The Art Newspaper | Australian start-up lets you buy art on credit
POSTED 5 December, 2015
Art Money, the Australian start-up that offerscollectors interest-free loans to buy art, is expanding its footprint in the USby teaming up with the New Art Dealers Alliance (Nada) fair in Miami. Thecompany currently offers loans of up to $30,000 but will “probably go up to$50,000 soon”, says Art Money’s founder, Paul Becker.
Potential collectors can sign up online (subject toa minimum 10% deposit and a credit check) “so they are ready to go when theysee something they love”, Becker says. The loan is then paid off in ten monthlyinstalments.
Art Money launched in the US at Expo Chicago in September and recentlypartnered with the IFPDA Print Fair in New York. The firm’s next collaborationis with Volta in New York, in March. In the past two months, Art Money hasworked with 57 US galleries.
“We care about emerging artists, emerging galleries and emerging collectors,”Becker says, noting that 30% of his clients are first-time art buyers.