Saatchi Art handles the shipping logistics, and collectors pay for the cost of shipping, so you only have to worry about covering the costs of packaging materials. We offer secure payments using a third party software as our Payout Manager. For more information on all things pertaining to how our payments for the artists work, please continue reading below.
Our payments policy is a part of our Terms of Service. By uploading your artwork to Saatchi Art, you are agreeing to this policy and our Terms of Service. Please read and understand this document thoroughly as it is legally binding for all artists on Saatchi Art. This article will cover the following topics:
REQUESTING AND RECEIVING PAYMENTS
Saatchi Art has partnered with Hyperwallet to offer you fast, convenient and reliable payments using our new Payout Manager. Our new Payout Manager puts you, the artist, in control of how you receive payments.
Once you have made a sale and it is time to be paid, you’ll be prompted to set up your Hyperwallet account. Hyperwallet will email you to provide the necessary steps to activate your account. You will only be required to activate your Hyperwallet account one time. For activation, you will need to reference your Artist User ID. You will see this on your Sales Dashboard. Please write down this number before you begin your activation steps with Hyperwallet.
If you have had prior sales with Saatchi Art, previous payment activity will be archived on your Sales Dashboard. If you have a current balance, you will request your payment through the former Saatchi Art payout system. Sales that take place after March 2020 will be fulfilled using our new Payout Manager.
For further details on the process to activate your account with Hyperwallet, please visit our detailed FAQ. If you do not have an active payment with Hyperwallet, you do not need to action anything yet.
Once you’ve set up your account within Hyperwallet, you’ll be prompted to set up your transfer method. During this process, you’ll establish your currency and your country of transfer request. Once you’ve indicated that, your payment options will appear (Bank Wire, ACH, Check, PayPal). Note that if your bank has an ACH option, wire transfers will not be available.
If you sell an original work, Saatchi Art will receive a 40% commission on the final sale price. If a promotional discount code is offered, the discount will be deducted from the price of the artwork and the 60/40 commission split will then be calculated. (See below for more information on Promotional Discounts)
For open edition prints, artists are entitled to 60% of the profit on each sale. Profit is calculated from the final sale price minus the costs of production.
If you sell a Limited Edition Print through Limited by Saatchi Art, artists are entitled to 50% of the profit on each sale. *Profit is calculated from the final sale price minus the costs of production.
|Originals & Limited Editions||60% of sale Price||40% of sale price|
|Open Editions||60% of sale price minus costs of production||40% of sale price after cost of production|
|Limited by Saatchi Art||50% of the sale price minus the cost of print production||50% of sale price after cost of production|
|Resale||5% of sale price||N/A|
ABOUT PROMOTIONAL DISCOUNTS
If a discount has been applied to your sale, it's because the collector redeemed a special promotional discount while purchasing your work. On occasion, we offer promotional discounts as an incentive for new and returning collectors to explore the constantly changing selection of artwork on our site. We find that offering promotions from time to time allows artists to gain the attention of collectors previously unaware of their work and a better chance to make future sales.
The discount codes typically give collectors between 10% - 20% off original works, and do not exceed these amounts. For works sold to the trade - interior designers and architects, for example - we give tiered discounts of 10% - 20% off original works.
If you sell an original work, Saatchi Art will receive a 40% commission on the final sale price. If a promotional discount code is offered, the discount will be deducted from the price of the artwork and the usual 60/40 split will then be calculated.
It is also important to note that during your initial sign up, you agreed to this condition (included in our official statement of terms and conditions).
Saatchi Art reserves the right to promote and market Original Works of Art and/or Digital Works through the use of sales and/or discounts. The sale or discount amount will apply to the listing price of Original Works of Art and/or Printed Works relating to the Digital Works. After the discount code is deducted from the sales price, our usual commission of 40% will be applied.
Due to company policy, all artists are required to provide a completed tax form in order to proceed with your payment. While each individuals’ tax status will vary, internationally based artists are NOT required to pay any tax to the US Government for any sale of an original artwork. Once you have made a sale sale and it is time to be paid, you’ll be prompted to set up your Hyperwallet account and supply all information or documents such as a tax form. Saatchi Art will send you an email with the necessary steps to activate your Hyperwallet account. You’ll only be required to activate your account once.
