FREE CIRCULATION: Goods that have been produced in the European Union (EU), or that have been imported into an EU country with duty/tax paid, are in "Free Circulation". Meaning the goods can move between countries within the EU Customs Union without tax/duties owed when crossing borders.
TI/TA*: A Temporary Import (TI) or Temporary Admission (TA) is when goods are imported into a country without payment of duties and taxes. This is typical for works coming into the EU for exhibition, loans or fairs from non-EU countries. Works on TI/TA can remain in the EU for up to two years, must be for sale and generally the importer must have a TI/TA account within the country of import. Once a work is sold, import tax/duties must be paid before the work(s) is released within the EU. If purchased from outside the EU, the work must be exported within 90 days of purchase.
BOND*: Importing a work under bond is similar to importing under TA in that the payment of duty/tax is deferred. However, the work enters a bonded warehouse and cannot leave the bonded premises under which it is stored. This is often used with items in long-term storage.
*Please note that works under TA/Bond require additional administrative work that can result in increased charges and delays to the movement of goods.
Confused about other terminology? We made you a dictionary of all fine art shipping slang on our blog.