The Bonded Art Warehouse at Shanghai's Free Trade Zone has opened its doors to the public, presenting a showcase of artworks from renowned masters such as Picasso, Matisse and Renoir.

More than 200 artworks valued at 300 million yuan ($46.94 million), brought to China by 16 galleries from nine countries and regions, are being exhibited at the first Shanghai FTZ Art Fair, which opened on Oct 12.

"We are probably the first art fair in the world taking place in a bonded warehouse," said Jiang Mingwei, general manager of the event's organizer, Shanghai FTZ Culture Development Co Ltd.

As a supporting event for the upcoming fourth China International Import Expo, the fair will take advantage of the policy benefits, professional services and facilities for art trading at the Shanghai FTZ, and introduce more overseas galleries and art institutions to the CIIE, which will take place from Nov 5 to 10, he said.

Earlier this year, Liu Fuxue, deputy director-general of the CIIE Bureau, said that culture and art will be a major highlight of the upcoming CIIE.

The General Administration of Customs had also revealed that more than 190 artworks worth 1.7 billion yuan are expected to be showcased at this year's CIIE, courtesy of the new policies supporting the exhibition and trade of antiques and artworks.

The new policy stipulates that each exhibitor at the CIIE can trade five antiques, artworks or other collectible objects exempt from taxation.

"The policy was announced last year and more institutions are expected to benefit from it this year," Jiang said. "This is expected to significantly increase the trade volume of antiques and artworks at the CIIE."

The Edouard Malingue Gallery will be presenting nine artworks, including paintings by Picasso, Matisse and Renoir, with a combined value of 200 million yuan. According to Liao Wei, director of the Hong Kong-based gallery, this is the first time it is bringing such prized artworks to the mainland.

Liao said she has been impressed by the services provided by the Shanghai FTZ, including customs clearance, storage and insurance.

"The professional services and great hardware and software largely relieved our pressure of bringing into the Chinese mainland these artworks that are usually found in museums," she said.

Following the CIIE, Shanghai FTZ Culture Development will continue to help international galleries to exhibit their works at more art fairs and events in Shanghai.

"We hope to encourage local collectors to buy good art from all over the world, and help Shanghai to become a global center of art trade," said Jiang.