Auction Policy

Esrac. Art Auction Policy

Note: This Policy is designed to offer you information on how to buy at auction at Esrac.Art. Our team will be happy to assist you, if needed by email, whatsapp or phone.

1. General Auction Information

By participating in auctions on Esrac.art, you agree to these rules and conditions, in addition to our general Terms and Conditions of Use. Our goal is to provide a fair and transparent environment for acquiring Esrac artworks or artworks of curated artists.

2. Eligibility to Participate

Registration: Only registered users with active Esrac.art accounts may place bids. Registration is free.

Eligibility: By placing a bid, you confirm that you are of legal age to enter into binding contracts and possess sufficient funds to honor your bid.

Contact Information: Keep your contact information updated in your account settings (Name, Last name, e-mail, WhatsApp or Phone and Address) to ensure effective communication and allow shipment.

3. Bidding

Minimum Bid and Increment: Each auction will have a specified minimum starting bid and bid increment. Bids below the minimum or that do not comply with the specified increment will not be accepted.
Binding Bids: All bids are binding. Once a bid is placed, it cannot be withdrawn or canceled. Please ensure your bid is the amount you intend to pay for the artwork.

4. Reserve Price

Definition: A reserve price is the confidential minimum value the seller is willing to accept for the artwork. If the highest bid doesn’t meet the reserve price, the artwork will not be sold at the end of the auction.
Visibility: The reserve price is not visible to bidders. However, we’ll indicate whether or not the reserve price has been met.
Meeting the Reserve: Only if the highest bid meets or exceeds the reserve price will the artwork be considered sold to the winning bidder.

5. Buy It Now Price

Concept: The ‘Buy It Now’ price allows a collector to bypass the ongoing auction by committing to an immediate purchase from Esrac.art. In that case, after receiving payment from the collector, the administrator will end the auction. Collector can pay via Paypal, International Wire Transfer or PIX.
Visibility: The “Buy It Now” price is visible to bidders and is above the reserve price. However, we’ll indicate whether or not the reserve price has been met.

6. Auction Close and Purchase Confirmation

Winning Bidder: The bidder with the highest bid (which has met or exceeded the reserve price, if applicable) at the end of the auction period will be the winning bidder.
Winner Notification: The winning bidder will be notified by email immediately after the auction concludes. This notification will serve as the winning confirmation and will include specific instructions for subsequent purchase (Formal contract to be signed and instructions for payment).
Purchase Contract: A formal purchase contract will be sent to the winning bidder whose bid meets or exceeds the reserve price.
Invoice: After receiving the signed contract we will issue an invoice and payment instructions.
Payment of Total Cost: The total payment for the artwork will include the final auction price plus the final shipping cost.
This total amount must be paid within 7 business days after receiving the invoice.
Split Payment Instruction: To facilitate the transaction for artworks of curated artist, the total payment will be split and directed to two separate accounts: one portion to Esrac.art (covering commission, initial artist advance reimbursement, and all shipping costs) and the remaining balance directly to the curated Artist. Detailed instructions for this split payment will be provided in your winner notification email.

Non-Payment: If full payment isn’t received within 7 business days after receiving the invoice, Esrac.art reserves the right to:

  • Cancel the sale.
  • Offer the artwork to the second-highest bidder.
  • Relist the artwork for auction.
  • Suspend or terminate the bidder’s account.

7. Post-Auction Scenarios (No Sale or Artist Failure)

If Artwork Isn’t Sold: If an artwork does not sell at auction (i.e., the reserve price isn’t met or no bids are placed), it will not be acquired by a bidder through this auction process. Subsequent actions regarding the artwork are governed by specific agreements between the curated Artist and Esrac.art, which do not involve the auction bidder.
Artist Failure to Fulfill Sale: In the event an Artist fails to fulfill their obligations after a successful auction (e.g., non-issuance of invoice), Esrac.art reserves the right to assume ownership of the artwork (with the exercise of a specific call option) to complete the transaction and mitigate impact on the platform and its buyers.

8. Contact and Communication Protocol

Esrac.art Communication: All official auction communications (bid status, winner notification, payment instructions) will be sent by Esrac.art through the email registered in your account. You may contact us by email (dm@esract.art.br) or call at any time (+551138763600).
Inquiries: For any questions about an artwork or the auction process, please contact Esrac.art support directly.
Prohibition of Direct Contact: Direct communication between bidders and sellers outside of the platform is strictly prohibited until the purchase process is fully completed..

9. Shipping and Returns

Shipping: Artworks acquired through auction are subject to our Shipping Policy, which details shipping costs, options, and responsibilities. For your security, once acquired, the artwork will be dispatched directly by Esrac.art, not the Artist.
Returns: Return conditions for artworks acquired through auction follow our Return Policy. Please review these carefully before placing a bid.

10. Auction Integrity

Esrac.art is dedicated to maintaining the integrity and fairness of all auctions. We reserve the right to cancel bids, suspend accounts, or cancel an auction at any time if we suspect fraud, bid manipulation, or violation of our terms.

11. Applicable Law

This policy shall be governed by and construed in accordance with the laws of Brazil. The parties agree to submit to the exclusive jurisdiction of the courts of the District of São Paulo, State of São Paulo, Brazil, for the resolution of any disputes or claims arising from any auction.

Esrac.Art | Auction Policy | Version 1.4 | 21/06/2025