Own Art
Arts Council England

Frequently asked questions

What is Own Art?

Own Art is an Arts Council England scheme providing individuals with the opportunity to spread the cost of contemporary works of art and craft with the benefit of an interest free loan

Who runs Own Art?

Arts Council England runs the scheme through its trading company ArtCo Trading Ltd. Hitachi Capital Consumer Finance is the credit provider.

Why did Arts Council England set up the scheme?

Arts Council England aims to put the arts at the heart of national life. One of the ways we do this is to encourage people to live with art they love. We also want to help artists live by their creative output and support galleries who sell high quality contemporary art.

If the customer doesn't pay interest on the loan, who does?

The scheme is subsidised by Arts Council England. That means that the Arts Council pays the interest to the bank instead of the customer.

Do I need to take photo ID with me to apply for a loan?

No, you don't need photo ID. However, you will need to provide proof of signature (e.g. a debit or credit card) and proof of your home address (e.g. a driver's licence, bank statement or utility bill).

Can I use the scheme if I am a student or unemployed?

No. However, if you living with a partner who is employed, then you are able to apply as a 'house person' quoting your partner's employment details. You may also apply if you are a student nurse, or a part-time student provided that you have regular paid employment of at least 16 hours per week.

Can I use Own Art to buy a piece of work directly from an artist?

No. Own Art is only available through galleries, museums and other arts organisations that have been approved by Arts Council England (or Scottish Arts Council) as registered members of the scheme..

What sort of art can I buy through the scheme?

You can buy works of contemporary art and craft in any media including painting, sculpture, photography, limited edition prints, textiles, jewellery, fashion, furniture, glass, ceramics, multi media works – in fact anything by a living artist.

Can the loan be used when the value of the piece of art is higher than £2,000?

Yes – the loan can go towards the payment of a piece of art that costs more than £2,000.

Can I include the cost of framing in my loan?

If the gallery is arranging additional services for you such as framing you can choose to include these charges as part of your Own Art loan. Please make sure that you have told the gallery that you wish to do this at the start of the loan application process.

Will I be able to take my purchase home with me immediately?

Yes, you can take your purchase home as soon as you have been approved and signed the loan agreement. If you have purchased something which is being presented as part of a special exhibition, the gallery may ask you to leave the work on display until the end of the show, for the benefit of other visitors.

Can I use the scheme more than once?

Yes, there is no limit to the number of times that you can use the scheme. However, you will normally have to allow at least 4 months between loan applications in order to establish a repayment record with the bank.

Can I take out more than one loan at a time?

You can borrow up to £2,000 at any one time, and this can be towards the cost of one or more pieces. You can also have different loans with different galleries running concurrently.

What if my application for an Own Art loan is refused?

An application for credit may be turned down by Hitachi for a number of reasons. If this happens you will be given a letter to explain their decision.

When will my first payment be made?

Your first payment will normally be debited from you account around 4 weeks after the date on which you signed the agreement.

Can I change my monthly payment date?

Yes. You'll need to contact Hitachi Capital directly in order to arrange this.

Can I pay off the loan early, i.e. before the 10 months have passed?

Yes. You can pay off the balance of your Own Art loan at any time by contacting Hitachi Capital directly. There are no penalties for early settlement.

Can I cancel the loan once I've signed the agreement?

No. Unless you have made your purchase by mail order, in which case you can cancel the agreement within 14 days.

Is the scheme available outside England?

Yes, Own Art is also available in Scotland, through the Scottish Arts Council. There is also a similar scheme in Wales called Principality Collectorplan which has been in operation for over 20 years. Over 70 galleries in Wales participate in the scheme.

I'd like to get involved but I don't know much about buying art. Do you have any guidelines?

The Scottish Arts Council has published some guidelines called How to buy art. The leaflet is not meant as a comprehensive guide, but might give you some ideas about where to start. You'll also find some useful information about where to start on the Collecting art pages of our website.

You might also like to consult the book, Owning Art: The Contemporary Art Collector's Handbook by Louisa Buck and Judith Greer, which is available to purchase from bookshops and online.