weng contemporary
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WENG ART INVEST

FAQ

Glossary

In our glossary you will find all platform-related terms and terminology around the ecosystem of our investment platform.

The Product

On our platform we offer original limited edition artworks, in mint conditions, produced by world renowned contemporary artists and their manufacturers. When you buy an artwork on our platform you get full ownership of that product and become the sole legal owner. 

The following events take place after a successful purchase: 

  1. You will receive a proof of purchase/invoice 
  2. We will send a certificate of ownership, both digitally and via mail, as soon as your funds have been received
  3. The image of the purchased limited edition(s) will show in your personal portfolio
  4. You will be able to resell the purchased limited edition(s) via our platform
  5. After 12 months minimum holding period, you will also be able to redeem the token and receive the physical work of art

Please note: As you are the legal owner of the piece(s) you purchase, in the unlikely event of our company’s insolvency, your artworks will not be part of the insolvency estate and you will continue to be the rightful owner of this artwork.

No obligations arise on the buyer side after purchasing an artwork on our platform. We take care of the storage and handling of the artwork (both in case you decide to hold it and in case of redemption). You can choose whether to hold the piece, to sell it via our platform or, after a 12 months holding period, to redeem the token to get the physical artwork. Please be aware that after redemption is finalized, it will not be possible anymore to store the artwork in our warehouse.

The artworks are safely stored in our freeport facilities. There is currently no storage fee and we don’t charge you for the insurance. 

A freeport area is a port area where goods in transit are exempt from VAT and customs duty.

Weng Art Invest decided to apply a 12 months holding period to avoid buyers who decide to flip their purchase to immediately get the physical piece – which would probably be below its actual market price. The aim of this platform is to show our users that limited editions can increase in value over a short-medium time period. Allowing users to immediately flip their artwork with the physical counterpart, would break the initial purpose of the platform itself. 

Additionally, most editions offered on our platform are just released by the artists, and it is often the case that such editions cannot be offered on a low price point on the market before one year from their release. Our business model still allows us to offer them via the platform as long as we guarantee to allow redemption after a longer time period.

You can redeem your token and receive the physical artwork after a minimum 12 months holding period to be calculated from your purchase date. Please note that you can offer the artwork for sale to us at any time – irrespective of the 12 month redemption period.

To redeem your token, enter your portfolio section, select the asset you wish to redeem and click “REDEEM ASSET”. You will then be redirected to the redemption process.

  1. Confirm the selected artwork you wish to receive  
  2. Decide if you would like to pick up the artwork or get it shipped
  3. Fill in your shipping address 
  4. Confirm your insured shipping quote
  5. Select a payment method to cover insured shipping costs
  6. Recap & complete redemption

Depending on your location, we ship artworks with different logistic partners like DHL or FedEx.

The costs that occur during the redemption process are the shipping costs to deliver the physical artwork to your preferred shipping address. The shipping quote will include door to door insurance. Additionally, as all prices on the platform are net prices, import duties and taxes might apply when receiving the physical piece, depending on the customs authorities of the importing county. The buyer will have to pay any fees directly upon receipt of their shipment, through a separate invoice issued by the custom authorities and/or the service provider used for shipment. If you have any further questions on that, please feel free to reach out via info@wengartinvest.com at any time. Please be aware that after the redemption process is finalized, it will not be possible anymore to store the artwork in our warehouse.

In principle, Weng Art Invest offers Weng Contemporary customers the option to tokenize their previously acquired editions, making them tradable on the platform. However, there are two prerequisites that need to be met for us to proceed:

  1. The edition must have already been introduced and made available for sale on our platform
  2. Weng Contemporary has securely kept the artwork in its own storage facility until tokenization, allowing us to guarantee its mint condition.

No, in order to guarantee provenance and mint condition, only tokens that have been purchased on our platform and are stored in our bonded warehouse can be sold and redeemed. 

No, this is not currently planned. Initially, only tokenized limited editions will be available on the platform.

Yes, through our preferred logistic partners, we are able to ship all artworks to any destination in the world.

Yes! All our artworks will be delivered covered by an insurance of our partner Segurio. The insurance fee will be included in the shipping fee you will be asked to pay when redeeming your asset.

It will take about 10 working days for us to ship your artwork from the moment we receive your shipping payment.

