A grey market  is the trade of a commodity through distribution channels which, while legal, are unofficial, unauthorized, or unintended by the original manufacturer. In contrast, a black market is the trade of goods and services that are illegal in themselves and/or distributed through illegal channels, such as the selling of stolen goods or illegal items such as art, heroin or unregistered handguns.

The two main types of grey market are imported manufactured goods that would be normally unavailable or more expensive in a certain country and unissued securities that are not yet traded in official markets. Sometimes the term dark market is used to describe secretive, unregulated (though often technically legal) trading in art commodity futures, notably painting forgeries. This can be considered a third type of "grey market" since it is legal, yet unregulated, and probably not intended or explicitly authorized by art producers.

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