Christie’s launches buy now, pay later scheme for art up to $1mn

Christie’s has invested in Art Money, a US lender that launched in 2016, and will offer a buy now, pay later scheme on art bought in its sales for less than $1mn. Would-be buyers receive a preapproved limit to bid from the lender and, if successful, can pay in instalments over a maximum of 10 months. Art Money takes a fee from the buyer of up to 10 per cent of Christie’s total invoice, including its buyer’s premium (26 per cent at that level).

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Article by Melanie Gerlis.