Below are some of the most commonly asked questions concerning the Own Art Scheme. I you would like to read more about the scheme and find out how to apply then visit Own Art - Key Information
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Own Art is a national initiative that allows eligible customers to spread the cost of qualifying contemporary art and craft purchases through participating galleries using interest-free credit over 10 or 20 months, subject to status and terms and conditions.
Own Art is a Creative United programme run in partnership with Arts Council England, the Arts Council of Northern Ireland, Arts Council of Wales and Creative Scotland. Creative United is a registered trademark of Creative Sector Services CIC, a Community Interest Companyand acts as a credit broker, not a lender. Credit is provided byNovuna Consumer Finance a trading style of Mitsubishi HC Capital UK PLC, authorised and regulated by the Financial Conduct Authority with firm reference number 704348.
The aims of the scheme are:
- To make it more accessible for people to access art, regardless of their income and socio-economic background
- To enable more people to live with the art they love
- To promote the presentation and sale of high-quality works of art through a network of visual arts venues and galleries across England, Scotland, Wales and Northern Ireland;
- To support contemporary artists by encouraging increased sales of work across a breadth of practice
Own Art finance is available through participating galleries to eligible permanent UK residents over the age of 18, subject to status lender eligibility criteria and terms and conditions.
Eligibility depends on the lender's criteria and your individual circumstances. Some applicants who are students or not in employment may still be able to apply in certain circumstances, for example where household income can be taken into account. Please speak to the gallery before applying for more information about the eligibility criteria.
Own Art provides a 0% rate finance option for eligible for customers (subject to status and affordability) – and keep the scheme affordable for our member galleries – by subsidising the cost of the loan with funding from Arts Council England, Creative Scotland, the Arts Council of Northern Ireland and the Arts Council of Wales.
Works of contemporary art and craft of many different kinds fall under the scheme, including sculpture, painting, photography, textiles, limited edition prints, fashion, jewellery, glass, furniture, ceramics and multimedia works – provided they’re created by a living artist. In some galleries, you can use Own Art on works of art by artists born in the 20th or 21st century. Ask your gallery for more details.
That's because we want the scheme to help support the artists of today by encouraging sales of their work to new buyers.
Own Art can only be used for the sale of original prints. This refers to prints made using traditional printing methods (e.g. screenprinting, lithography, etching). It also includes original digital prints where the artist has used digital technology specifically to conceive and create an image in this medium. Giclée prints that are reproductions of original images created in other media are excluded, even if they have been signed and numbered by the artists.
The minimum amount of Own Art finance is £250. This can either be for the purchase of a single item, or for a group of items where the combined value is £250 or more, subject to eligibility and participating gallery arrangements.
Standard Own Art finance is generally available from £250 to £5,000, subject to eligibility and participating gallery arrangements. If the artwork costs more than £5,000, finance may still be available for part of the purchase price, provided you pay the remaining balance separately.
If the gallery is arranging additional services for you such as framing or delivery you can choose to include these charges as part of your Own Art loan. Please make sure you have told the gallery that you wish to do this at the start of the loan application process.
You may be able to use the scheme more than once, and in some cases hold more than one agreement at the same time. Each application is assessed separately and is subject to a credit search, affordability checks and lender approval at the time of application.
An application for credit may be turned down by the lender for a number of reasons. If this happens you will receive an email explaining their decision.
A deposit is not usually required when applying for Own Art, although some galleries may ask for one depending on the purchase. You can also choose to pay a deposit if you wish.
Your first payment will normally be debited from your account around 4 weeks after the date on which you received the artwork, although timings may vary. You will also receive a welcome email from Novuna confirming the date.
Yes, this is possible by contacting Novuna Consumer Finance directly or using the Novuna app.
No. Own Art loans do not have early redemption charges. If you would like to pay off the loan, you can contact Novuna Consumer Finance to do so at any time.