Wisconsin Legislature: ATCP 117.15 Text

“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.).

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:
____________________________________________________________________________________________________________________________________________________________________________________________________________

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: _______________________"

ATCP 117.15(3) (3) Buyer's right to inspect. Any person interested in buying a work of investment art may inspect the work, without framing or other protective covering, before buying. If the art dealer does not permit such an inspection, the buyer may cancel the purchase up to 15 days after receiving the work. If a potential buyer requests to inspect a work of investment art being sold by mail or telephone, the art dealer may deliver the work to within 60 miles of the potential buyer's residence. The art dealer may charge up to $25 for preparing and delivering a work for inspection.

ATCP 117.15(4) (4) Disclaimers.

ATCP 117.15(4)(a)(a) A buyer may waive the right to inspect under sub. (3) by signing a disclaimer on the disclosure and warranty statement.

ATCP 117.15(4)(b) (b) An art dealer is not required to complete the disclosure and warranty statement fully if all the following occur:

ATCP 117.15(4)(b)1. 1. The buyer signs the disclosure and warranty statement's disclaimer before the art dealer receives any purchase money.

ATCP 117.15(4)(b)2. 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.

ATCP 117.15(4)(b)3. 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.

ATCP 117.15(4)(c) (c) An art dealer is not required to include the disclaimers on disclosure and warranty statements.

ATCP 117.15 History History: Cr. Register, August, 1990, No. 416, eff. 9-1-90.

ATCP 117.20 ATCP 117.20 Supplier's declaration.

ATCP 117.20(1) (1) Supplier's and art dealer's responsibilities.

ATCP 117.20(1)(a)(a) Before selling or offering to sell a work of investment art an art dealer has purchased after September 1, 1990, the dealer shall have in his or her possession a completed supplier's declaration concerning the work, as specified in sub. (2). Each supplier's declaration required under this section shall be completely and accurately filled out. The supplier may, where indicated on the declaration, state that a particular item of information is not being certified by the supplier or is not applicable to the work of investment art. A “not certified"response indicates the supplier cannot or will not certify the accuracy of the item. The supplier shall base all declarations made about the particular work of investment art on generally accepted trade literature or on the general consensus of expert members of the art trade. The supplier has the burden of proving, by a preponderance of the evidence, any declaration not based on these sources, with the exception of “not certified" responses.

ATCP 117.20(1)(b) (b) Each supplier's declaration shall be printed in no less than 10-point type.

ATCP 117.20(2) (2) Declaration forms. Suppliers of investment art shall use the following declaration form:

“INVESTMENT ART SUPPLIER'S DECLARATION
The state of Wisconsin requires that an art dealer retain a completed copy of this form for the sale of all works of multiple art the dealer has purchased on or after September 1, 1990 and will price at retail over $800 (not including the bona fide retail value of framing and mounting). These sales are regulated by ch. ATCP 117, Wis. Adm. Code, which is administered by the Department of Agriculture, Trade and Consumer Protection, 2811 Agriculture Drive, P.O. Box 8911, Madison, Wisconsin 53708-8911. Section 100.20, Wis. Stats., lists specific penalties and remedies for noncompliance, including penalties for misrepresentation made in this declaration.

All spaces on this form must be accurately filled in, except that the supplier may respond, where indicated, that a particular item is not being certified by the supplier or is not applicable. A “not certified" response indicates that the supplier cannot or will not certify the accuracy of the item.

Declaration of: ____________________________________

___________________________________________________
(Art supplier's name and address)

1. Title of work of art: _______________________________

2. Artist: _________________________________________

3. I have sold or cosigned the above work of art to:
___________________________________________________

___________________________________________________
(Art dealer's name and address)

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 _____ Not certified _____ (If yes, check one of the following:) The work's master was created:

(a) By the artist alone. _____

(b) By the artist and by others acting under the artist's supervision and direction. _____

5. 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.

6. Identifying numbers or markings: ________________

7. I understand that this work of art will be offered for sale at a price in excess of $800.

8. This work of art displays:

(a) The authentic signature of the artist.
Yes _____ No _____ Not certified_____

(b) Authentic identifying numbers or other markings.
Yes _____ No _____ Not certified _____

Signed: __________________________________________
(Supplier's authorized representative)

Date: ________________________"

ATCP 117.20 History History: Cr. Register, August, 1990, No. 416, eff. 9-1-90; correction in (2) made under s. 13.93 (2m) (b) 6., Stats., Register, March, 1999, No. 519.

ATCP 117.25 ATCP 117.25 Records.

ATCP 117.25(1) (1) General record keeping.

ATCP 117.25(1)(a)(a) If an art dealer sells any work of multiple art for more than $300, the dealer shall retain records identifying the work, the date of sale, the sale price and the buyer's name and address.

ATCP 117.25(1)(b) (b) If an art dealer sells any work of multiple art for more than $300 and the dealer purchased the work on or after September 1, 1990, in addition to the records required under par. (a) the dealer shall retain records identifying:

ATCP 117.25(1)(b)1. 1. The date of purchase from the supplier and the supplier's name and address.

ATCP 117.25(1)(b)2. 2. The supplier's selling price or the terms of consignment or exchange.

ATCP 117.25(2) (2) Record keeping for investment art.

ATCP 117.25(2)(a)(a) If an art dealer sells any work of investment art, the dealer shall retain all of the following:

ATCP 117.25(2)(a)1. 1. All the records required under sub. (1).

ATCP 117.25(2)(a)2. 2. A copy of the disclosure and warranty statement.

ATCP 117.25(2)(a)3. 3. All records, including invoices, that disclose the date of purchase from the supplier, the supplier's name and address and the supplier's selling price or the terms of consignment or exchange. If the art dealer purchased the work before September 1, 1990 and does not have the records required under this subdivision, the dealer shall retain a declaration setting forth the same information.