It’s been six months since 10 Group launched Art Money, an interest-free loan scheme to help you buy local art. Backed with seed funding by the City of Sydney as one of our launch Creative City Cultural Policy actions, the scheme has gone from strength to strength.
First launched with 26 participating galleries in the inner city, this initiative is now a leading national provider offered in 100 galleries across Australia. Art Money has issued 120 loans so far, three quarters of which were for artworks valued between $750 and $5,000.
18 per cent of Art Money customers were first-time art buyers and the program has recorded no loan defaults to date.
Importantly, 34 per cent of artworks sold are by Sydney Metro artists. So as well as helping budding collectors, this program supports our emerging and established artists..
This is how it works: You fill out an application for an in-principle approval and find the piece you want to buy. You can do both either online or in the gallery. To buy, you need to head into the gallery with ID and a 10 per cent deposit and the artwork is yours to take home. Your payments will be spread over 10 equal monthly payments, with an initial 10 per cent deposit. Find a participating gallery now.