Christie’s and Art Money, the Australian start-up that offers interest-free loans specifically for buying art, have teamed up to launch a new initiative that will allow collectors to bid during Christie’s auctions and then pay Art Money back in instalments. The programme gives collectors the “confidence to make stronger bids—without the need to have the cash up front”, according to Art Money. Christie’s has invested in the collaboration through its Ventures fund, which focuses on art and technology.
Christie’s clients looking to take part in the new initiative will need to get pre-approved by applying directly with Art Money. Collectors are asked to request an amount of credit in an application that takes only a few minutes and includes a soft credit check, Art Money founder Paul Becker said in an email statement.
Successful Christie’s bidders will upload their invoices from the auction house, then accept Art Money’s purchase offer online. For the Art Money Premium programme, the collector will pay a flat monthly fee up to 10% of the invoice price for the luxury of paying for a work of art over ten months. For example, for a $10,000 work, the premium fee would be $1,000 and the collector would pay $1,100 in each of ten monthly instalments.
The initiative will launch for the auction house’s upcoming prints and multiples auction on 16 April, and approved collectors will be able to use the financing mechanism at future Christie’s auctions and at Art Money’s other partners, Becker says. Art Money works with more than 2,000 commercial galleries to offer interest-free art loans, according to the company, including spaces like Kavi Gupta, Various Small Fires, the Hole and Galerie Lelong.
“The goal of Art Money is to empower collectors to buy the art they love by spreading payments over ten months instead of upfront. This means they can bid stronger and more responsibly without being constrained about cash flow on the day,” Becker said in an email, adding that the financing appeals to younger and newer collectors, “as it ‘de-risks’ their entry into the art market”.
Art Money first launched in the US at Expo Chicago in 2016.
