Latest news with #artcollectors
Malay Mail
16-06-2025
- Business
- Malay Mail
Chubb Life Hong Kong Launches Chubb 1792 Club, a Prestigious Global Wealth Centre Designed to Elevate Customer Experience
(From left) Artist Desmond Leung Kar Hao; artist Yang Yongliang; Mrs Belinda Au, President of Hong Kong and Head of North Asia, Chubb Life Hong Kong; Ms Kylie Ying, Art Collector, Founder of ART021 GROUP; Ms Ivy Cheung, Chief Marketing Officer, Chubb Life Hong Kong; artist Stephen Wong Chun Hei; artist Long Quan; artist Lu Pingyuan HONG KONG SAR - Media OutReach Newswire - 16 June 2025 - Chubb Life Hong Kong (Chubb Life HK) today unveiled its first wealth centre, Chubb1792 Club, marking a pivotal moment in its insurance and wealth management journey. Located at The Gateway in Tsim Sha Tsui, a premier business and tourism district in Hong Kong, Chubb 1792 Club aims to serve the increasing health and wealth needs of affluent customers and high-net-worth individuals in Hong Kong and visitors to the launch of Chubb 1792 Club marks a key milestone for Chubb Life HK as the city cements its position as a global insurance and wealth management powerhouse, attracting affluent and high-net-worth customers with a wide range of innovative insurance and financial offerings. By the end of 2023, the asset and wealth management sector in Hong Kong reached HK$31.2 trillion (US$3.97 trillion), with 64% of them sourced from non-Hong Kong residents . The growth trend is particularly evident in the life insurance sector, which saw record-breaking sales in 2024 as both local residents and mainland Chinese visitors sought protection and wealth management solutions. Notably, mainland Chinese visitors spent HK$62.8 billion(US$8 billion) in 2024, mainly on life, critical illness and medical policies— a 6.5% increase from the previous year Spanning nearly 10,000 square feet, Chubb 1792 Club is thoughtfully designed to encourage meaningful engagement through art. With a longstanding history of safeguarding possessions, lives, and heritage through comprehensive insurance solutions, Chubb Life HK is committed to preserving the enduring value of what matters 1792 Club extends the company's commitment to enhancing customer experiences through a thoughtfully curated space showcasing art pieces by local and international artists. Over the past two years, the company launched a Chubb Life Art Gallery and expanded its partnership with Art Basel Hong Kong and M+ Museum as part of its ongoing effort to support the art by ART021 Group, China's largest contemporary art fair group, Chubb 1792 Club features a selection of artworks by eight artists: Yang Yongliang, Desmond Leung Kar Hao, Stephen Wong Chun Hei, Wolfgang Tillmans, Annie Morris, Abraham Lacalle, Long Quan, and Lu Pingyuan., said, "Chubb 1792 Club is an extraordinary space that embodies our commitment to offering experiences that serve the evolving needs of affluent and high-net-worth customers. We are proud to offer a unique platform that blends wealth expertise with cultural storytelling, empowering our customers, partners, and communities to build lasting legacies."The design of the Chubb 1792 Club draws from the theme of water, symbolising vitality and connection while honouring Chubb's maritime heritage. Elements of water – the gentlest existence between heaven and earth, shapeless yet shaping all things, silent yet telling countless stories flows through the space, presenting a narrative about water, life, and protection. Fluid architectural forms echo the ebb and flows of the sea, while nautical design cues such as structural curvature reinforce a seamless connection to the brand's maritime #Chubb The issuer is solely responsible for the content of this announcement. About Chubb Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: About ART021 GROUP Founded in 2013, ART021 GROUP currently owns ART021 SHANGHAI Contemporary Art Fair, ART021 BEIJING Modern & Contemporary Art Fair, DnA SHENZHEN Design & Art Fair, ART021 HONG KONG Contemporary Art Fair and MOJO FEST, alongside 21 EDITION and C21 CAFE. As China's largest contemporary art fair group, ART021 GROUP are committed to building a professional and diverse platform for global galleries, artists, collectors, and art lovers. The network of fairs aims to cultivate China's local art ecosystem while fostering dialogue with the international art scene.
