Rent to Own Art is a new concept that appears to be gaining notice. Elizabeth Darrow in Wilmington, NC sent out a circular letter to her mailing list of friends, fans and former buyers.
That letter began: “Art – Rent With the Option to Buy!” She offered to rent paintings and collages at a rate of $50 per month. (Her larger canvases often sell for $1,000 or more.) After a month, people could turn in the artwork for a different piece, or extend their rental time.
“If you decide you want to purchase the work, we can work out monthly payments that will be mutually agreeable,” Darrow wrote. As in other R2O agreements, the rent would be applied to the final purchase price. “These are unusual times that call for unusual proposals,” Darrow pointed out.
Similar services exist in larger cities, such as HangArt in San Francisco or the Art Rental and Sales Gallery of the Los Angeles County Museum of Art.
I'm not sure if i think this is a brilliant marketing strategy that will help put much needed money into the pockets of artists or if i think this is a long term nightmare on how art may eventually be perceived and valued, if the "Rent to Own Art" catches on. Fine Art has been long regarded as something unique, special, valuable...an investment. Even the creations of the worst artist are regarded as something with merit. (Maybe not a lot, but there is always the nod to the effort.)
The concept of "Renting" automatically infers disposable, or something of lesser value. You don't rent to own a ferrari. You don't rent to own a swimming pool. You don't rent to own INVESTMENTS. Renting, right or wrong, has connotations of purchasing something of "less valuable." Do we really want fine art to fall into the realm of Rooms to Go and Walmart art?
Many struggling artists already allow their patrons to buy their art in payment plans if the art is pricey. I've done this myself many times, But once you buy it, it's yours. You don't get to swap it out. The owner can sell it to another person if they choose if they are looking to make money or no longer want the piece of art.
Good idea that allows people who often can't afford art to purchase it or bad idea that turns the perception of Art into a cheap commodity?