Hello, this item is a Japanese-style netsuke carving depicting two intertwined figures in an erotic or playful composition, executed in the manner of traditional shunga-inspired netsuke themes. The carving appears to date to the mid to late 20th century rather than the Edo period, likely produced between the 1950s and 1980s for the decorative collector market. The material shows characteristics consistent with carved bone or possibly resin made to imitate ivory, rather than confirmed elephant ivory. The surface coloration, carving consistency, lack of visible Schreger lines, and overall finish suggest a later commercial carving rather than an antique ivory masterwork. The incised decorative motifs and stylized facial carving are competently executed but do not display the depth, patina, or refinement typically associated with high-level Edo or Meiji period ivory netsuke carving. The himotoshi holes confirm it was intended in the netsuke tradition, though likely for decorative or souvenir trade purposes.

From a market perspective, later decorative netsuke-style carvings remain collectible but occupy a very different market segment from authentic antique Japanese ivory netsuke by recognized carvers. If the material were conclusively identified as elephant ivory, legal sale restrictions in the United States would indeed apply under federal and state regulations unless documented exemptions could be proven, particularly regarding age and provenance. Without documentation establishing antique status and lawful import history, commercial sale can become legally difficult or prohibited depending on jurisdiction. However, based on the photographs, this example does not strongly indicate antique elephant ivory. Comparable decorative examples in bone, composite, or imitation ivory typically sell in the lower collector market. Based on condition, subject matter, and craftsmanship, the fair market value would likely range between $80 and $250 USD.