Yahoo
11-06-2025
- Business
- Yahoo
St. Pete consignment shop abruptly closes, thousands of dollars in designer goods missing
The Brief Retreat Consignment store closed without warning. Sellers who had their goods on consignment are now missing. The entire store has been completely cleared out. ST. PETERSBURG, Fla. - Thousands of dollars' worth of designer goods are missing from a St. Petersburg consignment shop. The store, Retreat Consignment, abruptly closed without any warning and now several sellers want to know where their stuff is and how to get it back. What we know Detectives spoke with one of the sellers on Monday. He's out thousands of dollars in art pieces. Dozens more on social media are missing designer shoes and bags worth thousands. The shop is empty, and the store owners are nowhere to be found. Follow FOX 13 on YouTube Rich Goren has been collecting original art pieces for years. "These are just two of the examples of them, but you can see the high quality," Goren said. He's sold several on consignment at the Retreat consignment shop on Central Avenue in St. Pete. READ: St. Pete man sailing over 5,500 miles for Ronald McDonald House Charities "We would be in the store pretty often and we would see that our stuff was still there," Goren said. Last week he noticed the store was completely empty. His stuff was nowhere to be found. Two art pieces and two pairs of designer shoes worth about $17,000 altogether are now missing. "I hope for the best, maybe sitting in a warehouse and they want to return everything. That's fine. That would be the best case scenario. But the fact that you have a business, people entrusting you with their valuables and you just take off. Come on. That's not great," Goren said. What they're saying The stores yelp page is now filled with reviews from frustrated sellers with similar stories. MORE: St. Pete approves projects to make sewer system more resilient "I am BESIDE myself that they closed their doors and took off with all of my items," one reviewer wrote. "There has been no communication as to how they are going to get their clients items, and money owed, back to them," another reviewer wrote. "One of the employees reached out to me, I won't say her name, but she said, oh my gosh, I feel awful, we all do, we haven't paid, and it was unexpected. We thought they might sell the store, but we also thought they would be transparent about everything. There's no reason for them not to be calling," Goren said. Goren reported it to the St. Pete Police Department on Monday. Detectives are encouraging any other sellers who also had their items taken to reach out. Goren has tried to reach the shop owners multiple times, but his calls and emails have all went unanswered. "It's a civil case if they have it, and they're not returning it quickly enough and so that's where that lands. So I don't know what it is. I just know that we just always try to do right by people and I expect that they seem like really good people to us but this isn't looking good," Goren said. READ: More affordable housing coming to South St. Pete with Habitat for Humanity partnership Timeline The store closed sometime in March. Goren has tried to contact the owners multiple times via email and phone, but his calls went unanswered. Sellers who had items not returned are encouraged to file a report with St. Pete Police. The Source The information in this story was gathered by FOX 13's Jordan Bowen. WATCH FOX 13 NEWS: STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app:Apple |Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
Forbes
01-06-2025
- Business
- Forbes
Curating Freeports And Foreign Asset Protection With Evolving Tariffs
The season finale of Daredevil: Born Again referenced a fictional freeport in the Red Hook neighborhood of Brooklyn, New York which the villain, Kingpin was using to shield illicit assets from tax and tariffs. This nod in popular entertainment to a classic tax-efficiency strategy, especially for wealthy collectors of art, highlights the concern that freeports are also a breeding ground for illicit activities, such as money laundering. Unlike Foreign Asset Protection Trusts (FAPT), the use of freeports to limit tax exposure and obtain more security and privacy in the storage and transfer of luxury goods, such as fine art and wines, cryptocurrency, and classic cars was generally only accessible and known among the uber-wealthy. However, in past few years, the European Union has focused its attention on regulating activities in freeports, especially after increasing instances of use of these freeports, including those in Switzerland and Geneva, for illegitimate activities. The increasing uncertainty on tax and tariffs may garner more interest in freeport use even within the United States. The Delaware Freeport, for example attracts significant art collectors from New York especially because it provides a state tax haven and an alternative to shipping artwork to Switzerland, for example. Rising tariffs which would support the increased use of freeports may result in greater scrutiny and tax enforcement to combat potential tax evasion and other illicit activities that may increase also. The implementation of any asset protection or tax-efficiency strategy, including the use of freeports is a risk assessment, where the administrative costs and burden of compliance must be weighed against the financial and security benefits of using these wealth planning vehicles. Freeports have been used to reduce overhead costs, enhance security and privacy, and support globalization and trade liberalization for centuries. They are designated areas, situated near seaports and airports, globally, to hold and transact activities involving luxury goods for wealthy investors. Freeports which as legally classified as Special Economic Zones (SEZ) or Free Trade Zones (FTZ), are structured to encourage economic activity by providing a tax haven wealthy investors. When the owner of a luxury asset, such as a work of art, collectible, or a classic car, acquires and transports the asset directly to a freeport, the asset is considered 'in transit.' Therefore, the asset is not subject to the taxes that would apply to the sale or movement of goods across borders. Additionally, the asset would continue to appreciate for an indefinite period, and continue to be exempt from tax, including sales tax, import duties, and capital gains tax. Originally established for storage of grains and other assets in transit between borders, freeports have become an attractive asset protection vehicle for the wealthy, globally. In addition to the exemption of sales tax, capital gains tax, and import duties, the seller can avoid capital gains tax upon sale also. However, simply directing storage and transactions of the assets to a freeport will not benefit the asset