by Andre Smith
Many people linger in museums, longing to bring such beauty into their homes, perhaps dreaming of someday investing in artwork. So, what restricts that wish to a dream? For many art lovers and would-be buyers, the art market seems too complex and daunting, or art prices appear economically out-of-reach.
To accommodate this widespread but largely unfulfilled interest in art acquisition, many major museums and smaller galleries have started offering rental and rent-to-own programs, such as San Francisco’s MOMA.
While art rental has a long tradition, especially among corporate clients, the rent-to-own movement is increasingly gaining popularity. In many cases, the arrangement may benefit the buyer, the selling institution and the artist. Buyers get to see how they like “living with” the painting or sculpture before they commit to a major expenditure. As a result, individuals who would not usually consider purchasing art “whet their appetites” and just might begin a lifelong habit of collecting.
In the meantime, throughout the rental period, the gallery makes artwork available to appreciative eyes, which would otherwise be displayed at considerable expense, or kept out-of-sight in storage areas. In the long run, the gallery and artist also benefit, as the pool of potential buyers increases.
When a work is displayed in a home instead of a gallery setting, it instantly creates the word-of-mouth buzz that galleries usually labor to generate. Imagine that you’ve just acquired a beautiful piece of artwork, and you may only have it for a couple months: Wouldn’t you tell your friends, show it off with a dinner party or two, and flood your social media streams with proud images?
How Rent-to-Own Programs Work
In general, rent-to-own agreements are based around a commitment-free rental period, followed by the opportunity to make a purchase. Beyond that, individual programs can vary widely in the agreement details. According to BBC reports, two or three-month rentals are fairly common. Rental terms of a few months allow individuals to try out living with the artwork without burdening themselves with an excessively long commitment.
Pricing can also vary widely. As an example, the San Francisco MOMA might rent out a piece worth $30,000 for a little over $1000 per month. Taxes and installation charges also apply, and insurance costs will also vary. As with any rent-to-own arrangement, should the renter eventually decide to purchase, the final purchase price will be lowered to partially reflect the funds already invested during the rental period. For example, the Seattle Art Museum lets buyers put half of the rental fees toward the purchase price.
Expanding the Pool of Buyers
In general, the rent-to-own arrangement appeals to potential buyers for a few simple reasons. It allows them to enjoy artwork, in their homes, without committing to a major investment. Plus, for those interested in an eventual purchase, beginning with a rental significantly lowers the pressure and the risk of “buyer’s remorse.” As a result, risk-shy investors and novice art buyers are especially likely to find the option attractive.
Rent-to-own arrangements also offer a convenient alternative for a range of specific scenarios. For new companies in high-end sectors, acquiring the right artwork is fundamental to creating the office environment that gives clients the right impression. However, the cost of purchasing art outright can prove prohibitive for startups. By choosing to rent, with the option to buy, companies can suit their spending to meet the changing budget of their growing business.
Given the increasingly popularity of the rent-to-own arrangement, why should the scheme be of interest to artists? Firstly, by working with galleries that specialize in rentals, artists can massively increase their exposure. Although you may typically imagine your artwork to eventually grace a handsome home, consider how many more people will see a piece that hangs in a workplace. High-end hotels and competitive firms constitute many of the most ardent art renters. Many galleries, such as CKI Fine Art Rental, have specialized services to shepherd such clients through the art rental and rent-to-own process.
As an added bonus, letting galleries rent out your artworks ensures that they will be loved and appreciated. Instead of hanging at the back of a gallery, waiting to be purchased, your artwork will be continuously pleasing viewers. And at the same time, a growing public will be getting to know your name.