Art Money buyers comfortable with price

A national plan that lets people take home works of art with only a 10 per cent deposit and a nine-month interest free loan is attracting new buyers in Perth.

Linton & Kay Galleries director Gary Kay said the Art Money program, which started in Sydney late last year and now operated in four Perth galleries, was proving highly successful.

Mr Kay said a dozen people had used the facility at his galleries, and was a hit with first timers as well as young collectors, people keen to invest in more expensive pieces and buyers tempted by a piece they had seen at corporate events held at the galleries.

Mr Kay’s businesses in Subiaco, Perth CBD and Mandoon Estate winery in Caversham have signed up to offer Art Money, as have the Art Collective WA and Buratti Fine Art in Subiaco, and Artitja Fine Art in South Fremantle.

They are among 120 galleries nationwide that offer the scheme to customers for select artworks priced between $750 and $20,000.

Participating galleries pay a fee to be part of the scheme and receive full payment within two weeks of sale, thanks to an initiative set up by the City of Sydney and art engagement firm 10 Group as part of a broader cultural policy action plan.

Mr Kay said offering interest-free loans and the ability to take the artwork home before it had been fully paid for was proving very attractive and played to a growing appreciation of art.

“Perth has become more art aware,” Mr Kay told Business News.

He attributed this to art prizes such as the Archibald and Black Swan gaining prominence, as well as art galleries taking a more educational and innovative approach to displaying art.

For example Linton & Kay has held several events outside of the gallery in cooperation with high-end European furniture designers, and has hosted lunches with artists so clients can ask questions and get a sneak preview of upcoming work.

“What we try and do is welcome everyone into the space. There’s nothing worse than feeling uncomfortable,” Mr Kay said.