BusinessWeek looks at Art Remba, an art rental firm that appears to be gaining a footing:
Art Remba has formed partnerships with nine New York galleries and several artist studios, representing more than 100 artists. The works are mostly from emerging markets, Mehta’s area of expertise. Roughly 40 percent of the pieces rent to individuals. The rest go to small businesses, such as boutique investment firms, venture funds, and family offices. “They want to outfit their offices with substantial, eye-catching art,” Mehta says, “but they don’t necessarily want to share enormous numbers on their balance sheets with their LPs [limited partners].” […]
Art Remba won’t disclose subscriber numbers, but Mehta says about 85 artworks are in circulation. The most expensive canvas currently rented, by Syed Haider Raza, sells for $150,000 and fetches $600 a month. Artworks in the $1,000 to $1,750 range rent for as little as $50 a month. When clients fall in love with their rental art and decide to go all in, 50 percent of their past monthly fees goes toward the purchase. Art Remba has brokered five sales so far. Galleries and artists get as much as 50 percent of monthly rental fees. Art Remba gets a commission for any piece sold.
Art Remba Lets You Rent the Masterpiece of Your Dreams (BusinessWeek)
