An evaluation of the Scottish Arts Council’s interest free loan scheme Own Art has revealed that Scotland’s contemporary arts market is thriving. Annual sales of contemporary arts and crafts at Own Art member galleries across Scotland totalled almost £5m in 05/06, with a significant number of sales generated through the Own Art scheme.

Own Art provides an interest free loan from £100 to £2000 to purchase a wide range of artwork from paintings and sculpture to jewellery, furniture and textiles, at participating galleries across Scotland. The loan, which can also be put towards a more expensive item, is then repaid in ten equal monthly instalments.

Based on information collated from 35 member galleries, 442 sales totalling £270,425[1] were made using Own Art in its first full year (March 05-April 06) of operation in Scotland, demonstrating that people are taking advantage of the benefits of the scheme to purchase contemporary arts and crafts.

Figures show that the average purchase price using Own Art was £864 and over half of the member galleries said the majority of their Own Art sales were to new customers and included people buying art for the very first time.

Artists are also benefiting from the increased interest in original contemporary art. An estimated £180,000 was paid to artists from sales generated through Own Art (based on the assumption that a 50% commission was charged by galleries).

The research revealed strong support for the scheme among the member galleries with 23 of the 35 galleries stating that Own Art was of significant or substantial benefit, while the remaining 12 commented that they had not been running the scheme for sufficient time to assess the impact at the time of the research.

48 public, private, university and local authority galleries are currently involved in the scheme which was launched in Scotland in December 2004 to encourage sales and develop the visual arts and crafts economy in Scotland, and support artists at all stages of their careers.

Commenting on the Own Art scheme, Juno Design Gallery in Dunoon said: ‘Customers are becoming more aware of the idea and those who have already bought using Own Art are interested in returning when the 10 months are over to buy again.

‘The last two exhibitions have seen more sales with Own Art than before, particularly with more expensive pieces of work.’

Wendy Law, Manager of the Own Art scheme at the Scottish Arts Council said: ‘The results of the evaluation demonstrate the positive impact that the Own Art scheme in its first year has had on sales of contemporary art and craft in Scotland.

‘By allowing people to purchase artwork in an easy and affordable way, Own Art encourages new buyers, collectors and audiences, helping to develop the visual arts economy in Scotland.’