Art Money launches in Australia

POSTED 1 April 2015

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The dream of owning works by some of Australia’s finest contemporary artists is now within reach, thanks to the launch of Art Money.

Launched in Sydney on 1 April 2015, Art Money is an exciting new initiative that makes owning art immediate and affordable. Under the initiative, buyers can take an artwork home immediately and pay it off over 10 months, interest-free.

Art Money is based on successful schemes in Tasmania and the UK. The project 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.

“Art often has a very high upfront cost with no finance available, so I decided to bring the art world and the commercial world together to create a viable scheme,” says 10 Group and Art Money CEO, Paul Becker. “Art Money is about supporting the creative economy – artists are amongst our most creative yet lowest paid workers, and most galleries are small businesses whose owners are 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.”

Using Art Money, a buyer pays an upfront fee of 10 per cent which entitles them to take the artwork home, then repay the remainder of the loan over the next nine months, without interest. Applications are made online and can be done at home or in the gallery. Once approved, the loan offer is valid for purchases at any participating gallery for 30 days.

The initiative is delivered by 10 Group and supported by the City of Sydney, which has provided one-off seed funding.

Speaking at the launch, Sydney Lord Mayor Clover Moore said “The City of Sydney is excited to see this initiative begin, creating the opportunity for more people to have art in their homes and growing Sydney’s creative sector."