Nova Scotia Journal

Sunday, November 28, 2021

The art rental market has grown in Canada

art rental market

Key Takeaways:

  • When the COVID-19 pandemic sent many office workers home, it did not take long for some to realize that their living rooms or spare bedrooms needed to be renovated.
  • Many people painted their walls or eventually bought a desk, but Tammy Yiu Coyne saw that people wanted something to hang on their walls.

The co-founder and CEO of Toronto’s Partial had a perfect idea: an art rental service specializing in works that did not cost millions of dollars. Instead, partial focus on Canadian art that costs less than $5,000. It began with roughly 20 pieces in 2016 and has now grown to several thousand. It rents paintings, sculptures, and photographs for three months for as little as $25 to as much as $1,300.

The pieces can be purchased outright at any time, and the costs you paid as a renter will be subtracted from the buying price.

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During the pandemic, so many people were drawn to these offerings that Yiu Coyne stated the number of rentals surged by 125 % between 2019 and 2020, with a 43 % increase expected this year. Approximately three-quarters of those who rent later purchase the works.

According to the program’s manager, Zoe Mackoff de Miranda, companies who rent art returned it during the pandemic. Still, a rush of people who would normally spend money on a vacation or other interests flocked towards her program for the first time.

Many others informed her they wanted to rent a piece to change up their videoconferencing background. She believes that some were also encouraged by the current movement encouraging people to support local businesses. She expects that momentum will continue to grow, removing some of the fear factors from art purchases.

Her concept focuses on pieces that can cost up to $15,000 to buy but can be rented for as little as $12 per month for as long as one desires. If you decide to buy a piece later, the program will deduct the leasing costs for the first three months.

Source: City News Everywhere

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