Supporting the creative economy through the Own Art scheme
Written by
Tuesday 5th November 2024
Own Art gives galleries the option to offer interest-free finance to those interested in purchasing art and craft.
The initiative, delivered by Creative United in partnership with Novuna Consumer Finance, aims to make buying art more accessible and affordable. This helps not only art lovers across the country begin their collection, but also supports galleries and artists.
Own Art celebrates its 20th anniversary this year, and we’re proud to have been the scheme’s finance provider for 17 of those years. As part of the celebrations, we headed to one of Own Art’s gallery partners to discover what the initiative means to all who use it.
Inspiring aspiring art collectors across the country
The opportunity to spread the cost is proving popular amongst gallery visitors, many of whom are now able to access art they wouldn’t be able to afford outright.
- 305 galleries are currently involved in the scheme, with a gallery satisfaction rating of 99%
- Over 50,000 art buyers have been supported by the Own Art scheme, with over 80,000 loans provided
- £73 million worth of loans issued since Novuna partnered with Creative United in 2007
- In the last 12 months, 13% of Own Art customers were first-time art buyers
- 65% of those who used the scheme are returning customers
- The average loan amount in 2023/2024 was £1,004
- 100% of customers would recommend the scheme and use Own Art again in the future
- 69% of customers told us they would not have purchased the artwork if the scheme wasn’t available
Developing a valuable long-standing partnership
The Own Art scheme has been operated by Creative United since 2004, with Novuna Consumer Finance joining as its finance provider in 2007.
We have powered the scheme’s finance for over 17 years, supporting Own Art and its network of galleries in offering interest free finance to customers.
This offer is invaluable for those looking to purchase art, allowing them to spread the cost by making monthly instalments instead of having to find potentially thousands of pounds upfront.
The whole idea of the Own Art scheme is that we want to break down those barriers and we want to make it a lot more accessible and a lot more affordable for everyone.
Caitlin Read, Strategic Relationship Manager at Novuna Consumer Finance
Supporting galleries, customers and artists
The Own Art scheme is integral to many members of the creative community. It makes arts and crafts more accessible, helping galleries to drive sales for its artists.
Making art-buying accessible to all
When a customer connects with a piece of art, they shouldn’t feel held back by their finances. The option to spread the cost allows customers to pay for their artwork over a longer period of time, making the cost more manageable.
Plus, as Own Art offers interest-free credit, the customer won’t pay a penny more for their art than they would do if they were paying in cash.
I think the Own Art scheme is affordable and over 10 months it was a way for me to buy an original piece of art. It hangs in my bedroom now and it reminds me of a time in my life when everything was really dark and bleak, and it shed a bit of light into it.
Joanne, Own Art customer
Driving sales for galleries
Galleries are hubs of creativity, but a key challenge is turning browsers into buyers.
Being able to offer a more flexible way to pay helps galleries support its customers, whether they’ve purchased art before or they're just starting their collection.
It benefits the gallery because it allows us to sell work and it also brings in a different kind of customer to us as well, one that might not necessarily think that artwork is affordable for them. It makes it so much more accessible.
Sonia Moran, Arts Engagement Coordinator at Sunny Bank Mills
Increasing sales opportunities for artists
Artists may have thousands of followers on social media and many admirers both in-gallery and online. Finance makes a real difference in converting customers, so their work can be taken home and enjoyed for a lifetime.
It makes it easier for people to buy art. And to me that is a win-win situation because it helps you sell art for the artist and also the buyer is introduced to art. It is absolutely magic all round.
Loretta Braganza, Artist
Own Art is expanding – and we’re looking forward to the future
2024 marks Own Art’s milestone 20th anniversary, but that’s not all. For the first time in 20 years, Own Art is officially UK-wide having recently announced its expansion to galleries in Wales, where it will replace the long-standing Collectorplan scheme.
We’re proud to be part of Own Art’s exciting journey.
Creative United have been working with Novuna to deliver the Own Art scheme for seventeen years now. All the team at Novuna are experts in their fields. They’re always there to consult with and support with any questions we may have. The process of buying art at an Own Art gallery is just very simple and very accessible and that’s why we love working with Novuna.
Siobhan Garrigan, Senior Marketing & Communications Manager at Creative United
Looking for the right finance partner?
If you’re keen to partner with Novuna Consumer Finance, find out more on our gallery finance page.
Written by
Stephanie Reid, our Marketing Manager, has been helping retailers utilise their payment options for nearly a decade. She often shares her unique insights on how to promote finance effectively, ensuring it's front of mind when customers are making a purchasing decision.
