new tax-free art storage facility in beijing announced
The Beijing Freeport of Culture is the Chinese government’s bid to turn the nation’s capital into a regional art hub. A joint venture between the state-owned business organization Beijing Gehua Cultural Development Group and the Swiss logistics company, Euroasia Investment SA, this 83,000 square metre facility is scheduled to open in 2014.
According to The Art Newspaper, the Freeport will offer tax exemption for collectors and corporations who wish to use the storage space for their art. China’s high import costs – in the form of a 6-12% charge on customs duty, 17% on value added tax and an additional 5% on consumer tax – have been a cause for concern among the country’s art enthusiasts.
Collectors who buy Chinese art at auction houses in New York or London have also been storing their purchases overseas. The tax-free facility, located next to the Beijing Capital International Airport, will help bring these works to Beijing and its burgeoning art scene.
Li Danyang, Gehua’s general manager, is optimistic about the project and predicts that the Beijing Freeport will become the world’s largest trading centre for artwork and cultural products. “Gehua’s plan is to promote Chinese art both nationally and internationally,” said Tony Reynard, chairman of Euroasia’s Singapore Freeport Pte facility, to The Art Newspaper, “[it] wants to create and organize a market that is loosely regulated.”
Euroasia and Gehua’s plans for the facility are ambitious. China Daily reports that in addition to a massive storage space, the facility will also have designated zones for exhibitions and auctions and will offer additional services such as artwork authentication. The Beijing trading centre will also be used to promote other cultural industries such as film and television.
China’s new Beijing Freeport of Culture is poised to make a significant mark in the international art trading market. The opening of this new facility will help solidify the country’s status as a super-power in the art world.
The Beijing Freeport of Culture is the Chinese government’s bid to turn the nation’s capital into a regional art hub. A joint venture between the state-owned business organization Beijing Gehua Cultural Development Group and the Swiss logistics company, Euroasia Investment SA, this 83,000 square metre facility is scheduled to open in 2014.According to The Art…