Regulation (EU) 2019/880, effective June 28, aims to combat the illicit trafficking of art and antiques by requiring proof of lawful exportation for cultural goods over 200 years old and valued above €18,000. Pierre Valentin, an expert in art law, predicts this regulation will disrupt the art market, particularly impacting non-European cultural properties and discouraging EU collectors from purchasing outside the bloc, thus threatening cultural diversity and international trade relationships in the art sector.
Regulation (EU) 2019/880 is about to throw a wrench in the market. Collecting areas most affected will be art and collectibles created or discovered outside EU borders.
The regulation will discourage the introduction of non-European cultural property in the EU, resulting in a regrettable cultural loss for future generations.
Collectors in the EU are affected because the obstacles introduced to importing certain categories of cultural property will likely discourage them from buying outside the trading bloc.
Non-EU dealers will be further disadvantaged if they traditionally display art at EU art fairs because they will now face serious obstacles if they continue to show at these fairs.
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