The Appraiser's Archive: How Will Tariffs Impact the U.S. Antiques Market?
- Danny Triplett
- May 2
- 3 min read
In today's edition of The Appraiser's Archive, we showcase Joe Brainard art, jump on the hot topic of tariffs (and specifically their impact on the domestic antiques market), and discuss a bill recently introduced by a Florida Congressman to amend IRS code on certain estate tax exemptions.
PERSONAL PROPERTY SPOTLIGHT
Our spotlight today is on two pieces by writer and artist Joe Brainard. First is a comic book rendering, "Short Story" (left). The text reads "Ten years ago I left home to go to the city and strike it big... but the only thing that was striking was the clock as it quickly ticked away my life." A crying woman in despair is pictured at the center of the framed art. This client also owned a 1977 mixed media collage (right) from Brainard featuring playing cards, a tattered tarot card, a butterfly, old stamps, and pieces of old letters, all laying on top of an old stock certificate share.
A member of the New York School group of creatives and getting his start in the Pop Art era, Brainard was known for his writing, mixed media collages, and visualizing poetry through comic styles.
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UNLOCKING VALUE: INDUSTRY INSIGHTS
As the country begins to see the impacts from the Trump Administration's newly imposed tariffs, rumblings about the impact on the antiques and collectibles industry have begun quietly stirring. Will antiques become more expensive to import into the country? How will antiques already in the United States be impacted? We explore these questions and emerging predictions today.
Like any other product – whether American-made or previously imported from overseas – antiques that were already in the country before the new tariffs took effect won't be subject to additional taxes. As for most antiques newly imported into the country, we can hope that the U.S. Customs and Border Protection's May 2024 issuance regarding imported antiques remains in effect. This article essentially protects certain antiques from tariffs as long as they are accompanied by documentation proving they are at least 100 years old.
Of course, pieces without this documentation, or items that are vintage rather than antique (i.e. older than 20 years but younger than 100 years), won't be eligible for this protection. Even then, some industry stakeholders are uncertain of the Administration's intentions to uphold the regulation allowing true antiques to enter the country duty-free. And if the protection is revoked, the question of how tariffs will apply also looms: will taxes apply based on the country of origin or the importing country (if they differ)?
Even antiques already inside our borders could be impacted. Tariffs on the overseas materials and equipment required for refurbishing and mending items could increase the cost of antiques already in the country. And if overseas antiques inventory and demand for costly goods from abroad do diminish, it's possible that rising demand for (and subsequent value of) American antiques could be an indirect consequence of the tariffs (potentially good for dealers, maybe less-so for buyers).
One thing is for sure: we will have to watch the market and the Administration to obtain a clearer view of how the United States antiques industry will shift moving forward.
THE PROFESSIONAL'S CORNER
Family-owned businesses, wealthy families, and some politicians are becoming more antsy as we approach the sunsetting of the 2017 Trump Administration's Tax Cuts and Jobs Act, which will decrease exemptions for estate and gift tax – increasing the number of estates that owe these taxes and the amount they owe. In our previous newsletter, we observed how Florida businesses were reacting to the state's own tax legislation regarding tangible personal property tax. Today, we look at how federal gift and estate taxes have attracted the attention of Florida politicians.
In the wake of proposed legislation to repeal federal estate tax completely, last month Congressman Greg Steube (R-FL) introduced a bill to amend IRS code to exclude estate bequests to certain organizations, like charities and churches, from the value of taxable estates. The IRS already covers gift tax exemptions to these types of organizations, but the amendment would clarify and specifically cover estate bequests as well. While the future of federal estate tax (its existence and its exemptions) is uncertain looking ahead to 2026, this revision would apply to deaths or bequests occurring after December 31, 2025.
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