Commission and Fees Policy - from 18 January 2018
This Commission and Fees Policy is valid from 18 January 2018.
The below Commission and Fees Policy is valid from 18 January 2018 and has to be read in conjunction with the updated Seller Terms and Conditions valid from 18 January 2018. The previous version of the Commission and Fees Policy will be valid until 17 January 2018.
COMMISSION AND FEES POLICY
For all Artworks sold through the Platform, each Seller must pay to Artfinder 33% commission (plus any applicable VAT) on the final Price at which the Artwork is sold under the relevant Contract in accordance with the Seller Terms and Conditions (Commission).
Commission is applied to the final price of the Artworks sold only, and not to your applied Delivery Charges.
For Artworks discounted by you through the Artfinder ‘Sale’ and ‘Make an Offer’ functionalities or made by us as authorized by you under Clause 3.2 of the Seller Terms and Conditions, the Commission will be calculated according to the reduced Price at which the Customer purchases the Artwork under the Contract. From 15th January 2016 this will also apply to all Artworks that are discounted through the use of an 'Artist-Generated Discount Code'.
Unless offered pursuant to your authority under Clause 3.2 of the Seller Terms and Conditions or otherwise expressly agreed by you, any Platform-wide discounts and promotions offered to Customers on the Platform will be absorbed in full by Artfinder.
Tax - EU only
We are obliged to charge 20% VAT on our Commission to some Sellers, as explained below. This will lead to an effective 6% extra deduction from the Gross Proceeds of Sale you receive from your Artwork, unless you are VAT registered, in case you will be able to reclaim this VAT.
VAT is currently chargeable by Artfinder to you in the following circumstances:
- You are UKresident
- You are resident in the EC (not UK) but not VAT registered
VAT is not currently chargeable by Artfinder to you in the following circumstances:
- You are resident in the EC (not UK) and VAT registered and have provided us with a valid VAT (or equivalent) registration number together with sufficient other evidence that is acceptable to HM Revenue & Customs and as required under EC law and regulation
- You are resident outside the UK and the EC.
Invoicing and Statements
Artfinder will raise an invoice for each payment run in respect of the Commission. This will be accessible to download from the ‘Billing’ section of your Seller Account. You will receive notice of this by email, along with a scheduled date for payment in accordance with the payment provisions in the Seller Terms and Conditions.