Additional Terms for Buyers – Auctions

Last Updated: 31st July 2020

1. Background, interpretation and definitions

These terms and conditions ("Additional Terms") apply to potential Buyers participating in auctions in addition to Artmarketspace's Platform Use Terms and Conditions published at https://artmarketspace.com/term-condition ("Terms").

Capitalised terms used in these Additional Terms that are defined in the Terms have the same meaning as given in the Terms.

All values expressed in auction listings (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.

In these Additional Terms:

"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;

"the Lot" means the item or items described against any lot number in the auction listing; and

"the Reserve" means the lowest amount at which Artmarketspace has agreed with the Seller or the Seller's Affiliate that the Lot can be sold.

2. Artmarketspace auctions as agent

You acknowledge and agree that except as otherwise stated Artmarketspace acts as agent for the Seller, and the contract for the sale of the relevant Artwork is therefore made between the Seller and you as Buyer.

3 Before the auction

3.1 Nature of Artwork

Prospective Buyers are strongly advised to satisfy themselves concerning the condition of the Artwork and matters referred to in the auction listing.

Artmarketspace provides no guarantee in relation to the nature of the Artwork. The Artwork is sold "as is".

3.2 Auction listing and other descriptions

All statements provided in the auction listing entry for the Artwork or in any condition report, or provided orally or elsewhere in writing by Artmarketspace, are statements of opinion based on information received from the Seller or the Seller's Affiliate. Such statements do not constitute a representation, warranty or assumption of liability by Artmarketspace of any kind. References in an auction listing entry to a condition report, to damage or to restoration are for guidance only and should be evaluation by personal inspection by the bidder or a knowledgeable representative. The absence of such a reference does not imply that an item is free from defects or restoration, nor does a reference to particular defects imply the absence of any others. Estimates of the selling price should not be relied on as a statement that this is the price at which the item will sell or its value for any other purpose. Artmarketspace is not responsible for any errors or omissions in the listing or any supplemental material. Artworks are measured height by width. Images and UVEs are provided as a guide only and should not be relied upon as a true representation of colour or condition. Images are not shown at a standard scale. Frames do not form part of any Lot.

3.3 Pre-auction estimates

Artmarketspace may publish with each listing our opinion as to the estimated price range for each Lot. These are estimates only and are not intended to be definitive. They are prepared in advance of the sale and may be subject to revision.

4 Auction process

4.1 Registration before bidding

Buyers must register for the auction before bidding. As a part of this process Artmarketspace may require photo identification, and may also request a deposit and/or bank, trade or other financial references. Any deposits paid will be deducted from the Hammer Price, or if the bidder is not successful at auction, refunded.

4.2 Exclusion from participation

Artmarketspace reserves the right at its complete discretion to refuse to allow any Buyer to register for an auction, and to reject any bid.

4.3 Bidding as principal

When making a bid, the bidder is accepting personal liability to pay the Total Fees, unless it has been explicitly agreed in writing with Artmarketspace that the bidder is acting as agent on behalf of an identified third party acceptable to Artmarketspace, and that Artmarketspace will only look to the principal for payment.

4.4 Online bidding

Bids will only be accepted online through the auction facility provided on the Platform. Artmarketspace accepts no responsibility for any errors, outages, lack of accessibility, failure to execute bids or any other miscommunications regarding this process. It is the online bidder's responsibility to ensure the accuracy of the relevant information regarding bids, Lot numbers and contact details.

4.5 Reserves

Unless otherwise indicated, all Lots are offered subject to a Reserve, which is the confidential minimum price below which the Lot will not be sold. The Reserve will not exceed the low estimate provided in the auction listing (if any). Bidding may be opened on any Lot below the Reserve by Artmarketspace placing a bid on behalf of the Seller. Bids may continue to be placed by Artmarketspace on behalf of the Seller up to the amount of the Reserve, either by placing consecutive bids or by placing bids in response to other bidders.

4.6 Artmarketspace's discretion

Artmarketspace has the right in its absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as it may decide, to withdraw or subdivide any Lot, to combine any two or more Lots and, in the case of error or dispute whether during or after the auction, to determine the successful bidder, to continue the bidding, to cancel the sale or to re-offer and re-sell the Artwork in dispute. If any dispute arises after the sale, then Artmarketspace's record is conclusive.

4.7 Successful bids

Subject to Artmarketspace's discretion, the Fall of the Hammer marks the Platform's acceptance of the highest bid and the conclusion of the contract between the Buyer and the Seller.

4.8 Indicative bidding

Artmarketspace reserves the right to advance bidding in increments as published on the Platform from time to time.

