Luxury Market and a new Freeport

The Financial Times just posted this short update on the possiblity of a new art and luxury good freeport being developed in Luxembourg.

The FT Arts Extra reports

Singapore is often described as the "Switzerland of Asia" with, among other inducements, a discreet tax-free port. Now the banking powerhouse of Luxembourg is planning to set up a Freeport at its sole airport, Luxembourg-Findel. A law was passed this month to allow the project to go forward, and according to the Minister of the Economy Jeannot Krecké, discussions are ongoing with private investors. The Freeport facilities would be used to keep high-value objects – wine, art, jewellery – in duty-free and tax-free warehouses providing state-of-the-art security, said the minister. But don't hold your breath: observers think it won't come to fruition for at least four years.