£10 million art sales, thanks to Loans.

A scheme offering art lovers interest-free loans to buy original works has helped generate sales worth £10m.

The Arts Council England’s Own Art programme offers loans of up to £2,000 to be paid back over 10 months.

The council said 12,500 loans had been taken out since the scheme was launched five years ago and it has helped artists earn £6.5m.

About 80% of the work sold was fine art such as paintings and sculpture, followed by ceramics and jewellery.

Galleries and first-time buyers on lower incomes have all benefited from the government-backed Own Art initiative, the council said.

Director of London’s Whitechapel Gallery Iwona Blazwick said: “The Own Art initiative is a simple and effective way of enabling people to start their own contemporary art collection.

Tags:
art money

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