1 Background, interpretation and definitions
These terms and conditions ("Additional Terms") apply to Sellers and Sellers' Affiliates in addition to Artmarketspace's Platform Use Terms and Conditions published at https://artmarketspace.com/term-condition
All values expressed in auction catalogues (in any format) are in Australian dollars (AUD) unless otherwise specified.
All bids, reserves, estimates, "Hammer Prices" and other expressions of value are understood to be in AUD unless otherwise specified.
Capitalised terms used in the Additional Terms that are defined in the Terms have the same meaning as given in the Terms.
In these Additional Terms:
means the charges and expenses incurred by Artmarketspace in relation to the promotion or sale of any Lot, including legal expenses, catalogues, brochures and other reproductions and illustrations, advertising costs, fees for reproduction rights and the costs of testing or expert's report/s, searches or enquiries relating to any Lot;
"the Fall of the Hammer"
means the point at which the online auction closes after acceptance of the highest bid (excluding the point at which the auction closes if the Lot is passed in);
"the Hammer Price"
means the amount of the highest bid accepted by the Platform in relation to a Lot upon the Fall of the Hammer;
means the item or items described against any lot number in the auction catalogue;
means the lowest Hammer Price at which the Seller or the Seller's Affiliate has advised Artmarketspace, through the Platform or otherwise in writing, that the Lot can be sold.
2 Preparation for sale
(a) Artmarketspace will have the ultimate discretion as to the way in which Artworks may be included in an auction, how any Artwork is described and illustrated in the auction catalogue (printed or electronic) or any auction report, and the marketing, promotion, date/s and conduct of the auction. Notwithstanding the foregoing:
(i) the Seller and the Seller's Affiliate (if applicable) must ensure that all information, representations, photographs, UVEs or other images or content incorporated by the Seller or the Seller's Affiliate into any auction catalogue, or otherwise provided to Artmarketspace, is correct and not misleading in any respect; and
(ii) Artmarketspace is not responsible for the content of any auction catalogue, Listing or other Member Content.
(b) Artmarketspace may, but is under no duty to, instruct, consult with and rely on any outside experts or restorers, agents or other third parties, and carry out such other due diligence, inquiries, research or tests in relation to the Artwork or its provenance either before or after the auction, as it may deem appropriate in its reasonable discretion. The Seller consents to, and will facilitate, any such party having possession of the Artwork and agrees that Artmarketspace has no liability for or arising from the acts or omissions of such third parties.
(c) Any oral or written estimate or evaluation or report provided by Artmarketspace is a genuinely held opinion only. It may not be relied upon as a prediction of the selling price or value of the Artwork, and may at Artmarketspace's absolute discretion be revised from time to time.
3 Exclusion and limitation of liability to Sellers and Sellers' Affiliates
(a) Neither Artmarketspace nor any director or employee of Artmarketspace is liable for any:
(i) errors or omissions in any oral or written information provided by them to Sellers or Sellers' Affiliates; or
(ii) any acts or omissions, in connection with the preparation for or conduct or auctions, or for any matter relating to the auction or sale of any item of Artwork, whether negligent or otherwise.
(b) Any claim against Artmarketspace by any Seller or Seller's Affiliate is limited to the lesser of:
(i) the amount equal to the commission paid to Artmarketspace with regard to the relevant Lot; and
(ii) the sum of AUD$1,000.
4 Withdrawal of Lots
(a) If the Seller or the Seller's Affiliate withdraws any Artwork from an auction, the Seller must pay to Artmarketspace a withdrawal fee, calculated in accordance with clause 4(c) below.
(b) Artmarketspace may withdraw a Lot from sale without any liability if:
(i) it reasonably believes that there is any doubt as to the Lot's authenticity or attribution;
(ii) it reasonably doubts the accuracy of any of the Seller's or Seller's Affiliates representations or warranties;
(iii) the Seller or the Seller's Affiliate breaches any of the Terms or these Additional Terms in any material respect;
(iv) the Lot requires but lacks any required licence or sale exemption;
(v) the Lot suffers from loss or damage so that it is not in the state in which it was when Artmarketspace agreed to sell it; or
(vi) the relevant auction is postponed for any reason to a subsequent Artmarketspace auction.
(c) If an Artwork is withdrawn from sale by Artmarketspace under clause 4(b)(i), (iv), (v) or (vi), no withdrawal fee will apply. Upon withdrawal of an Artwork for any other reason, the Seller must pay Artmarketspace its Expenses and a withdrawal fee equal to the sum of the Artmarketspace commission and the Buyer's premium that would have been payable had the Lot sold at the mean of Artmarketspace's then current pre-auction estimates.
