Art dealers, collection managers and art collectors are constantly increasing. Most of them participate in many events such as art fairs in order to put their works in the spotlight. This explains the increase in demand for warehousing services in recent years. Professionals are looking for a solution that guarantees the security of their property, but also offers advantages in terms of taxation.
Storage in a free zone: the best solution to take advantage of the suspensive VAT regime
The general tax code in France stipulates that, like consumer goods, works of art are subject to VAT. However, there is a suspensive VAT regime which exempts collectors who do not fully dispose of their works. In other words, if you own a collection of works of art, you are systematically exempt from the taxes to be paid on these objects when you waive your rights as the owner of the works. The principle for taking advantage of this suspension is to store your works in a free zone and provide proof of this.
For your works of art, you should contact a specialist in the storage of works of art located in a region where the suspensive VAT regime applies. Note that any sale made in a showroom in a free zone also benefits from this very attractive exemption. Furthermore, this suspensive measure applies to all stored collections. Pieces of art from other countries outside the European Union such as the USA, the United Kingdom or Switzerland can also benefit from it.
Choose a storage solution that guarantees the safety of your objects
The choice of storage location is based on the level of security in place. Objects must be under constant surveillance. Similarly, regular checks are necessary to ensure the good condition of equipment subject to damage due in particular to factors such as dirt or humidity.
A storage area equipped with a fire-fighting device
The appropriate place to store your works of art must imperatively be resistant to fire. Make sure that the premises are equipped with fire protection devices to guarantee the protection of your collection of works. Some centers also have an alarm signaling the appearance of smoke. The presence of different devices is the insurance to preserve the aesthetic state of your goods.
A well-guarded storage space
Works of art are among the most coveted objects. They must therefore benefit from the greatest protection. Before entrusting the surveillance of your goods to a professional, make sure that the place where they will be stored is located in a safe area. Then check the safety devices that are installed. The presence of an anti-theft alarm is essential in a work of art warehouse. This is the first factor to control. Video surveillance is also crucial to keep an eye on the equipment at all times.
Warehouse humidity and temperature control
Given their fragility, works of art generally require stable storage conditions. It is therefore essential that the temperature and humidity are checked regularly. Consider a backup solution to take over in the event of a power outage. If you have items that require specific environmental conditions, the warehouse should have a separate space where it will be possible to make special settings. With regard to the transport of the parts, thermal conditions must also be respected. It is therefore wise to use air-conditioned trucks to transport the parts.
A few criteria for choosing an ideal location for storing works of art
The most suitable storage location must meet a few criteria. At first, it is advisable to avoid places exposed to the risk of disasters such as fires or tornadoes. Warehousing professionals located in earthquake or flood prone areas are also to be avoided. If the establishment is located near a risk area, check that it adopts the necessary measures to protect your property in the event of a problem. An evacuation plan must be provided to ensure rapid transfer of works of art in the event of a fire, flood or any other problem.
As you will have understood, collectors have the possibility of contacting various storage professionals to preserve their works of art. To be spared taxes, a storage location located in a free zone is however preferable. In terms of security, the presence of different devices will be necessary.