Freeports, tax and risk: what’s changing in the art market

“Freeports remain, in my daily practice, a highly practical, secure and well-regulated storage solution. Far from the questionable reputation they are sometimes associated with, they operate under strict governance, compliance frameworks and transparency requirements. As such they provide an efficient infrastructure for collectors who own more works than they can physically display, as well as for those who view their collections as part of a carefully managed asset portfolio.”

“Geopolitical fragmentation and uncertainty have increased the appeal of trusted freeports in established jurisdictions, which many collectors see as reliable safe havens. We have also seen relocations linked to changes in tax regimes, where import duties and transfer costs can become significant considerations. From a strategic perspective, a politically stable and relatively cost-efficient location for asset storage is very attractive.”