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Terms of Use for LiveArt Market, Inc. — BUYER REGISTRATION AGREEMENT
LAST UPDATED 2025-05-25
Welcome to LiveArt, the leading AI-powered platform revolutionizing the art market through innovative technology solutions. LiveArt Market, Inc., a Delaware corporation, operates our marketplace for traditional fine art within the LiveArt ecosystem. Our platform connects art sellers and buyers through a secure, data-driven environment enhanced by AI analytics, anonymous virtual deal rooms, escrow services, and specialized shipping and storage solutions. As part of the broader LiveArt ecosystem, which is transforming the $10-trillion art and luxury market into a transparent and accessible asset class, we provide traditional art collectors with the tools and security needed to transact confidently in today's digital marketplace.
1. Acknowledgment and Acceptance of the Terms of Use
1.1 Service Provider
These Terms of Use govern your use of various services provided by LiveArt Market, Inc., a Delaware corporation, which operates: The online marketplace in which prospective sellers can offer to sell works of fine art (each, a "Work") to prospective buyers and various related services (collectively, the "Services"). Please note that the LiveArt website located at www.liveart.io, related browser extensions and applications, and certain Microsites ("Site") are owned and operated by LiveArt SA, a Swiss company, in accordance with Swiss legislation. LiveArt Market, Inc. operates its marketplace for Works of fine art within this framework. When we refer to "LiveArt", "us" or "we" in these Terms of Use, we are referring to LiveArt Market, Inc. with respect to the Services we provide. When we refer to "Services" in these Terms of Use, we are referring exclusively to the marketplace for Works of fine art and related services provided by LiveArt Market, Inc.1.2 Acceptance of Terms
By accessing the Site and/or the Services and/or completing the registration process for an account, you agree to be bound by these Terms of Use and the LiveArt privacy policy and you represent and warrant that: (a) you are at least 18 years of age; (b) you have not previously been suspended or removed from the Sites or the Services; and (c) your use of the Site and the Services is in compliance with all applicable laws and regulations. We reserve the right to revise these Terms of Use from time to time without notice. We will alert you to any revisions by updating the "Last Updated:" date located above. You acknowledge and agree that it is your responsibility to review the Site and these Terms of Use periodically and to be aware of any changes. Your continued use of any Site after changes to our Terms of Use shall constitute your agreement to be bound by the modified Terms of Use.2. The Services
LiveArt Market, Inc. provides the following services (collectively, the "Services"), which are governed by US regulations:- Hosting and maintaining the marketplace for prospective buyers and sellers of Works of fine art;
- Providing support for the sale of Works, including storing your Work, creating an anonymous virtual deal room for you and the buyer to negotiate the sale with the help of one of our concierges, escrowing the payment, third-party shipping services (including condition checking);
- Providing a standard Sale + Purchase Agreement (aka "SPA") for the parties to use, as well as concierge services to help facilitate a transaction of Works.
3. Registration and Sale Information
3.1 Registration for Services Provided by Live Art Market, Inc. (US)
To access the marketplace for Works provided by Live Art Market, Inc., you will need to register for an account. The specific registration requirements for buying or selling Works are detailed in Section 4 below. When registering, you will be asked to provide Registration Data as defined in Section 3.2.3.2 General Registration Terms
At the time of registration, you will be asked to provide us with information about yourself including electronic mail address, phone number or other contact information ("Registration Data"). By registering, you agree to the terms set forth herein, that all information provided in the Registration Data is true and accurate, and that you will maintain and update this information as required in order to keep it accurate. The information that you provide us may affect what you can see on the Site, and whether you can transact through our platform. When registering, you will be asked to create a username and password. You are solely responsible for maintaining the confidentiality of your password and account and for any and all statements made and acts or omissions that occur through the use of your password and account. You agree to use a strong password and to keep it confidential. Our personnel will never ask you for your password. You may not transfer or share your account with anyone, and we reserve the right to immediately terminate your account in the event of any unauthorized transfer or sharing of your account. You agree to notify us immediately if your account has been compromised.3.3 User Content
As part of the Services, users may upload images, photos, video, data, text, price history, medium, dimensions, title, date, provenance, exhibition history, literature and other content and information about their Work, including information in connection with the prospective sale of a Work ("Sale Information"), in order to avail themselves of the full range of Services, as applicable and/or requested by LiveArt (collectively, "User Content"). By uploading the User Content, for content related to Works offered on the marketplace operated by Live Art Market, Inc., you grant Live Art Market, Inc. an irrevocable, perpetual, royalty-free worldwide license to use your User Content as specified in Section 3.4.3.4 License for User Content
The license you grant to LiveArt Market, Inc. for your User Content allows LiveArt Market, Inc. to (i) use, copy, distribute, transmit, publicly display, publicly perform, reproduce, edit, modify, prepare derivative works of or incorporate into other works, and translate into User Content, in connection with the Site or in any other media; and (ii) sublicense these rights, to the maximum extent permitted by applicable law. In addition, you license and authorize LiveArt Market, Inc. (i) to publish the Sale Information on the Site in order for you to offer your Work for sale on our platforms; and (ii) to enable us to improve our Services to use anonymized information to improve the free informational services that it provides, which may provide you with an estimate of the value of your Work, which we will use in providing the Services (e.g., by providing the estimate to potential buyers), and you agree that we may do so unless you opt-out of the AI Services during the registration process. We will not pay you for your User Content or to exercise any rights related to your User Content set forth in the preceding sentence. We may remove your Sale Information at any time without your consent or notice to you if we deem it necessary in our sole discretion. For all User Content, you represent and warrant that you have the necessary licenses, rights, consents and permissions (including all permissions required under applicable privacy and intellectual property law) to authorize us to access and use your Sale Information as necessary to exercise the licenses granted by you under these Terms of Use. You acknowledge that communications with us and the Services are not confidential, and your communications may be read or intercepted by others. You agree that by uploading User Content or communicating with us or the Site or using the Services, no confidential, fiduciary, contractually implied, or other relationship is created between you and us, or any of our affiliates other than pursuant to these Terms of Use. We shall not be responsible for the payment of any money to any party in connection with our use of User Content or communications submitted by you for the Services or to the Site.4. Buyer Registration Specific Terms; Purchasing a Work
