This week on ArtEvolve we were joined by Will Jarvis, co-founder and CRO of Gertrude, Julian Siegelmann, founder and CEO of Parlor, and Paul Becker, founder and CEO of Art Money. We talked about new ways to buy, sell, and enjoy art.
With around 250,000 people attending Art Basel alone, it’s clear there is a huge interest in art but there are only around 10,000 people worldwide considered active collectors of artwork. How can the art world close this gap and engage with this audience of people who are already interested in learning more and perhaps even purchasing art?
What challenges do buyers and collectors face?
Education – not knowing what questions to ask or being intimidated by the reputation of art institutions. A lack of knowledge about the role of galleries can also breed mistrust.
Finance – for many people it takes time to feel confident in committing to high-value purchases. Being expected to pay cash up-front, which doesn’t happen in other industries, only adds another barrier to sale.
Experience – do I really love this artwork enough to make a purchase? In other sectors, people can gain experience with potential purchases before making a commitment. Before buying a house, you can rent, which helps build an understanding of your likes, dislikes, and desires. If you’re in the market for a new car, you take it for a test drive first.
Breaking down barriers
Companies such as Gertrude, Parlor, and Art Money have adapted tools and techniques used in other industries and applied them to the art world to help break down these barriers.
Founded by the directors of London’s The Sunday Painter gallery, Gertrude offers easy access to a diverse selection of curated art, with pieces available to rent on a £50 monthly subscription. Plus, 80% of payments go towards buying works when users are ready to make a commitment.
Based out of New York, the Parlor team help people connect with galleries and bring art home from $85 a month. Like Gertrude, the rent-to-own model makes ownership more accessible as well as helping artists get paid and increasing their exposure.
Art Money partners with galleries worldwide and uses fin-tech to help people purchase art. Instead of paying upfront, buyers can make 10 payments over 10 months with no interest. Galleries and artists get paid straightaway, and collectors can take the art home immediately.
Webinar attendees and readers of this blog can enjoy special discounts at Gertrude and Parlor with the following code:
Gertrude: art4all (3 months free)
Parlor: Julianandparlor (1 month off)