An Art Broker Agreement is a crucial document used in Hong Kong's thriving art market to formalize the relationship between professional art brokers and their clients. This agreement is essential when engaging a broker to facilitate the sale, purchase, or management of artworks, whether for private collectors, galleries, or institutional clients. The document addresses key aspects of the Hong Kong art market, including compliance with local regulations, anti-money laundering requirements, and international art trade practices. It typically includes detailed provisions for commission structures, service scope, due diligence requirements, and risk allocation, while considering Hong Kong's position as a major Asian art hub. The agreement is particularly important given the high-value nature of art transactions and the need for clear professional standards in the art market.
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1. Parties: Identifies the art broker and the client (whether artist, collector, or gallery)
2. Background: Outlines the context of the agreement, including the broker's expertise and the client's objectives
3. Definitions: Defines key terms used throughout the agreement
4. Appointment and Scope of Services: Details the broker's appointment and specific services to be provided
5. Broker's Obligations: Lists the broker's duties, including marketing, negotiation, and due diligence requirements
6. Client's Obligations: Specifies the client's responsibilities, including providing accurate information and necessary documentation
7. Commission Structure: Details the broker's compensation, including rates and payment terms
8. Representations and Warranties: Contains assurances regarding artwork authenticity, title, and authority to sell
9. Due Diligence and Compliance: Outlines procedures for artwork verification and regulatory compliance
10. Confidentiality: Governs the handling of confidential information
11. Term and Termination: Specifies the agreement duration and termination conditions
12. Liability and Indemnification: Addresses risk allocation and liability limitations
13. General Provisions: Includes standard clauses like governing law, notices, and amendments
1. Exclusive Rights: Used when the broker is granted exclusive rights to represent specific artworks or artists
2. International Sales: Include when dealing with cross-border transactions, covering export/import requirements
3. Insurance: Detailed insurance requirements when the broker takes possession of artwork
4. Storage and Transportation: Include when the broker is responsible for artwork logistics
5. Restoration and Conservation: Used when the broker arranges for artwork restoration services
6. Online Sales: Include for digital platform sales and online auction arrangements
7. Exhibition Rights: Used when the broker has rights to exhibit artworks
8. Intellectual Property Rights: Include detailed IP provisions when dealing with contemporary artists or reproductions
1. Schedule 1 - Commission Rates: Detailed breakdown of commission structures for different types of sales
2. Schedule 2 - Artwork Schedule: List of specific artworks covered by the agreement, including details and estimated values
3. Schedule 3 - Due Diligence Procedures: Detailed procedures for artwork authentication and provenance verification
4. Schedule 4 - Compliance Checklist: Anti-money laundering and regulatory compliance requirements
5. Schedule 5 - Service Level Standards: Specific performance metrics and service standards
6. Appendix A - Required Documentation: Templates and forms for artwork documentation
7. Appendix B - Insurance Requirements: Detailed insurance specifications and coverage requirements
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