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Christie’s Announces Expansion of Fine Art Storage Services to New York, Singapore

by WorthPoint Staff (05/05/10).

NEW YORK – Leading global art business Christie’s has announced the opening of two new highly-secure storage facilities in New York and Singapore this spring, expanding its fine art storage service established over 25 years ago in London to become the only global provider of its type with facilities on three continents.

Ask A WorthologistChristie’s Fine Art Storage Services (CFASS), a wholly-owned subsidiary which operates independently from the rest of the auction house business, provides state-of-the-art, custom storage solutions for fine art, antiques and other valuables to collectors, galleries, museums and auction houses all around the world. The expansion of CFASS is part of Christie’s global business strategy to invest in key diversified businesses that together provide a portfolio of vertically-integrated art-related services to clients worldwide.

Slated to open for business later this spring, CFASS New York is a 235,000-square-foot facility located in Brooklyn, while CFASS Singapore is a 6,000-square meter facility housed within The Singapore FreePort, scheduled to open in mid-May. Together with CFASS’s existing London facility of 10,000 square meters, the three facilities offer advanced systems and controls to ensure the utmost in safety and security for all manner of fine art and collectibles, including air filtration, humidity, and temperature controls, fire suppression systems, electronic monitoring systems, biometric identification technologies and wireless barcode scanning systems to track the movements of all managed holdings. CFASS facilities are custom-designed to accommodate items from the smallest paintings and photographs to vintage cars and large-scale sculptures.

CFASS Singapore has the additional ability to store wine in its climate-controlled cellars and jewelry in safety deposit boxes within its vault.

“As the market value of fine art and antiques items continues to increase within the ever-expanding global art market, Christie’s recognizes the growing need among individuals and institutions to identify a secure, responsible means of protecting their most valued possessions,” said Joseph Stasko, international managing director of CFASS. “We are pleased to now offer independent, confidential and highly-secure solutions to clients throughout Europe, Asia and the Americas through the addition of our state-of-the art facilities in New York and The Singapore FreePort.”

Each of the three CFASS facilities will offer clients a customizable menu of highly-secure storage options, from individual private units, to managed warehouse storage with online access to images and property details, to managed private units—a hybrid service in which CFASS monitors and manages a collection of items on behalf of individual clients within their own private unit. Unlike many storage facilities that charge clients on an à la carte basis for moving items or taking in property, CFASS is dedicated to a “one-price” approach based on the type of service desired and unit area. Among the many complimentary services that will be provided to all CFASS clients is the receipt of client’s property and delivery to their storage unit, preparation and installation of a client’s property for formal viewing in one of the facility’s galleries, and coordination with the client’s preferred shipper for the release of their property. In addition, all CFASS clients will have the ability to manage their accounts online and schedule incoming and outgoing shipments, from wherever they are in the world.

CFASS also offers its clients loss damage liability coverage for property stored at any of its facilities.

CFASS has entered into a 50-year-lease of the 235,000-square-foot facility in the Red Hook section of Brooklyn. This iconic building, formerly known as the New York Dock Co., has been completely renovated to house a highly-secure, state-of-the-art storage facility. Top-of-the-line environmental controls, simultaneous on-site and remote monitoring by two independent security centers and back-up power generators provide a reliable and safe environment for the care of art, antiques and collectibles. Located across from Governor’s Island, with views of both downtown Manhattan and the Statue of Liberty, the CFASS New York location is easily accessible from major transportation hubs. The stand-alone structure is constructed of fireproof concrete and steel, and is bounded by a secured perimeter with tightly controlled access and 24-hour security. Custom storage rooms range from 100 to 15,000 square feet, with expanded height clearance for large sculptures and works of art.

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