Buy an ArtVault

1. Subject Matter

These general terms and conditions govern the terms under which the Mescados platform allows a purchaser (hereinafter: "the Buyer") to acquire a work of art, become its legal owner without taking physical possession, and mandate Mescados for its storage and resale.

2. Purchase and Transfer of Ownership

Upon purchasing a work through the Mescados platform:

• The Buyer becomes the legal owner of the work upon confirmation of full payment.
• A certificate of authenticity and ownership is issued to the Buyer.
• The work may remain physically stored by Mescados at the Buyer's express request.

3. Storage of the Work (Custodian Mandate)

When the Buyer chooses not to take physical possession of the work:

• They mandate Mescados to ensure the storage, management and security of the work.
• This mandate constitutes a custody contract within the meaning of Swiss law.
• Mescados undertakes to store the work under appropriate conditions.

3.1 Storage Fees

• Annual storage fees are charged at 7% of the initial purchase value of the work.
• These fees are due each year for as long as the work is stored by Mescados.
• Mescados reserves the right to suspend the listing of the work in the event of non-payment.

4. Listing and Resale Mandate

The Buyer may at any time request the listing of the work on the platform.

• The Buyer freely sets the resale price.
• Mescados acts as agent for the marketing of the work.
• The work remains the property of the Buyer until the actual sale.

5. Sale to a Third Party

In the event of the sale of the work to a third party:

• Ownership is transferred to the new buyer upon full payment.
• The sale proceeds are collected by Mescados on behalf of the Buyer.

6. Performance Commission (Success Fee)

In the event of resale of the work at a profit:

• Mescados receives a commission of 40% calculated exclusively on the capital gain realised.
• The capital gain corresponds to the difference between:
  • the final sale price of the work
  • and its initial purchase price

6.1 Example

6.2 Absence of Capital Gain

• If the work is resold without a capital gain or at a loss, no performance commission is owed to Mescados.
• Storage fees remain due.

7. No Guarantee of Return

• Mescados does not guarantee any return or future appreciation of the works.
• The Buyer acknowledges that the acquisition of works of art carries economic risk.

8. Liability and Insurance

• Mescados undertakes to insure stored works against usual risks (theft, fire, damage).
• Mescados' liability is limited to cases of gross or intentional misconduct.

9. Withdrawal of the Work

The Buyer may at any time request the physical restitution of the work:

• subject to full payment of all amounts due
• and upon reasonable preparation and shipping lead time

10. Applicable Law

These general terms and conditions are governed by Swiss law, in particular the Code of Obligations.

11. Jurisdiction

Any dispute relating to these general terms and conditions shall be submitted to the competent courts at Mescados' registered office, CH-1960 Sierre.