$100 Million Art Vault Planned for Beijing

  • July 31, 2012 22:45

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Singapore Freeport exterior

Collectors will be able to store valuables such as art and gold without paying taxes or filling customs forms at a new facility in Beijing.

Swiss logistics group Euroasia Investment SA announced that its $100 million storage facility next to Beijing Capital International Airport will also boast exhibition space for auctioneers.

Euroasia is planning the project with state-backed Beijing Gehua Cultural Development Group as a way to service the burgeoning art market in China.

Auction sales in mainland China, Hong Kong, Macau and Taiwan eclipsed the United States in 2011 to raise 9.8 billion euros ($12 billion).

The art industry in China has been plagued with fakes, smuggling and non-payments, problems which the Beijing Freeport of Culture project planners hope will diminish with its offerings of tax-free storage and art events.

The vault will be similar to the compnay's Singapore Freeport, a high-tech repository filled with a treasure trove of artwork, jewelry, gold and other valuables which opened in 2010.

Read more at Bloomberg

Tags: Asian art

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