South Korea is taking a big step in the art world by building Arshexa Freeport, a huge building for storing art. Let’s learn more about this huge, multimillion-dollar project that wants to become Asia’s art hub.
Arshexa Freeport: The Huge Art Storage Building
Arshexa Freeport isn’t like other storage units. It’s a huge project that takes up a whole million square feet and is located near Incheon International Airport. This South Korea project, which is being run by Arshexa, wants to be one of the biggest places in the world to store art. It will have 138 rooms of different sizes spread out over five stories and a basement. It should be finished in 2026. For the next 30 years, Arshexa has the exclusive right to run this huge machine.
Arshexa Freeport: An Investment Worth Millions of Dollars
This huge art storage center costs an unbelievable $283.3 million, and it built by a group of eight companies. Arshexa has even teamed up with the Luxembourg High Security Hub to get development help from experts. The building process will begin in April of next year, as part of a bigger plan.
The Dream of the Art Hub
Setting up an Art Hub at Incheon International Airport is the bigger goal, and Arshexa Freeport is just one part of that. Lee Woohyung, executive director of Arshexa, wants this hub to be a place where art-related groups from around the world can easily take part. The idea is more than just storage; it also includes plans for places to eat, galleries, museums, art fairs, and places to hold exhibitions. Watch this space for the airport’s plan and calendar.
Arshexa Freeport: The art scene in South Korea is growing.
South Korea’s art market reached an all-time high of over ₩1 trillion ($812 million) in 2022. New private buyers and the growth of auctions and art shows, like the successful launch of Frieze Seoul, are to blame for the rise. The UBS Art Basel study says that South Korea only has a 1% market share by value, despite its success.
Taking Care of the Need for Good Storage
In Asia, there is a lot of demand for excellent places to store art. This kind of area is already present in Hong Kong, Singapore, and Beijing, but South Korea wants to make it even better. People don’t like the size or quality of service at the neighborhood storage facilities that are already there. Arshexa’s Lee Woohyung stresses the need for better tools to help the art market keep growing quickly.
Having a strategic advantage in zero tariffs
South Korea has a strategic edge in the art world because it doesn’t charge any taxes on artworks. There is no tax on works by live Korean artists or that cost less than ₩60 million ($46,201). But works worth more than this amount or not made by a living Korean artist taxed at 22%. This makes Arshexa Freeport an important part of the country’s art scene.
Finally, Arshexa Freeport is more than just a place to store things; it’s an important part of South Korea’s plan to become a global art hub. The art world is very excited about how this project could change the culture landscape of Asia as it starts to be built.