For US Artists, you’ll be asked to provide tax information directly within your Hyperwallet account during activation.. For everyone outside of the US, you’ll provide a W8BEN which will be uploaded to your account during activation. A W8-BEN can possibly take up to 48 hours to verify. We appreciate your patience with this. If there are any issues or missing information on your tax form upload, the Hyperwallet team will contact you directly.
NOTE ABOUT BUYERS: All applicable sales tax is collected and paid for by your buyers at the point of sale when applicable and regardless of their location.
During your Hyperwallet account activation, you'll be ask to provide a W8 form. Please note the following advice when filling out that form via Hyperwallet portal:
- Name and address must match profile exactly (even small discrepancies void the acceptability of these forms). Artists can log in to their portal to determine exact profile information to input on the form. (Go to Settings > Profile)
- All mandatory fields must be completed – including name, address (two lines), country of residence and citizenship, date of birth, signature, certification date, and print name of signer.
- Date of birth and certification date must follow the format MM-DD-YYYY.
These VAT rules are applicable to artists who reside within the EU (European Union) and the UK only.
Saatchi Art is required to collect VAT on the commission charged for the service we provide in order to facilitate the sale of original artworks in the EU and UK. If you are not registered for VAT or have not provided a valid VAT number, we will deduct the VAT amount from your payouts and submit it to the appropriate tax authority.
All EU and UK artists who are VAT (Value Added Tax) registered must submit their valid VAT number within their Artist Account page in Studio.
In what format should I submit my VAT number?
Please submit your VAT number in the following format XX1234567890, where the first two letters are typically your country's ISO-2 code. You may check the required VAT number format for your country here.
My VAT number is invalid, what should I do?
Please ensure that the VAT number you are submitting is in the correct format. If you are still seeing an error, you may check your VAT number using these tools:
EU artists may verify their VAT number here.
UK artists may verify their VAT number here.
If your VAT number is not valid, please follow instructions in the validation response from the services above.
Why and when does Saatchi Art need to apply VAT to their commission for UK and EU artists?
Saatchi Art promotes artists' work on its website and, when a buyer is found, provides a number of different services (e.g. payment processing and shipping). For this service, Saatchi Art charges a fee via its commission.
Saatchi Art is VAT registered in the UK and EU. If an artist from the UK or EU selling through Saatchi Art is not VAT registered, Saatchi Art is obliged to charge VAT on the commission and has to remit it to the relevant tax authorities. Therefore, when Saatchi Art charges its commission, Saatchi Art must charge the VAT percentage on top of the commission amount.
For example: If an artwork is sold by a UK artist for £100 and Saatchi Art is taking a 40% commission, Saatchi Art must charge the non-VAT registered artist £40 + 20% UK VAT for the provision of its services. This means that a total of £40 + £8 VAT is charged to the artist upon sale. While we cannot act as your tax advisor, if you are making substantial sales of art, you should consult with your financial advisor as it may be beneficial for you to register as a business for VAT, which may allow you to recoup some or all of the VAT you pay to suppliers and service providers.
I think I am under the VAT threshold. Why do I have to pay VAT?
Saatchi Art is a marketplace providing you with a service, and by law must collect VAT on art sales originating in the UK and EU and remit such amounts. We also must collect VAT on the services we provide to artists in those markets.
Could I be exempt from VAT?
In general, VAT exemption tends to be limited to organizations such as not-for-profits and religious organizations. Please consult with your local tax authority or your financial advisor to know whether you could be exempt.
What are the benefits of registering for VAT if I am under the threshold?
If you register for VAT and supply Saatchi Art with a verifiable VAT number, Saatchi Art will not charge VAT on the commissions we charge you for our services.
I was charged VAT on previous orders, but I am registered and have provided you with my VAT number. Will Saatchi Art reimburse me for the VAT fees that were applied?
If we collected VAT in this instance, we were not able to validate the VAT number supplied as required by law. Please confirm that the VAT number we have on record is correct and contact our support desk. Thankfully, as a VAT registrant, you should be able to report and recover any VAT we did collect related to our fees charged.
Where can I get more resources about how VAT works in my country?
Every country is different, but we suggest starting with these basic resources for the EU and UK.