LINDEMANNLAW offers escrow services with underlying transaction on art object(s) strictly limited to lawyer-specific situations as an integral part of our legal and tax advice for transactions.
Applications of Our Art Escrow Services:
✓ Art Sales
For high-value art deals, our escrow services add a layer of security. The buyer deposits funds into an escrow account, and the seller transfers the artwork. The escrow agent holds the funds until the agreed conditions are met (e.g. the buyer verifies the artwork’s authenticity and condition, art work delivered to the place specified by parties, etc.). Once satisfied, the funds are released to the seller.
✓ Consignment Agreements
When artists or collectors consign their art to galleries or auction houses, escrow arrangements safeguard the consignor’s interests. Proceeds expected from the sale are placed into an escrow account until all terms, such as the consignment period or payment conditions, are met, ensuring that  the consignor receives the agreed-upon  payment.
✓ Online Art Marketplaces
In digital art marketplaces, where buyers and sellers often lack prior relationships, our escrow services provide essential security. The buyer deposits the payment into an escrow account, and the seller ships the artwork. The escrow agent holds the funds until the buyer confirms the receipt and satisfaction with artwork’s condition. Once confirmed, the funds are released to the seller, reducing the risk of fraud.
✓ Auction Sales
In high-value auction transactions, buyers might need to place a deposit or show proof of funds before bidding. The purchase price is held in escrow until all agreed conditions are met (e.g. necessary documentation, such as title transfers, condition report and/or export licenses, is completed). Once requirements are fulfilled, the funds are released to the seller.
✓ Art Commissions
For commissioned artworks, our escrow services protect both parties. The buyer deposits the agreed funds into an escrow account, where they are held until the artist completes the work to the buyer’s satisfaction. Once approved, the funds are released to the artist.
Our escrow services bring security and trust to art transactions, minimizing fraud risks, ensuring all conditions are met, and providing expert advice and comprehensive services to safeguard your investments.
