Art collectors, get ready to fork out at least $4,000 to store that masterpiece in famed auctioneer Christie’s new storage centre with climate-controlled rooms.

That centre will be housed in the Singapore FreePort – a high-tech warehouse that does not charge Customs duties or taxes – which starts operating in two months.

Its charges are estimated to be two to three times more than those of conventional art-storage facilities here.

This is because of the need for an import permit, as well as higher rental and storage costs.

Once it’s up and running, the Singapore FreePort is likely to house about 4 million euros’ ($8.3 million) worth of art pieces, cars, cigars, fine wine and branded watches, said its president, Mr Alain Vandenborre.

All will be tucked away in the facility’s strong rooms, security vaults and a six-storey basement wine cellar.

Corporations have already booked 90 per cent of the available space, including that of Christie’s, which took 40 per cent.

Freeports in the Swiss cities of Geneva and Zurich house about US$8 billion ($11.1 billion) of items.

The almost $70-million Singapore FreePort is sited near Changi Airport Terminal 3. It spans 22,500 sq m, roughly the size of five football fields.

A second part of the facility, measuring 24,000 sq m, will be completed in 2014.

Art-storage companies here are unfazed by the newcomer.

The Singapore FreePort will probably cater mainly to American or European businesses with operations in Asia, said Mr Dick Chia, managing director of art logistics firm Helu-Trans.

Businesses like Helu-Trans, which cater mainly to Singapore and South-east Asian customers, “will not be affected as our clients are very different”, he said.

Helu-Trans is one of only two companies here dedicated to art storage, and its storage facility is about 90 per cent filled at any time, Mr Chia estimated.

StorHub, which gets about 20 per cent of its business from storing art pieces, and whose facility is about 75 per cent filled at any time, is equally upbeat.

Its vice-president of corporate communications, Dr Candice Chia, said: “The FreePort’s opening provides a strong platform for art galleries, business investors and emerging artists to come to Singapore.”

Larasati Auctioneers’ chief executive, Mr Daniel Komala, added: “The FreePort’s presence can attract more people to store pieces in Singapore, and hence draw related businesses like those in the valuation, restoration and insurance lines.”

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