As of 2022, Artsy is responsible for issuing sellers with 1099-Ks for all sales in which we act as a third party, collecting payment from buyers and then remitting payments to sellers.
In order to issue 1099-Ks to sellers, Artsy must collect all US-based sellers’ taxpayer identification number (TIN) through a W-9 form.
What is a 1099-K?
You can read more about 1099-Ks on the IRS website here.
What type of transaction on Artsy requires a 1099-K?
Any transaction involving a US-based seller, in which Artsy collects funds from the buyer on the seller’s behalf before remitting them to the seller. This includes artworks sold in Artsy Auctions, Private Sales, or sales made through consignment via Buy Now & Make Offer.
How should I submit my Taxpayer Identification Number to receive a 1099-K?
You will receive a secure link from Artsy’s Accounting team in order to submit a completed W-9 form containing your Taxpayer Identification Number.
Where can I read more about this requirement?
The IRS issued this article detailing the requirement for third parties to issue 1099-Ks on October 24, 2022.