People realized banks could go down and take their money with

Luxembourg opens art freeport to lure super

LUXEMBOURG (Reuters) Private banking hub Luxembourg sought to lure more wealthy investors on Wednesday by Canada Goose Parka opening uk canada goose outlet a high security center designed to look like canada goose factory sale a jewel box, where collectors can store and trade valuables without paying customs or sales tax.

The Petrusse river is seen in this general view of the city of Luxembourg in this picture taken on November 20, 2012. REUTERS/Francois Lenoir

Studded with stones and surrounded by walls and barbed wire, the Luxembourg Freeport has four bullion chambers guarded with 50cm thick metal doors, and four cheap canada goose uk other chilled rooms designed to hold 700,000 bottles of fine wine, said staff.

Officials there said it was the latest in uk canada goose a small but growing number of similar centers across the world tapping into interest in high value objects furniture, paintings and other treasures from high end investors.

2008 crisis created a real demand for physical assets. People realized banks could go down and take their money with them. That meant demand for the likes of gold, but also art, buy canada goose jacket said Tony Reynard, chairman canada goose https://www.canadagooseoutlet4online.com coats on sale of another freeport in Singapore whose main owner is also the principal investor in Luxembourg.

The super rich can fly in their objects, view Canada Goose online them and trade Canada Goose Jackets them inside the freeport walls without incurring customs or canadian goose jacket sales tax charges as high as 27 percent canada goose black friday sale in parts of Eastern Europe.

TREASURES TRANSIT The collectibles get that status because they are technically in transit. In Luxembourg, the center back Canada Goose sale doors open onto the main airport. The objects only become liable when they leave that bubble and enter Luxembourg or another country.

Luxembourg and Singapore majority owner is Yves Bouvier, a Swiss businessman with an art storage and shipping service already operating in Geneva, a city which buy canada goose jacket cheap set up canada goose clearance its first canada goose coats freeport in 1854.

had to move on to Luxembourg because Geneva was full. With Luxembourg we have an airport that can handle cargo. In Geneva you have to move everything by road, he told Reuters.

Reynard said there were plans to set canada goose uk outlet up a similar operation in Dubai and, possibly, Shanghai both home to large number of potential affluent clients, keen to have their treasures stored securely and canada goose clearance sale confidentially in exchange for a fee.

The Canada Goose Online international art market increased by 8 percent last year to 47.4 billion euros ($61.3 billion), close canada goose uk shop to its 2007 peak, according to the TEFAF Art Market Report.

are a lot more transactions in the art market and it has become far more global, with increasing numbers of collectors in Russia, the Middle East and China, said Clare McAndrew, who prepares the report and heads research firm Arts Economics.

The spread of the freeports is also seen as a cheap Canada Goose help for insurers who have the headache of covering all those valuables.

having additional freeport locations Canada Goose Outlet you spread the risk and so satisfy more demand, said Filippo Guerrini Maraldi, head of fine art at insurance at broker RK Harrison.

He said industry limits stopped insurers covering more than $2 billion worth of art at one site and estimated the value of items in Geneva vaults could already be five to 10 times that amount.

There are about 160 rooms and eight private showrooms off the main lobby for artworks in the Luxembourg center 22,000 canada goose uk black friday square meters canada goose jackets about the size of three soccer fields.

All incoming containers were screened canada goose store for firearms, narcotics and other Canada Goose Coats On Sale illicit goods, said Luxembourg Freeport managing director David Arendt.

Not everyone at the opening was a canada goose fan. have looked into it, but the costs are sizeable, said a major local collector who, like many others in his field, preferred to remain anonymous. prefer to have my art on display.