Update 8 June 2024: “The business I founded, Art Money, has run out of operating capital and I’ve let down a lot of people who believed in it, and in me,” Paul Becker, founder & CEO of Art Money wrote.
“Whilst the model is now proven, and common in every other industry except art, the business cannot go to the next stage and realise its potential without sufficient equity capital. It ideally needs a combination of strategic partners from the industry, a ‘coalition of the willing’ if you like, that are united in growing the art market for all stakeholders to benefit.”
“This means that from 10 June 2024, new clients will not be able to apply for finance, and existing clients will not be able to make new purchases.”
Art Money in happier times …
Christie’s auction house, via its corporate venture capital arm Christie’s Ventures, has made an equity investment in art finance company Art Money for a non-control minority stake.
The investment begins work towards a commercial partnership that would see Australian art financier Art Money’s services offered globally. The deal is one of Christie’s Ventures first investments in fin-tech.
Art Money was founded by Australian entrepreneur Paul Becker in 2015 and allows buyers to pay for artworks in interest-free instalments.
The investment by auction giant Christie’s will give Art Money access to potential customers in $US1 billion of Christie’s annual sales in the next year. Christie’s has global sales worth $US8.4 billion in 2022.
From Paul Becker: Founder & CEO, Art Money said: “We are delighted Christie’s Ventures has chosen Art Money as one of their first investments in financial innovation. This validation of our business model will accelerate our vision of increased access to art and an art world that helps shape tomorrow for the better.”
“We are excited to continue growing Art Money’s global reach alongside such an aligned and future focused partner as Christie’s”.
From Christies: Devang Thakkar, Head of Christie’s Ventures said: “Art Money is uniquely positioned to offer their financing services and products to those businesses and individuals that are the bedrock of the art markets – galleries, art fairs, collectors, and auction houses.”
“We were very impressed by the thoughtful approach Paul and team took to building out a sustainable and integrated business model that we believe will usher in fully portable, dedicated financing for all participants in the art markets across all price points. Christie’s has long championed access and ownership to the arts for everyone and Art Money will play a crucial role in affecting that vision.”
About Art Money
Art Money simplifies art purchases by allowing buyers to pay over time instead of upfront, while ensuring that art sellers and artists receive immediate payment.
This global fin-tech company partners with 1,700 galleries across 50 countries and serves 6,800 clients in the US, UK, Australia, and New Zealand, with numbers growing daily.
Art Money promotes culture and a sustainable creative economy through advanced fin-tech solutions, offering interest-free payment plans, AML/KYC services, and, in the future, payment processing for the art industry.
About Christie’s Ventures
Christie’s Ventures is a new initiative focused on engaging with early-stage companies through direct investment, brand support, and market access.
It aims to help startups accelerate their growth and adoption while enhancing Christie’s leadership in the fine art and luxury goods ecosystem.
Christie’s Ventures will initially explore three broad areas: Web3.0 innovation, art-related financial products and solutions, and technologies that facilitate the seamless consumption of art.
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