ArtNet

FAQ

Getting Started

All auction bidders must have a registered account with auctions-nft.artnet.com and must be signed into their account in order to place a bid. Registration will require that you accept our Auction Terms and Conditions which you can read in detail here.

You can register for an auctions-nft.artnet.com auction in one of two ways:

You can register by clicking on the registration link at the top of the page and following the instructions presented in the pop up window.

If you attempt to bid on an item and are not currently registered, you will be prompted to sign in. If you don’t already have an auctions-nft.artnet.com account, you’ll be able to register with when attempting to place your first bid.

Once you have registered, you will receive an email with a validation code. You will need to enter this validation code into the registration pop up window in order to complete the registration process.

You can sign into an existing auctions-nft.artnet.com account by clicking on the “Log In” link at the top of the page. A pop up window is displayed which will prompt you to log in with your username and password.

If you have not already signed in when attempting to place a bid, the “place a bid” button will instead display a pop up window that will prompt you to sign in with your Artnet user ID and password.

Your auctions-nft.artnet.com username will need to be a unique email address. This email address will be used to send you the verification code that you will need in order to validate your account.

Your auction-nft.artnet.com password will need to be at least 8 characters, and must include at least 1 letter, 1 number, one special character, and at least one uppercase character.

Your username will be the email that you provided upon registering.

If you have forgotten your password, you can select the “reset password” link to set a new password.

Auctions-nft.artnet.com requires separate login credentials from any existing account you might have on Artnet’s product lines. There are specific terms and conditions for participation in ArtNFT which need to be accepted when creating your auctions-nft.artnet.com account. You can read Artnet’s NFT Amendment here.

In order to bid you will need to be signed into your auctions-nft.artnet.com account and you will also need to connect a MetaMask wallet to your profile. All bids and purchases are subject to the Artnet NFT auction terms and conditions. You can read Artnet’s NFT Addendum here.

ETH is the cryptocurrency used for all transactions on the Ethereum network, and it’s the currency we use on auctions-nft.artnet.com. All of the NFTs on our platform can only be purchased with ETH. Creators and consignors get paid in it, too.

In order to get ETH, you will need to buy it from a crypto currency seller or exchange. Popular exchange platforms are Coinbase, Gemini and Kraken. Once you have purchased ETH, you will need to transfer a desired amount to your MetaMask wallet.

The value of ETH and other cryptocurrencies, as well as digital assets, such as NFTs, can decrease or increase substantially, unpredictably, and quickly. The network that is necessary for transactions of a given cryptocurrency, such as ETH, may cease to operate or be corrupted, which could forever freeze digital assets that rely on that network. Laws apply to the purchase and sale of cryptocurrency that may apply to you, such as tax laws for example.

Cryptocurrency transactions are irreversible, so you must exercise extreme caution before carrying out any. Cryptocurrency attracts scammers therefore you must take extra precaution to ensure that you know the identity and correct wallet address of any counterparty. Before sending a large value of cryptocurrency verify whether the destination address is correct. Cryptocurrency transactions involve fees, sometimes called gas, and the cost of gas can vary widely depending on market fluctuations.

Make sure that you have secure backups of the codes associated with any cryptocurrency wallet. If you lose your cryptocurrency wallet credentials, you may be unable to access the value in the wallet forever. Artnet is not responsible for any issues that you may encounter while setting up a wallet or purchasing and maintaining cryptocurrency in general, or for the purposes of this sale. You can read more about Artnet’s relationship to your cryptocurrency activities in our auction terms and conditions here.

MetaMask is a digital wallet that is specific to Ethereum. There are other wallets available, but ArtNFT requires MetaMask. It’s connected to your web browser as an extension where you can hold and spend ETH. You’ll need to connect your wallet to Foundation in order to participate in the marketplace. We do not make any promises about MetaMask services, please read their terms of use before using their service.

Download and install the MetaMask browser extension through their website. Read all applicable terms.

Select “Create a Wallet.”

Create a username and password.

Pay close attention to your uniquely assigned Secret Recovery Phrase, and store it somewhere safe. If you lose this series of words or forget what order they’re in, you will lose access to your wallet and it will be unrecoverable. We recommend writing the phrase on a piece of paper and storing it in a memorable, safe, and secure spot.

Confirm the phrase by placing all of the words in the correct order as they were assigned.Now, MetaMask is set up and should appear in your browser extensions. If you have any trouble, visit MetaMask Support.

Artnet is not responsible for any issues that you may encounter while setting up a wallet or purchasing and maintaining cryptocurrency. You can read more about Artnet’s relationship to your cryptocurrency activities in our NFT Addendum here.

If you have not already connected your MetaMask Wallet, the “Place a Bid” button will display as “Connect with MetaMask”. By clicking on this button you will prompt the system to connect an existing MetaMask wallet associated with your computer. If you do not already have a MetaMask wallet, you will need to create one.

Bidding And Buying

Our auctions are held in an English auction format.

Lots will be live for a set period of time and bids will be accepted throughout that full duration. If a bid is placed on a lot within 15 minutes of the lot's close time, the lot's close time will extend by another 15 minutes. Time extensions can go on indefinitely until no other bids are placed within the last 15 minutes of an auction.

The addition of 15-minute extensions give each buyer enough time to place a bid, and for the artwork to find its true market value.

All auction activity on auctions-nft.artnet.com is subject to our Auction terms and conditions which can be viewed here.

