The Monegasque company Société d’Exploitation et de Gestion des Entrepôts de Monaco (S.E.G.E.M) was created last summer in Fontvieille. Claude Valion, its President, has a very clear objective. He aims to promote Monaco’s art market.
The customs warehouse, which is the same as a free port in Switzerland and Singapore, exists primarily to provide a service. The strategy is simple. If art professionals and international collectors can store their works of art in Monaco, it will be much easier for them to exhibit and sell them there. The art market will be doped by this, in particular by attracting the major auction houses such as Sotheby’s or Christie’s.
More precisely, the warehouse has several hundred square metres of space, divided into units of 20 to 90 square metres, in which to store highly valuable objects, such as works of art, collectable and antique items and jewellery. Professionals or collectors can bring such precious objects here free of duty and tax and are exempt from providing customs bonds throughout the time of storage. A major advantage of the new company is that objects may be removed from the warehouse temporarily, in particular for exhibition and auction, and be returned afterwards.
The warehouse offers total security inside and the equipment and security procedures have been validated by insurers and by the specialised divisions of the police. An expert evaluation room is located within the warehouse itself. Monaco’s seven authorised customs forwarding agents are the lessees of the units and perform all necessary formalities with the customs department on behalf of the object’s owner. On arrival each object is identified by customs to ensure the complete transparency of operations.
One very promising sign of recognition is that Swiss warehouse professionals are interested in the Monegasque warehouse for the diversification of their own products…
