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New startup lets you take out interest-free loans to buy art on the spot

Ever been to an art exhibition, spied something you like, wanted to snap it up immediately, but didn’t have the coin? Don’t ask your bank, ask Art Money.

Launched in 2015, Australian startup Art Money is designed to help regular folks buy art on the spot in local galleries — and now it’s going worldwide. Started with a handful of Sydney galleries by 10 Group, Art Money is now available in 350 galleries worldwide, from Auckland to Singapore to New York.

Art Money has sold more than 1,000 artworks through its interest-free loan program — and one quarter of customers were first-time art buyers. The team says they’ve seen more than $2 million spent in Sydney galleries with their program — and now, 90 percent of galleries in inner city Sydney offer Art Money.

The program allows prospective buyers to apply for a loan online between $675 and $50,000 to buy pieces from participating galleries — and have their loan approved or denied within minutes.

Once you get the green light, you’ll pay a 10 percent deposit, then you can take home your brand new artwork on the very same day. Then, all you have to do is pay off your interest-free balance over the next nine months. The average fee paid for a work using Art Money is $5,000 — and the team says that no loans have faulted to date. Read more

2018-10-29T11:04:28+00:00