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Art Bill Of Sale

Art Bill Of Sale Template for Indonesia

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Key Requirements PROMPT example:

Art Bill Of Sale

"I need an Art Bill of Sale for selling a contemporary oil painting from my gallery to a corporate collector in Jakarta, with payment to be made in three installments and delivery scheduled for March 2025."

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Document background
The Art Bill of Sale is a crucial document used in Indonesia for legally transferring ownership of artwork between parties. This document is essential when conducting art transactions in Indonesia, whether for personal collections, corporate acquisitions, or institutional purchases. It must comply with Indonesian Civil Code requirements, cultural heritage laws, and relevant tax regulations. The Art Bill of Sale includes detailed information about the artwork, parties involved, purchase price, warranties, and transfer conditions. It's particularly important as it provides legal protection for both buyers and sellers, ensures proper documentation for insurance and tax purposes, and helps establish clear provenance records. The document is structured to meet specific Indonesian legal requirements while following international art market best practices.
Suggested Sections

1. Parties: Identification of the seller and buyer, including full legal names, addresses, and any relevant registration numbers

2. Background: Brief context of the sale transaction and the parties' capacity to enter into this agreement

3. Definitions: Key terms used throughout the document defined for clarity

4. Artwork Description: Detailed description of the artwork including title, artist, medium, dimensions, year of creation, and any unique identifying features

5. Purchase Price and Payment: The agreed purchase price, payment terms, and method of payment

6. Transfer of Title: Clear statement of ownership transfer from seller to buyer upon completion of payment

7. Seller's Representations and Warranties: Seller's guarantees regarding ownership, authenticity, and condition of the artwork

8. Delivery and Risk: Terms for artwork delivery and transfer of risk to the buyer

9. Governing Law: Specification that Indonesian law governs the agreement

Optional Sections

1. Condition Report: Detailed description of the artwork's current condition, recommended when dealing with valuable or delicate pieces

2. Provenance: History of artwork ownership, recommended for significant or high-value pieces

3. Export/Import Requirements: Include when artwork will cross international borders

4. Insurance: Insurance requirements and responsibilities, recommended for high-value pieces

5. Tax Obligations: Specific tax considerations and responsibilities, include when dealing with luxury tax applicable items

6. Dispute Resolution: Specific dispute resolution procedures, recommended for high-value transactions

Suggested Schedules

1. Schedule A - Artwork Details: Comprehensive details about the artwork including photographs and any certification numbers

2. Schedule B - Condition Report: Detailed condition report with photographs documenting current state

3. Schedule C - Provenance Documentation: Copies of relevant ownership history documents

4. Schedule D - Authentication Certificate: Copy of authentication certificate or relevant expert opinions

5. Schedule E - Insurance Documentation: Insurance certificates and coverage details if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Artwork
Artist
Authentication Certificate
Bill of Sale
Business Day
Completion
Condition Report
Cultural Heritage Item
Delivery
Effective Date
Encumbrance
Export License
Force Majeure
Good Title
Import License
Insurance Value
Intellectual Property Rights
Invoice
Market Value
Payment
Provenance
Purchase Price
Representations and Warranties
Risk of Loss
Seller's Certificate
Taxes
Title
Transfer of Ownership
Transportation
Value Added Tax (VAT)
Verification Documents
Warranty Period
Relevant Industries

Arts and Culture

Luxury Goods

Real Estate

Hospitality

Financial Services

Entertainment

Museums and Heritage

Interior Design

Corporate Services

Investment Management

Relevant Teams

Legal

Compliance

Art Advisory

Collections Management

Risk Management

Finance

Property Management

Cultural Affairs

Investment

Documentation

Relevant Roles

Art Gallery Manager

Collections Manager

Museum Curator

Art Dealer

Corporate Art Advisor

Legal Counsel

Compliance Officer

Art Investment Manager

Estate Manager

Cultural Heritage Officer

Auction House Specialist

Private Wealth Manager

Interior Designer

Property Manager

Risk Management Officer

Industries
Indonesian Civil Code (KUHPerdata): Articles 1457-1540 governing sales and purchase agreements, including requirements for valid contracts, rights and obligations of parties, and transfer of ownership
Law No. 11 of 2010 on Cultural Heritage (Undang-Undang Cagar Budaya): Regulates the protection and preservation of cultural heritage items, including restrictions on the sale and transfer of culturally significant artworks
Government Regulation No. 28 of 2019: Regarding types of taxable goods categorized as luxury items, including certain artworks and their applicable tax rates
Ministry of Finance Regulation No. 90/PMK.03/2015: Covers Value Added Tax (VAT) obligations for art transactions and related documentation requirements
Law No. 7 of 2014 on Trade: General provisions regarding trade transactions and documentation requirements for sales contracts
Minister of Trade Regulation No. 67 of 2018: Regulations regarding business licensing in the trading sector, including art dealing and galleries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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