HS Code:
The category of 'Paintings, drawings and pastels, executed entirely by hand, other than drawings of heading 4906 and other than hand-painted or hand-decorated manufactured articles; collages, mosaics and similar decorative plaques' (HS Code: 9701) encompasses original artworks created manually by artists. This includes a wide range of artistic expressions such as oil paintings, watercolors, charcoal sketches, pastels, as well as mixed media works like collages and mosaics. These products are often traded as high-value cultural goods, sought after by collectors, galleries, and museums. The trade of such items is influenced by factors like cultural significance, artist reputation, and market demand for unique or historical pieces.
Total Trade Volume
USD 6.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 2.1 billion
32.3% of total trade
Increasing
USD 1.3 billion
20.0% of total trade
Stable
USD 850 million
13.1% of total trade
Increasing
USD 600 million
9.2% of total trade
Stable
USD 450 million
6.9% of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries)
Lowest Rate
0% (under free trade agreements and cultural exemptions in the EU and US)
Rising demand for contemporary art
Increased trade volume for works by living artists, particularly in markets like the US and China, driving up auction prices and gallery sales.
2021-2022
Digitalization of art markets
Growth in online auction platforms and virtual galleries has expanded global access to artworks, boosting cross-border trade.
2020-2022
Focus on cultural repatriation
Increased scrutiny on the trade of historical artworks, leading to stricter regulations and reduced trade in certain artifacts.
2019-2022
The European Union introduced stricter import rules for cultural goods, including mandatory provenance checks for artworks over 250 years old to combat illicit trade.
June 2022
Increased compliance costs for importers and potential delays in trade within the EU market.
Several high-profile auctions in 2022, including the sale of a Picasso painting for USD 103 million in the US, have signaled strong market confidence in high-value artworks.
May 2022
Boosted trade volumes and attracted new investors to the art market, particularly in North America.
France signed agreements to return colonial-era artworks to several African countries, impacting the trade of historical pieces.
November 2021
Reduced availability of certain historical artworks in Western markets, shifting focus to contemporary pieces.