Terms &
Conditions.

General Terms

Parties. These terms govern the relationship between PT Atria Brilian Mitratama, a limited liability company incorporated under Indonesian law, having its registered office at Gedung Office 8, Level 18-A, Jl. Senopati No. 8b, Kawasan SCBD, Senayan, Kec. Kebayoran Baru, Kota Adm. Jakarta Selatan, Provinsi DKI Jakarta (“Art Piece”, “we”, or “us”) and any person who accesses the artpiece.id platform (“the platform”) or holds a fraction issued by Art Piece (“collector”). By accessing the platform or holding a fraction, you agree to be bound by these terms.

Eligibility. You must be at least eighteen years of age to hold a fraction or participate in any auction on the platform. International participants are responsible for compliance with their own jurisdictions.

Nature of the service. Art Piece is a fractional ownership registry and auction platform. We acquire or manage paintings on behalf of their beneficial owners, maintain the custody chain, and provide the platform through which fractions are issued, traded, and tracked. We do not provide investment advice. Nothing on the platform constitutes a recommendation to buy or sell.

Modifications. We reserve the right to update these terms at any time. Material changes will be communicated by email to all registered collectors no less than thirty days before they take effect. Continued use of the platform after the effective date constitutes acceptance.

Language. These terms are published in English. In the event of any conflict between the English version and a translation, the English version shall prevail.

Fractional Ownership

What a fraction is. Each fraction represents a defined percentage of beneficial ownership in a specific painting. Fractions are issued in increments of 1%, with a minimum holding of 1% unless otherwise stated. Total fractions per painting shall not exceed 100%.

The deed. Every fraction is accompanied by a deed of fractional ownership, executed on the Polygon mainnet smart contract (version 2.1). The deed records the collector's name, the fraction percentage, and the date of issue. The deed is legally binding.

Your rights as a fraction holder. You are entitled to: a proportional beneficial interest in the appraised value of the painting; access to the live camera feed of the gallery or storage space where the work is held; participation in any secondary market trading of your fraction; a share of any proceeds if the painting is sold, proportional to your fraction, less applicable fees and taxes; and annual valuation reports and custody confirmations.

Transfer of fractions. Fractions may be transferred to another registered collector via the platform secondary market. Transfers are recorded on chain and require both parties to confirm. Art Piece charges a transfer fee of 2% of the transaction value. Transfers to non-registered parties are not permitted.

Valuation. Paintings are appraised annually by an independent art appraiser. Valuations are advisory — they reflect current market opinion and do not guarantee any sale price. Valuations are published each January.

No right of possession. A fraction does not entitle the holder to physical possession of the painting or any part of it. The painting remains in the custody of Art Piece and is displayed in its designated museum or gallery.

Auction Rules

Binding bids. All bids placed on the platform are legally binding. By submitting a bid you confirm that you are able and willing to complete the purchase at the bid price. Bids cannot be retracted except in the circumstances described in §3.5.

Transparency. All bids are recorded on chain and visible to all participants in real time. There are no reserve prices that are not publicly disclosed. There are no off-chain phone bids. The hammer falls when the countdown expires with no higher bid.

Collector preview. For lots designated as collector lots, Collector members may bid during the two-hour preview window. Public bidding opens two hours later. Collector preview bids are visible to all once the public session opens.

Buyer's premium. A buyer's premium of 15% is added to the hammer price for all lots. For lots above Rp 5.000.000.000 a premium of 12% applies.

Bid retraction. A bid may be retracted only in the event of a documented technical failure on the platform side, verified by Art Piece within two hours of the incident.

Payment. The winning bidder must complete payment within 72 hours of the hammer falling. Accepted methods: IDR bank transfer, USD wire, USDC. Non-payment will result in suspension from all future auctions.

Escrow. All auction proceeds are held in escrow for 48 hours post-hammer, during which the seller may raise a dispute. If no dispute is raised, funds are released automatically. Deed transfer is completed simultaneously with fund release.

Custody Agreement

Custodial obligation. Art Piece undertakes to hold each painting in an approved facility with climate control, security surveillance, and regular conservation inspection. Custody agreements with partner museums are published on request.

Insurance. All works in custody are insured under the Art Piece group policy. Coverage is for full market value as determined by the most recent annual appraisal. In the event of loss or irreparable damage, fraction holders shall receive a proportional payment of the insured value within 90 days.

Movement of works. A painting may be moved to another approved facility for exhibition, conservation, or security purposes. Fraction holders will be notified by email at least 14 days before any planned move. The camera feed will update to the new location within 48 hours of arrival.

Conservation costs. Routine conservation and maintenance costs are borne by Art Piece. Major conservation work — defined as work costing more than 0.5% of the painting's appraised value — will be put to a vote of fraction holders. A simple majority of fraction-weighted votes is required to approve.

Termination of custody. If Art Piece ceases operations, a custodial wind-down process will be triggered. An independent trustee will oversee the sale of all works, with proceeds distributed to fraction holders proportionally within 180 days.

Collector Membership

Nature of membership. Collector membership is an annual service subscription providing access and privileges described on the membership page. It is distinct from fraction ownership. Membership does not grant any ownership interest in any painting or in Art Piece itself.

Fee. The annual fee is USD 1,000, payable in USD, IDR, or USDC. The IDR equivalent is calculated at the mid-market exchange rate on the date of payment. Fees are non-refundable except as stated in §5.3.

Cancellation and refund. You may cancel at any time by writing to info@artipiece.id. No further charges are made after cancellation. Pro-rata refunds are not provided. If Art Piece is unable to provide the core benefits of membership through no fault of the member, a pro-rata refund will be issued.

Insurance during membership. Custodial insurance described in §4.2 applies to all fractions held by an active Collector member. Insurance lapses immediately upon cancellation or non-renewal.

Smart Contract

Contract address. All deeds are issued under smart contract version 2.1, deployed on the Polygon mainnet. The contract address is published on the platform and verifiable independently on Polygonscan.

Immutability. Once a deed is issued and confirmed on chain, the record is immutable. Art Piece cannot alter, retract, or modify issued deeds except through a formal legal process.

Gas fees. Transaction costs on Polygon are borne by Art Piece for initial issuance. Transfer transactions are the responsibility of the transferring party.

Upgrades. Contract upgrades will be announced at least 60 days in advance. All existing deeds issued under a prior version remain valid and will be migrated to the new version at no cost to the holder.

Privacy Policy

Data collected. We collect your name, email address, billing address, and transaction history in order to operate the platform. We do not sell, rent, or share this data with any third party except as required by applicable law or by our institutional partners (bank, insurer, auditor).

On-chain data. Your deed is recorded publicly on the Polygon blockchain. The deed contains your fraction percentage and the painting's identifier. It does not contain your name or contact details unless you have consented to public collector attribution.

Retention. We retain your personal data for seven years after the end of your last active fraction holding, in line with applicable record-keeping requirements. After this period, data is deleted or anonymised.

Your rights. You have the right to access, correct, and request deletion of your personal data. Requests should be sent to info@artipiece.id. We will respond within 14 working days.

Cookies. The platform uses essential cookies only — session management and security. No tracking cookies or advertising pixels are loaded without your explicit consent.