owner on tax-efficiency. For example, the United States taxes its residents and citizens on income generated anywhere, globally. Therefore, an asset that generates income, even in a freeport that remains under the ownership of a US citizen or resident would be subject to US federal tax. Tariffs which apply on the trade of goods may be reduced or eliminated by the use of freeports, but holding assets in freeports may attract the scrutiny of the IRS and the US Customs and Border Protection (CBP), which supervises certain freeports. Note that the CBP subjects all activity within the freeport zone to public interest review and U.S. laws and regulations, providing the CBP authority to exclude any merchandise that may be considered detrimental to the public interest. While a freeport may eliminate the application of any tariff imposed by the US and minimize trade barriers, the tax exposure due to the US tax regime should be considered. Assets in freeports are considered to be in transit and therefore not subject to tariffs, however, additional enforcement and compliance obligations may be implemented to align with the increased tariffs that cause significant administrative burden on the asset owners. Freeports do not, therefore, replace the need for additional planning, such as the use of Domestic and Foreign Asset Protection Trusts. Using a Foreign Asset Protection Trust (FAPT) or similar irrevocable trust structures and independent entities in conjunction with storing assets in freeports may provide additional layers of security and opportunities for further tax mitigation. A FAPT enables a U.S. citizen to transfer assets to be held in a foreign jurisdiction while protecting it from domestic creditors because of the limited jurisdiction of the legal system across borders. Assets stored in a freeport may use a FAPT or other entity to be the owner of the asset to provide layered protection as well. A FAPT imposes a significantly higher burden of proof for creditors attempting to claim fraudulent transfer, shorter statute of limitations in many foreign jurisdictions, thus reducing the window for litigation, and, in some cases, favorable tax benefits. Unlike assets in free ports, FAPTs, if designed and managed with certain restrictions, can qualify as being outside the scope of U.S. tax jurisdiction, which would be tax-advantageous. Significant compliance obligations exist, however, on distributions to foreign beneficiaries, to foreign holders of the underlying entities, foreign asset reporting, and foreign trust regulations which can be administratively burdensome and risk significant non-compliance penalties. Additionally, FAPTs without carefully planned funding and structured restrictions on transfers and control risk may bypass any creditor protection and the original asset owner may suffer the wrath of the courts. Further, if the US passes the Big Beautiful Tax Bill, several provisions, including proposed Section 899 would impact the tax treatment of foreign holdings, which can be challenging for highly valuable assets, as are generally stored in freeports. Regardless, if structured properly and legitimately, the tax-efficiency and privacy protections offered by the FAPT can be significant. Freeports have historically supported global trade, asset protection, and tax efficiency. They can facilitate commerce and globalization and can be especially useful for wealth preservation with assets subject to tariffs and duties in a time of uncertainty on global trade. However, as global financial regulations and transparency initiatives expand, freeports are ripe for scrutiny and regulatory measures which warrant staying up to date with compliance and reporting requirements. The high cost and administrative burden of compliance supports the use of freeports primarily for high-value goods and luxury assets, especially those requiring more security and privacy than more common investments.
Globe and Mail
23-05-2025
- Entertainment
- Globe and Mail
Experience Transformation: Tsuki D Sureiya's Yororo Series Opens New Gate May 27
Within just seven days, every piece from Yororo's second gate was claimed. Described by collectors and art critics as a rare phenomenon in contemporary digital art, the release has captured attention for its depth, detail, and mysterious resonance. Yororo is not simply an art series. It has become a phenomenon reshaping the relationship between artist, object, and observer. With each release, the line between acquisition and initiation continues to blur. Each piece is crafted with meticulous precision, but the intention extends beyond perfection. The experience evokes presence, stillness, and something quietly powerful. What begins as collection becomes communion. Minimal in form but layered in meaning, Yororo operates at the edge of the visible. The works are not presented as ordinary possessions, but as extensions of a deeper interiority. Collectors report a change in atmosphere once a Yororo enters the space. The air takes on a new quality. Time feels different. Memory begins to echo through the form. These are not passive objects. They are activators. At the center of this evolving vision is Berlin based artist Tsuki D Sureiya. Known for a contemplative process and symbolic pixel compositions, Sureiya has been called a ritual cartographer by cultural theorists. His practice involves mapping spiritual and ancestral memory through visual transmission. The source material includes dream language, ancient symbols, and a glyphic structure that feels both futuristic and ancient. Those familiar with the artist's work suggest that nothing is designed. Everything is received. Beyond the studio, the artist has been quietly engaged in experimental developments that go beyond traditional artistic boundaries. Reports mention devices that appear to shift the experience of weight, sound, and spatial orientation. These are not positioned as inventions in the functional sense, but as thresholds. Observers close to the process believe they belong to the same esoteric blueprint that shaped Yororo. The purpose is not to serve, but to awaken. The third gate is set to open on May 27. This upcoming release offers more than a rare acquisition. It offers a transformation of space itself. For those attuned to the moment, it is an opportunity to alter perception. A Yororo does not simply decorate a room. It redefines it. Light sharpens. Thought slows. The familiar becomes sacred. But only a few will experience this passage. The timing is precise. The portal does not wait. The moon nears its next return. The ritual begins again. The gate opens May 27 A new relic prepares to find its keeper Mark the gate Let the relic choose the one who listens Media Contact Company Name: Sureiya Contact Person: Daisy E. U. Kristu Email: Send Email Country: Germany Website:
