The S.E.G.E.M (Société d’Exploitation et de Gestion des Entrepôts de Monaco) was established in 2012. In the extraordinary culturally dynamic setting the Principality of Monaco offers, and with the security and expertise of Monaco’s financial centre, it was decided to form a storage structure compatible with works of art in order to encourage the development of the art market in Monaco.
Meet Mr. Claude Valion, Vice-Chairman.
Can you describe the S.E.G.E.M for us?
The S.E.G.E.M is a wholly state-owned Monegasque public limited company. It allows storage in Monaco - completely duty and tax free and for an unlimited time - of high value goods imported into the European Union from third-party countries.
It is a customs warehouse which houses individually sealed works of art, collectors’ items and antiques, articles of costume jewellery and jewellery, diamonds and precious stones. Beyond being a warehouse, its vocation is to be a real attractiveness tool for art professionals, galleries, dealers, specialists and collectors, allowing temporary releases for exhibition, valuation or restoration.
What were your initial goals?
We had two goals:
Firstly to help promote Monaco as an art destination. We provide a high performing tool for exhibitions (e.g. Point Art Monaco) and major art or collectors’ jewellery exhibitions (Stardust, Avakian, Christies etc.). By virtue of the security and temporary releases offered, the warehouse allows us to raise the level of exhibitions, which is a plus for Monaco.
Secondly to generate business. We involve many players - clearing agents obviously but also all the workers commissioned by customers for wrapping of their works, maintenance, transport, formalities, insurance, valuations, photographs, banks, security etc. In addition, when a work or object stored at the S.E.G.E.M is purchased by a buyer resident in the European Union, the duties and taxes are payable to the Monaco Customs Office. And when they are calculated on millions of euro, that is not insignificant.
How is the warehouse organized?
It is a highly secured place made up of storage rooms of different size (20 - 90 m2), all of which are equipped with air conditioners and humidity control devices, as well as high security performance gear and equipment connected directly to the Monaco police. There is a room for the presentation or valuation of works in high security conditions.
Who can rent the storage rooms?
Only clearing agents authorized in Monaco are entitled to rent storage rooms in the “Monaco Freeport” warehouse.
These authorized clearing agents are tasked by their customers to perform all operations at the S.E.G.E.M. on their behalf (storage room rental, customs formalities, storage etc.), thus guaranteeing their confidentiality.
The clearing agents are experienced professionals who are attentive to service quality and offer specialist performance, giving the best guarantees.
The warehouse is already full, are there any extension possibilities?
The warehouse has been full since the second half of 2014, which moreover proves that this tool fulfils a need.
At present the S.E.G.E.M covers around 1000 m2 but we want to extend this surface area by 50% very quickly. That suffices for our vocation. We want to be part of developing the art and jewellery market in Monaco and the region, and our goal is not to be in competition with the free ports of Geneva, Hong-Kong, Singapore or Luxembourg which offer tens of thousands of m2 traditional storage space. Our storage rooms are rented to the clearing agents for a minimum period of one year. The goal was for the goods to move on, that is to say exhibited. We are not an additional safe. On the contrary, we offer perfect transparency of our inventories, systematic inspection and identification of the stored goods and a full inventory of what is stored, thanks to room by room material accounting. All with confidentiality guaranteed to perfection. Plus total security of course. With a single goal - to develop the art market in Monaco by generating business.
