Yahoo Lifestyle Renting is the new, flexible way to invest in art this year
Walk into the home of any woman with her finger on the fashion pulse, and you’re likely to find a designer dress hanging, freshly dry cleaned, on the back of her bedroom door. It isn’t hers, mind you – but one she’s rented and worn for a night out, which she’ll soon post back to its owner. What you might be surprised to hear, however, is that it’s not the only thing in her home that’s borrowed: these days, the art on her walls is as likely to be loaned as the expensive labels in her wardrobe.
The UK clothing rental industry is expected to be worth £2.3 billion by 2029, and no wonder: it’s a cost-effective way to road-test different styles and brands and, in many cases, to ‘try before you buy’. It was only a matter of time before other industries followed suit – and now, the concept of rental is booming in the art world. “There are so many frictions in the art-buying process, not helped by galleries, which generally don’t put prices online,” says Scott Phillips, the co-founder of London-based company Rise Art. “It all feels quite mysterious and elusive. We want to try to remove those barriers and feel that rental is one way of doing that.”
Even the keenest fledgling collectors can be put off by the process of buying art: firstly, there are often high price tags to consider, not to mention the elitist natures of private galleries. Rise Art side-steps both these issues by allowing its customers to directly rent pieces (at a fraction of the cost of ownership) that can be returned at any time. There are hundreds of works at a range of prices available online, “which is a really nice way for people to be able to get into semi-owning and displaying art in a way that otherwise wouldn’t be available to them,” says Phillips. For example, the British artist Andrew Crane’s ‘Basecamp’ would cost £2,600 to purchase, but can be rented for £183 a month; Philip Maltman’s ‘World Series – Southern Ocean 4’ costs £5,000 but can be yours on loan for £351 a month.
Complimentary art advisors and augmented reality tools are on hand to help with selection, before your chosen piece is delivered to your home. Payment is made through a rolling, monthly contract and you’ll start immediately accruing credits to put towards a purchase: buy the piece, and 100 per cent of your first month’s rental, plus half of each month after that, will go towards its cost. If you’re not happy, you can send the artwork back at any time, free of charge. “It’s pretty risk-free,” says Phillips. “What we generally find is that once people have tried our service, they’re more receptive to engaging with different artists. It broadens their horizons, because there’s less risk involved.”
While it’s a cost-effective way for anyone to buy into the art world, rental is also becoming increasingly popular with wealthy clients. “Pre-pandemic, we didn’t have a dedicated team for this area. Today, we have art rental specialists focused solely on private residential projects,” says Patrick McCrae, the CEO and co-founder of art agency Artiq. “This growth aligns with the rise of branded residences and the increasing demand for premium, tailored services that go above and beyond, including the art on the walls.”
For Artiq, this involves collaborating with some of the UK’s most prestigious branded residences, from The Whiteley in West London to the slick apartments at The OWO, supplying rented art for high-end apartments. Artiq’s well-heeled customers live “increasingly international lifestyles,” but “want homes that feel special and curated without necessarily committing to purchasing art outright or making local investments,” says McCrae. “Art rental is a powerful way to add instant visual impact to a space, often providing the final touch to make a property feel inviting and lived in.” Artiq’s business model isn’t only for high-earners, however; artworks can be hired for as little as £10 a week, depending on the scale, medium and artist.
However expensive or purse-friendly the piece you’re considering might be, the main advantage of art rental is flexibility. In Britain, there are now more tenants than at any point since the millennium, with 35.7 per cent of the population renting their homes as of 2022. When living conditions are in constant flux, leasing a work of art makes more sense – after all, why invest in something that may only suit your needs in the short-term? Artiq’s advisors encourage their clients to “live with a piece to see how it feels in their space. If it doesn't suit their space as expected, they can effortlessly exchange it for something that does,” explains McCrae.
Ultimately, the ability to rent art does away with the traditional obstacles faced by budding collectors, while encouraging people to be more experimental with their choices – whatever their budget or living conditions. As Phillips puts it, “the more we can do to offer different ways of engaging with a wider range of work, the better”.
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