Shanghai’s West Bund Group, the developer behind the Xuhui Waterfront cultural corridor, has signed a memorandum of understanding with Euroasia Group, the Swiss logistics business, to build a second, larger, bonded art storage facility in Shanghai by 2018. The 5,000 sq. m tax-bonded West Bund Art Storage that opened in 2014, in partnership with Euroasia’s Singapore Le Freeport, will receive an upgrade, while the new 25,000 sq. m Le Freeport West Bund will include exhibition and transaction spaces along with storage. Tony Reynard, the director of Euroasia, says he expects to attract “auctions, events—mostly fairs—that can be held in a [single] facility with suspended taxes.
