Roberts, Joanne (2024) Art, financialization and free ports. In, Joy, Annamma (ed.) Sustainability in Art, Fashion and Wine: Critical Perspectives. Berlin. De Gruyter, pp. 115-133. (doi:10.1515/9783110783933-006).
Abstract
This chapter examines the transformation of works of art into financial assets through the use of free ports, which store artworks and other valuable collectables. Although the purpose of art is more than financial, in that it has aesthetic and emotional value as well as cultural significance, over recent decades the possession of art for financial gains and as a store of value has increased. This process of financialization has been supported by the expansion in number of free ports, which store artworks and other valuable collectables while also offering significant tax advantages. Moreover, the spread of free ports offering specialist services for the storage of fine art and luxury collectables has encouraged the further financialization of art. The trend towards the financialization of art may be viewed as indicative of the de-artification of cultural goods. This process is promoted by free ports and several other factors currently influencing the art market.
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