artnet Market Performance Reports are intended to provide market information about artwork that has sold in the public auction market. There can be no assurance that this information is complete, accurate, or includes all available auction market data; all information is subject to change. Although most auction houses report transactions prices that include a buyer’s premium, some auction houses report only the hammer price. Based on analysis of historical auction catalogs, artnet applies a formula to all records with hammer prices only, to estimate the effect of a buyer’s premium. All prices in the artnet Market Performance Reports are therefore either reported as, or equated to, hammer price plus buyer’s premium. Users of artnet Market Performance Reports are advised to consult with art and financial experts about the interpretation and usefulness of information contained therein. It is unlawful to duplicate or distribute the information contained in artnet Market Performance Reports without the prior written consent of artnet®.

The information included in artnet Market Performance Reports, written or oral from artnet®, its officers or representatives is not an appraisal, opinion or legal, tax, accounting, investment or other expert advice. artnet disclaims any responsibility to investigate the authenticity or condition of the artworks reflected in artnet Market Performance Reports. artnet® is a registered trademark of the artnet Worldwide Corporation. The trademarks, service marks, logos or design trademarks owned by the artnet Worldwide Corporation cannot be used without its prior written consent by any party.