Based on successful schemes in Tasmania and the UK, under the initiative, buyers can now take an artwork home immediately and pay it off over 10 months, interest-free. Art Money is designed to stimulate art buying among first time and seasoned art buyers alike. Loans are available for works priced from $750 to $20,000.
Supported by the City of Sydney and delivered by 10 Group, Art Money makes buying art more accessible. After paying a 10 per cent deposit, the buyer is able to take their artwork home and pay the remaining balance of nine payments over nine months without interest. That means that there’s never been more opportunity to buy art from 25 leading galleries across the city, providing access to hundreds of artworks.
In the UK, statistics show that 25 per cent of users of a similar scheme are first time buyers of contemporary art. However, the availability of interest free loans to buy art also appeals to experienced buyers and serious collectors: 37 per cent of UK buyers using the same scheme say they already have a ‘strong interest’ in contemporary art.
By increasing access to owning original works of art, Art Money is also designed to support artists and assist them in selling their work and contributing to the sustainability of the commercial gallery sector in Sydney and Australia.
10 Group and Art Money CEO, Paul Becker says the project will allow more people to buy art by making it easier and more affordable. “Art Money is about supporting the creative economy – artists are amongst our most creative yet lowest paid workers, and most galleries are small business owners passionate about contemporary art. “
“People who like art will find it easier to afford and buy, and artists and galleries will have the opportunity to sell more art and be paid up front.”
For more information, including lending criteria, visit: www.artmoney.com.au for details.
Image: © Nicholas Harding, Magnolia and vine 2014, 61 x 61cm, oil on linen