NEW YORK, NY.- Leading global art business Christie’s 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. Christie’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 artrelated services to clients worldwide.

Slated to open for business later this spring, CFASS New York is a 22,000-square meter 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 jewellery in safety deposit boxes within its vault.

Mr. Joseph Stasko, International Managing Director of Christie’ s Fine Art Storage Services (CFASS), commented: “As the only service provider of its kind with facilities on three continents, CFASS is uniquely positioned to provide private and managed storage solutions to fine art and antiques collectors worldwide. As the market value of these 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. As a top-rated provider of these services in London for over 25 years, 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. Given the exceptional 25-year handling history of its London facility, the quality of the new facilities and the ability to spread coverage over three separate geographic sites, CFASS can offer clients this coverage at rates that often compare favorably to their current insurance premiums.

CFASS GLOBAL FACILITIES

CFASS Singapore – opening May 2010
CFASS Singapore is housed within the new Singapore FreePort, a large-scale freeport facility supported by the Singapore Economic Development Board (EDB) with the Singapore National Arts Council and the National Heritage Board of Singapore among its shareholders. In addition to the customizable roster of services offered at CFASS New York and London, CFASS Singapore also offers specialized facilities for the storage of fine and rare wines and jewellery. Given its location within The Singapore FreePort, CFASS Singapore also offers clients the added advantage of a round-the-clock free-trade zone for the tax-free storage, display, and exchange of property. CFASS Singapore comprises roughly 40% of The FreePort’s Phase 1 floor area available for lease with an option to add capacity in Phase 2 when The Singapore FreePort is completed in early 2014. As one of most advanced of its type in the world, the building is among the first in Singapore to fully integrate systems for solar power, water recycling and energy efficiency and utilize landscaping features and innovative technical systems for climate control. CFASS Singapore is headed by Ms Billie Soh, General Manager, CFASS Singapore.

CFASS New York – opening June 2010
CFASS has entered into a 50-year-lease of the 235,000 square foot (about 22,000 sqm) 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 state-of-the-art, highly-secure 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 tightlycontrolled 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. CFASS New York is headed by Mr. Joel Weinberg, General Manager, CFASS New York.

CFASS London – established 1984
CFASS has been in business in London for over 25 years and is recommended by insurance companies worldwide as the premier storage solution provider for art, antiques and collectibles. CFASS was the first warehouse of its kind in the United Kingdom to be granted “Exempted Status” by HM Revenue & Customs, meaning that property may be imported into the UK and stored at CFASS without incurring import duties and VAT. CFASS London is a 100,000 sq ft (about 10,000 sqm) purpose-built facility and is ISO9001 certified. The space is divided into 275 private and confidential individual storage spaces. All manner of fine art, antiques and collectibles may be stored, with the exception of wine. CFASS London is headed by Mr. Adrian Denton, General Manager, CFASS London.