ca
Junior Member
Posts • 1,925
Likes • 2,375
March 2011
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Payment Plans with Galleries, by ca on Apr 30, 2019 19:09:15 GMT 1, Was wondering if any of you have experience dealing/asking for payment plans with galleries? I've never done so but it seems some do and was wondering how common of a practice is it?
For the purpose of the exercise let's assume to buy a work from a "relevant" artist but not hyped to Kaws level, let's say.
Was wondering if any of you have experience dealing/asking for payment plans with galleries? I've never done so but it seems some do and was wondering how common of a practice is it?
For the purpose of the exercise let's assume to buy a work from a "relevant" artist but not hyped to Kaws level, let's say.
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Gard
Junior Member
Posts • 1,604
Likes • 1,246
June 2012
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Payment Plans with Galleries, by Gard on Apr 30, 2019 19:38:18 GMT 1, My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans.
My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans.
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ca
Junior Member
Posts • 1,925
Likes • 2,375
March 2011
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Payment Plans with Galleries, by ca on Apr 30, 2019 20:32:56 GMT 1, My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans.
My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans. great, thanks for the insight, well appreciated |
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chichi carter
Junior Member
Posts • 1,268
Likes • 1,058
February 2011
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Payment Plans with Galleries, by chichi carter on Apr 30, 2019 20:59:58 GMT 1, I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done.
I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done.
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jettad
Junior Member
Posts • 1,051
Likes • 902
October 2011
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Payment Plans with Galleries, by jettad on Apr 30, 2019 22:52:12 GMT 1, I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done.
I've done this as well, with galleries in the UK and US, plus a couple of artist. It is a great way to spread the costs.
I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done. I've done this as well, with galleries in the UK and US, plus a couple of artist. It is a great way to spread the costs. |
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ca
Junior Member
Posts • 1,925
Likes • 2,375
March 2011
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Payment Plans with Galleries, by ca on Apr 30, 2019 22:53:57 GMT 1, cheers guys
cheers guys
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Carl Cashman
Artist
Junior Member
Posts • 1,775
Likes • 3,147
August 2017
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Payment Plans with Galleries, by Carl Cashman on May 1, 2019 6:25:03 GMT 1, We (semi skimmed gallery) are happy to do it.
We (semi skimmed gallery) are happy to do it.
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Payment Plans with Galleries, by Criminal Mischief on May 1, 2019 6:37:21 GMT 1, So if you spread out the payment they'll cover the cost of storage too? I'm gonna have to look into a 48-month payment plan and see if I could have the piece delivered to Phillips.
You may also want to look into a company called Art Money. I've never used it, but I've seen the Founder speak on a panel before. Apparently they have a list of galleries they work with where they pay the gallery upfront and take a commission on the sale (same as an art advisor would) and you get the artwork immediately and pay back the Art Money loan 10% per month for the next 10 months with 0% interest.
That's limited to whatever galleries they work with, and there's a cap on how much you can spend, but in the off chance it fits your needs it could be a good option.
So if you spread out the payment they'll cover the cost of storage too? I'm gonna have to look into a 48-month payment plan and see if I could have the piece delivered to Phillips.
You may also want to look into a company called Art Money. I've never used it, but I've seen the Founder speak on a panel before. Apparently they have a list of galleries they work with where they pay the gallery upfront and take a commission on the sale (same as an art advisor would) and you get the artwork immediately and pay back the Art Money loan 10% per month for the next 10 months with 0% interest.
That's limited to whatever galleries they work with, and there's a cap on how much you can spend, but in the off chance it fits your needs it could be a good option.
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Carl Cashman
Artist
Junior Member
Posts • 1,775
Likes • 3,147
August 2017
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Payment Plans with Galleries, by Carl Cashman on May 1, 2019 6:42:21 GMT 1, So if you spread out the payment they'll cover the cost of storage too? I'm gonna have to look into a 48-month payment plan and see if I could have the piece delivered to Phillips. You may also want to look into a company called Art Money. I've never used it, but I've seen the Founder speak on a panel before. Apparently they have a list of galleries they work with where they pay the gallery upfront and take a commission on the sale (same as an art advisor would) and you get the artwork immediately and pay back the Art Money loan 10% per month for the next 10 months with 0% interest. That's limited to whatever galleries they work with, and there's a cap on how much you can spend, but in the off chance it fits your needs it could be a good option.
