GalleryFunds introduces interest free loans to buy art

GalleryFunds introduces interest free loans to buy art

October 27, 2015

In a bid to get more kiwis buying and producing art, GalleryFunds will launch its website in November offering interest free loans to purchase art at participating galleries across the country. An adaption of successful models overseas, GalleryFunds hopes to attract a new group of buyers into the New Zealand art market. By advertising across a range of media, GalleryFunds hopes to appeal to people who wouldn’t usually walk into art galleries and be able to afford to pay a single lump sum for art.

Buyers will apply online at galleryfunds.co.nz prior to shopping for art and be given a pre-approval amount between $500 and $25,000+. They can then visit participating galleries and shop for artwork they love that falls within their pre-approved budget. Alternatively applications can be completed at the gallery, with the process taking as little as 15 minutes from application to sale.

This model differs to layby in that it allows the buyer to take home the artwork after being approved and paying just a 10% deposit upfront. The rest of the art loan is spread across a term as little as 6, and as long as 18 months. The gallery will receive payment almost instantly, meaning artists can also get paid straight away.

Artist Otis Frizzell says: “Gallery funds sounds like a great idea. I’ve never liked the fact art is so often out of the reach of so many people… I don’t like elitist art. This opens up the possibility of buying art to a whole new group of people. Sounds good to me.”

Ron Epskamp, owner of participating ‘Exhibitions Gallery’ in Wellington and Auckland says: “We believe, you do not choose a painting but a painting chooses you – by partnering with GalleryFunds it’s a pleasure to be able to help facilitate the purchase of the painting that’s chosen you.”

Run by a team of qualified and passionate art enthusiasts, GalleryFunds plan to work closely with participating galleries and artists in promoting art, exhibitions, and events that help foster culture and creativity in New Zealand. By increasing the buyers’ market it is hoped that the demand for artists also increases.

GalleryFunds is underwritten by Gilrose Finance, a kiwi owned and operated finance company based in Albany on the North Shore in Auckland. Gilrose has financed over 300,000 loans through their 1500 retailers since 1992.

The GalleryFunds website launched on the 9th November 2015.

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