With Trump’s Tariffs, the Canadian Art Market Looks for Opportunities Elsewhere

Canada’s robust network of active institutions and enthusiastic collectors paired with stronger relationships with Mexico and Europe could make engaging with the U.S. art market optional.

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Hangama Amiri’s The Other Home (2024) at the Toronto Biennial in 2024. Courtesy of the Toronto Biennial of Art

Following a series of tense, on-again/off-again negotiations between the United States and Canada, President Donald J. Trump officially enacted the trade law that would impose hefty tariffs on most imports from Canada. Prime Minister Justin Trudeau responded immediately with retaliatory measures, introducing 25 percent tariffs on $30 billion worth of U.S. goods, with plans to expand that figure to $125 billion. Two days later, on March 6, Trump appeared to reverse course, suggesting a delay in implementing the Canadian tariffs. But as of today, March 12, they remain in place, and tensions are escalating by the hour. Ontario has introduced a 25 percent surcharge on electricity exports to U.S. states, including Minnesota, Michigan and New York, while Trump has threatened to double the tariffs on Canadian steel and aluminum imports to 50 percent in retaliation.

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The U.S. tariffs apply broadly to most Canadian imports—including artwork such as paintings, sculptures and other creative productions—disrupting the flow of cross-border art transactions and placing substantial pressure on the Canadian art market at large. When Observer spoke with Simon Cole, founder of COOPER COLE—one of Canada’s leading contemporary art galleries, based in Toronto—he shared that they’re considering temporarily withdrawing from participating in U.S. fairs. “We may focus our attention on fairs in Europe or elsewhere in the world for the time being. To be honest, I feel a little put off by spending any business and tourist dollars in the U.S. at the moment, especially in states like Florida where local politics already seem to work in opposition to the gallery’s ethics and humanity in general.”

In its more than fourteen years of operation, COOPER COLE has positioned itself as an international gallery championing both Canadian and global artists, many of whom are based in the U.S. “We have built fantastic and long-standing relationships with American artists, collectors, curators, galleries and museums,” Cole says. “COOPER COLE has always strived to exhibit and promote Canadian artists abroad while offering international artists a platform to exhibit their work in Canada, often for the first time.”

An installation view of Ryan Foerster’s “GREAY MATTER” at COOPER COLE in Toronto in 2024. Courtesy COOPER COLE

Cole remains confident, however, that the gallery will continue inviting American artists to exhibit. “They are a fundamental part of our community,” he says. Still, he acknowledges that the current U.S. administration is actively working against global trade by fostering instability through tariff threats. “There is definitely a level of uneasiness on both sides of the border at the moment. That being said, we have great systems in place and are dedicated to working with our American partners to make sure things continue to run as smoothly as possible.”

Many of COOPER COLE’s artists are currently showing in U.S. exhibitions or have plans to do so later this year. Gabrielle L’Hirondelle Hill is featured in a group show at 47 Canal, while G.B. Jones and Paul P. are included in a group exhibition at the Hill Art Foundation. Jagdeep Raina is currently on view at Below Grand—all in New York City. Jenine Marsh has a solo exhibition up at the Buffalo Institute for Contemporary Art in Buffalo. Sara Cwynar recently opened a solo at ICA Boston. Van Maltese will be featured in an upcoming show at the Schneider Museum of Art in Oregon. Hangama Amiri is preparing for a solo exhibition at Nazarian/Curcio in Los Angeles. And both Gabrielle L’Hirondelle Hill and Maureen Gruben are slated to participate in the 2025 edition of SITE SANTA FE International curated by Cecilia Alemani.

For now, exchanges continue, but it’s unclear what will happen over the long term as tariffs drive up the cost of bringing Canadian artists to the U.S., and Canadian galleries become less likely to participate in American fairs. In 2024, seventy-six Canadian dealers took part in at least twenty-eight U.S. fairs, according to one dealers’ association, while fourteen U.S. galleries participated in Canadian fairs. Those numbers, however, may soon change sharply.

That concern was echoed by Daniel Faria, founder of another leading contemporary gallery in Toronto known for its sharply focused curatorial program, rigorous research and commitment to artists engaging with identity, memory, materiality and spatial dynamics. Faria’s gallery has gained recognition for its attention to conceptually and materially rich practices, featuring artists from Canada and abroad.

Faria is a regular participant in U.S. art fairs like Art Basel Miami Beach, but he’s unsure whether Daniel Faria Gallery will keep participating in the U.S. fairs after Independent. “Given that the tariff situation changes on a daily basis and will likely continue to change, it is hard to commit to a concrete plan,” he tells Observer. “At the moment, we are taking it day by day and continue to have the mandate to participate in U.S. and international art fairs. Depending on how everything plays out, however, we may have to shift to more European fairs for the next few years. We will decide when the time comes and stay firmly committed to promoting our artists beyond Canada.”

Daniel Faria Gallery at Art Basel Miami in 2024. Courtesy Art Basel

The Canadian art market has long had a reputation for being somewhat “provincial”—largely self-sufficient and self-contained. But that insularity could become its greatest strength: a robust network of active institutions and local collectors who support a solid gallery ecosystem with an impressive number of emerging talents surfacing from within the scene make engaging with the U.S. art market optional. “We do have a really strong commercial gallery system across Canada, and we have a huge range of collectors,” Art Toronto director Mia Nielsen tells Observer. With over 30 years of experience in the Canadian art market, she’s well-placed to speak on the structure of the Canadian art market. One of the primary engines sustaining the national art system is its institutions, she points out. “The museums come out in full force here in Canada, whether it’s the Vancouver Art Gallery, the Museum of Fine Arts in Montreal or Toronto art institutions—they all come to the fair and often to acquire.”

