RENT-TO-OWN ARTAug. 16, 2011
“Rent-to-own” are three words that collectors probably never thought they’d hear at a gallery. But the Art Gallery of Ontario in Toronto is offering residents just such a program, offering rental art works for four percent of the sales price, ranging from $20-$350 a month, The Globe and Mail reports. The idea is for would-be buyers to live with a work for a while and if, after three months, they want to keep it they can buy it for the purchase price, minus what they’ve already paid.
The gallery is home to 500 works of contemporary Canadian art from 50 galleries. Renters are responsible for their own insurance, but the gallery often transports works for a fee of $85-$150.
Museum rental departments also exist at the National Gallery of Canada, the Montreal Museum of Fine Arts and, stateside, at the Seattle Art Museum, the Portland Art Museum and even the Los Angeles County Museum of Art -- though the rental works there are limited to local artists and only 60 percent of the rental fees can be applied toward purchase.