Asia Week New York faces challenges from Chinese tariffs

Asia Week New York began on Monday and will run until March 21. The event showcases Japanese, Korean, Chinese, and South Asian art through auctions and exhibitions in New York City. This year, the event is affected by new tariffs on Chinese art imposed by President Donald Trump. Only six Chinese art dealers are attending this year, down from previous years. Many other dealers cannot import art into the U.S. due to these tariffs. Brendan Lynch, the event's chairman, expressed concern that these restrictions hinder the flow of art around the world. As a result of the tariffs, the event features more Japanese exhibitors, increasing from 12 to 15 this year. There is also a rise in Korean art exhibitors and contemporary works, which appeal to younger collectors. Art from China and Hong Kong classified as "informational materials" does not face the additional tariffs, but antiques and furniture do. Auction houses like Christie’s and Sotheby’s are still running sales of historical Chinese antiques that arrived before the new regulations. One featured piece is a rare ‘Dragon’ dish estimated between $1.2 million and $2.5 million. Despite concerns over tariffs, auction sales of South Asian modern and contemporary art remain strong. Sotheby’s and Christie’s report ongoing interest from new collectors and institutions. Manjari Sihare-Sutin of Sotheby’s noted that clients have shown no concerns about the current market. The event is vital for art professionals to gather and connect, although shipping art has become more difficult due to tariffs. Lynch emphasized that despite the challenges, the passion for Asian art remains strong, and art professionals are adapting to the new rules. Asia Week New York continues until March 21.