An art purchase agreement is a contract between an art seller and a buyer that determines the conditions of a sale of a piece of artwork. (b) "Purchase agreement" means an earnest money contract, purchase agreement, or exercised option whether or not the instrument is subject to section 559.21.This Agreement is made on ______, 2016 between The City of Rochester, Minnesota (the "Owner"), and. In this video, we will go over everything you need to know about Minnesota real estate purchase agreements. When do I complete an Acquisitions Service Certification form? Artist agreements outline the terms and conditions of the artistic partnership and allow each party to understand what they are responsible for in the endeavor.