Art on Loan
What is Art on Loan?
‘Art on Loan’ is an easy and cost-effective alternative to purchasing art for your business, realty staging or home. From art lovers and interior designers to tech start-ups and established law firms, we celebrate people interested in enriching their daily lives with artwork.
Selected art is taken out on loan for an agreed upon duration, and allows you the flexibility to decorate offices, restaurants or homes without the large initial monetary outlay of purchasing art that may not work for what you want or need. As your needs change, you can adjust the Agreement to fit those needs.
How much does it cost to lease art?
In general, Art on Loan fees are based on a fixed percentage of the retail price of each artwork.
Art Leasing percentages may be adjusted by the duration of the lease.
How long can I lease art?
Art on Loan Agreements are available on a Month-to-Month, Quarterly (3 Months), Semi-annual (6 Months) and Annual (12 Months) lease periods.
When do I get billed?
Payment is due on the 1st of the month at the beginning of the lease period.
How will I be billed?
The Veronique Wantz Gallery will charge your credit card the total amount due for the whole leasing period on the 1st of the month at beginning of the leasing period.
How do I stop the Art on Loan?
For other than Month-to-Month agreements, the lease can be terminated at any time after the first 90 days. A 30 business day notice is required.
Download the Art on Loan Agreement and review section 8. Terms and Termination of Agreement for lease termination details.
Can I rotate art that I lease?
Provisions in the Art on Loan Agreement allow for returning or replacing leased art under a variety of conditions.
Can the artist/gallery still sell the art that I lease?
Only “original” leased art is made available for sale by the Veronique Wantz Gallery.
Pickup and replacement of the sold art will be coordinated by the Gallery.
Do the artists get paid for the art I lease/sell from the Veronique Wantz Gallery?
The artists receive a residual for each artwork that is leased by the Veronique Wantz Gallery.
Sold artwork is subject to commission agreements between the artist and the Veronique Wantz Gallery
I’m a restaurant owner, can I sell the art that I have leased?
Be our guest. Artworks that are sold will be replaced with new agreed upon art.
Do I get a commission for leased art that I sell at business or realty staging?
You will receive a sales commission for all artworks sold by your business.
I love an artwork that I’ve leased. Can I buy it?
You can buy any leased artwork at any time at the leased artwork’s retail price. Additionally, 50% of all paid leasing specific fees (excluding any installation charges) will be applied to the purchase of the artwork.
Are there any additional fees/charges associated with the lease Agreement?
Additional fees would include:
transport and installation fees depending on the amount of works leased.
a security deposit, equivalent to two (2) months lease, that is required before the leased art is delivered and installed.
Do I need to insure the art that I lease?
It is strongly recommended.
You will be financially responsible for any damage or theft of the leased art. Download the Art on Loan Agreement and review sections 4 (Liability) and 12 (Responsibility for Loss or Damage, Insurance Coverage) for liability details. Your facility must also meet building code standards, some restrictions may apply.
I want to replace artwork. How do I do it?
First contact the Veronique Wantz Gallery. Either by email, phone or stop in at the gallery. The Gallery will work with you on the exchange and installation of new artwork as necessary
I need to rearrange art can I do it myself?
Please remember that you are liable for any damage to the artwork. As detailed in sections 4 and 12 of the Art on Loan Agreement.
If you need to have many pieces rearranged, you can also contact the gallery and have an installation team sent over. There will be an installation fee which can be quoted at the time.
A customer wants to buy the art. Can they buy it from me directly?
You will need to notify the Veronique Wantz Gallery of the sale within 3 business days.
Payment for the artwork is due 10 business days after the reported sale.
NOTE: Please make sure to collect all appropriate sales taxes.
I live out of state, can I still lease art from you?
While we love our fans from across the country and world, artwork loans are only available to businesses and individuals within the Minneapolis & St. Paul area. For the wider Minnesota region, we could provide a quote for long-distance transport and installation fees.
Are there any financial benefits of leasing?
Art on Loan is becoming a popular method of resource utilization because it offers a number of advantages over more traditional alternatives such as cash purchase or bank financing. Some of the advantages of leasing art are:
Conservation of Capital
The capital conserved while leasing art as an operating expense can be utilized for other capital expenditures. The average return on capital can range from 10% to 25% after taxes.
Conservation of Credit
A lease is not a loan. Borrowing reduces lines of credit. Leasing is an operating expense and grants the customer increased borrowing capacity.
Off balance Sheet financing
An operating lease keeps the debt, and the corresponding asset, off the company’s balance sheet.
A lease can allow up to 100% of the monthly payment to be included as an operating expense. Bank financing would allow only the interest costs to be included as operating expenses. It is advised to check with your tax advisor to determine how this can lower pre-tax income and reduce taxes.
Leasing provides fixed rate financing with specially structured terms to accommodate the specific needs of the company.
Please contact us at email@example.com or 612-254-2838 for further information.