Art Money will help stimulate the creative economy of Sydney and support professional artists.

Good news for art lovers today as The City of Sydney announced they have joined forces with 10 Group, the creative collective behind Art Month, to launch an innovative scheme to make owning art more immediate and affordable. Art Money is a new interest free art loan program, that allows buyers to take an artwork home straight away, and pay off the purchase over 10 months. It is hoped the concept, which is aimed at people looking to purchase recently created works, will encourage more people to invest in contemporary artworks and stimulate the creative economy in Sydney.

Art Money is modelled on similar successful schemes piloted in Tasmania and the UK, and is open to first time buyers and seasoned collectors alike. Under the initiative, which was launched at the Sullivan+Strumpf Gallery today, loans from $750 up to $20,000 can be agreed for the purchase of art works at over 25 leading galleries across the city (listed on the 10 Group website), although a 10 per cent deposit is required and loans are subject to an approved credit check. The scheme...