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(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.
(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 _____
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(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(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)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.
ATCP 117.25(2)(b)
(b) If an art dealer sells any work of investment art 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 a copy of the supplier's declaration.
ATCP 117.25(3)(a)1.1. Except as provided in
subd. 2., art dealers shall retain records required under this section for 3 years following the date of sale to a buyer.
ATCP 117.25(3)(a)2.
2. Art dealers shall retain copies of completed supplier's declarations and disclosure and warranty statements, including statements related to canceled transactions, for 5 years following the date of sale to a buyer.
ATCP 117.25(3)(b)
(b) Suppliers shall retain copies of completed supplier's declarations for 5 years following the date of sale to an art dealer.
ATCP 117.25 History
History: Cr.
Register, August, 1990, No. 416, eff. 9-1-90.
