GENERAL CONDITIONS OF SALE – CONTRACT OF SALE/PURCHASE
Functioning of the ART SHARE service and Definitions
ART SHARE is an initiative which allows the User to purchase one or more co-ownership shares (“Shares”) of a valuable work of art (also “Whole Work” or “WW”) and to sell them on the occasion of the subsequent sale of the Whole Work. Following the sale of the Whole Work the User receives the price of their share in compliance with the co-ownership Regulation.
ART SHARE and the relative site, products, services, mobile apps and tools (individually and collectively, the “Site”) are owned and managed by ART SHARES SRL, a company of the Republic of San Marino (“Art Shares” or “We”, or pronouns deriving from “we”). These terms and conditions (“Terms”) regulate the use and conduct of the collector who is our user (“User”, “You”) regarding the products/services (collectively “Services”) proposed on the Site or, in the case of purchase, the conduct of the buyer (“Buyer”) and all the images, text, information, data, audios, videos, graphics, computer code, software and so on taken from our Services, also when we send you an email (“Contents”). Art Shares performs a double role:
- on its own behalf as the first seller of the Shares on the Site;
- on the User’s behalf as the User’s agent for the management of the User’s shares and the User’s sale commissioner at the moment of the sale of the whole work.
The User can also have the role of beneficiary of a trust in which Art Shares has placed the whole work whose shares the User has purchased.
The aim of the trust is to keep the works properly segregated up to the moment of the sale of the whole work. With the sale of the whole work by the agent, the User gains the right to receive the sale price corresponding to his/her own co-ownership share.
The User authorizes Art Shares to act as specified above, in the double role of seller of the shares and agent of the User, wherever it shall be useful or necessary, without any limitation and with the power to conclude operations also in the interest of the agent.
Completion of the sale is conditional both on acceptance of the present agreement and approval of the co-ownership Regulation published on the Site.
1. SUBJECT OF THE CONTRACT
The subject of the present general conditions is the purchase of co-ownership shares in works which are not delivered to the Purchaser by the seller Art Shares Srl, an innovative first-level startup, with offices in Via dei Paceri n. 84/B, 47891 Falciano – Repubblica di San Marino. Each purchase operation shall be regulated by the online sales norms, excluding those regarding cases which have established delivery to the consumer of the purchased product; protection of personal data shall be regulated by the privacy norms.
The shares are not a financial product but a conceptual part of an indistinct but proportional co-ownership. The sum of all the shares of the work of art constitutes the Whole Work.
2. PURCHASE PROCEDURE AND PERFECTION OF THE CONTRACT
The purchase operation is undertaken by the User via the internet procedure available online on our site www.artsharesales.com, and it is to be considered perfected on reception of payment via bank draft or credit card payment onto the bank account indicated on the site, limited to the sum received.
If the sum received is lower than that resulting from the online procedure, the quantity of shares attributed to the User shall correspond to the sum received, and no integration will be requested of the User (who shall however be free to make further purchases using the online procedure for the new operation). If the sum received is greater than the one resulting from the online procedure, the shares attributed to the User shall be those indicated in the online procedure and the excess money will be paid back into the account from which it came.
The online purchase operation entails the User’s full knowledge of the present General Conditions of Sale and acceptance of them. The Client declares that he/she has examined and accepted all the documentation present on the site and is willing to provide all the information required by the Site during the purchase procedure.
If the Client is a consumer (i.e. a natural person acting for purposes unrelated to entrepreneurial, commercial, artisanal or professional activities), once the purchase procedure has been concluded, he/she undertakes to print or save an electronic copy or in any case to preserve the present conditions of sale. Any right of the User to compensation or reimbursement is expressly excluded, as well as any contractual or extra-contractual responsibility for direct or indirect damage to people or things deriving from the failure to accept a request for the purchase of shares prior to the receipt of payment. Sale of the share is considered completed when we receive payment on our bank account.
3. METHODS OF PURCHASE
The unit price of the shares on sale on the site www.artsharesales.com is €100 or multiples of €100. The user may purchase any number of shares, not exceeding the number available. In the case that the number of shares available is lower than the number of shares paid for by the User, sale of the shares must be limited to the shares available and we will immediately reimburse the excess sum via bank draft onto the original account.
The number of shares available is determined by Art Shares at its sole discretion.
If for any reason it cannot go ahead with the sale, the User will be reimbursed with the sums paid by him/her in a very short time after verification of the unavailability of the shares requested.
4. PRICES AND PAYMENT
The price of each unitary share is €100 or multiples of €100. Payment of the price must be by bank draft or credit card onto the account indicated on the Site. The purchase operation is concluded as a consequence of receipt of payment.
5. CONCLUSION OF THE SERVICE – SALE OF THE USERS’ SHARES
The ART SHARE service is concluded with the sale of the Whole Work and the division among all the Users of the price obtained on the market. Sale of the whole work means sale of all the co-ownership shares. The price obtained by Art Shares will be wholly divided up among the co-owners, minus the commission as of point 6, within 30 days of receipt of payment by the purchaser of the whole work.
6. COMMISSION FOR THE SALE OF USERS’ SHARES
The co-ownership users will pay for the service received a 2.5% commission on the sale price of the whole work. The commission is a one-off payment and is subtracted at the moment when the share of the sale price of the whole work due to each co-owner is paid. Thus the User will receive the sales price net of commission.
7. RIGHT OF WITHDRAWAL
The User has the right to withdraw from the contract agreed with us without any penalty and without specifying the reason, within fourteen (14) working days starting from the day of receipt of payment as of Art. 2. To exercise the right of withdrawal the User must send an email to firstname.lastname@example.org, as indicated in the Agreement with the Users and Conditions of use.
8. POWERS AND AUTHORIZATIONS
The User acknowledges that the ART SHARE service entails sale of the shares to the User by Art Shares, and he/she authorizes Art Shares to manage their shares according to the conditions laid down in the present contract and in the co-ownership Regulation, specifying that the mandate may be in the interest of the agent. The User agrees that when the whole work has become part of the Trust fund of a protection trust, the Trust deed establishes both that the co-ownership Regulation be complied with and that the Beneficiary is identified with the User and that the Beneficiary becomes the owner of the co-ownership shares at the moment in which the whole work is sold on the market. The user expressly appoints Art Shares as the commissioner of sale of his/her shares, with the authorization to sell his/her shares through the sale of the whole work without any limitation of powers.
9. OWNERSHIP REGULATION
The management of the work divided into shares is governed by the co-ownership Regulation. The Regulation shall be applicable regardless of the User’s juridical position (he/she may be co-owner in the absence of the trust established for this, or beneficiary until the sale of the whole work, in the presence of the trust established for this).
The premises are an integral part of the present contract. Their text is to be understood as reproduced here and expressly approved, with particular reference to the powers attributed to Art Shares as seller of the shares and as the User’s agent for the sale of said shares; also to the authorizations conferred on us.
11. COMPETENT JUDICIAL AUTHORITY
For all disputes inherent to the interpretation or implementation of the contract, the exclusive competent judicial authority shall be that of the Republic of San Marino.