The art and collectable industry in Bangladesh is growing in both cultural and economic significance, particularly in Dhaka. With a captivating blend of the traditional and contemporary, it's a city where artists push boundaries while celebrating their rich cultural heritage. The city hosts numerous art events annually, the most prominent being the Dhaka Art Summit. So, how can art businesses leverage the richness of their artistic heritage and ship art internationally to carve out a significant place in the global art market?
Understanding the global demand for art
Bangladeshi art, reflecting the country's rich history and diverse influences from ancient Buddhist and Hindu eras to the Islamic Sultanate period and British colonial rule, holds a unique and increasingly significant position in the global art landscape.
As the world's appetite for art continues to grow, with the global art market generating a staggering US$68 billion in 2022, as evidenced by Statista, becoming an international supplier could prove to be an extremely profitable venture. But how to reach this eager global market? A canvas painted in Dhaka can charm a collector in New York, and a sculpture crafted in Chittagong can captivate a spectator in London, but how do these masterpieces traverse the miles to their international admirers while retaining their value and integrity?
Navigating the challenges of shipping artwork internationally may seem daunting, but with the right knowledge and preparation, it's possible to open up a world of opportunity for the Bangladeshi art scene.
Key considerations before shipping art and collectables internationally
1. Customs clearance and acceptable commodities
Customs clearance for artwork and collectables can be a complex and time-consuming process, and it's vital to navigate this process effectively to ensure a smooth shipping experience.
Acquaint yourself with both local and international regulations and requirements specific to the art industry. Understanding what items are deemed acceptable for shipment is critical. Generally, artwork is considered acceptable for shipment as long as they comply with local and international regulations, is genuine, and is not counterfeit or illicitly obtained.
However, the art trade, due to its high-value nature and oftentimes opaque transactions, can be susceptible to illicit activities such as money laundering. In response to these risks, the United States, for instance, has implemented the Illicit Art and Antiquities Trafficking Prevention Act. Dealers will need to establish rigorous anti-money-laundering programmes, document cash transactions, and report suspicious activities. If you’re shipping to the United States, familiarise yourself with its laws governing art transactions to ensure your artwork does not get confiscated at customs.
2. Required shipping documents
Whether you’re shipping oil paintings or charcoal drawings, proper export documentation is a critical aspect of shipping artwork safely, legally, and efficiently. They contain crucial information about the artwork, its origin, value, and the details of the sender and receiver, facilitating tracking and identification throughout its journey. Key export documents include:
- Certificate of authenticity: This document verifies that the artwork is genuine and not a counterfeit and should be provided by the artist or the art dealer. It's especially important for expensive or original artwork and helps to assure the buyer and customs officials that the artwork is not counterfeit.
- Export license or permit: Depending on the nature of the artwork, especially if it involves cultural artefacts or certain types of materials, an export license may be required by the country of origin.
- Commercial invoice: This document serves as a record of the transaction between the exporter and the importer. For artwork, it should detail the piece, including the artist, medium, size, year of creation, and price. This is used to determine the customs duties and taxes that may apply to the shipment.
Certain types of artwork, particularly those involving materials from endangered species or items of cultural significance, might be subject to further restrictions or require additional permits.
3. Taxes and duties
Taxes and duties related to shipping artwork internationally can be complex due to their high value and subjective nature. The cost of import duties depends on the Harmonized System (HS) code of the goods and the destination country's customs laws. For artworks, this might vary significantly between countries. Certain pieces of art, particularly antiques or artworks of significant cultural importance, may be subject to additional regulations or taxes.
Non-compliance with shipping and customs regulations when exporting artwork can result in detrimental consequences such as shipping delays, substantial fines and potential seizure of goods.