4.1 Buying Works through LiveArt Market, Inc.
You must register as a "Buyer" on our Site in order to buy Works and in doing so, you authorize us or our agent to carry out "Know-Your-Client" reviews, "Anti-Money-Laundering" reviews and a credit check (collectively, "KYC Checks") as further set forth below. You acknowledge and agree that we retain sole discretion as to whether you may register as a Buyer on our Site. When you register for yourself to buy a Work or as an agent or representative ("Agent") of someone else (whether one or more individuals or entities) who wishes to buy a Work (singly or collectively, the "Principal"), in order for us to ensure that we can provide you our Services facilitating the sale and purchase of Works on our Site and to carry out our KYC Checks, we will ask you to provide the following information ("KYC Information"):- If you or your Principal are an individual: proof of your identity or, if you are an Agent, your Principal's identity, as applicable, by sharing a copy of a valid government-issued identification and recent proof of your or your Principal's current address, as applicable.
- If you or your Principal are a business entity, a copy of a valid government-issued identification of your entity or, if you are an Agent, your Principal's entity (for example, your certificate of incorporation), as applicable, and proof of the ultimate beneficial individual owner of the applicable entity.
- The KYC Information is true and accurate;
- You are not subject to economic or financial sanctions under the law of any country, including U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury; the United Nations Security Council; the European Union or Her Majesty s Treasury or any other economic or financial sanctions or any equivalent measure;
- You have not been convicted of a terrorist, money-laundering or other financial crime and have no reason to believe that you have been charged with, or are being investigated, in connection with any such crime; and
- You are not a prominent employee, agent, or representative of any governmental or quasi-governmental agency and have not been identified as a politically exposed person.
- In order to register as an Agent, you must inform us in writing that you are acting as the exclusive Agent of the Principal with respect to the Work, and have disclosed to us the identity of the Principal at the time of sale.
- Representations and Warranties. If you are acting as Agent, in addition to any representations and warranties herein, you represent and warrant on your behalf and on behalf of your Principal:
- The Principal has authorized you to seek to purchase a Work for sale on our Site and authorized you to (a) make the representations and warranties under these Terms of Use and (b) enter into any SPA to which you agree on the terms and conditions in that SPA;
- The arrangements between you and your Principal do not involve tax fraud or tax evasion;
- You have disclosed, and will continue to disclose, all material information relating to the Principal;
- You have conducted customer due diligence on the Principal and confirm that the Principal:
- — is not subject to economic or financial sanctions under the law of any country, including U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury; the United Nations Security Council; the European Union or Her Majesty s Treasury or any other economic or financial sanctions or any equivalent measure;
- — has not been convicted of a terrorist, money-laundering or other financial crime and you have no reason to believe that the Principal of the work has been charged with, or is being investigated, in connection with any such crime;
- — and is not a prominent employee, agent, or representative of any governmental or quasi-governmental agency and has not been identified as a politically exposed person.
- You will retain for five years the documentation reflecting your due diligence and will provide LiveArt or its agents with copies of such documents if reasonably requested by us in writing.
- To keep information about the sale of the Work, including the identity of the seller of the Work ("Seller"), strictly confidential;
- Not to, and not make any effort to, communicate with a Seller except through us;
- Not to make any effort to learn the identity of a Seller unless, upon advice of legal counsel, you have a reasonable good faith belief that there is a lawful basis to seek the identity of such Seller (e.g., if you believe in good faith that the sale was in any way unlawful or that there is a lawful claim for breach of the SPA);
- If the Seller, upon advice of legal counsel, has a reasonable good faith belief that Seller has a lawful basis to seek Buyer's identity (e.g., if a Seller believes in good faith that the sale was in any way unlawful or that there is any lawful claim for breach of the Sale Agreement), you hereby authorize us to disclose your identity to Seller as necessary;
- That we are providing a marketplace and platform for you to purchase a Work from a Seller on terms that you and a Seller agree to in an SPA and that LiveArt makes no representation and warranty to you of any kind, including but not limited to, about a Seller, the value of the Work, any services arranged for you or Seller by LiveArt, or any implied warranties, all of which are specifically disclaimed.
