(1) ART DEALER'S
RESPONSIBILITY.
(a) Before receiving any
payment for the sale of a work of investment art, an art dealer shall provide
the prospective buyer with a completed disclosure and warranty statement
specified in sub. (2) and obtain the buyer's signature on the statement. If the
art dealer sells a work of investment art by telephone or mail, a completed
copy of the disclosure and warranty statement shall be in the prospective
buyer's possession before the art dealer requests payment.
(b) Each disclosure and warranty statement
required under this section shall be completely and accurately filled out,
unless the art dealer affirms in writing on the statement that a particular
item of information is unknown to the dealer and cannot be determined from
generally accepted trade literature or the general consensus of expert members
of the art trade.
(c) Each
disclosure and warranty statement shall be printed in no less than 10-point
type.
(2) DISCLOSURE AND
WARRANTY FORMS. Each art dealer selling investment art shall use the following
disclosure and warranty form:
"INVESTMENT ART DISCLOSURE AND
WARRANTY STATEMENT FULL WARRANTY
The state of Wisconsin requires this form for the sale of all
works of multiple art priced over $800 (not including the bona fide retail
value of framing and mounting). These sales are regulated by the Department of
Agriculture, Trade and Consumer Protection, P.O. Box 8911, Madison, Wisconsin
53708. Chapter
ATCP 117, Wis. Adm. Code,
creates certain rights in the buyer if an art dealer misrepresents such a work
or fails properly to complete and provide you with this form. Section
100.20,
Wis. Stats., lists specific penalties and remedies for noncompliance.
This warranty gives you specific legal rights, and you may
also have other rights which vary from state to state.
YOU OR YOUR REPRESENTATIVE ARE ENTITLED TO INSPECT THIS WORK
OF ART WITHOUT ITS FRAME OR OTHER PROTECTIVE COVERING, PRIOR TO ANY PAYMENT,
FOR A FEE NOT TO EXCEED $25. IF THIS RIGHT IS NOT OFFERED TO YOU PRIOR TO
PAYMENT OF THE PURCHASE PRICE, YOU MAY CANCEL THIS TRANSACTION WITHIN 15 DAYS
OF THE TIME YOU RECEIVE THE WORK OF ART.
All information on this form must be accurate. The art
dealer may indicate on the form that a particular item is unknown, but only if
it cannot be determined from generally accepted trade literature or from the
general consensus of expert members of the art trade and is unknown to the
dealer.
___________________(Art Dealer) warrants the accuracy of the
following information about the work of art named below. As long as buyer owns
this work of art, if any statement on this form is incorrect the art dealer
agrees to return to buyer the full purchase price within 15 days of
notification and to bear the cost of exchange and other costs buyer incurred to
determine the incorrectness of the statement. Other legal remedies may also be
available under Wisconsin law.
1.
Name, title or description of work of art: _____________
________________________________________________.__
2. Artist
_________________________________________.
3. This work displays the artist's original
hand signature:
Yes _____ No _____
4. This is an original work of multiple art.
The work's master was either created by the artist alone or by the artist and
by others acting under the artist's supervision and direction, the work's
master was created for the purpose of producing this work, the work was
produced by or under the supervision and direction of the artist, and the work
was approved by the artist after its completion. Yes _____ No _____ (If yes
check one of the following:) The work's master was created:
(a) By the artist alone. _____
(b) By the artist and others, acting under
the artist's supervision and direction. _____
5. Photomechanical reproduction was used to
produce part or all of this work. Yes _____ No _____ (If yes, complete the
following:) That part of the work which was reproduced photomechanically was
first created in the medium of __________________.
6.
(a) This
work was produced in ______ (year) at _________________ (location). It was
published and produced by _________________. It has the following image
dimensions: ______________ and the following markings: _____________ (edition
number or other identifier).
(b)
(If a print, complete the following:) The work was printed on
_________________(manufacturer) paper using the process known as
____________________(specify process, such as "lithography", "serigraphy",
"etching", "photomechanical reproduction", etc.).
(c) (If a sculpture, complete the following:)
The work is made of: _______________________________________________.
.
7. The prior owners or
custodians of this work were:
________________________________________________________________________________________________________________________________________________________.
8. This work is part of a limited
edition. The total number of originals or copies that will be designated as
part of any limited edition of this work has been established, in a manner that
binds all further production, by a person who can control production of the
limited edition. Yes _____ No _____ (If yes, complete the following:)
(a) The total number of works within this
limited edition is ________. This edition consists of every original and copy
of this work identified as being part of any limited edition, including any
original or copy:
i. Produced on paper of a
type different from the work.
ii.
Exhibiting minor variations in size, color or image.
iii. Designated as a proof, artist's copy,
sample or part of a numbered or unnumbered series.
iv. Containing the image of the
work.
v. Consisting of a portion of
the image represented by the work.
(b) The following is a complete itemization
of all works contained in this limited edition:
____________________________________________________________________________________________________________________________________________________________________________________________________________
(c) The master that produced this
work was effaced or destroyed. Yes _____ No _____
Name of art dealer: _________________________________
Address: _________________________________________
Signed: __________________________________________ (Art
dealer's authorized representative)
Date: _____________________
Signed: __________________________________________ (Buyer)
Date: _____________________
Disclaimers:
(a)
Buyer understands that he or she is entitled to inspect this work of art, but
chooses to waive this right. This is a disclaimer-buyer is not required to sign
here.
Signed: _________________________________________ (Buyer)
Date: _____________________
(b) Buyer understands he or she is entitled
to the disclosures in this statement, but chooses to waive this right and buy
this work on an "as is" basis. This is a disclaimer-buyer is not required to
sign here.
Signed: __________________________________________ (Buyer)
Date: _______________________"
(4)
DISCLAIMERS.
(a) A buyer may waive the right
to inspect under sub. (3) by signing a disclaimer on the disclosure and
warranty statement.
(b) An art
dealer is not required to complete the disclosure and warranty statement fully
if all the following occur:
1. The buyer
signs the disclosure and warranty statement's disclaimer before the art dealer
receives any purchase money.
2. The
disclosure and warranty statement identifies the art dealer, the name of the
artist, the work's identifying numbers or other markings, if any, and the
work's title.
3. The disclosure and
warranty statement is not replaced by any substitute warranty, certificate of
authority or other representation concerning the authenticity or other
attributes of the investment art.
(c) An art dealer is not required to include
the disclaimers on disclosure and warranty statements.