The Dutch "KunstKoopregeling" will continue

Danny Bree, Owner Gallerease Gallerease
Danny Bree
Owner Gallerease
9 Articles1 Curated artwork

120 galleries in the Netherlands participate in the KunstKoop. Since the start of the scheme in 1997, 50,000 customers have used it for a total of € 166 million.  

The Mondriaan Fund has found a new partner for the popular KunstKoopregeling, with which buyers can purchase a work of art at a gallery without interest on installment. Just in time, because the old donor, ABN Amro, canceled the cooperation last year. As a result, the scheme threatened to disappear on 1 April of this year. The new partner is Santander Consumer Finance Benelux, part of the Spanish banking group Santander. It is active in fifteen European countries. What is new is that from now on the KunstKoopregeling will be handled entirely digitally. Gallery market The KunstKoopregeling is especially important for the Dutch gallery market, which is struggling, among other things, because the art market is increasingly determined by risky participation in fairs. 120 Dutch galleries are participating in the KunstKoop.

Since the start of the scheme in 1997, 50,000 customers have used it for a total of € 166 million. Director Eelco van der Lingen of the Mondriaan Fund says he is proud of the team of his organization that has kept a cool head in recent months in the search for a new lender. 'The result is a new financial partner and a new digital jacket that makes the KunstKoop even more accessible. We are happy that we have been able to establish this collaboration and we hope that this will not only continue the KunstKoop successfully, but also that together with the new financial partner and gallery owners we can give a new impulse to buying art by Individuals. 

Source: FD 30/01/2020 Photograph: Robin van Lonkhuisen/ANP

 

"KunstKoopregeling" explained: 

100% art • 0% interest

The KunstKoop of the Mondriaan Fund offers Dutch individuals the possibility to pay for the purchase of an artwork in monthly installments, without any interest. The aim of this service is to encourage private individuals to buy art and in this way to stimulate the Dutch art market in general. About 120 art galleries in the Netherlands cooperate with the KunstKoop, and therefore the use is widespread.

  • The KunstKoop can be used for artworks by living artists, produced after 1945 and with a minimum price of € 750.
  • The maximum loan is € 7.500. If an art work costs more, the remaining amount should be covered by the buyer.
  • On purchase, the buyer pays a minimum of 10% of the total price directly to the gallery, with a maximum of € 450. Art works above € 7.950 require a higher first installment.
  • The remaining amount can be payed via monthly installments. The minimum monthly installment is € 22.50.
  • The minimum duration of the loan is one year, the maximum is two years. (On 1 January 2020 the maximum duration of the loan with ABN AMRO changed from three years to two years).
  • The ABN AMRO bank decides whether the loan is approved. Validation and registration of the loan at the Bureau Kredietregistratie (BKR) in Tiel are part of the procedure.
  • Limited editions, for example silk-screen prints and lithographs, should comply with the requirements as known to the gallery owner.
  • The KunstKoop can be used by individuals aged 18-77 (the loan must be finished before the age of 79)

Ending collaboration with ABN AMRO
ABN AMRO has decided to end the collaboration with the Mondriaan Fund for the KunstKoop. The scheme in this form will be ended on 1 April 2020. Applications for loans can be filed until 29 February 2020.

Please visit the website of the Mondriaan Fund for more information. Or contact Douke IJsselstein (project officer) or Carmen Muskee (public relations officer)

 

 

 

 


Written by Danny Bree on 11 Feb 2020, 11:00 Category PressTagged Background information, Buying Art, News