Own Art goes global
We are pleased to share the news that our Own Art scheme has recently been used as a prime example to help create Art Money – Australia’s answer to providing interest-free loans to purchase contemporary arts and craft. Over the last 11 years we have built up insights, key learnings and research, which we shared with the 10 group in order to set up Art Money. There are a number of Sydney galleries in which the programme is available and there are plans to extend its reach across the country.
Art Money works in a similar way to Own Art, with member galleries offering interest-free loans to spread the cost of artwork. Art Money provides loans for artworks priced from $750 to $20,000. Once a 10% deposit is paid in store, buyers can take their artwork home and pay the remaining balance over 9 months, interest-free, ensuring that purchasing art can be affordable.
Manager of Culture & Creativity for the City of Sydney, Alex Bowen, says:
“When the City of Sydney started to investigate supporting a scheme to deliver interest-free loans for artwork purchases, a dialogue with the team behind Own Art was a critical part of the research. The generosity of Own Art in sharing their learnings on sustainability, customer experience, gallery training and evaluation methods proved instrumental in how the City is now supporting 10 Group to roll out Art Money across Sydney.”
Since the launch of Own Art in 2004, we have facilitated over 35,000 individual art purchases with a total value of over £28.5 million. Four out of every five of our customers tell us that without one of our interest-free loans, they would not have been able to make their purchase.
“This means that not only is the scheme enabling more individuals to live with the art they love, it is also directly stimulating sales, and thereby supporting living artists and the galleries that represent them, as well as contributing significantly to the art market, and to the UK economy.” said our Head of Consumer Credit Programmes, Holly McBride.
It is great that Own Art is gaining international recognition. We are thrilled to have been able to work alongside our colleagues in Sydney to launch Art Money. We look forward to seeing Art Money generate similar results for artists, galleries, helping create a sustainable future for Australian art and culture.