AI-assisted research summary: An art merchant who sells or exchanges a work of fine art or multiple and gives the buyer a certificate of authenticity or similar written instrument creates an express warranty for the stated material facts.
1. If an art merchant sells or exchanges a work of fine art or multiple and furnishes to a buyer of the work who is not an art merchant a certificate of authenticity or any similar written instrument presumed to be part of the basis of the bargain, the art merchant creates an express warranty for the material facts stated as of the date of the sale or exchange. 2. Except as provided in subsection 4, an express warranty shall not be negated or limited; however, in construing the degree of warranty, due regard shall be given the terminology used and the meaning accorded the terminology by the customs and usage of the trade at the time and in the locality where the sale or exchange took place. 3. Language used in a certificate of authenticity or similar written instrument, stating that: a. The work is by a named author or has a named authorship, without any limiting words, means unequivocally, that the work is by such named author or has such named authorship. b. The work is “attributed to a named author” means a work of the period of the author, attributed to the author, but not with certainty by the author. c. The work is of the “school of a named author” means a work of the period of the author, by a pupil or close follower of the author, but not by the author. 4. An express warranty and any disclaimer intended to negate or limit the warranty shall be construed wherever reasonable as consistent with each other but subject to the provisions of section 554.2202 on parol and extrinsic evidence. However, the negation or limitation is inoperative to the extent that the negation or limitation is unreasonable or that such construction is unreasonable. A negation or limitation is unreasonable if: a. The disclaimer is not conspicuous, written, and apart from the warranty, in words which clearly and specifically inform the buyer that the seller assumes no risk, liability, or responsibility for the material facts stated concerning the work of fine art. Words of general disclaimer are not sufficient to negate or limit an express warranty. b. The work of fine art is proved to be a counterfeit and this was not clearly indicated in the description of the work. c. The information provided is proved to be, as of the date of sale or exchange, false, mistaken, or erroneous. 5. This section shall apply to an art merchant selling or exchanging a multiple who furnishes the buyer with the name of the artist and any other information including, but not limited to, whether the multiple is a limited edition, a proof, or signed. The warranty provided under this subsection shall include sales to buyers who are art merchants. 87 Acts, ch 49, §2