FASTT service in detail

What We Do

FASTT provides revenue allocation services to the art market. We ensure that the proceeds from the sales of visual works of art, sales that are made by galleries on behalf of artists, are quickly and correctly reported, allocated, and paid out to the artist, the gallery and any other party involved.

Our Clients

Artists and galleries, as well as third parties, such as consultants, lawyers, and financiers, who appreciate that comprehensive reporting, financial integrity, transparency, and fast payment are important to their operations.

Expectations

Based on over 25 years of experience in the financial services industry, we provide our services with the objective to meet the highest expectations of our clients.

Dedicated Bank Account

When we are retained to provide our services, each payment that an art collector makes is directly deposited into a dedicated checking account that we open specifically for the gallery and the artist. For each combination of gallery and artist, we open a new bank account.

Efficiency

We produce a detailed statement showing the allocation of the monies received, and we are able to transfer the entitlements to each party within 10 business days after receiving the full purchase price from the collector.

Revenue Allocation Agreement

The artist and the gallery, who have signed a Consignment Agreement with each other, enter into a Revenue Allocation Agreement with FASTT, which is based on our standard agreement. The artist and the gallery may also want their consultants and advisors to be party to the agreement. This agreement clearly describes how the proceeds from the sales of artworks are to be allocated between the parties. Following each sale, the gallery instructs the art collector to pay the purchase price into the designated account that FASTT maintains for the gallery and the artist. Upon receipt of a sales proceeds from the collector, we immediately notify the parties, specifying the amount received, and, if the information is available to us, the description of the artwork sold. As soon as the full purchase price is received by us, the gallery can start the process of delivering the artwork to the collector, and we will issue a statement to the parties, specifying the artwork sold, the total amount received, and the allocation of that amount to the parties. We subsequently pay each party their entitlement by direct transfer.

Benefits

• Speedy reporting

• Accurate allocation

• Fast payment

• Reliability

• Transparency

• Outsourced administration

• Confidentiality

Local and International Payments

We have in depth knowledge and experience with local as well as international payments.

AML, CFT and Confidentiality

In addition to the above, it is incumbent on us to assess each buyer, to meet with the applicable anti-money laundering (“AML”) and countering financing of terrorism (“CFT”) regulations. This provides an additional layer of assurance to the gallery, the artist, and any other party involved. Furthermore, as this is proprietary information to the gallery, subject to the applicable laws and regulations, any identifying information about the buyer, including their name, is at all times kept strictly confidential by FASTT.

Interested or questions?

Each relationship is completely tailored to ensure all of the needs of the artist and gallery are addressed. Please do not hesitate to get in touch for a chat to see how it can work for you.