The newly-launched Fine Art Exchange (FAX) aims to help private buyers and sellers of premium works liaise in a secure way online, with a guarantee of authenticity and no payment required until buyer inspection.
Initiating the site, Johnny Messum, of the Mayfair dealership Messum’s who are acting as partner in the scheme, was keen to fill a gap in the market between online dealing and traditional auction houses hosted by platforms.
“This service gives sellers targeted access to serious collectors without having to pay transaction rates at auction house or traditional gallery levels,” Messum said.
“And because in most cases these will be private-to-private sales, no Artist’s Resale Right is applicable even for works that would normally qualify.”
FAX will initially specialise in 19th and 20th century British art priced over £10,000. Evaluations, certifications and a fixed cost ‘passport’ are all part of the package as are commissions of 7.5%.
