Australian fintech startup Art Money has announced a new partnership to extend its interest-free loans, repayable in up to ten installments, to Christie’s auction house.
The collaboration will officially launch on April 16 at Christie’s Prints and Multiple Lots sale in New York. Art Money can be used to purchase works of up to $1 million, according to a spokesperson.
In order to take advantage of this initiative, collectors must first be approved by Art Money, which includes selecting a credit limit and then undergoing a soft credit check. Once approved, the winning bidder will upload their invoice from Christie’s to Art Money and accept the offer to purchase. The auction house and consignor are then paid, the work is delivered, and installment payments begin.
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Art Money makes money by charging a fixed monthly fee of up to 10% of the final service cost of the work, which is spread over the monthly payments. This means that a collector who successfully bids on a work valued at $10,000 will pay a total of $11,000, or $1,100 over 10 months. (Final price will include all auction house fees and buyer’s premium.)
Art Money was founded in 2014 and launched in the United States during Expo 2016 in Chicago. By the end of that year, it was partnered with the New Art Dealers Alliance (NADA) fair in Miami. According to the Art Money website, they currently have more than 2,000 partners, including boutique and mainstream galleries such as Anat Ebgi, Various Small Fires, The Hole and Galerie Lelong.
According to Art Money, the financing plan will be extended to future auctions at Christie’s, including the upcoming May auction. Works on offer in Christie’s Prints and Multiple Works sale include etchings by Picasso; Naked woman with guitar, from The Siege of Jerusalem: Saint Martorell’s Heavenly Temptation (1913) was estimated to sell for between $2,000 and $3,000, Henri Matisse’s 1947 “Jazz” collection sold for $600,000 to $800,000, and a 1961 Bryce Madden etching sold for is $6,000 to $8,000.
