How Does Renting Art Work and How Much Should I Charge?
As an artist you work hard to create each piece of art and waiting a long time for it to finally sell can be frustrating. By offering the option of renting art to customers you can minimize this waiting and get some immediate cash in your pocket. In fact, art rentals put art into the hands of many potential buyers who would love to buy art but may not have the funds to purchase it right now. Because rental fees are so much lower than actually buying this opens the door to a whole new range of clientele who can be come life long fans, potential collectors or customers.
Interesting Facts About Renting Art:
- Making your art available for rent can often bring in more money in the long term than selling your art for a one time fee will if you are constantly renting it out.
- Renting out several pieces at the same time each month can add up to a good monthly income.
- A very high number of people who rent a piece end up asking to buy it after the rental term is over.
- Many renters find their new favorite artists by renting pieces they may not have had access to before.
- Offering your artwork for people to rent it is a great way to get your name out there and build up your clientele.
Why Would People Want To Rent My Art?
The most common reason for renting among all types of art renters is to have pieces rotating in and out of their space that enables them to spark up conversations with guests either on a continuous basis or just for special occasions at a lower cost.
Why Individuals Rent Art:
People choosing art for their homes are often intimidated by the thought of making a major investment in art. Renting allows the customer to “try” before they buy.
Renting artwork allows home owners to have beautiful art in their home at any time (maybe they are staging their home for sale, or trying to impress visitors for a party, etc), and when they want a new look they can simply rent a different piece.
Why Companies Rent Art:
Many businesses are choosing art rentals instead of purchasing because it allows them to keep their décor fresh without having to invest a lot of money into new art.
Changing the artwork regularly enables employers to set the tone of the room(s) depending on how they want to be seen by their clients or create an atmosphere for their employees.
How Much Should You Charge To Rent Your Art?
Deciding what to charge for your art as a rental charge can be challenging. Obviously what you charge to rent the piece is going to be substantially lower than the actual purchase price. Typically rental fees range between 5% or 10% percent of the actual value of the painting. Charging 10% is the best option to ensure the most profit, especially on short term rentals. On long term rentals you can make a significant profit by charging 10%. If you are asking $800 for a piece of art, and charged 10% of this monthly then you would bring in $80 each month that the art is rented. This amount can add up quickly. If a customer rents the art for an entire year you have just made $960, which exceeds your initial asking price!
A Few Things To Consider Before You Run Off and List All Your Art Available For Rent:
- Always have a contract with the person/business that is renting your work to cover things like theft, fire, damages etc. (for very expensive pieces you may want to look into art insurance). No matter how nice they seem never rent your work without a contact and make sure that you have clearly written out all the terms of rental and it is signed by you both.
- Be choosy on who rents your art and be prepared that they may not keep as good care of it as they should. Chances are you may get it back with some imperfections. With that in mind, lay out what is acceptable to you and the charges associated with larger issues. Take pictures of the work each time before you rent it out and take detailed notes. Have you ever rented a car? You know how they go over it with you and make notes so that when it’s returned you can both assess the state compared to how it was when they got it? Consider a process like that to keep disagreements to a minimum.
- Best practices states that you should offer a discounted buyout at the end of your rental term. Typically the rental charges are applied to the full purchase value.
About Brittany O'Donnell
As the founder of Artistically Connected I am passionate about art and business. I enjoy working with artists at all stages of their craft and learning along the way.
Related posts:
- How to Price Your Art – An Art Price Guide
- Sell Your Art Online – Does It Work?
- Using Internet Resources To Sell Art Online
- The Artist Statement