(d) Artmarketspace will not be obliged to withdraw any Artwork from sale unless the Seller has paid Artmarketspace the withdrawal fee and Expenses.
(a) Each Lot will be offered for sale subject to the Reserve. In the absence of a Reserve, Artmarketspace has the right to sell the Lot without reserve.
(b) A Reserve may not exceed the Lot's low pre-sale estimate announced or published in the Artmarketspace auction catalogue or on the Platform. In the event of exchange rate fluctuations affecting a non-AUD Reserve, and Artmarketspace being unable to agree a revised Reserve with the Seller or the Seller's Affiliate, the AUD Reserve will be calculated at the closing exchange rate available on the business day (in Melbourne, Victoria, Australia) immediately preceding the auction.
(c) Artmarketspace will not in any circumstances be liable if bids are not received at the level of the Reserve, but will be entitled in its discretion to sell the Lot below the Reserve and pay the Seller the sale proceeds which the Seller would have received if the Lot had sold at the Reserve.
6 Bidding at the auction
Neither the Seller nor the Seller's Affiliate may bid or instruct or permit any other person to bid on behalf of the Seller or the Seller's Affiliate for the Seller's Artwork. If this prohibition is breached, Artmarketspace may treat the Seller as the Buyer, without limitation to other remedies.
The Seller acknowledges and agrees that:
(a) the Seller will be liable to pay Artmarketspace the applicable Artmarketspace commission and Expenses, which will be deducted by Artmarketspace from monies received from the Buyer;
(b) Artmarketspace will also be entitled to deduct any:
(i) applicable Taxes;
(ii) credit card surcharge reimbursed to Artmarketspace by the Buyer; and
(iii) applicable Resale Royalties unless the Seller has specified that the Buyer must pay the Resale Royalty in addition to the Hammer Price;
(c) Artmarketspace is authorised to charge the Buyer's premium and retain the Buyer's premium plus GST;
(d) Artmarketspace has the right to pay the Seller's Affiliate a commission out of the commission paid to Artmarketspace; and
(e) in addition to any commissions paid to Seller's Affiliates, Artmarketspace reserves the right to pay out of its commission a fee to any third party introducing clients or Artworks to it.
8 Non-payment by the Buyer
The Seller and the Sellers' Affiliates acknowledge and agree that:
(a) Artmarketspace will have no liability to any Seller or Seller's Affiliate in the event that a Buyer fails to pay to Artmarketspace any amount payable under the
(b) Terms, when due;
Artmarketspace is under no obligation to investigate the ability of Buyers to pay for Artworks or to enforce payment by any Buyer;
(c) Artmarketspace charges a Buyer interest for late payment in accordance with the Terms, it may retain such interest for its own account; and
(d) they will inform Artmarketspace of any action which they choose to take against a Buyer to enforce payment of the amount due to the Seller and/or the Seller's Affiliate.
9 Recission of sale
Artmarketspace may rescind a sale where it reasonably considers that the Lot has a Manifest Issue (as defined in the Terms). Within 10 days of receipt of a notice from Artmarketspace of rescission of the sale, the Seller and the Seller's Affiliate must return to Artmarketspace all amounts paid by Artmarketspace from the proceeds of the sale and reimburse Artmarketspace for all Expenses incurred by Artmarketspace with respect to the sale.
All works held at a Seller's or Seller's Affiliate's premises for viewing and auction should be covered by a policy of insurance for the reserve price plus the Buyer's premium payable on the reserve price. In the case of loss or destruction of a Lot before its sale at auction, the party at whose premises the Lot was located at the time of loss or destruction must pay to Artmarketspace the amount equal to the Buyer's premium that would have been payable on the reserve price for the Lot and any Expenses incurred by Artmarketspace with respect to the Lot. 11 Post-auction sales
If any Lot fails to sell at auction, Artmarketspace may for a period of fourteen days following the close of the auction, sell the Lot subject to the Terms. Any post-auction sale may only be concluded for a price that will result in a payment to the Seller of not less than the net sale proceeds that would have been paid to the Seller for the Lot had it been sold at the Reserve, unless otherwise agreed with the Seller or the Seller's Affiliate.
If you have any questions relating to Artmarketspace auctions please email email@example.com.