The seller is responsible for contacting the winning bidder within three(3) business days of auction end to communicate payment instructions. The bidder has five(5) business days to issue payment in the form that is acceptable to, and agreed upon with, the seller. Payment may typically be made via PayPal, wire transfer, credit card, check, or in cash, although other forms may also be acceptable to sellers.
The buyer pays a 15% buyer’s premium on all winning transactions directly to artnet via a direct charge to the buyer’s credit card when the auction is closed.
Unless explicitly indicated in the listing, the seller is obligated to ship the item sold through artnet Online Auctions to the buyer within five(5) business days of receiving payment from the buyer. Receipt of payment may be defined as cleared funds posting for non-certified checks or transaction authorizations for credit card charges.
In the event that the buyer is unable to issue payment in the manner outlined above, it is the buyer’s obligation to negotiate a different arrangement for payment with the seller. The seller may accept the buyer’s offer of a delayed payment, make an “After Sale Offer” to non-winning bidders, or relist the item.
If the winning bidder defaults on making payment to the seller,he or she may be blocked from bidding, or his or her account may be suspended by artnet.