News

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  A New Standard for Art Storage, The FreePort Seoul

  

  [artnow 45] This year June, as South Korea's first art storage, 'The FreePort Seoul', the innovative space within a free trade zone, offers the long-term, tax-free storage of valuable collections, especially artworks.
  
  Free trade zones are the ideal location for specialized art storage facilities. The proximity to airports reduces transportation time and costs. Furthermore, they are exempt from relevant trade tax regulations such as custom tax and VAT. Lastly, the high security levels of free trade zones provide a favorable environment and conditions for storing sensitive and valuable artworks. Port Francs in Geneva, Switzerland, where one of the largest art storage facilities in the world is located at, is known to house over a thousand works by Pablo Picasso. Major international art storage facilities are actively operating in key art & trade hubs such as New York, Luxembourg, Monaco, Singapore, and Hong Kong.
  
  South Korea's first art storage facility in a free trade zone, 'The FreePort Seoul', is set to open in June 2024. Located on the 5th and 6th floors of the Spasys1 logistics center, which is only a 10-minute drive from Incheon International Airport and restricted to pre-registered vehicles only, the storage space spans an area of 8,909 m2. It is the largest art storage facility in Asia within a free trade zone and features a ceiling height of 10 meters, making it suitable for storing large-scale sculptures and installations in their original form. Furthermore, the facility can securely store not only artworks but also other valuable collections such as watches, jewelry, wine, and clothing. Compared to existing freeport storages in neighboring regions, The FreePort Seoul holds a clear geopolitical advantage over Hong Kong, which is politically and socially unstable, and Singapore, where the cost of building & maintaining the facility is essentially higher, and the art transaction value is only a tenth of Korea's. 
  
  “ Our mission is to preserving the treasures of our clients."
  The FreePort Seoul's CEO, Oun soo Jun, has been working as an art dealer for over 30 years, introducing and consulting major art institutions like the National Museum of Korea, Leeum Samsung Museum of Art, as well as key international galleries. His expertise further lies in researching and uncovering ancient art, as well as repatriating Korean cultural heritage assets from abroad. Through invaluable personal experiences in the art industry, he recognized the need for a space that can safely store such 'treasures' for long periods, acknowledging and preserving their value.
  
  "I have personally felt the rapid expansion of South Korea (specifically Seoul)’s art market towards the center of the global art market. However, the standard of art storage facilities and other infrastructure related has not kept pace to such growth. I wanted to build a storage system in Seoul that aligns with the city's stature as a cultural and artistic hub. One that meets the highest global standards," said Oun Soo Jun. His vision aligned with MXN Technology, the parent company of Spasys1, which operates logistics hubs in major cities worldwide. This background enabled the creation of a world-class art storage, leveraging a global network, logistics systems, and innovative services such as utilizing digital technology. Additionally, an extensive operation & management insight will be incorporated via a partnership with global art storage and transportation company, experienced in operating large-scale storage facilities in Asia. 
  
  The FreePort Seoul maintains constant optimal range of temperature and humidity and incorporates protective measures to prevent vibration, adhering to the fundamentals required for preserving and securing artworks as a professional art storage facility. A multi-layered security system begins from the entrance of the free trade zone, begins. Furthermore, the gaseous fire suppression system designed to minimize damage to artworks and thoughtfully planned layout ensure the safety of the artworks and the privacy of the clients. Unlike storing artworks at home or in a separate dedicated space, where there is a high risk of no insurance coverage for the unexpected damage/accidents, art insurance is always covered at our storage. Lastly, an option of paying and storing artworks per piece basis provides a more cost-effective solution for private collectors compared to renting by an area.
  
  As a leading art storage facility in Asia
  Visitors to The FreePort Seoul can view the actual art storage spaces, where artworks are kept, through the open windows on the 6th floor of The FreePort Seoul’s stroage. However, access to the 5th-floor storage space is restricted to essential personnel only, suggesting a 'see, but don't touch' approach, like a museum or gallery. The area of nearly 10,000m2 storage is divided into three main sections: art storage space, workspace, and moving pathway, reflecting a design optimized for security and art preservation. 
  
