Art Money is Changing the Way We Buy Art
Art investment – two words normally associated with the wealthy. For many of us, a trip to the gallery or an art fair can be a dizzying experience; one that makes our wallets shriek and sob. When pieces can cost anywhere between $1,000 – $50,000 in the lower market, buying art feels like something completely out of our reach
But Art Money, a newly-launched company based in the U.S., is looking to change how we buy art.
Art Money provides interest-free loans to art buyers, and allows borrowers to pay off the purchase over a 10-month period. To buy a $20,000 piece, all you’d need is a $2,000 deposit. The remaining balance would be paid off in nine $2,000 payments.
Payment plans aren’t a new concept in the art world, but galleries often take on a big risk when agreeing to them. It’s not uncommon for plans to stretch far beyond their schedule, and lawsuits aren’t always a practical option, particularly in the lower market. Art Money solves this problem by ensuring the gallery is paid in two weeks.
Taking out a loan with Art Money has benefits for collectors, too. Traditionally, collectors would have to wait until the piece is paid off to bring it home. With a loam from Art Money, they can take the work home that very day.
Art Money has partnered with prominent New York galleries, including Cristin Tierney, James Fuentes and Galerie Lelong. Rather than charging a fee to partner, Art Money simply charges a set fee each time a work is sold.
But just as buying art online has been a major change for galleries (and the art world in general), it will take some time for Art Money’s method of buying art to be adopted by more galleries. In the long run, these loans will open the world of art to more buyers – something art dealers are desperate for.