So if you spread out the payment they'll cover the cost of storage too? I'm gonna have to look into a 48-month payment plan and see if I could have the piece delivered to Phillips. You may also want to look into a company called Art Money. I've never used it, but I've seen the Founder speak on a panel before. Apparently they have a list of galleries they work with where they pay the gallery upfront and take a commission on the sale (same as an art advisor would) and you get the artwork immediately and pay back the Art Money loan 10% per month for the next 10 months with 0% interest. That's limited to whatever galleries they work with, and there's a cap on how much you can spend, but in the off chance it fits your needs it could be a good option. We have ownArt in the UK which is similar but has a cap of £2000 |
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Carl Cashman
Artist
Junior Member
Posts • 1,775
Likes • 3,147
August 2017
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Payment Plans with Galleries, by Carl Cashman on May 1, 2019 9:31:17 GMT 1, We have ownArt in the UK which is similar but has a cap of £2000 Actually OwnArt now goes up to £25k 
We have ownArt in the UK which is similar but has a cap of £2000 Actually OwnArt now goes up to £25k Woah ! That's new, as is the time period.. That was 10 months previously. |
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blenki
New Member
Posts • 172
Likes • 94
June 2015
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Payment Plans with Galleries, by blenki on May 1, 2019 9:53:09 GMT 1, Own Art is available for values from £100 to £2,500, and is paid over 10 months.
The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items.
Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free.
Own Art is available for values from £100 to £2,500, and is paid over 10 months.
The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items.
Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free.
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lv90210
Junior Member
Posts • 2,030
Likes • 1,926
January 2018
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Payment Plans with Galleries, by lv90210 on May 1, 2019 10:04:29 GMT 1, Own Art is available for values from £100 to £2,500, and is paid over 10 months. The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items. Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free.
Que rush for Banksy.......
Own Art is available for values from £100 to £2,500, and is paid over 10 months. The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items. Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free. Que rush for Banksy....... |
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Payment Plans with Galleries, by Coach on May 1, 2019 10:25:59 GMT 1, I’ve often wondered with the Own Art scheme what happens if you have a change of circumstances such as losing your job?
I assume you get the art at the start of the scheme and not after final payment?
If that’s correct, do they hold a lien over the art and demand it back?
Or do they sue for the balance? Or something else?
I’ve often wondered with the Own Art scheme what happens if you have a change of circumstances such as losing your job?
I assume you get the art at the start of the scheme and not after final payment?
If that’s correct, do they hold a lien over the art and demand it back?
Or do they sue for the balance? Or something else?
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racket
Junior Member
Posts • 1,163
Likes • 677
September 2017
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Payment Plans with Galleries, by racket on May 1, 2019 10:26:02 GMT 1, Not many galleries offer the scheme
Not many galleries offer the scheme
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Matt
Junior Member
Posts • 2,354
Likes • 3,444
September 2014
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Payment Plans with Galleries, by Matt on May 1, 2019 11:23:06 GMT 1, I’ve often wondered with the Own Art scheme what happens if you have a change of circumstances such as losing your job? I assume you get the art at the start of the scheme and not after final payment? If that’s correct, do they hold a lien over the art and demand it back? Or do they sue for the balance? Or something else?
Have used own art once or twice (0% interest at 2% inflation...what's not to like).
Just scanned through the contract very quickly and basically :
- The lender pays the gallery so they no longer own the piece. Youl pay the instalments back to them.
- Like any credit if you default you are liable for all expenses incurred and the lender can use any legal method to recover the monies owned
- this can include seizing assets, including possessions, which therefore extends to the artwork itself (although I doubt this would be their preferred method)
I’ve often wondered with the Own Art scheme what happens if you have a change of circumstances such as losing your job? I assume you get the art at the start of the scheme and not after final payment? If that’s correct, do they hold a lien over the art and demand it back? Or do they sue for the balance? Or something else? Have used own art once or twice (0% interest at 2% inflation...what's not to like). Just scanned through the contract very quickly and basically : - The lender pays the gallery so they no longer own the piece. Youl pay the instalments back to them. - Like any credit if you default you are liable for all expenses incurred and the lender can use any legal method to recover the monies owned - this can include seizing assets, including possessions, which therefore extends to the artwork itself (although I doubt this would be their preferred method) |
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DrWhite
Junior Member
Posts • 4,108
Likes • 5,396
August 2012
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Payment Plans with Galleries, by DrWhite on May 1, 2019 14:03:00 GMT 1, I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done.
