Why Lease Art?
If the concept of leasing artwork is new to you, rest assured that there are many benefits to the practice. Why should you consider leasing artwork? Let us count the ways. First and foremost, most people consider leasing artwork because they are attempting to decorate a new home or business on a budget. The money saved by leasing art instead of buying art can be used to pay for other things like your monthly bills and furniture if you are moving into a new home.
Secondly, those who lease art for their business and utilize an operating lease may be able to claim 100% of the monthly lease payment as a business operating expense on their taxes. To be sure if this would apply to you, always check in with your tax preparer to find out how art leasing may help you have a lower pretax income, thus lowering your taxes overall.
Indeed, art leasing has become popular among both homeowners and business owners alike across the country. Business owners like the fact that leasing art allows them to enter into a contract with a local art studio who then provides them with an agreed-upon number of pieces of art per a negotiated time period. Many business owners prefer this to purchasing artwork on their own because if they need to move their business at any time, the artwork can simply be relocated back to the art studio. This will eliminate the need for coordination of careful moving of expensive art pieces, paying for storage of artwork, and restoration of any artwork that may become damaged.
One of the best parts about leasing artwork is that it is not a loan, so many people love the fact that it does not reduce their lines of credit for other things in their life that they may need to take a loan for. Art leasing for a business is considered once again, an operating expense and does not affect the clients’ creditworthiness or credit rating.
Another reason business owners may love leasing artwork for their office or place of business is the flexible financing options that are typically offered to businesses who lease a number of pieces of artwork on a regular basis. Homeowners who lease multiple pieces of art will also be offered the same financing options, which is a big benefit over making an expensive artwork purchase.
Last, but not least, is the flexibility and rotation of different artwork pieces in the home or business that leasing art allows for. Purchasing artwork means you will be looking at the same piece of art or decor for the next several decades unless you decide to go through the process of selling your current artwork, and repurchasing something new. With the flexible costs associated with leasing artwork, you also get the benefit of being able to change out the artwork that hangs in your home or business on a monthly or as otherwise scheduled basis. This provides you, your family and your clients with a consistently fresh and updated look.