Gavelum legal
Buyer Custody Disclosure
LEGAL-001-BUYER-CUSTODY/2026-09-09-GAV032 · Effective September 9, 2026
Important disclosure for any listing where ownership transfers but the approved seller-custodian keeps physical possession.
Ownership without immediate possession
If you win and complete payment for a seller-retained-custody listing, you will own the specifically identified artwork after Gavelum records the ownership transfer, but the approved custodian will continue physically holding it. Ownership and physical possession are separate.
Material custody risks
Seller-retained custody creates risks that immediate delivery does not, including loss, damage, deterioration, disappearance, refusal to release, death, incapacity, insolvency, liens, creditor disputes, bankruptcy, legal seizure, and challenges by third parties. Gavelum's ownership, custody, labeling, verification, contract, and record controls are evidence designed to reduce and manage those risks; they do not guarantee that no third party will ever challenge ownership or possession.
Fees and current private-custody limits
The current custody transaction charges the buyer a Custody Transaction Services Fee equal to 8% of hammer price. Private custody applies only within the approved $5,000 value cap, begins for no more than 12 months, may be renewed in increments of no more than 12 months, and may not exceed 36 cumulative months. An approved custody-continuing resale requires updated possession and condition verification while the original custodian remains responsible for the artwork.
Release
You may request release through Gavelum. Release is completed only after required identity, authority, condition, payment, lien, dispute, shipping, and handoff checks. Shipping, inspection, professional-custody, handling, tax, or other charges may apply when disclosed before you authorize them.
Custody Transaction Resolution Service
For a qualifying custody failure, Gavelum administers a transaction review and, when the transaction cannot be completed under the governing process, may complete a transaction reversal. A full reversal may return the affected hammer price, attributable tax, Custody Transaction Services Fee, and unused transaction charges. It does not provide appreciation, replacement value, lost profits, consequential loss, or a Gavelum-funded repair or diminution award. This is a contractual marketplace service, not insurance.
Consent
You must affirmatively accept the exact version of this disclosure before bidding on a custody transaction and reaffirm the required checkout disclosure before payment. Missing, stale, or mismatched consent prevents the governed action.
This page is version-controlled. Transaction-specific documents and disclosures may add terms for a particular artwork, custody arrangement, payment, release, or jurisdiction.
Questions: info@gavelum.com