Common use of Sale or Purchase of Artwork Clause in Contracts

Sale or Purchase of Artwork. (a) The Managing Member may conduct an Auction itself with Artwork it has sourced and holds on consignment from the seller. If the Artwork is purchased by Investors through use of the Auction Platform, the Managing Member will receive a standard Buyer’s Premium and, if applicable, a standard Seller’s Commission from the seller, for selling the Artwork to the associated Series. The terms of the Auction will be at least as favorable to the Investors as those offered by the major Auction Houses and the fees payable to the Managing Member will be in line with the compensation payable to such Auction Houses.