© Peter Fischli / David Weiss, Tokyo 1980
Impact of new US tariffs on the Swiss art market
A general tariff of 10% for imports to the United States applies from April 5, 2025. Higher tariffs have applied to certain countries since April 9 (32% for Switzerland), with all individual tariffs currently suspended for 90 days. Only China is already subject to the increased tariffs. Since tariff measures are heavily dependent on political and economic developments, unpredictable adjustments and changes can be expected in the future. It is therefore essential to obtain more detailed information about the currently applicable tariffs and other regulations when selling works of art/cultural property in the United States. A factsheet with more detailed information can be found here.
In brief: antiques and collectibles are subject to customs duties regardless of age. However, there are exceptions for “works of art” (and other so called «information materials») that are protected from trade restrictions under US customs law. The exceptions are as follows: works of art, books and other «information materials», whereby the exemption from customs duties depends on the correct customs tariff number. There is no clear definition of a work of art. However, experts agree that works from the field of traditional creative work in the field of visual arts are excluded, such as: works of art (paintings, sculptures, drawings) as well as photographs, art prints, records, posters and books. While the exception clearly applies to “traditional” works of art, there is still some ambiguity with regard to non-traditional art forms such as digital art, NFT or performance art.
More news
Protection of cultural property
In the area of cultural property protection, the EU has issued a new regulation (EU) 2019/880 concerning the import of cultural property, which is now to be definitively in force on June 30, 2025. The aim of the regulation is to further tighten the import of cultural objects unlawfully exported from their countries of origin to the EU, regardless of whether objects are imported directly from the countries of origin or via third countries. Archaeological cultural property is indeed the particular focus of the new EU regulation, but now all cultural property created outside the EU that is over 250 years old (or 200 years old with a minimum value of €18,000) requires an import license or an import declaration. The Specialized Body for the Transfer of Cultural Property of the BAK has set up a round table with the industry/SAMA to find a suitable solution for the Swiss art market in response to the tightening of EU regulations. This constructive dialog between legislators/administrators and practitioners will continue.
Looted art
Based on the Pult motion, the Federal Council decided in 2023 to create an independent expert commission for contaminated cultural heritage. On March 21, 2025, the Federal Parliament also decided on the appeal procedure. The SAMA welcomes the fact that legal certainty has now been restored with the agreement on the independent expert commission for historically contaminated cultural heritage. The commission to be set up by the federal government can be unilaterally invoked in the case of cultural property in the context of National Socialism that is located in state-funded museums or collections in order to obtain a recommendation from it for the future handling of these objects. For all other works, those in private ownership and possession, and in general those from colonial contexts, the consent of both parties is required. The SAMA expects that the proceedings will raise extremely complex issues, both historically and legally, and therefore continues to advocate for the appropriate involvement of the Swiss art trade in the independent expert commission to be formed.
Anti Money Laundering Prevention (AML)
As part of the fifth evaluation round of the Financial Action Task Force (FATF), Switzerland will undergo a country evaluation in 2027/2028 (last evaluation in 2016). The preparations, which will involve the private sector and the VKMS for questions concerning the art market, have been initiated. At the invitation of the State Secretariat for International Finance (SIF), the SAMA office has already initiated initial measures and is working towards the audit. The mechanism for combating and preventing money laundering, terrorist financing and proliferation financing is to be audited. The country review offers Switzerland the opportunity to present its effective mechanism for combating financial crime internationally. In view of its status as an international financial center, a globally networked economy and, not least, a well-functioning internationally important art market, a good result is of strategic importance for Switzerland. Effective coordination and cooperation between all parties involved (federal administration, law enforcement authorities, supervisory authorities, self-regulatory organizations, associations, private sector, etc.) is crucial to the success of the country evaluation. The VKMS is aware of the importance of the country evaluation and its specific role for the industry. In this context, a new and complex survey of individual industry participants in the art market, initiated by the Money Laundering Reporting Office Switzerland (MROS) without consultation, unfortunately contains inconsistencies, ambiguities and sweeping prejudices, which is why the VKMS management has entered into discussions with MROS to remedy the situation. The aim is to enter into a constructive dialog with both SIF and MROS when it comes to presenting the framework conditions for the realization of practicable money laundering prevention in the art market in Switzerland.