An innovative art storage and display warehouse has recently been unveiled in Harlem, New York. It is claimed to be the first tax free zone within the state, allowing art collectors save substantial sums on tax. The new facility has a security system that seems to belong in an action movie and is aptly named ARCIS, which is Latin for fortress.
Image source: http://www.arcisartstorage.com/
In the aftermath of Superstorm Sandy in 2012, a number of lawsuits were filed against art storage companies alleging negligence. Insuring art within the notorious flood and surge zones in New York has been a nightmare ever since. ARCIS lies outside of these zones so management has been able to secure insurance for up to $3 billion worth of art. It has state-of-the-art systems such as iris and vascular scanners, contemporary climate control that changes the air three to five times a day, humidity control using reverse osmosis – and is built to be environmentally friendly.
The management team declared that ARCIS has been granted Foreign Trade Zone designation by US Customs and Border Protection, so items stored there will, in theory, enjoy special tax treatment within the US. Free ports, such as ARCIS, have traditionally been built in tax havens, such as Singapore, Geneva and Luxembourg. The first US freeport art storage opened in 2016 Delaware in 2016.
ARCIS’s Director of Operations, Kevin Lay, believes that “with state-of-the-art technology and customized, full-service solutions, ARCIS will set a new paradigm for the industry…” The art world too, it seems, is excited to experience the benefits of the facility which has raised the bar for global art storage and security standards.
