We’ve blogged about deal-seeking fashionistas using sites such as Bag Borrow or Steal and Rent the Runway during the recession to rent designer bags and dresses. Now, a similar venture called nAscent Art New York aims to “bring art back from the stratosphere to prices within reach of everyday people,” as co-founder James Wallace told artdaily.org.
For $99, a nAscent Art consultant will visit a client’s home or office to match works from the company’s catalogue of emerging New York artists. The client then pays a monthly rental fee for the work, a portion of which can go toward its eventual purchase. Renters who choose not to buy can simply trade in their artwork when they want something new.
The recession has had a sobering effect on the contemporary art market (after 10 years of explosive growth, the art auction market saw a 75 percent decline in sales this past year), leading many sellers to investigate alternative distribution channels. Could “cooperative consumption” (as we’ve termed the spread of the timeshare concept) and rent-to-buy models be one solution? We’ve seen these models win converts in new categories during the downturn, and we’re likely to continue to see experimentation in categories that once seemed unlikely candidates for this concept.
Photo Credit: Andrew Wingert, an artist who works with nAscent Art New York
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