The Flemish government is to instigate, with effect from next Autumn, a 0% interest loan for art lovers likely to buy Flemish or Brussels works of arts, during the given artist’s lifetime. This was indicated on Wednesday by the Minister for Culture, Sven Gatz (Open Vld). In doing so, the minister hopes to strengthen the status of artists and reduce the access threshold to these works for small art lovers and even small art galleries.
The third sector organisation, Kunst in Huis, which will be responsible for developing the tool with the help of a financial institution. The total loan available will vary between €500 to €7,000. For the period 2017 to 2021, the government anticipates a budget of €1 million for this purpose.
Ministre Gatz is inspired by similar initiatives in the Netherlands and in Germany. His department says that each euro invested thus by the government and related bodies will attract 3 to 5 euros from individuals, half of which in theory will go to the artist, and half to the vendor of the given work.
The work acquired should be either a single work or be part of an edition of less than 250 works. It must have been produced by a currently living artist from the Flanders or Brussels regions.