Yes, we do give the opportunity to pick up your redeemed artwork in person. This will be possible from our Freeport Facility and an import sales tax will apply when picking up the physical piece. Should you be interested in this option, instead of selecting insured shipping to your preferred location, please get in touch with us via info@wengartinvest.com.

As soon as you receive the physical artwork, you no longer have any legal claims against ArtXX AG. You will be able to use your physical artwork as you wish. However, after redemption is completed, it will not be possible anymore to sell back the artwork via our platform. 

No. Every artwork is stored by us for you and digitally accessible in the portfolio section. It is not possible to lose your asset in any way, even if you should not have access to your token.

The Platform

It is possible to download the app on both your phone and your desktop!

  1. Desktop: To install the app on your computer, click on the “download icon” on the right end of the browser bar and click install. 

  2. iPhone and iPad: When the page has loaded, click on the “share icon” at the bottom center of the menu bar. Then, click “add to home screen”. The app will download on your iPhone.

  3. Android: For Android phones, click on the 3 dots in the browser – top bar. When the menu opens, click “install app”.

If you forgot your password you can easily reset it! Please follow the steps below:

  1. Enter the platform 
  2. Click on the portfolio or account icons, at the bottom of the page 
  3. Select “login to your account via email” 
  4. Then click on „Forgot password“, on the bottom left side of the login screen
  5. Fill-in with your email address and click reset
  6. You will receive a link to reset your password

To buy an artwork on our platform, enter the “Invest” section and select your preferred artwork. You can only buy arworks on the trading floor during trading days (currently only Thursdays 9am – 5.30pm CET).

Once clicked “Buy Asset” you will start the buying process:

  1. Confirm your artwork  
  2. Fill in your billing address
  3. Choose your payment method 
  4. Overview & Confirm your purchase!

When you buy an artwork in the “Invest” section you may receive immediate confirmation of purchase. It is also possible that you receive a notification that another purchase is already in the making and you will have to wait until prices are adjourned according to the last trade.

If you accept the new “ask” price, then you will be able to proceed with your purchase (see „How is the price for a purchase or a sale calculated?“).

To sell an artwork back to us, enter your portfolio, choose the asset you want to offer for sale and click “Sell Asset”. Please note that sales in this section are only open during trading days (currently only Thursdays 9am – 5.30pm CET).

Once clicked “Sell Asset” you will submit your sale request:

  1. Confirm you wish to offer your artwork for sale
  2. Fill in your bank account details
  3. Send your sale request

After we have reviewed your sale request and accepted it (subject to our discretion), you may receive confirmation. It is also possible that you will be notified that another trade is already in the making and you will have to wait until prices are adjourned according to the last trade. If you accept the new “bid” price, you will be able to proceed with the sale request.

The indication of prices in the trading section follows a bid/ask structure and dynamic. 

The term “ask” refers to the purchase price we are willing to sell a selected artwork, the term “bid” refers to the price we might be willing to buy at after we have reviewed and accepted your sale request, calculated according to the platform supply and demand. Similarly to the stock exchange, the bid price will always be higher than the ask price. This difference between the bid and ask prices is called “spread” and it changes constantly according to the fluctuation on the market. The spread can therefore be considered as a measure of supply and demand for an asset. The smaller the spread, the more liquid the asset is.

The price structure follows the bid/ask dynamic, conforming to the stock market rules. The pricing will thus change according to the marketplace activities (bid and ask). In the beginning, prices will be set by Weng Art Invest, according to the platform supply and demand. It is also on Weng Art Invest to decide which sales offers to accept. The goal however, is to further develop the platform and to accept, eventually, peer-to-peer trading.

When at the checkout you select „Wire Transfer“ as a payment method, you will not see the artwork in your personal portfolio until we have received your wire transfer. We highly recommend to send the transfer as soon as possible. If the funds are not received within 7 working days from the initiation of the order, the transaction will not be completed and your asset will be returned to the trading floor. 

On the other hand, if you select a credit card payment method, you will be able to immediately see the artwork in your personal portfolio.

On Weng Art Invest, users can buy an a digital twin that represents the ownership of an artwork which can be redeemed only after a 12 months-holding period. Conversely, Weng Contemporary is an online art gallery where art pieces will be dispatched right after purchase. Moreover, on the platform, the prices are primarily determined by the forces of supply and demand.

