Freeport as a Hub in the Art Market: Shanghai Art Freeport

With the soaring interest in art as an alternative investment approach and an asset class, there has been a remarkable rise in the volume of artwork transactions globally. However, trading in the art market differs from the traditional financial market; the cost of taxes, logistics, storage, and oth...

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Bibliographic Details
Published inArts (Basel) Vol. 13; no. 3; p. 100
Main Author Zhang, Fanyu
Format Journal Article
LanguageEnglish
Published Basel MDPI AG 01.06.2024
Subjects
Art dealers
art freeport
Art industry
art market
Art markets
Bouvier, Yves
Business models
Distinctive features
Economic aspects
Foreign trade zones
Free trade
FTZART
Location
Marketing
one-stop-shop
Ports
Shanghai
Tax regulations
China
Beijing China
Singapore
Monaco
Asia
Luxembourg
Hong Kong China
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Summary:With the soaring interest in art as an alternative investment approach and an asset class, there has been a remarkable rise in the volume of artwork transactions globally. However, trading in the art market differs from the traditional financial market; the cost of taxes, logistics, storage, and other transaction services is enormous for collectors, stimulating the emergence of related businesses, such as warehousing, bonded exhibitions, and art financial services. As an exceptional area serving the offshore economy, art freeports have become an essential venue for art trading and a ‘one-stop-shop’ centre that converges all art market participants. This article critically analyses the current literature and conducts empirical research on Shanghai FTZ International Culture Investment and Development Co., Ltd. (FTZART). It can be concluded that the current research on art freeports is limited and excludes FTZART from those that specialise in storing artworks, overlooking its potential influence in the Asian market. The art freeport has distinctive features that differ from traditional freeport models, and the context, business model, and operations of FTZART match these characteristics. Therefore, as a hub in the art market, the global art freeport agenda should not overlook FTZART, and it is essential to complement this gap in knowledge.
ISSN:2076-0752
2076-0752
DOI:10.3390/arts13030100