Monday, December 15, 2008

Frequently Asked Questions About the New York Art Exchange (NYAXE)

Below are some frequently asked question about the New York Art Exchange (NYAXE). The New York Art Exchange is an online marketplace for buying and selling contemporary fine art. NYAXE was officially launched on December 2nd at the Bridge Art Fair in Miami. The New York Art Exchange (NYAXE) enables the art community to capitalize on new digital mediums through technology by connecting artists, gallerists and collectors via the World Wide Web. NYAXE can be used in association with NYAXE and myartspace are owned by the Catmacart Corporation.

Why the two sites - myartspace and nyaxe?
"We debated this issue quite a bit. We decided that we wanted to see the social network, myartspace, continue to flourish as a great place for free expression, unlimited uploading or work, and a healthy balance of artists, collectors, gallerists, educators, students and art appreciators. Artists can upload their studies as well as their best work, and gain valuable feedback and support. It's almost like a museum exhibit for the artists. The New York Art Exchange is highly focused on providing a market for selling and buying art, and so the items for sale are likely to be amongst the best people have to offer, and the buyers are there not only to look and appreciate, but to purchase. We see this nyaxe personal store more like a Chelsea Gallery. People can wander in to admire, but many will be on a mission to buy. We think the overwhelming majority of members will co-exist between the two sites as there are ways the sites are tightly linked."

Can I use my art on myartspace for nyaxe?
"Yes. When you go to create a listing, you can either upload a fresh new piece of work directly into your online store OR you can import work from your image library in myartspace. If you feel the images you uploaded in myartspace are perhaps not high enough resolution or don't capture you work well, you can always upload new images. You can access your NYAXE store by logging into your account. Simply visit your account page and click on Manage Store."

What resolution images should I upload for
"You should try to upload the highest resolution images possible onto nyaxe as buyers will want to use the zoom feature to scour your work for details and because on-demand printing is always better with a higher digital image to print from. We would recommend a minimum of a 5 megapixel camera, and today if you are buying a new camera, the lowest resolution should be 10 megapixel. A Digital SLR camera will generally take much better photos than a non-SLR even with the same megapixel rating."

How many photos of my piece of work should I upload?
"For each listing, you can have one primary image, and 4 secondary images. You may want to show different perspectives on the work, or perhaps some images more zoomed in that others. You don't need to provide additional images, but the capability is there."

How many listings (items for sale) can my store have?
"There is no practical limit to how many items can be listed on your site. But realistically, you will need to use Categories in order to keep them in smaller groups so that the buyer doesn't get lost. Each store plan has a limit to the number of free item listings you can have that year, and after that there is a cost with each listing. You probably would like to balance the incremental listing costs against the traffic you see going to your store before committing too many listings."

Do I get my own web address with my store?
"Yes you do. It will be something like You get to choose that address when you sign up to create your store."

How does the representation work?
"Gallerist have more advanced stores and have the option to "represent" other artists work found in a nyaxe store by making a formal request. The gallerist would propose a representation to an artist through the nyaxe messaging system. He would propose a price that the artist would receive upon sale of the work, and a shipping arrangement. In some cases they may leave the work with the artist and simply represent them online. Either way, the art listing is immediately transferred from the artists store to the gallery store. We expect more galleries to develop an physical and online presence."

What is the commission I pay to sell my work?
"The commission varies from 5% to 15% depending on your store program. You can choose a free store, and you would have a limited number of free listings and a 15% commission when your work is sold. Or you can choose a professional store, list up to 100 pieces of work for free, and pay a 10% commission. For galleries, they have substantially more advanced capabilities and pay a 5% commission. So the actual figure depends on how active your store is."

How does the escrow program work?
"nyaxe is based on an escrow model for selling original work. The program is designed to protect both the buyer and seller. The money is put safely aside when the artist sells some work is held by us until both parties are satisfied. The way it works is pretty straight forward. The buyer purchases a painting and pays for the item and the shipping. Our escrow system dispenses the shipping money to the artist and the artist then safely ships the work to the buyer. Once the buyer receives it, he acknowledges it and the rest of the money due is released."
Take care, Stay true,
Brian Sherwin
Senior Editor

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