This App Makes It a Lot Easier to Be an Art Collector
Art Business

This App Makes It a Lot Easier to Be an Art Collector

Elmgreen & Dragset, “Temptation” (2012) (photo by Daniel A. Gross for Hyperallergic) Truth be told, most of us walk into art galleries never expecting to afford to purchase any of the artworks on display. We use commercial galleries, especially the big ones, as museum entertainment, and leave the dream of collecting art to the wealthy 1%. But how might that change if one could purchase artwork after paying just 10% of its price and pay the rest in installments? A new startup gives aspiring collectors a chance to do just that. Art Money is an app that offers a loan to buy artworks valued between $1,000-$50,000 in 10 interest-free monthly installments after paying a 10% advance. For example, if you encounter a $3,000 artwork that you’re dying to have but can’t afford to pay the entire sum at once, you can take it home for a mere $300 and pay the rest in $270 installments over the next 10 months. Anyone with a clear credit history and an annual income of at least $30,000 from all sources, including other investments, can be approved for the loan. When the sale is made, galleries get the full sum at once minus […]

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