NFT Auction FAQs

Bidding

How do I register for an auction?

All bidders need to register by creating an account on Artsy.net. You’ll also need to link your crypto wallet to your Artsy account and ensure you have enough ETH for any intended bids and the associated “gas fees”. We recommend getting set up at least 7 days before the auction closes for the best chance of success. For more information, see this guide.

What is a crypto wallet and how do I set one up? 

A crypto wallet holds your cryptocurrencies and any NFTs or other digital assets you have bought with those cryptocurrencies. There are many providers, with some offering higher security than others. We recommend completing your own due diligence before choosing the wallet which is right for you. Please keep in mind that your wallet must be compatible with ETH, the only cryptocurrency we accept for the purchase of NFTs on Artsy.  

For more information about crypto wallets, please see this guide.

How do I place a bid?

Bidding on Artsy is easy with our automatic bidding system. Select your bid amount as long as it is greater than or equal to the next minimum bid shown on the bidding screen, then click the “Bid” button. Your wallet will ask you to confirm and pay a gas fee to finalize the transaction. Kindly note that the entered amount represents your current Bid amount. Your full amount will then be removed from your wallet and displayed on Artsy. All bids placed on Artsy are final and non-retractable.

If you click the Bid button and are not correctly set up, you’ll be asked to login to your account and connect your wallet. Please ensure you are correctly set up before proceeding. For more information, see this guide.

What are bidding increments?

The first bid amount must be greater than or equal to the reserved price shown. From there, each bid must exceed the current bid amount by 10% or 0.1 ETH, whichever is less. 

What is a reserve price?

The reserve price is the minimum price for selling auction lots. Every lot in our NFT auctions open at their reserve price and the first bid on each lot must meet or exceed this minimum amount of ETH.

How do I know when the auction will close? 

For NFT auctions on Artsy, the closing time noted at the top of the auction page indicates when the first lot will begin to close. The countdown timer on the artwork pages will display the end time for the lot. Each lot closes in 2-minute increments and will be extended by 15 minutes if a bid is placed within the 15 minutes before the lot’s scheduled closing time.

Gas Fees, Buyer's Premium & Taxes

What are gas fees? 

Gas fees are the fees required to complete a transaction on the Ethereum network. The fee is owed to the Ethereum miners who verify the transactions and keep the network running. Each time you make a transaction, you must have enough ETH in your crypto wallet for the initial transaction and the associated gas fees. Gas fees can vary depending on network demand and are non-refundable even if you are outbid, for more information, see this guide. 

What is a buyer’s premium?

A buyer’s premium is an additional charge the winning bidder pays on top of the item's hammer price. There is no buyer’s premium on Artsy’s NFT auctions. 

What about taxes? 

The bid price is inclusive of sales tax. If you are the winning bidder and sales tax does not apply to your purchase, you will be responsible for the entire bid price and will not be entitled to a refund of sales tax.

Payment

How does payment work?

Once you’ve placed your bid, your wallet will ask you to confirm and pay a gas fee to finalize the transaction. The necessary funds will be transferred out of your account and held on the blockchain. If you are outbid, the funds will be deposited back into your wallet instantly. 

What happens if I win a lot?

If you are the winning bidder, you’ll receive an email to finalize the transaction. You will be subject to additional “Know Your Customer” checks. Once complete, Artsy will release the NFT to the wallet of the winning bidder. For more information, see this guide. 

Emails and Alerts

Bidders can confirm in their wallet once a bid has been successfully placed. Bidders will receive an email to notify them when they are outbid and after the auction, all bidders will be contacted via email to notify them if they were the winning bid or not. Please be sure to register with a valid email address and to check your email frequently during an auction to make sure you receive all relevant updates.

Conditions of Sale 

Our Conditions of Sale contain important terms, conditions and information that apply to all bidders. By bidding in an auction on Artsy, you are accepting our Conditions of Sale. Please read them carefully before bidding.