Terms and Conditions of Service
These Terms & Conditions of Service (“Terms”) govern all advisory, consulting, and related services provided by Powell Fine Art Advisory (“PFAA,” “we,” or “us”) to clients (“Client” or “you”).
By engaging PFAA, approving a proposal, or authorizing services, the Client agrees to these Terms.
Scope of Services
1
Powell Fine Art Advisory provides professional fine art advisory and consulting services, which may include acquisition advisory, market research, collection strategy, private sales, auction placement, collection management, curatorial guidance, coordination with galleries and auction houses, and related advisory services.
PFAA may also provide fine art appraisal and valuation services, including insurance replacement-value appraisals, fair market value appraisals for non-tax purposes, and market analyses. The scope, intended use, intended users, standard of value, and deliverable for each formal appraisal assignment will be established in writing.
Where requested, PFAA may also coordinate or arrange art handling, installation, transportation, or storage services, either directly or through affiliated or third-party providers.
Advisory Nature of Services
2
PFAA provides professional advisory, consulting, appraisal, and valuation services. Opinions concerning artwork value, authenticity, attribution, provenance, condition, and market performance are subject to the scope and limitations of the applicable engagement. PFAA does not guarantee the future value, appreciation, liquidity, or sale price of artwork. PFAA does not provide investment, legal, tax, or insurance coverage advice; however, PFAA may provide replacement-value appraisals for insurance purposes.
Clients are encouraged to consult their own legal, tax, insurance, and financial advisors as appropriate.
Authenticity, Condition & Provenance & Appraisals
3
While PFAA may assist in evaluating authenticity, provenance, and condition, final responsibility rests with the Client. PFAA relies on information provided by artists, galleries, auction houses, appraisers, conservators, and other third parties and does not independently guarantee such information.
Appraisal & Valuation Services
Appraisals represent professional opinions of value as of a specified effective date, based on the agreed scope of work and information reasonably available. Unless expressly agreed in writing, appraisal services do not include scientific testing, authentication, independent verification of legal title, or definitive determinations of attribution or provenance.
Formal appraisal assignments will be performed in accordance with applicable professional appraisal standards, including USPAP where required or expressly agreed. Market analyses and other advisory valuations will be identified separately from formal appraisal reports.
PFAA does not provide appraisals intended for federal, state, or local tax reporting, including charitable contribution, estate tax, or gift tax purposes. Clients may not use or represent PFAA's reports as qualified tax appraisals.
Appraisal reports are prepared solely for their stated intended uses and intended users. Distribution to an insurance carrier or other expressly identified intended user is permitted for the stated purpose. No other person may rely upon a report without PFAA's prior written authorization, except as required by law.
Estimates, Fees & Expenses
4
Fees are billed in accordance with the applicable Letter of Agreement. Expenses incurred on behalf of the Client will be billed as agreed. Estimates are based on information available at the time and may change if scope or circumstances change. Late payments may result in suspension of services.
Indemnification
5
The Client agrees to indemnify and hold harmless Powell Fine Art Advisory from any claims, damages, or expenses arising from the Client’s decisions, third-party services, or use of recommendations provided.
Insurance & Risk
6
PFAA is not an insurer of artwork. Clients are responsible for maintaining appropriate insurance coverage for their collections at all times.
Where insurance or valuation is coordinated at the Client’s request, coverage is subject to the terms, conditions, exclusions, and limits of the applicable policy.
Intellectual Property
7
All concepts, presentations, layouts, and written materials prepared by the Company remain the intellectual property of Powell Fine Art Advisory unless otherwise agreed in writing.
Limitation of Liability
8
To the fullest extent permitted by law, PFAA shall not be liable for indirect, incidental, consequential, or special damages, including loss of market value, lost profits, or loss of opportunity.
PFAA’s total liability, if any, arising from advisory services shall be limited to the fees paid to PFAA for the services giving rise to the claim.
Third-Party Services
9
PFAA may introduce, coordinate, or recommend third-party service providers. PFAA is not responsible for the acts or omissions of third parties, except to the extent required by law.
Termination
10
Either party may terminate the engagement upon written notice. Clients remain responsible for fees and expenses incurred through the date of termination.
Governing Law & Venue
11
These Terms shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without regard to conflict of law principles. Any legal action or proceeding arising out of or relating to these Terms or the services provided by PFAA shall be brought exclusively in the state or federal courts located in Massachusetts, and the parties consent to the exclusive jurisdiction and venue of such courts.
Entire Agreement
12
These Terms, together with any written proposal or agreement, constitute the entire agreement between the parties and supersede prior communications.
Acceptance
13
Written, email, or electronic authorization to proceed constitutes acceptance of these Terms & Conditions of Service.