Digital Editions
Newsletters
Subscribe
Digital Editions
Newsletters
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
Art market
Museums & heritage
Exhibitions
Books
Podcasts
Columns
Technology
Adventures with Van Gogh
Art market
news

New initiative between Art Money and Christie’s will allow collectors to bid at auction and pay over time in instalments

Bidders will be able to pay for art over ten months instead of all at once

Carlie Porterfield
11 April 2024
Share
Christie's bidders will be able to use Art Money financing to pay for this Andy Warhol print of Marilyn Monroe, on sale at the auction house next week Courtesy Christie's

Christie's bidders will be able to use Art Money financing to pay for this Andy Warhol print of Marilyn Monroe, on sale at the auction house next week Courtesy Christie's

Christie’s and Art Money, the Australian start-up that offers interest-free loans specifically for buying art, have teamed up to launch a new initiative that will allow collectors to bid during Christie’s auctions and then pay Art Money back in instalments. The programme gives collectors the “confidence to make stronger bids—without the need to have the cash up front”, according to Art Money. Christie’s has invested in the collaboration through its Ventures fund, which focuses on art and technology.

Christie’s clients looking to take part in the new initiative will need to get pre-approved by applying directly with Art Money. Collectors are asked to request an amount of credit in an application that takes only a few minutes and includes a soft credit check, Art Money founder Paul Becker said in an email statement.

Successful Christie's bidders will upload their invoices from the auction house, then accept Art Money’s purchase offer online. For the Art Money Premium programme, the collector will pay a flat monthly fee up to 10% of the invoice price for the luxury of paying for a work of art over ten months. For example, for a $10,000 work, the premium fee would be $1,000 and the collector would pay $1,100 in each of ten monthly instalments.

The initiative will launch for the auction house’s upcoming prints and multiples auction on 16 April, and approved collectors will be able to use the financing mechanism at future Christie’s auctions and at Art Money’s other partners, Becker says. Art Money works with more than 2,000 commercial galleries to offer interest-free art loans, according to the company, including spaces like Kavi Gupta, Various Small Fires, the Hole and Galerie Lelong.

“The goal of Art Money is to empower collectors to buy the art they love by spreading payments over ten months instead of upfront. This means they can bid stronger and more responsibly without being constrained about cash flow on the day,” Becker said in an email, adding that the financing appeals to younger and newer collectors, “as it ‘de-risks’ their entry into the art market”.

Art Money first launched in the US at Expo Chicago in 2016.

Art marketChristie'sAuction housesArt financeArt & Technology
Share
Subscribe to The Art Newspaper’s digital newsletter for your daily digest of essential news, views and analysis from the international art world delivered directly to your inbox.
Newsletter sign-up
Information
About
Contact
Cookie policy
Data protection
Privacy policy
Frequently Asked Questions
Subscription T&Cs
Terms and conditions
Advertise
Sister Papers
Sponsorship policy
Follow us
Instagram
Bluesky
LinkedIn
Facebook
TikTok
YouTube
© The Art Newspaper

Related content

Art marketarchive
1 November 2011

Insight into China's largest auction houses: Beijing Poly and China Guardian

Do they present a potent threat to the long-standing dominance of Christie’s and Sotheby’s?

Katie Hunt Hunt
Art marketnews
31 August 2023

Christie’s calls off further sales of Heidi Horten’s controversial jewellery collection

Horten’s late husband became a billionaire during the “Aryanisation” of Nazi-era Germany

Carlie Porterfield
Art marketnews
24 October 2023

Christie’s longtime global president Jussi Pylkkänen is stepping down

After nearly 40 years at the auction house, Pylkkänen will work as an independent art adviser

Carlie Porterfield
Old Mastersanalysis
7 December 2022

Old Masters need reinventing to avoid being frozen out

Last year, European Old Masters represented just 4% of the world’s $26.3bn art auction sales. In our contemporary-obsessed world, we’re just not paying them enough attention

Scott Reyburn