Reserves:
A Reserve is a commitment, made by a Buyer, to purchase an artwork at a specified Serrace® level. For this commitment, FAE guarantees the Buyer exclusive rights to purchase the artwork at the Serrace price level Reserved, when and if that Serrace level is reached. When a Reserve is placed on an artwork, all the Serrace levels beneath the Reserved level disappear. Depending on the number of Serrace levels remaining, another Buyer may Out-Reserve, or can purchase a Reserved artwork before it reaches its current Reserved level. In either case, the Buyer who lost their Reserve position will be informed via email and by text, if desired.
A Reserve can be placed on an artwork by going to the artwork's detail page, and clicking on the Reserve button associated with the amount a Buyer is willing to pay. The Buyer will then be required to provide a shipping address and credit card information. If Serrace drops the price of the Artwork to the Buyer's Reserve price, FAE will automatically charge the Buyer's credit card the full amount of the purchase, including sales tax, if applicable, and the Buyer will be notified of his/her purchase.
If the full purchase amount exceeds the Buyer's credit card limit, FAE will charge 10% of the Reserved price to the credit card. The Buyer will receive an email from FAE with information on how to pay the remaining 90% of the balance, along with applicable sales tax, via ACH or wire transfer. In accordance with the FAE User Agreement, the balance must be paid within three business days from the date of purchase.
Once payment in full has been received by FAE, the Buyer will immediately be able to track the status of his/her Reservation under the Reservation History tab of the Account. The Dealer who placed the artwork on the FAE System will contact the Buyer to arrange for shipping.
Purchases:
A Buyer can purchase an available artwork by clicking on any "Buy Now" icon associated with that artwork. This action starts the checkout process. If a Buyer has already added a shipping address and credit card information to their My Account section, the process takes only a few moments. (No credit card numbers are stored on the FAE website, only with the card processor.)
If an artwork costs more than $10,000.00, a Buyer will be offered the opportunity during checkout to check a box that will allow them to place $10,000.00 of the purchase on a credit card, and finish paying the balance, including sales tax, via ACH or wire transfer. After the credit card payment clears, the Buyer will receive an email with balance payment information. In accordance with the FAE User Agreement, the Buyer must complete the transaction within three business days from the date of purchase.
Once the payment is complete, the Dealer responsible for placing the artwork on the FAE site will contact the Buyer to discuss shipping arrangements. The Buyer will immediately be able to track the status of his/her purchase, and find a printable bill of sale located in the Purchase History tab of his/her Account.