Owning a piece of artwork is now made easier as more local galleries partner banks to provide interest-free installment payment plans (IPP). As part of its continuing efforts to increase the appreciation and consumption of the arts in Singapore, the National Arts Council has successfully facilitated the extension of interest-free IPP to a number of art galleries. The public can use their credit cards to purchase works of art from these galleries and spread out their payments in installments without incurring interest or additional fees. They can then immediately take home the artworks to enjoy.
Such installment payment plans, while common in sales of other consumer goods, has previously not been widely available in art galleries. Art lovers can now enjoy greater flexibility and financial control when they buy paintings, sculptures and other artworks. Relevant terms and conditions imposed by banks apply.
“We are delighted that both banks and art galleries have come together to offer the interest-free IPP to the public. The interest-free installment plans for the purchase of art make it easier for more people to be able to own and appreciate art and help increase consumption of the arts in Singapore. At the same time, it will also boost revenues for the galleries and enable more artists to get their works sold. We hope more people, banks and galleries will take part in and benefit from this plan, and support the arts as a result,” said Mr Lim Chwee Seng, Director (Visual Arts), National Arts Council.
Said Ms. Gan Ai Im, Senior Vice-President and Head of UOB Credit Cards, "UOB has been actively involved in the local arts scene; the Bank was recently conferred the Distinguished Patron of the Arts Award by the National Arts Council in recognition of its arts patronage. Our involvement in this initiative is an extension of our support for the arts, and we are delighted to work in partnership with the National Arts Council in facilitating interest-free installment payment of art purchases made by art lovers at the participant galleries."
Nine local galleries have partnered three banks to provide this service. UOB credit card owners can make their interest-free installment purchases at Art Seasons Gallery, Opera Gallery, Singapore Tyler Print Institute, Sunjin Galleries, Taksu Gallery, The Aryaseni Art Gallery, and Wetterling Teo Gallery. Linda Gallery offers the scheme to DBS credit card owners, while The Arts House offers interest-free IPP to UOB, DBS and OCBC credit card owners. The National Arts Council thanks these banks and galleries for their support.