Can you buy artwork with a credit card?
The art community is ever-changing and consistently exploring new ways to exhibit all aspects of the human experience. For many, collecting art is an investment into the local or international art community as well as your own financial portfolio. Depending on the artist, medium and subject, it's not uncommon for art collectors to spend tens or even hundreds of thousands of dollars on certain art pieces, such as the now-viral banana art installation from the 2019 Art Basel art fair in Miami.
Typically, high-value artworks are paid for via wire transfer or check, but there have been some instances in the past of people earning credit card rewards by swiping to pay for their newest art piece. Is this a feasible payment option?
The short answer is that it's complicated.
It makes sense why you would consider using a credit card to purchase some artworks. If your credit limit is high enough and you have the money ready to pay off that bill, why not use the opportunity to rack in a ton of points or miles?
However, using a credit card at a gallery or art auction isn't as simple as using it at your favorite retailer. Each gallery and seller is a bit different, so there isn't a unilateral process for how payments are accepted. Whether or not you can use a card to purchase art will likely vary from seller to seller.
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I spoke with an art administrator (who asked to be kept anonymous to respect the privacy of her employer and its clients) who has worked at multiple galleries across the U.S. in different roles. She explained that some galleries will reject all card payments outright while others will allow them on a case-by-case basis.
For example, one New York art gallery she has worked at in the past didn't advertise on invoices that credit cards were an accepted method of payment, but there were a few instances when gallery management allowed collectors to use credit to pay for less expensive pieces.
Whether or not you'll be able to use yours will likely depend on a few factors. Galleries, auctions and individual sellers may have different payment processing systems. One gallery may use a system that limits how large of a payment can be put through at once. Furthermore, a point of sale (POS) system might charge a gallery or seller an astronomical credit card processing fee. While some galleries may pass that cost along to the collector, others might absorb it themselves. In that case, even if the client can theoretically can put a larger invoice on a credit card, a gallery may not allow it because the fees are too high.
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Generally speaking, the higher the cost of the artwork, the less likely that you'll be able to use a card as payment.
Other situational factors may also contribute to whether you are allowed to put an art piece on your credit card. If a gallery is trying to push a sale for any particular reason, they may be more inclined to allow credit cards to be used. However, if you're bidding against four other collectors for the same piece, the gallery may not be willing to accept your bid if it will end up costing them more in payment processing fees than the other buyers.
This might start to change over the next few years, as younger generations who are used to using alternative payment options instead of wire transfers and cash start to dip their toes into the art collecting industry, and as online art selling becomes more accessible.
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For example, you can visit a site called Artsy to buy fine art online. You can browse from a wide variety of mediums, participate in auctions and more all from the comfort of your couch. Right now, the payment process on Artsy works similar to how it would in person at a gallery, with your options and associated fees varying from seller to seller. But as this type of service becomes more widespread and popular, it might become more common for credit cards to be accepted, even for larger pieces.
Bottom line
Whether you will be able to use a credit card to purchase art is pretty hit or miss. Different galleries and sellers will each have their own policies for whether they accept credit cards. If you have the funds, credit limit and option to use a credit card, it makes sense to use a large art purchase to earn points or cash back. However, you shouldn't bank on that being a potential option.
When looking for high-value artwork, be prepared to pay via wire transfer (which is the most common method of payment for most galleries), check or potentially even cash. But don't be afraid to ask if using a credit card is an option. You might just end up walking away with a new art piece to add to your collection and enough points for that first-class award flight you've had your eye on.
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- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
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Rewards Rate
| 4X | Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 4X | Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year. |
| 3X | Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com. |
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You may be eligible for as high as 100,000 Membership Rewards® Points after spending $6,000 in eligible purchases on your new Card in your first 6 months of Membership. Welcome offers vary and you may not be eligible for an offer.As High As 100,000 points. Find Out Your Offer.Annual Fee
$325Recommended Credit
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Why We Chose It
There’s a lot to love about the Amex Gold. It’s a fan favorite thanks to its fantastic bonus-earning rates at restaurants worldwide and at U.S. supermarkets. If you’re hitting the skies soon, you’ll also earn bonus Membership Rewards points on travel. Paired with up to $120 in Uber Cash annually (for U.S. Uber rides or Uber Eats orders, card must be added to Uber app and you can redeem with any Amex card), up to $120 in annual dining statement credits to be used with eligible partners, an up to $84 Dunkin’ credit each year at U.S. Dunkin Donuts and an up to $100 Resy credit annually, there’s no reason that foodies shouldn’t add the Amex Gold to their wallet. These benefits alone are worth more than $400, which offsets the $325 annual fee on the Amex Gold card. Enrollment is required for select benefits. (Partner offer)Pros
- 4 points per dollar spent on dining at restaurants worldwide and U.S. supermarkets (on the first $50,000 in purchases per calendar year; then 1 point per dollar spent thereafter and $25,000 in purchases per calendar year; then 1 point per dollar spent thereafter, respectively)
- 3 points per dollar spent on flights booked directly with the airline or with amextravel.com
- Packed with credits foodies will enjoy
- Solid welcome bonus
Cons
- Not as useful for those living outside the U.S.
- Some may have trouble using Uber and other dining credits
- You may be eligible for as high as 100,000 Membership Rewards® Points after you spend $6,000 in eligible purchases on your new Card in your first 6 months of Card Membership. Welcome offers vary and you may not be eligible for an offer. Apply to know if you’re approved and find out your exact welcome offer amount – all with no credit score impact. If you’re approved and choose to accept the Card, your score may be impacted.
- Earn 4X Membership Rewards® points per dollar spent on purchases at restaurants worldwide, on up to $50,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 4X Membership Rewards® points per dollar spent at US supermarkets, on up to $25,000 in purchases per calendar year, then 1X points for the rest of the year.
- Earn 3X Membership Rewards® points per dollar spent on flights booked directly with airlines or on AmexTravel.com.
- Earn 2X Membership Rewards® points per dollar spent on prepaid hotels and other eligible purchases booked on AmexTravel.com.
- Earn 1X Membership Rewards® point per dollar spent on all other eligible purchases.
- $120 Uber Cash on Gold: Add your Gold Card to your Uber account and get $10 in Uber Cash each month to use on orders and rides in the U.S. when you select an American Express Card for your transaction. That’s up to $120 Uber Cash annually. Plus, after using your Uber Cash, use your Card to earn 4X Membership Rewards® points for Uber Eats purchases made with restaurants or U.S. supermarkets. Point caps and terms apply.
- $84 Dunkin' Credit: With the $84 Dunkin' Credit, you can earn up to $7 in monthly statement credits after you enroll and pay with the American Express® Gold Card at U.S. Dunkin' locations. Enrollment is required to receive this benefit.
- $100 Resy Credit: Get up to $100 in statement credits each calendar year after you pay with the American Express® Gold Card to dine at U.S. Resy restaurants or make other eligible Resy purchases. That's up to $50 in statement credits semi-annually. Enrollment required.
- $120 Dining Credit: Satisfy your cravings, sweet or savory, with the $120 Dining Credit. Earn up to $10 in statement credits monthly when you pay with the American Express® Gold Card at Grubhub, The Cheesecake Factory, Goldbelly, Wine.com, and Five Guys. Enrollment required.
- Explore over 1,000 upscale hotels worldwide with The Hotel Collection and receive a $100 credit towards eligible charges* with every booking of two nights or more through AmexTravel.com. *Eligible charges vary by property.
- No Foreign Transaction Fees.
- Annual Fee is $325.
- Terms Apply.