Why Corporations Must Rent Art

The reasons why high-end businesses & corporations jump into art & how it benefits

By Thomas Greengrass

?

You can’t have failed to see how high-end businesses and corporations are jumping into the Art World. There are many reasons for their interest: speculative investment to turn a profit, tax avoidance, genuine interest and love of art, appearance and respectability etc. Some of these businesses will try to control the market of certain artists, like the Mugrabi’s, who own over 800 Warhol works, estimated around 9% of the Warhol Market. But, a stranger phenomenon is why most offices and lobbies have rented artworks in them. Walking down Chancery lane, you can be sure most of that lobby artwork is rented.

?

There are dedicated companies, like ARTIQ, GingerWhite, Rise Art and GetArtUp, whose core business model is built around renting out art to offices. They even rotate and vary the art that they’ll rent out to you to keep it fresh. Many run on a client base that includes multinational banks, cutting-edge tech firms, luxury hospitality groups and universities. Whilst many of these businesses, like ARTIQ, also double up as Art consultancy services, for those interested in investing in artwork, the notion of renting art may still seem a waste of money and pointless to most of us. “Those who rent it aren’t going to turn a profit and what’s more is that they probably don’t even care about art anyway!”

?

The clue to this enigma is that businesses are not set apart from the rest of the world. They are not demarcated by impenetrable financial lines. Instead, they must react and at least give off the appearance of being fully integrated and working with the rest of the world. Art is thought to be exclusive and culturally rich; it is a sign of intelligence and nuance, so businesses must be involved. If you have art and a basic grasp of it, you’re a special person, one who is fully rounded and profound. If we’re charitable, businesses must rent art to surround employees and clients with rewarding pieces that will broaden their minds, stimulate their creativity and promote their mental well-being. The artwork improves efficiency, business practice and progress. More cynically, businesses must rent art to give the air of sophistication, depth, success, an understanding of what’s good in life, and of some things being more valuable than money. All of this to entice clients and so turn a bigger profit. Renting art is about supporting your employees and marketing your company.?