Rent of art is a new topic for Russia and still remains a curiosity here. In Europe and America, this service has been practiced since the 70s. What is the interest of renting paintings to superyacht owners? Why is it necessary? What are the terms and conditions of the lease? How is it made out? Read about it in our article!
What does renting paintings
First let's decide on the service itself: what does renting paintings mean«?»As in any other case, renting is the transfer of items for temporary use for a certain period. You don't buy the paintings, but you get the opportunity to place them in your interiors. When the lease expires, the paintings are returned to the owner (gallery or artist). You pay the rent for the period of use.
As we can see, renting paintings fits in with the traditional understanding of renting any other items.
Why it is necessary.
If you absolutely like the painting, you just buy it. Then why rent it? Well, that's why:
- It is difficult for you to decide on the choice of paintings. And it takes some time to understand what is «yours»and what is not.
- You're prone to change. You're oppressed by the permanence. You're always in the epicenter of events and you drive them.
- You use the house/yacht temporarily (seasonally).
Art is a difficult «commodity» to buy. It can not be picked up on the clear, familiar parameters such as color, size, cost, etc. It is designed to solve special needs - spiritual, emotional, status. And in these fine matter first need to understand for yourself. In this case, the rental of paintings - a great opportunity to try on art to your life, to your perception of the world. Does this art fit into your system of coordinates? Take the paintings for rent and live with them for a while. You will definitely get the answer to this question! You will also have a great opportunity to discuss it with family members, friends, business partners. Art is a great topic for communication!
And if you come to the conclusion that the paintings you like exactly - only then you buy them. Usually in such cases, rent payments are counted against the redemption value of the paintings. In fact, renting art is a new way to buy it.
Renting paintings is an opportunity to change the emotions of your home, the ability to raise / lower the degree of status of the interior (yes!). For example, today it is minimalism in its ascetic understanding with black and white abstract works. In a few months it is minimalism with bright accent paintings. In a few more months you will start experimenting and making your own sets of paintings! Mix «immiscible», violate all art criticism! Isn't that the beauty of setting your own rules?
It is a good idea to rent an artwork for the season. So you don't have to worry about the safety of the artwork outside the season. And this is not only to protect the object, but also to maintain the necessary temperature and humidity conditions for the works of art all year round.
These are, in fact, the main reasons to try to rent paintings:
- Rent allows you to experiment and explore your taste without risk;
- renting art is a new way to buy art;
- renting allows you to gain a unique experience of owning art.
Under what conditions is it possible to rent
We have analyzed a large number of European and American gallery websites that offer art for rent, and concluded that they are more or less the same.
Typically, paintings are available for a relatively long period (from one month). But there are some galleries that are willing to rent paintings for a period of one day or more. Paintings are not owned, but only for temporary use. This means that you can't give the painting away, sell it, use it as a collateral, etc. You are responsible for the safety of the paintings. The contract specifies the full value of the artwork to be paid to the gallery in the event of death, loss or damage to the paintings.
The value of the lease is set - per month or for the entire period of lease. The usual rate of rent on foreign galleries' sites is within the range of 4-10% of the sale value of paintings (per month).
How do you rent a painting?
The relationship between the landlord (gallery) and the tenant (you) is formalized in a work of art rental agreement, which details all the conditions. In addition, an acceptance report is signed for the paintings that are selected for rent.
In our country, the rental of paintings is provided only by a few participants in the art market (including our gallery). Try before you buy! Why not?