What is Art leasing?
Art Leasing is an alternative to purchasing art for your business, realty staging or home. The selected art is leased for an agreed upon duration.
Art leasing allows you the business owner, interior designer or realtor the flexibility to decorate offices, restaurants or homes without the large initial monetary outlay of purchasing art that may not work for what you want or need. As your needs change, you can adjust the Agreement to fit those needs.
How much does it cost to lease art?
In general, Art Leasing fees are based on a fixed percentage of the retail price of each artwork.
Art Leasing percentages may be adjusted by the duration of the lease.
How long can I lease art?
Art Lease Agreements are available on a Month to Month, Quarterly (3 Months), Semi-annual (6 Months) and Annual (12 Months) lease periods.
When do I get billed?
Payment is due on the 1st of the month at the beginning of the lease period.
How will I be billed?
The Walnut Gallery will charge your credit card the total amount due for the whole leasing period on the 1st of the month at beginning of the leasing period.
How do I stop the Art Lease?
For other than Month to Month agreements, the lease can be terminated at any time after the first 90 days. A 30 business day notice is required.
Download the Art Lease Agreement and review section 7. Terms and Termination of Agreement for lease termination details.
Can I rotate art that I lease?
Provisions in the Lease Agreement allow for returning or replacing leased art under a variety of conditions.
Can the artist\gallery still sell the art that I lease?
Only “original” leased art is made available for sale by the artist or The Walnut Gallery. Most Photography, giclees or prints are exclusively for the Art Lease Agreement.
Pickup and replacement of the sold art will be coordinated by The Walnut Gallery.
Do the artists get paid for the art I lease\sell from The Walnut Gallery?
The artists receive a residual for each artwork that is leased by The Walnut Gallery.
Sold artwork is subject to commission agreements between the artist and The Walnut Gallery
I’m a restaurant owner, can I sell the art that I have leased?
Please do. Artworks that are sold will be replaced with new agreed upon art.
Do I get a commission for leased art that I sell at business or realty staging?
You will receive a sales commission for all artworks sold by your business.
I love an artwork that I’ve leased. Can I buy it?
You can buy any leased artwork at any time at the leased artwork’s retail price. Additionally, all paid leasing specific fees, up to twelve (12) months, will be applied to the purchase of the artwork.
Are there any additional fees\charges associated with the lease Agreement?
- a $50 installation charge for an installation team to professionally hang the new art. The installation fee covers four (4) hours of work. Additional time is billed at $20 /hr.
- There is also a security deposit that is required before the leased art is delivered and installed.
Do I need to insure the art that I lease?
It is strongly recommended.
You will be financially responsible for any damage or theft of the leased art. Download the Art Lease Agreement and review sections 4 (Liability) and 12 (Responsibility for Loss or Damage, Insurance Coverage) for liability details.
I want to replace artwork. How do I do it?
First contact The Walnut Gallery. Either by email, phone or stop in at the gallery. The Gallery will work with you on the exchange and installation of new artwork as necessary.
I need to rearrange art can I do I myself?
Please remember that you are liable for any damage to the artwork. As detailed in sections 4 and 12 of the Art Lease Agreement.
If you need to have many pieces rearranged, you can also contact the gallery and have an installation team sent over. There will be an installation fee of $20/hr.
A customer want to buy the art. Can he buy it from me directly?
You will need to notify The Walnut Gallery of the sale within 3 business days.
Payment for the artwork is due 10 business days after the reported sale.
NOTE: Please make sure to collect all appropriate sales taxes.