Last week was Frieze week in London, when the art world descended on Regent’s Park to discover, discuss and – for those with sufficiently deep pockets – acquire the work of some of the most exciting artists working today. It was a lively, excitable atmosphere, and one that can inspire major purchases. But what if you’re not quite ready to buy?
If you’re one of the many budding art collectors who feel blocked by price, indecision or the intimidating process of purchasing art from a fair or gallery, the growing art rental industry could be for you.
Long gone are the halcyon evenings spent trawling your local high-street DVD rental store, but renting is undeniably on the rise across a range of industries. It’s an innately human instinct: ‘I want this [object, experience, service] but I don’t want to commit to it, or I can’t afford to buy it outright. What now?’ Whether it’s as big as a house or as small as a handbag, the solution is increasingly to borrow it – for an affordable fee.
As the cost of living rises, ownership can feel like an increasingly distant prospect for many. Young consumers are also more concerned with sustainability and novelty than ever – they want something new, but they don’t want the financial and environmental cost. In response, rental businesses have sprung up across everything from fashion to furniture and baby equipment.
Today, the rental world is booming; according to data analytics from GlobalData, the fashion rental industry was valued to be around six billion dollars two years ago, more than double its value in 2016. The shift reflects changing consumer habits, but also a growing interest in more circular models of consumption, in which products are used for longer and shared between more people.
It may be somewhat surprising to find that the art world has followed suit. For so long, collecting has been associated with intimidating price tags, specialist knowledge and a certain degree of insider access. Buying a work at a fair or gallery can be thrilling, but it can also feel like a high-stakes decision. You might love a painting under the bright lights of an exhibition space, only to wonder whether it will work in your home, with your furniture, or in the grey light of a British winter.
As consumer habits shift, businesses like Interrupted Art are offering an alternative. ‘We certainly don't want to tear anything down, but instead promote an alternative to galleries and fairs built with the busy collector in mind,’ explains co-founder Stephanie Crosland-Goss. ‘Most people could easily fall for a piece they see, but have no idea how it will feel in their sitting room in November light, or alongside the things they already love in their home. So people play it safe, or they don't buy at all. The art market has always asked collectors to commit first and live with it second. We wanted to introduce a service to do it the other way round.’
The model is straightforward. Membership at Interrupted Art starts at £66 a month, giving members access to original works from a hand-picked network of artists, including Verity Woolley, Mary West, Natacha Bisarre and Rebecca Hardaker. Members choose a piece, the team takes care of delivery and installation, and the artwork stays in their home for ten weeks. At the end of that period, they can exchange it for something new or purchase it, with prices typically ranging from £1,000 to £6,000. For those who would prefer a little guidance, a more premium membership offers a curated selection tailored to their taste and space.
It’s an appealing proposition, not least because it removes some of the guesswork from buying art. Rather than relying on a brief encounter at a fair, collectors have the opportunity to discover how a work changes as they live with it.
Interrupted Art is not alone. Rise Art, for example, offers both art sales and leasing, with a particular focus on emerging and established contemporary artists. Its rental scheme also provides a financial incentive to buy: 100% of the first month's rental payment and 50% of subsequent monthly payments can be credited towards a purchase.
Beyond the financials, browsing the platform is an education in itself, offering a broad catalogue of artists and styles. Such breadth is not always easy to find outside large exhibitions and fairs. There are also several companies – like GingerWhite, Wallplace or Art in Offices – who specialise in rental art for businesses and hospitality, which provides a wide audience for the work.
Beyond the collectors, Sarah Green (founder of MAMA, a curatorial platform presenting women-identifying artists) is optimistic about the potential benefits for artists. ‘It offers an alternative revenue stream whilst allowing their work to reach a wider audience and gain greater exposure,’ explains Sarah, whose own nomadic practise is a slightly unorthodox but very effective way of keeping overheads low to maximise profits for the artist.
‘Models like this are important in creating a more financially sustainable and interconnected art ecosystem, where artists and curators can benefit from opportunities beyond traditional sales,’ she says. Indeed, curators can also benefit from the rental system because, according to Sarah, they are often commissioned to ‘curate shifting spaces such as hotels and restaurants, generating further income for their practice. That way the work of the curator is not finite.’
The chance for their work to be experienced in everyday life, rather than encountered briefly in a gallery or at a fair, is another benefit for artists. The intimate setting allows not only the renter but their guests to enjoy work in a more nuanced way, which is particularly beneficial for subtle pieces that may not be able to shout above the clamor of a bustling art fair. And even if a rental does not lead directly to a sale, it can help establish a relationship between an artist and a new audience.
Stephanie believes this engaged relationship is central to the Interrupted Art model, who see more than 90% of their clients eventually purchase a work. Others may fall in love with an artist's wider practice and commission a new work for a particular space in their home. In this sense, rental is not simply a way of postponing a purchase; it can be the beginning of a longer relationship between artist and collector.
