New Freeport for Art Coming to Paris

I recently posted on Singapore opening a large area as a Freeport for art with Chrisite's taking much of the available space (click HERE to read post). Now, Paris is getting into the art Freeport market as well.

Although markets are difficult at the moment, it certainly appears related industries are still interested in the art market as well as individual countries and investors. This alone, I think is a very positive sign for the future.

Nazanin Lankarani of the NY Times is reporting that outside of Paris a 215,000 square foot facility will be built on the grounds of a demolished Renault automotive factory. The new Freeport facility will house the new art storage and showrooms . The rationale behind the new freeport art facility is to make France and Paris more powerful and attractive players in the international art market. The project in now in the fund raising stage with construction planned to start by 2011.

Lankarani states It “would be at once an art showroom, a storage facility and a free port,” said Daniel Janicot, head of the agency redeveloping the riverfront as part of a government-sponsored cultural and urban renewal project.

“It will be a first in France,” he said. “Customs authorities have agreed to exonerate from duty artworks coming onto the island so long as they leave Europe after sale. Our aim is to make Paris more attractive to international art traders.”

The project will rely on private financing of about €25 million, or $35 million, which Mr. Janicot hopes to raise by 2011, when construction would start.

The article announces the French Freeport, but deals more with the Signapore project, as it is much further along. To read the full article, click HERE.