In the five years since the launch of ‘Own Art’ in April 2004, over £10.5 million worth of arts and craft have been purchased through the Arts Council England interest-free loan scheme designed to make contemporary art affordable and accessible to all.
Figures released today reveal that Own Art has provided a significant boost to galleries and artists across the country, as well as bringing the idea of owning contemporary art to a new audience. More than a quarter of sales (26.5%) were to first time buyers of contemporary art with 26% of loans being taken by customers with incomes equal to or below the national average (£22,500).
Own Art allows people wishing to purchase works of art and craft, ranging from £100 - £2,000, including paintings, photography, sculpture, glassware and furniture, to pay in 10 monthly interest-free instalments. This innovative approach has now generated over £6.5m worth of income for up-and-coming artists through over 12,500 loans.
Alan Davey, Chief Executive of Arts Council England said: "Own Art has been a fantastically successful scheme, creating new investors in art and providing a significant boost in income to artists and galleries around the country. I am proud that the Arts Council has made it affordable for anyone to buy contemporary art and become a collector."
Of the thousands of art lovers who have used the scheme, over three-quarters (82%) said that they could not have afforded to have made their purchase without the payment option offered by Own Art.
Gavin Buckley, Regional Director of Arts & Business commented: "It is wonderful to know that Own Art has helped so many people buy contemporary art, many for the first time. Working with our colleagues at Arts Council England we are delighted to be offering the Own Art scheme to our own Visual customers from May 2009"