  In addition, The FreePort Seoul offers a 'viewing room' service that allows customers to personally view artworks they are storing. Clients. who have stored artworks, can make an appointment in advance, and The FreePort Seoul team will set up the works in the space, enabling clients and their relevant acquaintances to enjoy and appreciate the actual artworks together. The FreePort Seoul plans to establish separate viewing room spaces not only within its premises but also in the Gangnam area of Seoul. Furthermore, all services offered by The FreePort Seoul, from all the steps during the artwork handling & transportation (such as condition check, pick-up, check-in, packing and storing in), and the viewing room service, can be conveniently requested and monitored through a mobile application.
  
  The FreePort Seoul, set to open in June, plans to start accepting pre-bookings prior to the opening. Clients, who participate in the pre-booking, will receive various benefits. "Beyond mere economic benefits, we will offer the pride of being the pioneers of the groundbreaking art storage facility in Korea," said CEO Oun Soo Jun. As the Korea art market grows, The FreePort Seoul aims to firmly establish itself as a leading art storage facility not only in Korea but also in Asia.
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  A brief respite for art, by Oun Soo Jun, CEO ofThe FreePort Seoul

  

  [LUXURY2024.02] Set to open in the first half of the yearin the Incheon Free Economic Zone, 'The FreePort Seoul' is the Asia's largestart storage facility. We met with Oun Soo Jun, the leader from planning toopening of the service, to delve deeply into the details.
  
  Mr. Jun's decision to open an art storagefacility in Korea wasn't made overnight. Having worked over 30 yearscollaborating with galleries, museums, and exhibition planners as an artadvisor, Mr. Jun is an expert in many areas & genres of art, especiallyChinese art. Throughout his career, introducing antique & artefacts and otherrelated paintings to Korea, he always felt a void due to the lack ofprofessional art storage facilities in the country. Witnessing the elevation ofKorea's art market to a global level with the opening of 'Frieze Seoul' twoyears ago, Mr. Jun sensed it was the right time to fulfill the needs ofgalleries, collectors, and the industry alike. Now, after a long period ofpreparation, he is set to open the doors to Korea's unique art storage facilityin the Incheon Free Economic Zone.
  
  Q. We are looking forward to the opening ofthe art storage facility 'The FreePort Seoul' soon. What kind of art storage isthis?
  A. Over the past few years, Koreahas rapidly emerged as Asia's new 'Art Hub', significantly aided by the entryof the global art fair 'Frieze' into Seoul. Noting the expansion of the market,numerous leading international galleries from around the world have entered,and the number of collectors has surged. In line with this trend, 'The FreeportSeoul' aims to offer art storage services of international standards, securing top-notchprotection for dearly held artworks of domestic and international privatecollectors, galleries, art fairs, and auction houses.
  
  Q. What are the advantages of the IncheonFree Economic Zone?
  A.  Artworks generally move via airtransport. Even when they arrive at the airport for an art fair, auction, orinternational exhibition from any country, they cannot be directly taken to theexhibition space for installation. Instead, they are stored at another locationuntil the scheduled event. Currently, in Korea, there are small storagefacilities scattered around areas near Seoul, such as Paju. This makes theprocess of importing and exporting artworks both complicated and costly,including transportation and administrative handling. In contrast, The FreePortSeoul, located in the Incheon International Airport Free Economic Zone, has obtainedthe Global Distribution Center (GDC) operation rights, allowing both domesticand international artworks and clients to be exempt from customs and VAT. Thisbenefit also extends to other collectibles, such as furniture and clothing,which are not typically classified as art. Another significant advantage is theability to safely transport to the international airport. It's alsoconveniently located within an hour's reach of Seoul's major galleries, auctionhouses, museums, and exhibition halls.
  
  Q. I've heard it's the first of its kind in Korea andthe largest in Asia.
  A. We are currently located at the logistics hub 'Spasys1'.It recently completed the new warehouse in August 2023, and ‘The FreePortSeoul’ is set to open this spring on the 5th and 6th floors, coveringapproximately 9,820㎡. However, there are plans toexpand up to 22,650㎡ in the future. It's certainly thelargest single unit art storage facility in Asia. Artworks are not standardizedin size, so we've secured an expanded space that can safely accommodate varioussizes and forms. The interior is designed in a way that allows for a view fromthe 6th floor down to the 5th-floor storage. One aspect I want to furtheremphasize is the ‘gaseous fire extinguishing system'. Most storages orcontainers in Korea use water spray systems, which can be ironically fatal forart works in case of fire. While fires should obviously be prevented, we'veenhanced safety with a gaseous fire system to ensure that in the event ofsuppression, only the packaging may need replacement, preserving the artwork asmuch as possible.
  
