The Own Art Scheme
WHAT IS THE OWN ART SCHEME?
THE OWN ART SCHEME has been designed to make it easy and affordable for everyone to buy contemporary works of art and craft with an interest free loan. You can borrow up to £2,500 and pay back the loan in 10 monthly instalments - WITH NO INTEREST TO PAY. The scheme is available through a network of over 250 participating venues across the country. OWN ART PLUS >>>
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Own Art is an Arts Council England initiative operated by Creative United, a registered trademark of Creative Sector Services CIC, a Community Interest Company registered in England and Wales under number 08280539. Registered office: 10 Queen Street Place, London EC4R 1BE.Authorised and regulated by the Financial Conduct Authority. ® The Own Art logo is a registered trademark of Arts Council England.
HOW DO I BUY?
As soon as you have found something that you want to buy from a gallery that participates in the scheme, you can apply straight away for an Own Art loan to finance your purchase. Just email the gallery and they will send you a secure link to complete an agreement online. The process takes just 10 minutes.
To be eligible to apply for a loan you need to :
• be over 18 years old
• be a permanent UK resident
• be in possession of a bank account that can operate direct debit payments
If your application is successful, you'll be contacted by the Gallery to make arrangements for your purchase to be couriered or delivered to you. An e-signature is required during the online application process, which means there is no need for the gallery to print a signed agreement, and you will have access to a copy of your agreement via a secure link to your account.
HOW MUCH WILL IT COST?
Loans are available from £100 up to £2,500
The loan amount can be a part-payment towards
an item that costs more than £2,500 or you can buy
several lower value items at a time with a combined
value of up to £2,500 or less.
The amount you borrow is then paid back over 10 months in equal interest free instalments.
Example: Cost of Art work = £495
Pay by 10 equal monthly instalments of £49.50
Total Cost = £495
There is no administrative charge or handling fee when you take out the loan so you will never be paying more for your purchase than the ticket price. (The interest is shared by the Arts Council and the participating Gallery).
If you would like to purchase a piece of artwork but can't make it into the gallery, we may be able to set up an Own Art Agreement for you via a Distance Marketing Agreement. Just EMAIL email@example.com with the following information:
a) the title and price of the artwork you would like to purchase
b) your full name and RESIDENTIAL ADDRESS
c) a home or mobile telephone number
Once a Distance Marketing Own Art Application has been created by gallery staff, you would receive an email notification giving you instructions to securely complete an online application directly with the Own Art finance provider Novuna Personal Finance. You will have 10 days to complete the agreement.
Once the agreement has been authorised, the gallery will be informed by Novuna Personal Finance that the application has been APPROVED and we would then contact you to arrange collection of your artwork (or delivered to you). Deliveries can only be arranged by the gallery (i.e. the gallery's designated courier) and can only be delivered to the applicant's residential address when proof of identity and signature would be required upon receipt of the artwork. Normally, artwork would be despatched within 48 hours, but this would depend on the value of the artwork purchased and availability of a reliable courier.
FREQUENTLY ASKED QUESTIONS
Who runs Own Art? Arts Council England runs the scheme through its trading company Novuna Personal Finance is the credit provider.If the customer doesn't pay interest on the loan, who does? The scheme is subsidised by Arts Council England. The Arts Council pays the interest to the bank instead of the customer.
Can I use the scheme if I am a student or unemployed? No. However, if you living with a partner who is employed, then you are able to apply as a 'house person' quoting your partner's employment details. You may also apply if you are a student nurse, or a part-time student provided that you have regular paid employment of at least 16 hours per week.
Can I use Own Art to buy a piece of work directly from an artist? Own Art is currently only available through galleries, museums and other arts organisations that have been approved by Arts Council England (or Scottish Arts Council) as registered members of the scheme.
Can the loan be used when the value of the piece of art is higher than £2,500? Yes – the loan can go towards the payment of a piece of art that costs more than £2,500.
When will my purchase be available to me? As soon as your loan is approved and you have e-signed the loan agreements, your purchase will be available for shipping, collection or delivery. as you have been approved and signed the loan agreement. If you have purchased something which is being presented as part of a special exhibition, the gallery may ask you to leave the work on display until the end of the show, for the benefit of other visitors.
Can I use the scheme more than once? Yes, there is no limit to the number of times that you can use the scheme. However, you will normally have to allow at least 3 months between loan applications in order to establish a repayment record with the bank.
Can I take out more than one loan at a time? You can borrow up to £2,500 at any one time, and this can be towards the cost of one or more pieces. You can also have different loans with different galleries running concurrently.
When will my first payment be made? Your first payment will normally be debited from you account around 4 weeks after the date on which you signed the agreement.
Can I change my monthly payment date? Yes. You'll need to contact Novuna Personal Finance directly in order to arrange this.
Can I pay off the loan early, i.e. before the 10 months have passed? Yes. You can pay off the balance of your Own Art loan at any time by contacting Novuna Personal Finance directly. There are no penalties for early settlement.