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 is only also only available to Australian residents.

Through increased accessibility to owning original artwork, Art Money is intended to support artists and ensure the stability and longevity of the commercial gallery sector in Sydney and Australia. Statistical information from the UK shows that 25 per cent of those using a comparable scheme were first time buyers of contemporary art, although it also showed that 37 per cent of UK buyers were already active art investors, and similar interest from both new buyers and seasoned collectors is expected in Sydney.

Lord Mayor Clover Moore at the Art Money launch earlier today

Among the scheme’s high profile advocates was Lord Mayor Clover Moore. “The City of Sydney is excited to see this initiative begin, creating the opportunity for more people to have art in their homes and growing Sydney’s creative sector,” she said. “Art Money is one of the first actions to be implemented from our Creative City Policy. It will have real cultural benefits while helping our economy, particularly the small business sector.”