HS Code:
The 'Works of art, collectors' pieces and antiques' category, classified under HS Code 97, encompasses a wide range of culturally and historically significant items. This includes paintings, drawings, pastels, prints, lithographs, sculptures, statuary, and antiques over 100 years old, as well as collectors' items such as stamps, coins, and historical artifacts. This category is unique in global trade due to its high value, cultural sensitivity, and the specialized nature of its market. Trade in these goods is often influenced by cultural heritage laws, auction houses, and private collectors, with significant variations in demand based on economic conditions and cultural trends.
Total Trade Volume
USD 10.5 billion
Data from 2022
Source
United Nations Comtrade Database
USD 3.2 billion
30.5% of total trade of total trade
Increasing
USD 2.1 billion
20.0% of total trade of total trade
Stable
USD 1.5 billion
14.3% of total trade of total trade
Increasing
USD 1.0 billion
9.5% of total trade of total trade
Stable
USD 0.8 billion
7.6% of total trade of total trade
Decreasing
Average Rate
5.2%
Highest Rate
12% (applied by certain developing countries to protect cultural heritage)
Lowest Rate
0% (in free trade zones and under specific cultural agreements)
Growing demand for digital art and NFTs
Diversification of the art market with increased trade in digital formats, though traditional physical artworks remain dominant in value terms.
2021-2022
Increased focus on provenance and ethical sourcing
Stricter regulations and buyer scrutiny have slowed trade in items with unclear ownership history, particularly in antiques and historical artifacts.
2020-2022
Rise in online auction platforms
Digital platforms have expanded market access, boosting trade volumes by connecting global buyers and sellers more efficiently.
2019-2022
The European Union introduced stricter import rules for cultural goods, requiring detailed provenance documentation to combat illicit trafficking of antiquities.
January 2022
Increased compliance costs for importers and potential reduction in trade volume for antiques entering the EU market.
Auction houses like Sotheby's and Christie's reported record sales for contemporary art and historical artifacts, driven by high net-worth individuals investing in tangible assets.
November 2022
Boosted trade volume in high-value segments, reinforcing the dominance of key markets like the US and UK.
Several countries, including Italy and Greece, signed repatriation agreements with museums and private collectors for the return of looted antiquities.
March 2023
Reduced legal trade in certain antiques as repatriation efforts intensify, impacting markets dealing with historical artifacts.