World's largest artwork bonded warehouse starts operating

The Shanghai International Artworks Bonded Service Center goes into operation in Waigaoqiao Free Trade Zone in Pudong, Shanghai, on Sept 24. [Photo/pdtimes.com.cn]

The Shanghai International Artworks Bonded Service Center opened its doors for business in Waigaoqiao Free Trade Zone in Pudong, Shanghai, on Sept 24 –marking a significant step to build Shanghai into one of the world's important art trading centers.

Covering a total area of 68,300 square meters, the exquisitely designed building is the largest comprehensive art bonded warehouse in the world, officials said.

It has six major operating areas including warehousing and logistics, exhibitions, auctions and purchasing, evaluations and appraisal, copyright services and financial services.

Official statistics reveal that as of 2018, Pudong was home to more than 1,300 cultural and creative companies above a designated size – meaning they had annual revenue of 20 million yuan ($2.8 million) or more – with total annual operating income exceeding 360 billion yuan.

The interior of the new Shanghai International Artworks Bonded Service Center in Waigaoqiao Free Trade Zone in Pudong, Shanghai [Photo/pdtimes.com.cn]

Officials said that on the same day a copyright service center of China (Shanghai) Pilot Free Trade Zone was established.

Supported by the National Copyright Administration of China and the Shanghai Municipal Press and Publication Bureau, the center aims to deepen reforms of the Shanghai FTZ and create a favorable environment for intellectual property protection in Pudong.

World-renowned auction houses, art galleries and financial institutions also inked strategic agreements with Shanghai FTZ International Culture Investment and Development Co – to further cooperation in artwork logistic warehousing and work together on exhibitions, intellectual property, copyright services and financial services.