What is Arta Pay?
Arta Pay is finance tailored for art, luxury and collectibles. You buy the work now and pay over 10 monthly payments instead of upfront.
Credit lines run from $1,000 to $100,000 and above. You can choose an amount for one purchase, or set your collecting budget.
How does it work?
Apply online in minutes, before or at the time of purchase. Once you are approved, select Arta Pay in checkout on a partner’s website, or upload your invoice to your Arta account.
You pay a minimum 10% deposit, then nine monthly payments including a flat monthly fee. The seller is paid by Arta within 5 business days.
Are there any setup charges or ongoing fees?
There are no setup or account maintenance fees. There is a finance charge per purchase.
For each purchase, a flat finance charge is payable with each monthly payment. The flat charge is calculated as 12.5% of the financed amount. The financed amount is the invoice price less the deposit paid, so you can reduce the finance charge by paying a higher deposit. You can pay off your balance early at any time with no penalty and no future monthly finance charges.
Arta Pay accepts payment via ACH, credit card, or debit card. Should you choose to pay by credit or debit card there is a 3% surcharge to cover card fees.
How long will the application take?
Minutes. The application runs in real time and you get a decision straight away.
Can I increase my Arta Pay credit limit?
ANSWER NEEDED Yes, the app has a Request a Credit Increase flow, but the eligibility rules, the review time and the ceiling are not confirmed, so the wording needs to come from Arta.
What will I need to provide in my application?
ANSWER NEEDED
How are repayments made?
You pay a minimum 10% deposit, then nine monthly payments that include the flat finance charge.
Arta Pay accepts payment via ACH, credit card, or debit card. Should you choose to pay by credit or debit card there is a 3% surcharge to cover card fees.
Where can I use Arta Pay?
Arta Pay is currently available to permanent residents and citizens of the United States. More countries are planned.
You can buy from galleries, auction houses and platforms worldwide, whether they are integrated with Arta or send you an invoice.
Can I buy any art or collectible with Arta Pay?
ANSWER NEEDED There are category exclusions in the brand guidelines, but the collector-facing list has not been confirmed.
Can I have multiple Arta Pay purchases at one time?
Yes. A single invoice can cover multiple works, and you can buy multiple works on separate invoices, up to your available credit.
Can I make an extra payment or pay off my purchase early?
Yes. You can pay some or all of your outstanding balance at any time, and there is no penalty for doing so.
Can I buy a work in foreign currency?
Yes. Where the work is priced in a currency other than USD, you approve an exchange rate calculated on the date the sale is finalised. Your purchase price is then locked in and you repay in USD. Arta carries the exchange risk.
Can I use Arta Pay to buy a work that costs more than $100,000?
Yes. Credit lines run to $100,000 and above. On purchases above $100,000 a sliding scale applies, with a minimum deposit of up to 50%.
Where can I view my purchase and account details?
ANSWER NEEDED
Do I need to insure my artwork?
ANSWER NEEDED
Can framing, shipping, installation etc be included in the invoice price?
Yes. Shipping, framing, installation and taxes can all be included in the total purchase amount, and Arta Pay finances the full invoice. The Arta Pay fee is calculated on that total, so adding these costs increases the fee.
Do I own the work whilst it is being repaid?
ANSWER NEEDED This one needs a legal answer rather than a marketing one, because Arta can repossess an item for non-payment, which implies a security interest.
Can I resell my artwork?
ANSWER NEEDED
What happens if I have a problem making a repayment?
ANSWER NEEDED The seller-facing material says Arta carries default and repossession risk. The collector-facing answer needs to set out what actually happens to you.
Who is Arta?
Arta is the commerce platform for art, luxury and collectibles, used by galleries, auction houses and marketplaces to ship, insure and track work.
Credit is extended by Lead Bank, a Missouri-chartered bank. Arta Pay services your account.
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