A massive multimillion-dollar art storage facility, Arshexa Freeport, near Incheon International Airport in South Korea is set to break ground as early as next April, aiming to position the country as Asia’s art hub.

Led by the consortium Arshexa, the five-story facility is expected to be one of the world’s largest and is scheduled for completion in 2026. The $283.3 million investment, part of the broader plan for an Art Hub, aims to transform Incheon International Airport into a cultural and arts destination, fostering international collaboration.

The art storage facility, occupying 470,049 square feet, will be operational for 30 years post-completion. Arshexa envisions creating an open space where global art-related entities can freely participate. This venture is the initial step in establishing the Art Hub, with plans including exhibition facilities for galleries, museums, art fairs, and dining options.

South Korea’s art market, surpassing 1 trillion KRW ($812 million) in 2022, has grown significantly, attracting new buyers and expanding revenue through auctions and art fairs. Considering the growth trend of the Korean art market, having such state-of-the-art storage facilities is essential.

The establishment of storage facilities in Korea seems to be influenced by factors such as the proximity to Incheon Airport, advanced capabilities in constructing storage facilities, and a stable political and economic situation. While Hong Kong, which holds 30% of the global art market, has a significant market size, it has faced political uncertainties. Japan deals with frequent earthquakes, posing safety concerns, and Taiwan has complex relations with both China and Japan.