Yep - I’ve also done 3 month payment plans with Martin Lawrence & whitecube
I've done it as a buyer on a couple of occasions with different galleries (namely Lazarides and Castanier Gallery). If I remember correctly the payment plans were over three months (so not too spead out). I was hesitant to ask at first but they were very cool about it. Upon my last payment they would send the artwork. Done and done. Yep - I’ve also done 3 month payment plans with Martin Lawrence & whitecube |
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Winks
Junior Member
Posts • 2,799
Likes • 3,601
April 2016
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Payment Plans with Galleries, by Winks on May 1, 2019 15:07:34 GMT 1, My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans.
Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase.
When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement.
My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans. Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase. When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement. |
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iamzero
Full Member
Posts • 9,190
Likes • 8,545
May 2011
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Payment Plans with Galleries, by iamzero on May 1, 2019 16:07:25 GMT 1, I had a Peter Blake from Art Republic using the Own Art thing. Really easy.
I had a Peter Blake from Art Republic using the Own Art thing. Really easy.
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ca
Junior Member
Posts • 1,925
Likes • 2,375
March 2011
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Payment Plans with Galleries, by ca on May 1, 2019 16:35:17 GMT 1, My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans. Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase. When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement.
yes, I'm a nerd
My gallery does this all the time. We agree with the buyer on a payment plan, and we keep the work until it’s fully paid. Galleries are some of the few willing to give free loans. Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase. When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement. following the notion of "time value of money" it would indeed be considered a free loan in some way... the artist could continue/or start gaining momentum and you've agreed to a price below that. Also, the gallery is technically sacrificing any interest revenue they could of earned during those 3 months if you had paid the full amount. yes, I'm a nerd |
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wrigs
New Member
Posts • 497
Likes • 417
July 2017
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Payment Plans with Galleries, by wrigs on May 1, 2019 17:30:55 GMT 1, A payment plan is somewhat different to a loan. Just arranged to hold an item here until payments been met. To issue a loan within the uk you would need to be registered with the FCA and hold consumer credit authorisation.
A payment plan is somewhat different to a loan. Just arranged to hold an item here until payments been met. To issue a loan within the uk you would need to be registered with the FCA and hold consumer credit authorisation.
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Winks
Junior Member
Posts • 2,799
Likes • 3,601
April 2016
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Payment Plans with Galleries, by Winks on May 1, 2019 18:46:22 GMT 1, Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase. When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement. following the notion of "time value of money" it would indeed be considered a free loan in some way... the artist could continue/or start gaining momentum and you've agreed to a price below that. Also, the gallery is technically sacrificing any interest revenue they could of earned during those 3 months if you had paid the full amount. yes, I'm a nerd
By that rationale, the artwork may reduce in value too.
The forfeit of minimal interest still doesn’t make this an interest free loan.
Is that really a loan? You’re basically just holding it until the buyer can afford it. The instalments represent a guarantee of purchase. When you say “free loans” I suspect you’d find it difficult to charge interest in this type of arrangement. following the notion of "time value of money" it would indeed be considered a free loan in some way... the artist could continue/or start gaining momentum and you've agreed to a price below that. Also, the gallery is technically sacrificing any interest revenue they could of earned during those 3 months if you had paid the full amount. yes, I'm a nerd By that rationale, the artwork may reduce in value too. The forfeit of minimal interest still doesn’t make this an interest free loan. |
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graeme
New Member
Posts • 278
Likes • 222
April 2018
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Payment Plans with Galleries, by graeme on May 1, 2019 20:05:07 GMT 1, Own Art is available for values from £100 to £2,500, and is paid over 10 months. The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items. Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free.
I believe that it's supposed to be used to purchase work from living artists.
Own Art is available for values from £100 to £2,500, and is paid over 10 months. The loan can be used to cover a group of lower value items whose combined total adds up to £2,500 or more, or as part payment for items. Own Art Twenty is available for higher value artworks, both framed or unframed between £2,501 and £25,000, over 20 months completely interest free. I believe that it's supposed to be used to purchase work from living artists. |
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choca
New Member
Posts • 36
Likes • 19
November 2013
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Payment Plans with Galleries, by choca on May 7, 2019 14:05:01 GMT 1, Stopwatch Gallery in the UK offer an interest free Layaway Program, with plans from 30 days to 12 months:
Layaway Program - Stopwatch Gallery
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