| Rental & Lease |
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Our rental and leasing programs are a convenient and economical way for clients to build art collections for home or office. The rental and lease agreements are made directly between our clients and Loch Gallery. No outside leasing or finance company is involved. Any single work of art or art collection with a combined value of $1000.00 or over may be leased or rented. TermsOption 1 - Art Rental with Option to PurchaseMonthly payments are based on 3% of the retail value of the artwork. Artwork must be rented for a minimum of 6 months. If the artwork is purchased within the first three months of the rental contract, any monthly payments which have already been made, will be applied in full, to the purchase price. After the initial three month period has elapsed, the renter may still buyout the rental at any time. At that point, a credit of 60% of all rental payments which have been made to the time of purchase, are applied towards purchase price.Example Art Rental with Option to Purchase
Monthly payment: $39,500.00 x 3% = $1185.00 plus applicable taxes Optional Buyout after 36 months: Original Value of Art= $39,500.00 Option 2 - Art Lease With Optional Anniversary Buy-out.Monthly lease payments are based on 2.5% of the retail value of the artwork. The lessor has the option to buy-out the lease (in whole or in part) on the first, second, third, fourth or fifth anniversaries. The minimum term of the lease is 12 months. Buy-out option rates are as follows:
Example Art Rental with Option to Purchase
Monthly payment: $3800.00 x 2.5% = $95.00 plus applicable taxes Optional Buyout after 3 years: Your Credit (40% of the original value) = $2280.00 |
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