  Q. Lastly, is there anything you would particularly liketo emphasize?
  A.  Traditional storage facilitiesor containers have been priced based on area(㎡), whichoften made it burdensome for individual collectors to use. We aim to provide a'per piece' pricing model, allowing even a single artwork to be stored at ease.This means the storage service can be tailored reasonably according to thenumber of pieces and the duration of storage. Additionally, we are developingan integrated app that allows customers to precisely locate their artworkswithin the vast storage space and handle them directly. The plan is to enablethe registration of artworks and allow users to log in using facial orfingerprint recognition, and then move, view, or manage their artworks anywhere& anytime. Ultimately, our goal is not just to safely store artworks butalso to offer a service that allows for active verification and convenientutilization of the stored artworks.
  
  [Read more]
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  The story of art, tea and human - Oun Soo Jun, CEO of The FreePort Seoul

  

  [TEAinK vol.1] Met with CEO Oun Soo Jun, who has devoted nearly 30 years to researching and discovering ancient art. His recent project of 'The FreePort Seoul,' the largest art storage facility in Asia, is indeed really fascinating. He wishes to share exciting stories about his project with more people at his private tearoom in Gahoe-dong.
  
  Q. Tell me about yourself
  A. I graduated with a degree in Chinese and started working at the Kumho Cultural Foundation. There, I was involved in acquiring artwork. I resigned during the IMF crisis while I was working. After that, I completed my master's in Art History at Dongguk University. It was then I seriously began working in an art industry. I focused on repatriating artworks of our nation from overseas and introduced them to renowned national and private museums such as the National Museum of Korea and the Leeum. I've been in the industry for 30 years now. I even ran the Bukchon Art Museum for nearly 10 years. Now, I am operating the ‘Chinese Art Research & Consulting’ and 'The FreePort Seoul'.
  
  Q. What kind of work does ‘Chinese Art Research & Consulting’ do?
  A. Scholars and researchers in East Asian art consider Chinese art to be the foundation of East Asian art. Based on Chinese art, Korea and Japan have each created their unique styles, and these characteristics have evolved to form what they are today. The ‘Chinese Art Research & Consulting’ focuses on intensively researching Chinese art and collecting various related research materials. Based on these materials, it primarily conducts research on the art history of East Asia beyond China, the flow of art, and historical art pieces.
  
  Q. How did you come to establish the ‘Chinese Art Research & Consulting’?
  A. Having majored in Chinese and with an interest and passion in art, I began collecting specialist books related to Chinese art. Since then my interest and passion for Chinese art have deepened even further, and my interactions with people in the related industry expanded. As I began to gain recognition, I wanted to study Chinese art more professionally, which led to the establishment of the ‘Chinese Art Research & Consulting’. She not only serves as a business conduit but also as a gathering place for experts of Chinese art, people seeking for detailed information or those who are enthusiasts. Here, we share stories, conduct research, and have gradually established our presence.
  
  Q. Do you have any memorable experiences from running the ‘Chinese Art Research & Consulting’?
  A. Through the ‘Chinese Art Research & Consulting’, there have been many activities related to ancient art from Korea, China, and Japan. While we did a lot of publishing articles and introducing many fine artworks, a significant part of our work involved repatriating various artworks. We discovered Korean cultural assets located overseas and brought them back to Korea. Furthermore, we donated Chinese National Treasure, found in Japan, Europe, and the USA, to the National Museum of Beijing. I am proud to share that I am the only Korean donor who has made donations to the Taipei National Palace Museum so far.
  
