Buying art in interest-free installments

By Zoe Slater
Published: 3:40PM GMT 28 Nov 2009.Telegraph. co.UK
A mini revolution is afoot in the once rarefied world of art. There is a new kind of collector stalking the corridors of galleries. No, not the city boys with their still-substantial bonuses, but the ordinary man. The factory worker. The lawyer. The pig farmer.

 Tassadat Hussein with his Chris Gollon original  Photo: BBC

Tassadat Hussein with his Chris Gollon original Photo: BBC

Set up in 2004 by the Arts Council, Own Art enables people to take home a piece of contemporary art straight way but then pay for it in 10 monthly interest-free instalments, borrowing anything up to £2,000. So far the scheme has made over 14,500 loans to purchase art valued in excess of £11.6 million. “It’s a simple idea that works for artists, buyers and galleries,” says Mary-Alice Stack, development manager for Own Art. “From farmers to policemen, students to pensioners, we’re making it possible for everyone to buy original art for their homes.”

Read the rest of the story.

Source:

http://www.telegraph.co.uk/culture/art/6678340/Buying-art-in-interest-free-instalments.html

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About Art Collecting and Investment

Providing news about art collectors, collections and investments. Including the how to's, the why's and the where's of art collecting. Wanda Pepin, Christina Madden and Elaine Frenett are all professional artists who keep up on the world of art, while creating amazing works of art themselves.
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