached $63.7 billion in 2017, up 12 percent from 2016, according to the report.

Imports originating from China last year included $107.2 million for century-old antiques and $66.6 million for paintings, drawings and pastels by hand, according to U.S. Census data.

Still, Chinese art could be put back in the line of fire.

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