Bloomberg celebrates the opening of the Singapore Freeport and Christie’s enormous 30,000 sq. ft. facility near Changi airport:

“In the short term, Singapore might not be able to compete with Hong Kong as an arts hub because it needs time to build this up,” said collector and My Humble Art Space Chief Executive Michael Wang. “But once Singapore starts with this, it won’t be slow.” […]

“The art market in Asia is growing as fast as the regional economy,” said Alain Vandenborre, president and co- founder of the project with chairman Yves Bouvier, who is also head of Geneva-based fine-art shipping company Natural Le Coultre. “Singapore is probably the only place like Switzerland that offers the required stability, neutrality and security.”

The list of storable items at the Freeport is extensive, including fine art, jewelry, watches, diamonds, precious metals, antiques, vintage cars, wine, cigars, carpets and confidential documents. Space in the building is already 98 percent leased, and the company is planning to add another 25,000 square meters, much of which has already been reserved, Vandenborre said.

Wealthy Store Gold, Art Inside Singapore’s Tax-Free ‘Fort Knox’ (Bloomberg)