Rentals from Tides

Rentals Give Maximum Flexibility, Tax Benefits, and Freshness

 

   Art rental programs present an array of options to art lovers, whether the art is for a private office, business, or residence.

   For business owners and managers, art rental is a normal business expense for tax purposes, but can easily be turned into large additional benefits for customer appreciation or employee reward. Because all rental payments for a piece of artwork can be used towards the purchase of that particular piece, a business can transfer that purchase option to a customer or employee. 

   For example, rental rates are normally 5% of  the retail value, paid monthly. This means that a company that rents a piece for one year, can allow an art-loving employee or customer to purchase that piece from the Tides Gallery for approximately 25%-30% of retail value.  

   This rental price can be reduced if renting two or more pieces over an extended period, or by renting a continuous rotation of multiple art pieces for a minimum period of one year or more.  For example, an office complex needing 10-15 artworks, but wanting to change the artworks every 4-6 months, could reduce the rental fee to an estimated 4% of value. Some rights of purchase would remain.

    For the home owner, renting artwork allows a potential buyer to try a piece for a few months, and then try another piece if the original choice doesn't seem right. Good for the home owner because they end up with a piece they really enjoy, and the gallery ends up with a much more satisfied client. 

   Win. Win. 

    

​​Rental Fees: single piece

Value of Contract       Min.- Max. Rent Period      Monthly Fee            Rent-to-Own Option

Under $500                  3-12 months                    $25 minimum            up to 6-month max.

$501-$1,000                  3-12 months                    5%                              up to 12-month max.

$1,001-$2,000               3-14 months                    4.75%                         up to 16-month max.

$2,001 - $5,000            3-14 months                    4.5%                           up to 18-month max.

$5,001 & more               3-16 months                   4.0%                           up to 18-month max

** Customers can combine the total number of rental pieces to increase overall contract value and      achieve reduced monthly fee %. For example, a customer can rent several small pieces with individual values that total more than $500 and thus earn a group rental fee of 5%.

*** All rental fees on each piece can be applied to the purchase of that particular piece. Rental fees on one piece cannot be transferred for purchase credit on artwork by a different artist. 

Rotate Artwork Every 3, 6, 10, 12 months 

  

Tides Contemporary Art Gallery will work with customers to create a unique rotation program to fit any office or residential need. Customers can have new artwork exchanged on a regular basis for as long as they want. The exchange can be for one piece of art, or as many as 6-15 pieces. The rate of exchange can be from every 3 months, to every 6, 10, 12 months, or more. There are many variables to be determined in consultation between customer and gallery, including style of art, group average values, delivery, installation, etc. Bring us your unique request and we'll find a solution.

Installation, Transportation Fees

Number of Pieces                   Installation Fee                 Transportation Fee

1 piece                                      $20                                    $20

2-5 pieces                                $40 total                            $40 total

6-10 pieces                               $60 total                            $60 total

11 or more pieces                    on request                       on request

 

Three Examples: To Buy, Rent, or Rent-to-own?  

The following examples are for illustrative purposes only:

Example One: (includes three pieces, average value $2,500)

- Total purchase price: $7,500 incl. taxes

- Rent for 3-18 months: $300 per month

- Rent-to-own: $417 per month, 18 months

Example Two:  (includes one or more pieces total value $1,120)

- Total purchase price: $1,120

- Rent for 3-14 months:  $53 per month

- Rent-to-own: $70 per month, 16 months

Example Three: (includes one or more pieces total value $700)

- Total purchase price: $700

- Rent for 3-12 months: $35 per month

- Rent-to-own: $58 per month, 12 months

 

Important Facts In Our Rental Agreement


There are a several important facts in Tides Gallery rental contracts, some of which are listed below:

  • Renters are responsible for transporting the rented artwork(s) to the address agreed to in the contract. Rented artwork cannot be relocated to another address without formal approval from Tides Gallery.

  • Renters are responsible for the artwork once it leaves Tides Gallery, up until it is returned and accepted by Tides Gallery.

  • Renters are responsible for any damage, loss, or theft of rented artwork and should ensure that their home/office insurance is adequate for terms of the rental contract.

  • All copyrights remain the property of the artist and no artworks can be copied, photographed, or reproduced in any manner, or used for commercial purposes without the artist's agreement.  All artwork remains the property of the artist until such time as he/she has been paid in full for the artwork purchased.

  • Renters are required to provide adequate identification and credit card guarantees at the time of rental agreement. Payments can be made by cash, post-dated cheques, e-transfer, or credit card and are due in advance of the agreed monthly, quarterly, or annual schedule.

  • The gallery has the right to recall rented artwork if someone other than the renter wishes to purchase the specific rented artwork. The renter will have first right of refusal to purchase the artwork.