Aussie start-up Art Money helps professionals become collectors and has scored one of the first investments from a venture capital arm set up by Christie’s.
The founder of Art Money says a new investment with British auction house Christie’s will fast-track the local lender’s global ambitions, as its product helps vault professionals into the orbit of wealthier fine art collectors.
“The real benefit will be the commercial partnership we are putting in place with them, which will give us access to an exponential $1 billion addressable market within a year.”This partnership is still not formalised, but will eventually mean that Art Money becomes the payment plan option for all sales at the world’s biggest auction house, while also being free to operate with other auction houses, galleries and art sellers.
Since its inception, Mr Becker said Art Money had handled total art sales of $US56 million , with roughly 60 per cent from Australia. This has involved 16,000 artworks being sold to 7000 clients.While it may sound like Afterpay for the art gallery set, Mr Becker baulks at being called a buy now, pay later company because of what he says are the associated negative connotations.
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