ATCP 117.10(1)(e)2.2. Any misrepresentation regarding the availability of information about a work of multiple art from normal trade sources.

ATCP 117.10(1)(e)3.3. This paragraph applies to the supplier’s declaration, the disclosure and warranty statement and any other representation regarding a work of multiple art.

ATCP 117.10(1)(f)(f) Any inaccuracy in a disclosure and warranty statement made under s. ATCP 117.15 or a supplier’s declaration under s. ATCP 117.20 and any representation inconsistent with those made in the statement or declaration. An art dealer who states on a disclosure and warranty statement that an item of information is “unknown”, when the art dealer actually knows the information or when the item could be determined either from generally accepted trade literature or from the general consensus of expert members of the art trade, has made a misrepresentation prohibited under this paragraph.

ATCP 117.10(2)(2) Misrepresentations about the market value of a work of multiple art. No art dealer may misrepresent the market value of a work of multiple art. If a work’s represented market value exceeds its actual market value by 30% or more, calculated as of the date the representation is made, the work shall conclusively be found to have been misrepresented under this subsection. The art dealer’s price of a work of multiple art is a representation of market value if, in conjunction with an offer to sell or sale of the work to a buyer, the dealer also makes:

ATCP 117.10(2)(a)(a) Representations that state or imply the work’s market, appraisal, replacement, resale, insurance, charitable donation or other monetary value equals or exceeds its price.

ATCP 117.10(2)(b)(b) Representations about another work’s market value or price in a context that states or implies the work being sold has a market value equal to or exceeding its price or has investment or asset preservation potential.

ATCP 117.10(2)(c)(c) Representations concerning the existing or potential public prominence of the work or the artist in a context that states or implies the work has investment or asset preservation potential.

ATCP 117.10(2)(d)(d) Other references to the work or the artist in a context that states or implies the work has investment or asset preservation potential.

ATCP 117.10(3)(3) Misrepresentations about disclosure and warranty statements and supplier’s declarations. No art dealer may misrepresent to a prospective buyer or buyer the purpose of a disclosure and warranty statement required under s. ATCP 117.15 or a supplier’s declaration under s. ATCP 117.20.

ATCP 117.10(4)(4) Records. No art dealer or supplier may falsify any record required to be retained under this rule or misrepresent its status or existence. No art dealer or supplier may refuse the department access to inspect and copy any record required under this rule.

ATCP 117.15(1)(a)(a) Before receiving any payment for the sale of a work of investment art, an art dealer shall provide the prospective buyer with a completed disclosure and warranty statement specified in sub. (2) and obtain the buyer’s signature on the statement. If the art dealer sells a work of investment art by telephone or mail, a completed copy of the disclosure and warranty statement shall be in the prospective buyer’s possession before the art dealer requests payment.

ATCP 117.15(1)(b)(b) Each disclosure and warranty statement required under this section shall be completely and accurately filled out, unless the art dealer affirms in writing on the statement that a particular item of information is unknown to the dealer and cannot be determined from generally accepted trade literature or the general consensus of expert members of the art trade.

ATCP 117.15(2)(2) Disclosure and warranty forms. Each art dealer selling investment art shall use the following disclosure and warranty form:

“INVESTMENT ART DISCLOSURE AND
WARRANTY STATEMENT FULL WARRANTY
The state of Wisconsin requires this form for the sale of all works of multiple art priced over $800 (not including the bona fide retail value of framing and mounting). These sales are regulated by the Department of Agriculture, Trade and Consumer Protection, P.O. Box 8911, Madison, Wisconsin 53708. Chapter ATCP 117, Wis. Adm. Code, creates certain rights in the buyer if an art dealer misrepresents such a work or fails properly to complete and provide you with this form. Section 100.20, Wis. Stats., lists specific penalties and remedies for noncompliance.

This warranty gives you specific legal rights, and you may also have other rights which vary from state to state.

YOU OR YOUR REPRESENTATIVE ARE ENTITLED TO INSPECT THIS WORK OF ART WITHOUT ITS FRAME OR OTHER PROTECTIVE COVERING, PRIOR TO ANY PAYMENT, FOR A FEE NOT TO EXCEED $25. IF THIS RIGHT IS NOT OFFERED TO YOU PRIOR TO PAYMENT OF THE PURCHASE PRICE, YOU MAY CANCEL THIS TRANSACTION WITHIN 15 DAYS OF THE TIME YOU RECEIVE THE WORK OF ART.

All information on this form must be accurate. The art dealer may indicate on the form that a particular item is unknown, but only if it cannot be determined from generally accepted trade literature or from the general consensus of expert members of the art trade and is unknown to the dealer.

___________________(Art Dealer) warrants the accuracy of the following information about the work of art named below. As long as buyer owns this work of art, if any statement on this form is incorrect the art dealer agrees to return to buyer the full purchase price within 15 days of notification and to bear the cost of exchange and other costs buyer incurred to determine the incorrectness of the statement. Other legal remedies may also be available under Wisconsin law.