Storage of arts in Freeport is becoming very popular these days. The art is not only stored but also restored properly so that it does not decay with time. People working there are astonished at the huge wealth which is stuffed in the Geneva Freeport present at warehouse complex. Storage of arts and selling it from there involves a lot of tax from the local government. But Sweden is a place where the Government does not tax the dealers if the art is sold from the Freeport.
Most of the popular dealers consider this place to the best one where they can store their valuable works from the art world. Due to the security reasons they do come and stay here to manage their taxes. When the goods are stored here, the owners need not pay any kind of taxes or duties. Even when the works have been sold in a Freeport, the owner need not pay any kind of transaction tax to the local government. Only when these have been moved from this premise, the taxes may be owned in the country where it has been sent. For example, Yves Bouvier owns a few large Freeport in Singapore.
Have you ever thought how much of stock would have been piled up in Freeport in Geneva which is around 435,000 square feet? In spite of having 86% share of Freeport, Canton of Geneva is not aware about the quantity of huge artwork stored in the warehouse of the Geneva Freeport. Though the Swiss customs officials might know about it they aren’t interested in going into the details. But according to the advisers, dealers and the insurers there is enough artworks which can make world’s greatest museum ever.
When the total value of the Freeport art has been asked to guess Nicholas Brett, who is the director of the AXA Art Insurance London, said that you might not be having enough place over the paper to put zeros. The number is huge and unknown and it keeps growing. There is a new warehouse which is going to be constructed at Freeport which will be specialized in storing the art. It is expected that the dealers and collectors will now have high security, tax free storage and custom friendly options in different parts of the world. The art market also declined in the year 2009 due to the overinflated prices. Most of them have realized that art is the best and safe asset especially when other markets are not doing well. The art actually holds the value it is worth of over a period of time and sometimes it would increase as well.
The difference between stack of gold bars and the Picassos room has changed drastically. Art business is now attracting those who want to park their money and who would like to maintain a social status. Most of the art warehouses are modest so you might not be aware even when you are working by the side of it. But Geneva Freeport is not the same. This is very attractive and well built and would look similar to that of a multiplex movie theatre that you know. Though media has been kept away from this place, in the year 2003, the Swiss authorities informed that they will return several hundreds of the antiquities which have been stolen from the Egypt evacuation site. But the main leader had been sentenced for 35 years of imprisonment. This has bought certain changes in the regulatory system.
Earlier when the Freeport has been started it was actually used for the agriculture related goods and for items which needed to be stored in bulk amounts. But as people got to know about the temporary tax exemption which they can now make use of for unlimited time period people from different sectors started to store their goods. You can find around 3 million wine bottles here. You might not be able to see enough number of arts as these have been locked in several doors. Insurers are getting nervous as the insurance provided on these art pieces has worldwide coverage so wherever the work is, it would get the insurance. Insurance providers are now getting worried in case if some disaster happens here, would they be able to pay.