There is currently significant confusion about the US President’s proposed tariffs on goods imported from foreign countries. But although the impending introduction of tariffs has caused considerable concern to both international companies selling to the US and to US buyers purchasing from abroad, clients of Academy Fine Paintings in America will be entirely unaffected and incur no extra fees when buying original artwork from the UK.
Under Chapter 27 of the Harmonized Tariff Schedule of the United States original works of art and antiques remain duty free and exempt from any import tariffs imposed by the US Government. In other words, whilst importers from outside the US seeking to bring goods into the country from abroad now face “reciprocal tariffs” of up to 125%, these new tariffs do not apply to the works of art sold by Academy Fine Paintings. As things stand, our clients will pay no additional import duty or trade tariff when buying paintings from us.
Academy Fine Paintings is a member of the Europe’s largest trade organisation of art dealers, CINOA, who had this to say on the subject: “Artworks are unique, one-of-a-kind creations produced by individual artists, not factories or corporations. They are not mass-produced, and do not contribute to market distortions, unlike industrial goods like steel or agricultural products. Typically bought and sold by individuals or micro-businesses, rather than large-scale manufacturers or retailers, artworks have minimal impact on trade imbalances.”
It appears that the US Government understands this.