LONDON.- This limited edition bronze by the late Dame Elisabeth Frink (1990-93) is just one of the highlights available on Fine Art Exchange, the new curated online marketplace for buyers and sellers of art launched by Johnny Messum of long-established Cork Street, Mayfair dealership Messum’s.

Primarily a peer-to-peer platform for private buyers and sellers of premium works to come together in an authoritative and trusted arena, FAX guarantees the authenticity of listed works, and sales are not complete until the buyer has had the chance to inspect their purchase on delivery. The aim is to create an environment for simple and safe transactions, says Messum.

He had the idea of creating a new method of doing business, in a marketplace created and managed by experts, beyond the traditional gallery, auction room or online service provider.

“We wanted to create a simple and clear concept that put buyers and sellers of works valued at more than £10,000 together in a safe environment that is easy to use and without it costing them a fortune,” he says.

He spotted a gap between the relatively cheap but completely unvetted online model available via the likes of eBay and the fee-heavy catalogued sales by traditional auction houses hosted by platforms.

“FAX occupies the space between the two,” he explained. “With consignments curated by our in-house specialists, buyers can be confident that they get what they are paying for. The fact that the transaction is not completed until they have had the chance to physically inspect what they are buying adds to that confidence.

“This service also gives sellers targeted access to serious collectors quickly without having to pay transaction rates at auction house or traditional gallery levels. And because in most cases these will be private-to-private sales, no Artist Resale Right is applicable even for works that would qualify under other circumstances.”

With a minimum listing value of £10,000, the pricing model for FAX makes it a highly competitive alternative to other online operations as well as bricks-and-mortar auction houses for pictures and sculpture.

FAX will initially specialise in 19th and 20th century British art, with the operation partnering with Messum’s and others to provide curating expertise in assessing works. They expect to expand the range, with relevant expertise provided, as demand increases.

Art consigned will be inspected by FAX before being evaluated and certificated for authenticity. Sellers receive an evaluation ‘passport’ to pass on to buyers for a fee of £500. This is a fixed cost that applies to every consignment, but is refunded on works sold once the seller’s commission of 7.5% has been paid. The ‘passport’ remains with the art as a marketing and provenance tool beyond the sale.

With a fixed rate of just 7.5% in selling and buying commissions, FAX’s complete charge structure performs well against all leading rivals, with the differential growing dramatically as values rise.

Funds are kept in escrow until the buyer has inspected the art and declared him/herself satisfied and transactions remain confidential between buyer and seller and are not exposed to the wider market. FAX will operate its own delivery service to buyers, thereby controlling security and the completion of transactions.

“It’s not just our expertise that we bring to the table, but a complete service from collection to delivery that stays in-house and means we can guarantee the highest standards at all times,” says Messum.

New listings will appear on a monthly basis and the art ‘stays on the wall’ until it sells or the consignor decides to withdraw it.

Buyers can make an offer below the asking price, which will be considered by the seller. The site is set up so that multiple buyers can make offers on the same work at the same time.

Offers remain open for specified time periods and may not be withdrawn during that time.

When the seller accepts an offer, the successful buyer must deposit all monies owed, including commissions and delivery costs with FAX within seven days or lose the purchase.

Once FAX deliver the work to the buyer, the buyer will have the opportunity to inspect it before signing to confirm delivery. A further 24 hours “cooling off’ period allows the inspection period to be extended, and the buyer must pay for the item to be collected. Beyond that time the transaction is considered to have been completed.

“This should prevent potential buyers abusing the system, with those opting for the extension doing so for significant reasons,” says Messum. “Again this gives confidence to sellers that transactions will go through on time with the minimum of disruption.”

That confirmation constitutes completion of the transaction, after which FAX releases payment to the seller. The buyer must pay the delivery costs for returning rejected works to the seller, which must take place via FAX, again to guarantee service levels.

If the buyer allows the work to be damaged, stolen or otherwise adversely affected while in their care, they will have been deemed to have completed the purchase.
Two of Johnny Messum’s driving principles in establishing the site are clarity and ease of use.

Brief instructions under the heading How It Works accompanies separate brief guides to buying and selling via the Home Page.

The Browse Works button takes the viewer through to a page where sliders allow them to set ranges for price, and size, while category buttons allow them to refine their search further.

Each account holder has their own dashboard listing their trading history and flagging up favourite works and artists. Meanwhile a simple form allows consignors to list a work prior to it being collected and curated.

“Too many market operators produce online offers that are confusing and time consuming to navigate,” says Messum.

“We have thought long and hard about the user experience and crafted the site accordingly. It takes a matter of moments to register, the system is very easy to understand and use, and we have addressed the terms and conditions from a no-nonsense practical standpoint.

“This means that transactions at quite high levels of value can take place relatively quickly, with sellers being paid out far more speedily than if they consigned works to a traditional auction, whether online or not.”

The Frink bronze, entitled Robed Rider, was conceived in 1984 and cast two years later in an edition of 9. This is cast number 3 and is priced at £250,000. Purchased from the artist by the current owner, it is in very good condition. Another cast appeared in Elisabeth Frink, Sculpture since 1984 by Edward Lucie-Smith.

Other works on offer at FAX include a landscape by John Atkinson Grimshaw (1836-93) at £185,000, a Paris Street Scene by the Scottish Colourist John Duncan Fergusson (1874-1961) at £135,000 and an abstract oil on canvas by Ivon Hitchens at £48,000.