Freeports, especially those in Switzerland, are gold mines of valuable art, according to this New York Times article.
Simon Studer, a gallerist, tells of a job he had 25 years ago at the Freeport in Geneva, examining thousands of Picasso works.
Art collectors, gallerists, and dealers are interested in these Freeports for both the security and the tax treatment they offer. Goods are stored there with no import taxes or duties, which can range from 5-15 percent in many countries. The owner also pays no transaction tax if the work is actually sold within the Freeport. Taxes are only owed to the country where the work ends up after its time in the Freeport.
This form of art storage is becoming even more prevalent. The Swiss Freeport is opening an 130,000-square-foot warehouse, specializing in art storage, in 2013. A number of other cities throughout the world, such as Beijing and Singapore, are following suit by opening similar ports.
[This entry was drafted with the assistance of Nicole Dornbusch].