The winning buyer is responsible for submitting initial information within three days after the end of the auction, and the seller then has three business days to communicate total cost and payment instructions. The buyer has five business days to issue payment in the form that is acceptable to the seller. Payment may typically be made via PayPal, wire transfer, or check.
The buyer pays a buyer’s premium on all winning transactions directly to artnet Auctions. The premium is charged on the buyer’s credit card when the auction closes. artnet collects a 20% buyer's premium on all lots with a winning bid or purchase now price under US$250,000, and a 10% buyer's premium on all lots with a winning bid or purchase now price of US$250,000 and above.
The buyer is responsible for all shipping arrangements and payments to the shipper of their choice.
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, at their discretion. artnet Auctions is not responsible for the seller's decision at this point.
If the winning bidder defaults on making payments to the seller, they may be blocked from bidding, or their account may be suspended by artnet Auctions.