  Q. I heard that the repatriation of artworks is difficult.
  A. The repatriation of artworks is indeed very challenging and intense. Firstly, it is extremely difficult to locate & identify the treasures and even ascertain their value, but the real challenge is actually bringing the artworks to their origins. While it's true that a huge sum of money is needed to acquire them in the first place, there are many problems that can't be simply solved with the funds. Significant effort, in terms of person-to-person network and relationship, is required, and such build up takes a long time even for a single artwork. At times, it takes longer than 2-3 years.
  
  Q. Why do you find ancient art fascinating?
  A. Continuous exposure to artworks led to a wealth of experiences. Incessantly interacting with highly valued artworks enhances my discerning palette for art, easily speaking more “refined” my eyes become for art, the more you appreciate their charm. As you fall deeper into the allure of artworks, you strive to encounter and handle better pieces. Even after working in this field for a long time, it's not always easy to come across great works. I believe growth is difficult if you don't encounter outstanding works, as the thrill and sense of achievement in handling masterpieces are immense. There's also a sense of fulfillment when the pieces you've worked hard to bring in are displayed in museums or galleries. Introducing the artworks I've painstakingly acquired to the public is challenging, but it brings a great sense of accomplishment.
  
  Q. I heard about the recent project of yours “The FreePort Seoul”.
  A. Until now, South Korea didn't have a specialized storage facility for artworks for public. Hence, we decided to open a professional art storage facility spanning approximately 26,400 square meters in the freeport (duty-free) zone of Incheon Airport, remarked as the largest in Asia. As Seoul is increasingly becoming an art hub, there is a strong demand for an art storage facility where various artworks can be safely stored and transported conveniently. The FreePort Seoul offers every condition required for storing artworks from constant temperature and humidity control to geographical advantages, ensuring both safety and location benefits. Furthermore, The FreePort Seoul's storage facility offer such service not only for artworks but also for storing other collectibles such as wine and luxury goods.
  
  [Read more]
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  The FreePort Seoul, The Asia's largest storage for art collection, will open this April.

  

  "The global art market is pivoting towards South Korea. 'The FreePort Seoul' is set to become the largest art storage facility in Asia’s Free Trade Zone,"
  
  Jun Oun Soo, the CEO of The FreePort Seoul (also the current CEO of the Chinese Art Research & Consulting), has been working as an art dealer for the past 30+ years. The FreePort Seoul’s specialized art storage facility within the Incheon International Airport Free Trade Zone is expected to be in service in April of 2024. The space takes up the entire 5th and 6th floors of the recently completed Global Distribution Center (GDC) facility called 'SPASYS1'. This marks the first time ever for an art storage facility built in a domestic free trade zone in South Korea.
  
  During a recent meeting with Maeil Business Newspaper at SPASYS1, Mr. Jun emphasized that "The FreePort Seoul, being adjacent to the airport and not subjected to various trade restrictions, provides an adequate environment for cross-border trade. Additionally, it offers a secure space, free from potential deteriorations, even for the long-term storage." He further explained, "The main client targets are international galleries dealing with Korean collectors and both domestic and international collectors who wish to safely store numerous high-value artworks."
  
  With a total floor area of 21,107 square meters (approximately 8,284 PY), The FreePort Seoul will utilize around 2,970 PY for storing artworks. As the largest single art storage facility among the facilities located at Free Trade Zone in Asia and the largest among domestic art storage facilities, it can also be utilized as a temporary storage facility for globally renowned masterpieces entering South Korea for crucial art events such as 'Frieze Seoul.'
  
  [Read more]
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  Oun Soo Jun, CEO of The FreePort, said, "We opened the largest art storage facility in Asia at Incheon Airport."

  

  [Maeil Business News Korea] "The global art world is looking at the Korean market, and The FreePort Seoul will be the largest freeport art storage facility in Asia."
  
  Oun Soo Jun, who has been an art dealer for the past 30 years and president of the China Art Institute, plans to open a specialized art storage facility in the Incheon International Airport Free Trade Zone next April. The art vault will be located on the 5th and 6th floors of the Global Distribution Center (GDC) facility Spasys1, which was completed last August. This is the first time an art storage facility has been built in a free trade zone in Korea.
  
