- ‘The Geneva Free Port, behind barbed wire, is crammed with storage vaults that contain some of the most exquisite artworks ever made, tucked away where they may not be seen for decades.’
“Free ports originated in the 19th century for the temporary storage of goods like grain, tea and industrial goods. In the last few decades, however, a handful of them — including Geneva’s — have increasingly come to operate as storage lockers for the superrich. Located in tax-friendly countries and cities, free ports offer savings and security that collectors and dealers find almost irresistible. (Someone who buys a $50 million painting at auction in New York, for example, is staring at a $4.4 million sales tax bill. Ship it to a free port, and the bill disappears, at least until you decide to bring it back to New York.)”
Nytimes.com/…one-of-the-worlds-greatest-art-collections-hides-behind-this-fence.html
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