Before placing a bid, read more about how auctions work on auctions-nft.artnet.com in the corresponding section of this FAQ.

Connect your MetMask wallet. See instructions for setting up and connecting a wallet above.

Make sure you have enough ETH in your wallet to place a bid and pay for gas fees. You’ll need to pay a gas fee each time you place a bid, and you should have enough ETH to cover the full bid amount plus gas. Learn more about gas fees below. Go to the artwork page of the lot you would like to bid on. Click “Place a Bid.” All bids placed on auctions-nft.artnet.com are not retractable, and all bids are legally binding.

The first bid placed on a lot will, at a minimum, meet the reserve price. If the reserve price has already been met, all subsequent bids must exceed the current bid by a minimum bid amount of 10% of the current bid or 0.1 ETH, whichever is less. You also have an option of inputting a bid that exceeds the minimum bid amount. This can be entered at your discretion.

After you place a bid, your wallet will prompt you to confirm the transaction and pay a gas fee to complete the process. The gas fee you choose to pay at this stage will affect the speed in which your bid will be placed (the Ethereum network prioritizes the highest paid gas fees when determining which transactions to complete first). Once the bid has been placed, the funds will then be taken out of your wallet and placed in escrow in our smart contract. If you are outbid, the funds will be deposited back into your wallet. There are no gas fees associated with this deposit.

You will receive a notification if you are outbid and will be allowed to place another bid if the auction is still active. Gas fees will need to be paid each time a new is placed.

If a bid is placed on a lot within 15 minutes of the lot's close time, the lot's close time will extend by another 15 minutes.

Yes. Every lot has a reserve price, and the reserve prices are set at the starting bid price. The reserve price is set by the seller and represents the minimum amount of ETH that the seller is willing to accept in order to transfer ownership of the work to a buyer.

All bids placed on auctions-nft.artnet.com are not retractable, and all bids are legally binding.

The ETH that you used to place the bid will be returned to your wallet instantly.

Should you be outbid, the original bid amount will go back into your wallet. You can see this by going to Etherscan using this link and looking up your wallet address. Enter your public key (also known as “wallet address”) in the search bar. Here, you’ll be able to see all of the transactions that have been executed with your wallet, both incoming and outgoing. To see the returned bid click on the "internal txns" tab.

You win a lot at auction when you are the highest bidder on the lot, the reserve price of the lot has been met, and the countdown timer on the lot has expired.

You will receive a message to the verified email that is registered as your username on auctions.nft.arnet.com notifying you that you’ve won.

After you win, you will need to settle post-sale operations prior to finalizing the transaction.

Once the auction is completed, Artnet will be in touch with you via email to finalize your transaction. This will involve fulfilling necessary KYC/AML requirements and settling both the 10% buyer's premium and any applicable sales tax associated with the purchase.

Once all payments have been settled and post-sale obligations have been met, Artnet will work with you to finalize transfer of the sold lot in the event an NFT was purchased, or will assist you in arranging shipping services for a physical artwork.

You will be able to publicly confirm that the NFT is associated with your designated wallet by looking it up on OpenSea or Etherscan.

Artnet charges a flat rate 10% Buyer’s Premium for works sold on auctions-nft.artnet.com. Applicable taxes may be applied in conjunction with the sale as well.

All funds are managed by smart contracts on the Ethereum blockchain. You can track and monitor the status of each transaction on Etherscan. To do this, visit the artwork page and under “History,” next to the winning bid, click the button that says “View on Etherscan” when you hover over it.

Etherscan is a useful resource to track all transactions on the Ethereum blockchain. It’s free to use and is one of the many ways Ethereum is making data more open and accessible to all.

“Gas” refers to the fee required to successfully conduct a transaction on Ethereum. This fee goes directly to Ethereum miners who provide the computer power that's necessary to verify transactions and keep the network running; Artnet does not receive any portion of gas fees paid for any part of the transaction. You’ll need to have some ETH in your wallet so that you can pay for gas each time you place a bid, settle an NFT you won in an auction, or transfer an NFT to another wallet.

Sometimes gas can be expensive when the Ethereum network is congested, but developers are actively working on solutions to bring gas fees down. Two things determine the price of gas: how quickly you want the transaction to be completed and how busy the network is at the time of your transaction. If gas prices are too high at the moment, you can wait until gas goes down in price. You can also submit your ideal price and wait until the network processes it. Check out https://ethgasstation.info/ for the current gas prices (Pro Tip: ‘GWEI” is the base unit of Ethereum for gas. You can think of it like a penny to the US dollar).

Gas can get expensive when the Ethereum network is experiencing a high volume of transactions. For each new block added to the Ethereum blockchain, there is limited space for how many transactions can be included. Due to supply and demand, miners are incentivized to accept transactions at higher gas fees. If gas fees are high, this does not mean that the Ethereum network is broken, it’s just a function of how it currently works.

You always have the choice to accept to pay a high gas fee or not. When your wallet prompts you to pay for gas, you are presented with three options to accept the transaction at the price and speed you want. Paying the lowest gas price means your transaction will take the longest time to complete.

If you would like your transaction to be completed quicker, you can pay an additional gas fee to speed it up. In your wallet, once you’ve submitted a transaction, click the button that says “Speed Up.” This will let you re-submit the same transaction for a higher fee, to be processed quicker.

To cancel a transaction, click “Cancel.” A cancellation can only be attempted if the transaction is still pending. If the transaction is canceled or fails, you will still have to pay a gas fee to the network.