Own Art helps launch Art Money
Own Art is used as a prime example to help launch Art Money, Sydney's interest free loan service for the purchase of art and craft work.
We are pleased to share the news that our programme Own Art 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. We happily shared key learnings, research and insights that we have gained over the last 11 years of the programme, in order for the 10 group to set up Art Money. The programme is currently available in a number of Sydney galleries but there are plans to make it available right 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 art work. Art Money provides loans for artworks priced from $750 to 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, making the purchase of art more affordable.
Alex Bowen, Manager Culture & Creativity, City of Sydney says:
‘When the City of Sydney started to investigate supporting a scheme to deliver interest free loans for art work 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, they have facilitated over 35,000 individual art purchases with a total value of over £28.5 million. Four out of every five of their customers say that without one of the 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 Head of Consumer Credit Programmes at Creative United, Holly McBride.
We look forward to seeing Art Money generate similar results for artists, galleries and their cutsomers in Australia helping create a sustainable future for art and culture.