by Ula Einstein
Noon to 6pm
Artist in Residency Open Studio at
Safe T Gallery
111 Front Street, Gallery 214
Dumbo, Brooklyn, New York
The rental rate is calculated on the cost of the work divided by the number of months in the lease. For example a $12,000 painting leased for 24 month term would yield a monthly fee of $500 of which the artist would receive 40% ($200 per month - $4,800 over the 24 month term). The client may renew the lease (if artist approves the renewed term). You may also negotiate a purchase with the client separate from the lease at the end of the term. The purchase price on this work valued at $12,000 would be determined by you. A $2500 purchase price would yield $7300 (between the lease and the purchase) which is $1300 more than you would in a typical 50/50 gallery arrangement. If the art is not sold and the client wishes to change the art, the work is returned to you at the client’s expense. This art rental program provides you with a monthly income while you gain exposure. You may set limitations on the geographic location and the type of business with which you wish to be affiliated.
Carolynn Williams is curating the on-line archive of work available for the program. She will be proactive in sales and installation of any of the corporate placements in her Art Rent Lease stable. Williams is currently concentrating on the Philadelphia to New York region.
The website which averages over 10,000 hits monthly is http://www.artrentandlease.com/. The archive of artists is not yet complete and Williams has not juried the current roster. She is seeking submissions from a more sophisticated level of artists which is why I have posted this blog entry.
Currently the site is geared to the renter outlining the specifics and tax advantages. The on-line gallery within the site just launched this week and I am helping to promote it with this post. If you are interested in Art Rent & Lease, e-mail inqiries to firstname.lastname@example.org