Exhibitions at Mega Collector Budi Tek’s Second Museum Will Dodge Chinese Import Taxes
Indonesian-Chinese collector Budi Tek is pulling a shrewd move with his latest addition to the APAC art world landscape, the Yuz Museum in Shanghai. According to AMA, the collector has been able to dodge China’s punishing import taxes for artworks (currently at 34%) by storing the pieces he buys in the West at Shanghai’s Freeport. Though the museum falls outside of the Shanghai Freeport’s bounds, Tek will be able to further work around the tax burden by using temporary import licenses for the works he places on view.
Set to open next May, the Yuz Museum is to be mainly dedicated to the large installations Tek is known to favor. Tek’s first private museum opened in his native Jakarta in 2006.
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