Accueil > Demeure du Chaos / Abode of Chaos > Bouvier, Rybolovlev : understand the secret of free ports in Artprice Global Art Market report with Bouvier

Bouvier, Rybolovlev : understand the secret of free ports in Artprice Global Art Market report with Bouvier

ArtMarket.com

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Free ports and art market logic

The development of the art market and the multiplication in the number of art fairs around the world has triggered an increasingly dense and rapid circulation of art works. But transport costs and international taxes of various kinds can act as a considerable brake on such movements. One answer to this problem is the free port.

The principal… and its advantages

Nowadays an essential element in the trade and storage of assets of all kinds, the free port is a port zone where goods may be unloaded, stored and shipped under customs authorities’ control, but without the payment of various duties and taxes. During its time in a port zone, an artwork may change hands several times, but only the final owner will pay the taxes owed in the work’s destination country.

Free ports are therefore mainly a financial tool needed to virtualize the…

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