The term “bid” refers to the highest price Weng Art Invest is willing to pay for a specific asset; on the other hand, the term “ask” reflects the lowest price Weng Art Invest is willing to sell at. As it happens on the stock exchange, the ask price will always be higher than the bid price.

The difference between the bid and ask prices is called “spread” and it changes daily according to the users activity on our platform (market behavior). The spread can therefore be considered as a measure of supply and demand for an asset. First and foremost, the spread covers the risk of Weng Art Invest and also allows us to cover expenses such as insurance, storage and handling.

There are no extra costs involved. Any costs for artist resale fees, insurance, storing, transport, installation, maintenance or extra advisory costs are included in the sales price. Additional costs will only occur during the redemption process.

The physical assets will be stored by us for you, but visible and accessible as digital images in your personal portfolio section. All you have to do is to click on the portfolio icon in the platform bottom menu. If you are not already logged-in in your profile, you will be requested to enter your email to login and then access your portfolio. 

Within your portfolio section you can find the list of your assets, the details of each of them, as well as the performance of both your asset and your portfolio. You can redeem your assets or offer it for sale to us by using the corresponding functionalities in the portfolio section. 

You will be able to see your portfolio performance via a graph within your portfolio section. By selecting a specific artwork, you will also be able to see the price development of the selected piece.

No. We cannot assume any guarantees regarding a stable value or increase in value of any of the artworks offered. However, while no investment is 100% risk free, we carefully choose limited editions for our client by worldwide renown artists with a solid secondary market.

Weng Art Invest will define a daily bid price for each artwork featured on the platform, and users will have the opportunity to request the sale of their assets at this price on the same day. Weng Art Invest may accept the sale offer of a user at the specified bid price. Subsequently, the bid price will be reevaluated based on the trading activity’s dynamics and the corresponding supply and demand behavior. When multiple users request the sale of the same edition, Weng Art Invest may accept the first request at the current bid price and subsequent requests at a lower bid price. Although we aim to quote bid prices under any circumstances, there is no legal obligation for us to do so. 

Yes. After purchasing an artwork, you are the legal owner of the piece. We merely hold it in storage for you. This means that in the unlikely event of our company’s insolvency, your artworks will not be part of the insolvency estate and you will continue to be the rightful owner of the artwork.

No, not at this point. Currently, you can only trade your asset on the Weng Art Invest platform. This will potentially change in the future according to rules and regulations.

Payments

We accept payments via wire transfer and credit card. Please note, that we only accept credit card payments up to USD 25,000. No fees will be charged for any of the payment methods from our side. However, fees from your financial partner may occur, for example exchange rate fees.

All prices on the platform are in US Dollar. We also accept payments in the following currencies: USD, EUR, CHF (rates are based on the daily currency exchange rate of the Central European Bank).

After we have accepted your sale request for an artwork, it will take up to maximum five working days until we release the payment. 

VAT, Import Duties & Taxes

All prices are net prices. You will not have to pay any VAT unless you decide to redeem your token.

If you wish to redeem your token, and thus to receive the physical artwork, there may be applicable duties, tax, and/or customs fees. These additional costs are the responsibility of the buyer and must be settled by the buyer with the relevant customs authorities, depending on where the artwork is shipped to.

According to German tax laws, profit of the resale of an artwork on our platform is free of income taxes if the buyer keeps the asset for more than one year.

For any other income tax implications, please contact your tax advisor. 

Contact information

Weng Art Invest

T: +41 (0) 76 602 69 44

M: info@wengartinvest.com

Opening hours

Monday – Friday from 09.00 am to 06.00 pm (CET)

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Weng Art Invest decided to apply a 12 months holding period to avoid buyers who decide to flip their purchase to immediately get the physical piece – which would probably be below its actual market price. The aim of this platform is to show our users that limited editions can increase in value over a short-medium time period. Allowing users to immediately flip their artwork with the physical counterpart, would break the initial purpose of the platform itself. 

Additionally, most editions offered on our platform are just released by the artists, and it is often the case that such editions cannot be offered on a low price point on the market before one year from their release. Our business model still allows us to offer them via the platform as long as we guarantee to allow redemption after a longer time period.