Art Money, the Australian start-up that offers collectors interest-free loans to buy art, is expanding its footprint in the US by teaming up with the New Art Dealers Alliance (Nada) fair in Miami. The company currently offers loans of up to $30,000 but will “probably go up to $50,000 soon”, says Art Money’s founder, Paul Becker.
Potential collectors can sign up online (subject to a minimum 10% deposit and a credit check) “so they are ready to go when they see something they love”, Becker says. The loan is then paid off in ten monthly instalments.
Art Money launched in the US at Expo Chicago in September and recently partnered with the IFPDA Print Fair in New York. The firm’s next collaboration is with Volta in New York, in March. In the past two months, Art Money has worked with 57 US galleries.
“We care about emerging artists, emerging galleries and emerging collectors,” Becker says, noting that 30% of his clients are first-time art buyers.