August 14, 2018

Artwork bonded service center to start operation in Waigaoqiao FTZ in Q4 2018

Shanghai International Artwork Bonded Service Center will be put into use at the Waigaoqiao Free Trade Zone in the fourth quarter of this year.

Some foreign leading companies in the art industry have reached a lease intention with the center to rent over 10,000 square meters of the center, according to the Shanghai FTZ International Culture Investment and Development Co.

The artwork bonded service center was born against the backdrop of rising demands in China for international and professional artwork trading, and China has been the second largest artwork trading market in the world since 2012.

The phase-one project of the FTZ Artwork Bonded Warehouse was operational in 2013, and the 68,300-square-meter artwork bonded service center will undertake the function of the second phase.

The west building of the center has six floors above ground and one basement floor. The building’s floor height is 8 meters and its maximum load capacity is 5 ton per square meter, which can host almost any artwork of different sizes and volumes.

The whole warehouse has temperature and humidity control equipment to provide different environment conditions for storing oil paintings, traditional Chinese paintings, and porcelains. It also has more than 100 VIP storage rooms with constant temperature and humidity to meet the demands of different customers.

The second-phase warehouse’s walls are added with 40 centimeters of concrete, making the warehouse a hexahedron safe. Starting from the public area, the warehouse has six technical protections, so it’s basically the safest artwork warehouse in the world, said Hu Huanzhong, chairman of Shanghai FTZ International Culture Investment and Development Co.

Also, the center’s storage facilities have been certified by the UL LLC, and its physical protection has reached the national gold vault, UL Class2.

The Testing Center for Quality of Safety & Police Electronic Products under the Ministry of Public Security, Shanghai FTZ International Culture Investment and Development Co, UL LLC, and Shanghai Tongyi Energy Technology Co have worked together to introduce standards for artwork and valuables’ storage safety and protection.

Teng Xu, chief engineer of the Testing Center for Quality of Safety & Police Electronic Products, said the new standards will support artworks and valuables’ storage, transportation, transaction, operation and maintenance. Together with the FTZ’s advantages, the new standards will also help promote China’s cultural industries.

The import and export volume of cultural products account for 40 percent of the total at the FTZ, which has become an important carrier to build the “Shanghai Culture” brand.

The cultural trade volume of the National Base for International Cultural Trade has reached 35 billion yuan (US$5.078 billion), and the volume is expected to reach 40 billion yuan this year.