ARTIQ, the art rental consultancy, has just announced a record £3.1m secured orders in 2019.
Founded with a vision of creating a sustainable art economy, ARTIQ curates and rents art collections, bringing together artists with brands and businesses around the world. It has paid more than £5m to artists and institutions since launching in 2009 and 75% of that in the past three years.
ARTIQ has pioneered a new art market by introducing a rental model to its clients, most of whom had never previously paid for art, in the same way that the subscription model has revolutionised other sectors, such as travel, holidays, music and home entertainment.
ARTIQ’s clients include law firms, banks, hotels, universities and residential developments in the UK and internationally. Recent projects include curating collections for Mayer Brown, a global law firm; Investec, an international banking and asset management group; The Lowry Hotel in Manchester; The London School of Economics and Political Science; and The Moorgate, a collection of 27 suites and apartments in London.
Patrick McCrae, CEO of ARTIQ, said: “I am delighted that the business is continuing to grow at around 20% year-on-year and that we are working on projects across the globe. We want ARTIQ to be at the forefront of creating a sustainable art economy.”
ARTIQ was launched in Cambridge by McCrae in 2009 and its turnover in 2010, its first year of trading, was £12,000. It now employs 29 staff at its London offices.
Read What does the growing art rental market mean for collectors? by Patrick McCrae