The Art Collectors Co.

THE PROBLEM

Since the first commercial gallery was opened in Paris in the1720s, the way artworks have been bought and sold has changed very little. Often unique objects, artworks traditionally have an opaque market value, and most sales are final. 

With no return policy, standardized pricing or opportunity to try works on at home, there are many barriers that prevent would-be consumers from participating in the market. 

Boutique art rental businesses have existed for decades to serve corporate clients. More recently, a number of startups including Artsicle, TurningArt and RiseArt have turned their attention to commercial art rental, generally focusing on the extreme low-end of the market.

OUR SOLUTION

Our product was focused on lower-middle market (works from1K – 10K). The model allowed users to try on artworks at home on a monthly basis from our network of partners while earning credits towards an acquisition. Consumers also had the opportunity to exchange works during the rental period for a one-time fee.

PRICE SEGMENTATION: MEMBERSHIP LEVELS

One of our goals was to make the rental experience as simple as possible. Based on the value of the art and artwork size, consumers could choose between three membership levels. Each level came with one artwork and free shipping.

DESIRED DELIVERABLES

Our model generated excitement and we found a core base of early adopters. Soon we were shipping artworks across the continental United States.

One of the biggest challenges to this model was the custom shipping. While artists and galleries were used to packing large, fragile objects, consumers were generally not accustomed to do so which created a significant pain point on returns. 

One of our core findings through this beta process was the need for high-level acquisitions advising in the fine art market. Many of our early customers used our service to explorer their tastes, and relied on us to match them with artworks they might enjoy. This finding lead us to close down the beta rental product and pivot to Palette, an acquisitions advising product.