Nervous about buying art online? You can rent it instead. Here's what it costs and how it works:
Nervous About Buying Art Online? You Can Rent It Instead. Here’s What It Costs and How It Works
Mio Asatani experienced this problem first hand when, moving to New York to study business, she found herself at a loss for how to decorate her apartment. “A This fee rises according to the purchase price of the artwork, but any rent already paid is deducted from the eventual purchase price if a client later decides to acquire it. Asatani and her team have noticed two types of clients: those that want to “try before you buy,” and those that treat the rent more like a monthly installment payment plan.
Tazie Taysom of Artiq, a London-based agency also offering art rentals, has noticed a similar trend among the company’s majority commercial clients. “Since the pandemic, there’s a real push towards representation, sustainability, and keeping things local,” she added. “Clients are trying to find stories that make sense for them and can be used as a talking point or visual cue.”
And in the U.S., Asatani noted, rented artwork can be written off as an expense, so it offers businesses some handy tax benefits.
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