Christie’s has partnered with Art Money to offer a buy now, pay later scheme for art purchases under $1 million at its upcoming auction in New York. The partnership allows buyers to pay in installments over a 10-month period, with Art Money charging a fee of up to 10% of the total invoice. The initiative is initially available to buyers in the US and Australia, with plans to expand to other countries in the future. Additionally, the Dallas Art Fair reported healthy sales, with a focus on engaging the younger generation in continuing the city's rich collecting tradition.
Key Takeaways
- Christie’s has invested in Art Money, a US lender, to offer a buy now, pay later scheme on art purchases under $1mn, with a fee of up to 10% of the total invoice.
- The program is launching at the prints and multiples auction in New York, making 173 works eligible for Art Money.
- Christie’s investment in Art Money is through its Ventures fund, with a commitment of $250,000 to $2mn per company at launch.
- The buy now, pay later scheme is currently available only to buyers in the US and Australia, with plans for expansion to other countries.
- The art world gears up for the Venice Biennale, with gallery shows featuring a wide range of works and themes.
News Content
Christie’s has partnered with Art Money to offer a 'buy now, pay later' scheme for art buyers in its sales for less than $1mn. The partnership allows buyers to bid with a preapproved limit and pay in instalments over a maximum of 10 months. This initiative, available only in the US and Australia for now, aims to gauge consumer appetite and potentially expand to more sales and buyers in the future.
In other news, Endeavor, the owner of Frieze, remains tight-lipped on its plans after agreeing to be taken private by investment company Silver Lake. The deal, valued at $13bn, indicates a strategy to streamline the group of companies and events. Additionally, the Dallas Art Fair reported healthy sales, signaling the ongoing support from a loyal base of local collectors and the growing interest of the younger generation in continuing Dallas's rich collecting tradition.
Analysis
Christie’s partnership with Art Money to introduce a 'buy now, pay later' option for art buyers under $1mn may influence art market dynamics. This move could affect art buyers, Christie's, and Art Money, offering potential for increased sales and expansion. The partnership's success may prompt other auction houses to adopt similar payment schemes. The private acquisition of Frieze by Silver Lake indicates possible restructuring and consolidation in the art events sector, impacting Endeavor and Silver Lake. Healthy sales at the Dallas Art Fair imply sustained local collector support and a growing interest from the younger demographic, shaping the future of art collecting in Dallas.
Did You Know?
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'Buy Now, Pay Later' Scheme for Art Buyers: Christie's has partnered with Art Money to offer a 'buy now, pay later' scheme for art buyers on sales under $1 million. This initiative allows buyers to bid with a preapproved limit and pay in instalments over a maximum of 10 months, aiming to gauge consumer appetite and potentially expand to more sales and buyers in the future.
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Endeavor's Take-Private Deal: Endeavor, the owner of Frieze, has agreed to be taken private by investment company Silver Lake in a deal valued at $13 billion. The move indicates a strategy to streamline the group of companies and events.
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Dallas Art Fair Sales: The Dallas Art Fair reported healthy sales, signaling the ongoing support from local collectors and the growing interest of the younger generation in continuing Dallas's rich collecting tradition.