New scheme extends art loans to £25,000
Creative United, the company behind the Arts Council’s Own Art programme is extending its reach to include more expensive works of art.
A new scheme will allow artlovers an interest free loan of up to £25,000 to buy works of art.
Creative United’s Own Art Twenty will offer loans of £2,500 up to £25,000 re-payable over a period of twenty months for the purchase of contemporary art and crafts, including paintings, drawings and sculpture, to glassware, ceramics, jewellery, furniture and textiles. The original Own Art loan scheme offers loans from £100 up to £2,500.
The company says that over 35,000 people have used the original publicly subsidised Own Art scheme and the new plan responds to the demand for higher value purchases.
A recent study of the UK art market found that although the vast majority of art sales were for art works under £40,000, a small number of extremely high value sales meant that the average price for works sold at fine art auctions was £57,000, around three times the average across the rest of Europe. 82% of all European sales of works over £850,000 happened in the UK.
Globally, around half of the value of the art market came from sales of works worth over €1million, despite this representing just 0.5% of the number of transactions.
Mary-Alice Stack, chief executive at Creative United said, “The UK art market is one of the most exciting in the world, but many people are put off by the high prices. We firmly believe that art shouldn’t be for the small minority with the deepest pockets. The Own Art scheme was originally aimed at those people who were dipping their toe in the water, so to speak. Own Art Twenty takes the idea one stage further and allows people to further explore the art world.”