The Luxembourg Freeport: What Should we Expect?
Vastari representatives are attending exciting events in Luxembourg this week. The official opening of the Luxembourg Freeport, an international hub for valuable assets, on September 17th will be followed by the Deloitte 7th Art and Finance conference. The conference will take place in the stunning setting of the Philharmonie Luxembourg and will host Mr. Pierre Gramegna, Luxembourg Minister of Finance as guest speaker. The talks will revolve around the launch of the Luxembourg Freeport. We are hoping to learn about the local art ecosystem, Luxembourg Freeport Customs and Tax aspects and more.
Mr. David Arendt, Managing Director the The Luxembourg Freeport
The launch of the Luxembourg Freeport was announced by Mr. David Arendt, the Managing Director of The Luxembourg Freeport at the Art Business Conference in Westminster on September 4th. It was pitched as a competitive alternative to Geneva, a next generation of Freeport offering a variety of collection management facilities such as art storage, private showrooms, logistic and insurance services for art collectors, investors and galleries. The space is going to maintain high security standards and work closely with the government against any acts of corruption.
Art and Business Conference, Westminster
After Mr. Arendt’s presentation there have been critical voices from the audience that unlike in Geneva, there is no bank secrecy in Luxembourg and so it cannot be presented as an equivalent. The claims of high security, keeping the insurance costs low failed convince the listeners, as premium is based on risk. In the end, storing accumulated works of art in a single location would make Luxembourg Freeport just as pricy as Geneva. The Freeport was pitched as a one stop shop for storage, sales, exhibition and restoration for high net worth individuals, but one could argue that it is simply an elegant warehouse.
We look forward to hearing to what the feedback will be at the Luxembourg conference. Hopefully the presentations will explain how the management is going to live up to the promises given at the Art Business Conference.