  "The FreePort Seoul is adjacent to the airport and is not subject to any trade restrictions, which is advantageous for cross-border transactions, and artworks can be safely stored for a long period of time in an environment where there is no risk of deterioration," Jun told Maeil Business at Spasys1. "Our main targets are overseas galleries catering to Korean collectors and domestic and foreign collectors who want to safely store a large number of high-value works."
  
  Spasys1 has a gross floor area of 27,107 square meters, of which The FreePort Seoul uses about 9,820 square meters. It is Asia's largest single art storage facility in a free trade zone and the largest specialized art storage facility in Korea. It can also be used as a temporary storage facility for world-class artworks that come to Korea for special exhibitions or international art fairs such as 'Frieze Seoul'.
  
  [Read more]
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  “Art is not just about storage, it’s about the ability to preserve it.”

  

  Finally, the fifth and sixth floors of the warehouse are a space that MXN has taken so seriously that it has created a separate brand called The FreePort. Comprising around 15,200 square meters, or about half of the total warehouse floor space, it's dedicated to handling collectible goods that can fetch higher prices when "resell," such as art, wine, whiskey, and limited edition sneakers.
  
  "The main commodity that we will be storing at The FreePort will be 'fine art', because it is important to have the ability to not only store it, but to preserve it. I think it will also allow us to expand our business on the financial side of the artwork.
  
  The people we want to serve are collectors in the Chinese market. When they buy artworks in Hong Kong, they often have to store them in Hong Kong storage because they can't move them to mainland China due to various issues.
  
  If they use our freeport, they can store them without customs duties, and if the artworks are sold later, the logistics can be handled at once.
  
  The space is expected to be fully operational in the second quarter of next year, and we are currently in the process of signing on galleries and auction houses.
  
  In the future, The FreePort will expand the center to include not only art, but also sneakers, wine, whiskey, and other belongings, each of which will be stored digitally based on our technology, MintCode, to provide unprecedented collectible logistics services."
  
  - Hyunseung Hwang, CSO, The FreePort
  
  [Read more]
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  Launching in Q2 2024, They will impact the Asian art market

  

  The FreePort announced today that it is building a facility with the goal of launching the service in the second quarter of 2024.
  
  The FreePort is a 9,800㎡ storage facility in Spasys1, which was completed in August. Located in the Incheon International Airport Free Trade Zone, The FreePort will utilize its geographical advantage to serve Asian customers and is an alternative to the already saturated Korean vault scene, even by domestic standards.
  
  The FreePort will be equipped with facilities and systems to meet the needs of its clients, including global art fairs and auction houses, Asian collections, wine and fashion. To this end, experts in each field are gathering to build the service, and although the company has already secured a number of customers who want to sign contracts, it is targeting the second quarter of 2024 for the ultimate completion of the service.
  
  The FreePort's most anticipated service is a customized space for individuals. This is a must-have for collectors building their own collections, but at a time when Singapore, Hong Kong, and other once-strong Asian markets are facing domestic and international challenges that threaten their stability, The FreePort could become the new hub for high-value collectibles.
  
  "The FreePort will set a new standard for storage services in Asia beyond Korea," said a representative from The FreePort, emphasizing that the facility's combination of customer-centered design and services, Incheon Airport's infrastructure, and the strength of Korean IT technology is what sets it apart."
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  The FreePort Seoul passes completion inspection

  

  The FreePort announced today that it has completed the completion inspection of its new storage facility in the Incheon International Airport Free Trade Zone.
  
  The FreePort is located within Spasys1, a global logistics center that began construction in March 2022. The FreePort will occupy the fifth and sixth floors of the approximately 27,100㎡ Spasys1, covering an area of 9,800㎡.
  
  The construction of The FreePort is in line with the rapid growth of the Korean art market in Asia and will address the transportation and shortage issues that many opportunities, including auction houses and global art fairs, face when entering the Korean market.
  
  The FreePort, which is located in the Incheon International Airport Free Trade Zone, will provide all-in-one services for transportation, storage, and installation, not only for art storage, but also for collectibles such as wine and luxury fashion.
  
  "There is still some time until we launch our services after completion, but many clients are already showing interest," said Jun Oun Soo, CEO of The FreePort. "We are not only solving the shortage of storage facilities in Korea, but also striving to become the most prestigious storage facility internationally."