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Cash loans offered to art buyers

Interest-free loans are being offered for people who want to own works of contemporary art.

Potential buyers will be able to walk into one of 250 galleries in the UK to apply for loans of up to £2,000 from The Arts Council's Own Art scheme.

"I believe that Own Art can bring about a real change in the way we engage with the contemporary visual arts," said the Art Council's Christopher Frayling.

The loans would be paid back over a 10-month period.

The Cupola Gallery in Sheffield has been taking part in a pilot of the loan scheme, which goes nationwide from 24 November, and has hailed it a success.

"It is an urban myth that all good art costs a fortune," said the gallery's Karen Sherwood.

"There is a tremendous amount of very good art around at £500 pounds." She added: "This scheme could make the difference between an artist being able to make a living from what they do or being forced to do it in their spare time.

"The trouble with this country is that it treats art as a hobby not a profession."

Source: http://news.bbc.co.uk/2/hi/entertainment/4017577.stm

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