Traditionally, art pieces are sold in one single transaction and their value is handed off to the buyer, leaving the artist with only the US dollar and an unstable income. Selling art is still a very successful avenue for artists to make an income, however, there is a new way for artists to make money off of their work without actually giving up their full stake in the piece and that is through leasing. Leasing will be the new avenue artists can use to make a consistent income from their current inventory.
What does this mean for Artists?
Leasing will be an artists’ new best friend in the business world. Leasing an art piece for a fixed price per month will allow for an artist to consistently make money while never actually selling their assets after all art is an asset that never depreciates in value. This will open a whole new market for artists, giving them the ability to partner with interior design companies and architects, for example, that would be very happy to lease a piece and have the freedom to swap the piece when a new design comes to mind. This gives the artist a consistent market especially if they create a positive relationship with the designer: a recurring “leaser”. The one downside to leasing art pieces is that it limits the type of art that is available. For the artist and the art market, leasing framed-artwork and sculptures would be the most feasible way to go about leasing avenue. This would mean that the artist from realms other than framed work and sculptures would most likely not be able to use the venture of leasing for their particular work.
Leasing Artwork will be an extremely huge market in the near future. It will enable artists to maintain the value of their work and get multiple uses out of it while still profiting from multiple consumers. Leasing will also be huge for industries like Interior Designers, Retail Stores, and Luxury Building Architects-just to name a few as the possibilities are endless. They will have high quality, one-of-a-kind pieces displayed in their business without the worry of spending a fortune on art pieces. Leasing will take the hesitation out of a potential buyer’s mind and will ease the process of deciding whether or not to lease, as there is no permanent commitment for the buyer or the artist unless otherwise discussed.