The Canadian art tourism market generated $1.5 billion in 2024 and is expected to reach $1.9 billion by 2030. Courtesy Art Toronto / Photo: Rebecca Tisdelle Macias

Toronto, in particular, boasts a thriving art ecosystem with a strong network of galleries presenting diverse programs in a city where a large number of artists live and work. “There’s quite an exciting range of exhibition styles and gallery formats here—from the artist-run centers, which is kind of a uniquely Canadian model, to the commercial galleries,” says Nielsen. “Then we also have the museums—the Art Gallery of Ontario, of course, but also the Power Plant and the MOCA, the Museum of Contemporary Art.”

At the same time, Canada benefits from a robust collector base. “We are a number of city-states across this vast landscape,” Nielsen says. “The fair attracts collectors from Vancouver, Calgary and Montreal every year. Increasingly, we see these groups of collectors, often tied to contemporary art societies and other local institutions.” While Canadians have a reputation for being more cautious with their spending, she notes that they’re also serious, deeply committed and strikingly loyal once a relationship with a gallery is established. “Canadians like to do their homework. They like to see an artist. They like to do the research. They like to learn about the practice. Once they decide on a particular artist, style and their collecting philosophy, you know you have a client for life.”

Many of the artists emerging from Canada’s art scene today are showing internationally—particularly Indigenous artists and those with an already established institutional practice. While some of these artists are only now gaining broader recognition in countries like the U.S., they’ve been supported by Canadian galleries and institutions for decades. “For international collectors, Toronto also provides a real opportunity, especially with this growing interest in works by Indigenous artists. The market here has been supporting it for decades,” Nielsen says. “In general, the quality of artwork that comes out of Canada is extraordinary, considering what a very small population in that vast landscape.”

SEE ALSO: Art Market Insights – 2024 Saw More Transactions But Fewer Record-Setting Sales

Now in its 26th edition—making it older than Art Basel Miami Beach—Art Toronto remains the country’s leading international art fair and a vital bridge between the Canadian scene and the broader global art world. When the U.S. tariffs were introduced, Nielsen had already begun seeking alternatives to the American market. Like many in the field, she was in Mexico City for art week when Trump’s threats escalated. She’d already planned to spend at least a month there, using the time to explore and connect with the local scene, where she was met with interest and openness. “From the minute I hit the ground, the response from Mexican galleries, institutions and collectors was all interested that I was coming from Canada, asking what was going on there and what the scene was like. Mexican galleries were looking for alternatives to the American market.”

As a direct result of those conversations, Art Toronto will introduce a new special section dedicated to Mexico in its upcoming edition this September, curated by Mexican art dealer Karen Huber. “The opportunity with Mexico came quite quickly and quite organically, and we jumped on it,” Nielsen says. “This project came up very organically due to conversations I’ve been having with galleries, and Karen was just really down to lead the charge.”

The fair will also continue its Focus section—conceived as a curated exhibition within the fair that goes beyond the traditional booth format, often featuring large-scale installations and more institutionally scaled works. This year’s edition will be curated by London-based curator Zoé Whitley and will spotlight artists from the U.K. and Europe. “So she’s going to bring a more European perspective. And, of course, Canada’s ties to the U.K. are very close.”

Art Toronto will open on October 23, 2025, at the Metro Toronto Convention Centre North Building. Courtesy Art Toronto / Photo: Rebecca Tisdelle Macias

As Nielsen works to reestablish and recenter Art Toronto’s international focus after the pandemic-induced slowdown, the U.S. tariffs have become an unexpected catalyst—prompting her to shift focus away from the American galleries that were previously the fair’s most immediate and obvious partners. “We are returning to an international strategy but in a new way that is now capturing the moment,” she says.

She is also eager to dispel the persistent stereotype of Canada as a “closed local scene,” emphasizing instead the country’s openness and intellectual curiosity. “Canadians love to learn, they travel a lot, exploring the world, and they’re looking to connect with new things.” Toronto, in particular, she points out, is deeply multicultural—something that’s reflected in the city’s new generation of collectors. “The new collectors come from very diverse backgrounds. They’re very connected to their heritage, and they’re finding ways to express their personal histories through contemporary art.” Nielsen is confident that introducing dealers from Mexico and other international scenes will resonate strongly with local collectors who may now be less inclined to buy work by American artists.

Despite the uncertainty brought on by trade policy, Nielsen remains optimistic that the Canadian art scene will continue to thrive, even as the country’s political landscape is undergoing a transformation of its own. (On March 10, Trudeau resigned as Prime Minister after twelve years in office, leaving Parliament in a characteristically theatrical fashion.) She sees a bright future for art and artists in Canada, supported by a relatively strong and stable economic situation compared to other markets and by the rise of a new generation of wealth paired with a hunger for cultural engagement.

Art Toronto in 2024. Courtesy Art Toronto / Photo: Rebecca Tisdelle Macias

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