Interest-free loans to buy art on the way

The government of Flanders is working on a new loan scheme that allows residents to borrow €500 to €7,000 to buy works by contemporary artists. The loans are interest-free.

The Kunst Aan Zet programme was announced yesterday by Flemish culture minister Sven Gatz. “Everyone should have the opportunity to buy a piece of art,” he said, “even if you’re not an expert or have a big budget. This new loan scheme will help with that.”

Works must be purchased from an artist currently living and working in Flanders or Brussels. Works can be bought from the artist directly or from a gallery representing the artist. The borrower has two years to pay the loan back.

The same kind of scheme has boosted art sales in the UK and the Netherlands and offered more chances for young or newly emerging artists to make a living. Arrangements for Flanders’ scheme are being made now with the Financial Services and Markets Authority. A pilot project will begin in September.