5. After the auction

5.1 Payments

Within two days after the completion of the auction, the successful bidder must pay to Artmarketspace, through the Platform, the Hammer Price, plus:

(a) the Freight Fee (unless the Buyer has elected to collect the Artwork at its own cost);

(b) the Buyer's premium;

(c) the Resale Royalty of 5% of the Hammer Price if the listing indicates that a Resale Royalty is payable by the Buyer; 

(d) any applicable Taxes (including GST); and

(e) if payment is made by credit card, any credit card surcharge charged to Artmarketspace. 

5.2 GST

In accordance with A New Tax System (Goods and Services Tax) Act 1999 (Cth), Artmarketspace will collect on behalf of the Seller and the Australian Tax Office a GST of 10% on all applicable transactions where the Seller or the Seller's Affiliate has advised Artmarketspace that the Seller is liable to pay GST or does not inform Artmarketspace whether or not the Seller will be liable for GST. Where GST will be collected by Artmarketspace, this will be noted in the listing for the relevant Artwork. 

Overseas Buyers and Buyer's non-resident in Australia will not be charged GST on the Hammer Price or Buyer's premiums if:

the items are exported through an Artmarketspace approved freight company including Australia Post and Your Freight Agent Pty Ltd ACN 602 410 159; and

the items are exported within 60 days of the date of sale.

5.3 Delivery or pick up

The relevant Artwork will not be made available for delivery or pick up unless or until Artmarketspace receives in clear funds all amounts payable to it in accordance with clause 5.1.

 If you have elected to pick up the Artwork, and you fail to do so within ten days of the Fall of the Hammer, the Seller or the Seller's Affiliate will be entitled to store the Artwork in a warehouse at the Buyer's expense, and only release the Artwork after you make payment for removal, storage, handling, insurance and any other costs incurred, together with payment of all amounts due to Artmarketspace.

5.4 Insurance

At the Fall of the Hammer, risk in the Artwork transfers to the Buyer and insurance is the responsibility of the Buyer. Artmarketspace does not provide transit insurance for Artworks sold by auction. Artmarketspace is not responsible for any acts or omissions of the Freight Agent if you have requested delivery.

5.5 Remedies for non-payment

If the Buyer fails to make payment in accordance with clause 5.1 when due, Artmarketspace is entitled to exercise one or more of the following rights or remedies (in addition to asserting any other rights or remedies available under the law):

(a) to charge interest at the rate of 6% per annum plus the current variable rate charged by the Commonwealth Bank of Australia on business overdrafts over $100,000;

(b) to hold the Buyer liable for the total amount due and to commence legal proceedings for recovery along with interest, legal fees and costs;

(c) to cancel the sale;

(d) to re-sell the Artwork on behalf of the Seller by any means and at any price the Seller sees fit;

(e) to set off against any amounts which Artmarketspace may owe the Buyer in relation to other transactions, the outstanding amount remaining unpaid by the Buyer;

(f) where several amounts are owed by the Buyer to Artmarketspace, in respect of different transactions, to apply any amount paid to discharge any amount owed in respect of any particular transaction, whether or not the Buyer so directs;
(g) to reject at future auction any bids made by or on behalf of the Buyer or to require the Buyer to pay a deposit before accepting any future bids; and/or

(h) to take such other action as Artmarketspace deems necessary or appropriate.

If Artmarketspace does re-sell the Artwork in accordance with this clause, then the defaulting Buyer will be liable to Artmarketspace for the payment of any difference between the Hammer Price originally payable and the Sale Price obtained upon reselling, as well as any Fees (commissions and Buyer's premiums) that Artmarketspace would have received on the original sale and all costs, expenses, damages and legal fees incurred by Artmarketspace or the Seller or the Seller's Affiliate as a result of the Buyer's default.

If Artmarketspace, at its discretion, pays any amount to the Seller up to the net proceeds that would have been payable to the Seller in respect of the Hammer Price payable by the defaulting Buyer, Artmarketspace will have all of the rights of the Seller, however arising, to pursue the Buyer for such amount.

5.6 Auction results

Artmarketspace will publish auction results, as soon as possible after the sale, on the Platform. Results will include the Buyer's premium and any Resale Royalty paid by the Buyer.

6 Questions

If you have any questions relating to Artmarketspace auctions please email auctions@artmarketspace.com.

Additional Terms for Sellers and Sellers' Affiliates – Auctions

Last Updated: 31st July 2020

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 ("Terms").

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:

"Expenses" 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;

"the Lot" means the item or items described against any lot number in the auction catalogue;

"the Reserve" 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.

5 Reserves

(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.

7 Payments

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; if

(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.

10 Post-auction sales

If any Lot fails to sell at auction, Artmarketspace will for a period of ten 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.

11 Questions

If you have any questions relating to Artmarketspace auctions please email auctions@artmarketspace.com.