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Free ports are places with the ultra-rich store their art antiquities to avoid tax and duties

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Free ports are warehouses where the 0.01 percent stash their collections of “art, antiquities, wine, gold, jewels, and other priceless artifacts and never pay tax on them,” says Wyatt Cavalier in his newsletter, The WC. One warehouse in Geneva holds more than $10 billion in art, never to be seen by the owners, who would rather avoid paying taxes on their Velazquez than look at it. Similar dragon hoards are in Luxembourg, Monaco, Singapore, Zurich, Beijing, and Delaware.

They exist outside the formal jurisdiction of any country; the clients remain anonymous and the assets are kept a secret.

And though you may have never heard of free ports, they’re a big deal in the art world:

  • 28% of artists and collectors have used a free port;
  • 42% of dealers and brokers say their clients use them.

Why use a free port?

If you buy a $10m painting from a dealer in France and want to bring it to the US (or anywhere else, really), you’ll have to pay import duties as high as $2m – $3m. Storing it in a free port gets around this. For around $1,000 per month, you’ll never pay those import taxes on your van Gogh.

Moreover, when it comes time to sell your piece, you can skip sales tax via the free port’s informal economy. The crate moves from your unit to the buyer’s unit, and the money moves from her Swiss bank account to yours.

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40 Random Bits of Trivia About Artists and the Artsy Art That They Articulate – Cracked.com

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40 Random Bits of Trivia About Artists and the Artsy Art That They Articulate  Cracked.com

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John Little, whose paintings showed the raw side of Montreal, dies at 96 – CBC.ca

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John Little, whose paintings showed the raw side of Montreal, dies at 96  CBC.ca

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A misspelled memorial to the Brontë sisters gets its dots back at last

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LONDON (AP) — With a few daubs of a paintbrush, the Brontë sisters have got their dots back.

More than eight decades after it was installed, a memorial to the three 19th-century sibling novelists in London’s Westminster Abbey was amended Thursday to restore the diaereses – the two dots over the e in their surname.

The dots — which indicate that the name is pronounced “brontay” rather than “bront” — were omitted when the stone tablet commemorating Charlotte, Emily and Anne was erected in the abbey’s Poets’ Corner in October 1939, just after the outbreak of World War II.

They were restored after Brontë historian Sharon Wright, editor of the Brontë Society Gazette, raised the issue with Dean of Westminster David Hoyle. The abbey asked its stonemason to tap in the dots and its conservator to paint them.

“There’s no paper record for anyone complaining about this or mentioning this, so I just wanted to put it right, really,” Wright said. “These three Yorkshire women deserve their place here, but they also deserve to have their name spelled correctly.”

It’s believed the writers’ Irish father Patrick changed the spelling of his surname from Brunty or Prunty when he went to university in England.

Raised on the wild Yorkshire moors, all three sisters died before they were 40, leaving enduring novels including Charlotte’s “Jane Eyre,” Emily’s “Wuthering Heights” and Anne’s “The Tenant of Wildfell Hall.”

Rebecca Yorke, director of the Brontë Society, welcomed the restoration.

“As the Brontës and their work are loved and respected all over the world, it’s entirely appropriate that their name is spelled correctly on their memorial,” she said.

The Canadian Press. All rights reserved.

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