Contemporary Auctions Term
1. The Contemoauctions Kereskedelmi Ltd. (hereinafter referred to as auction house)organizes and conducts auctions of items (hereinafter referred to as lots) as a sales representative of the owner or anyone authorized for sale (hereinafter referred to as consigner) at the locations and on dates previously announced on the website. The auction house, as a sales representative, acts on behalf of and as a representative of the consigner having their full authorization. Based on their mandate the auction house has the right to conclude a contract of sale with the highest bidding buyer and to receive the purchase price.
2. The lots can be viewed on the website or at the presale exhibition. The descriptions and illustration on the website are for identification purposes only, thus before the auction buyers shall verify themselves the condition of the items and whether the information published by the auction house is adequate or not. All items are sold "as is", without warranties, with all existing imperfections and defects they have at the time of the auction. After knock-down there is no possibility for any objection or contestation except in case the item turns out to be counterfeit despite being advertised as original on the website. In such cases within a one month period from the first doubt of authenticity or provenance, but no later than one year from the date of the auction, the buyer can hand in a written contestation. In case an independent forensic expert concludes that the item is not authentic the auction house is obliged to buy back the auctioned item, paying back the hammer price and the buyer's premium, within two years from the date of the contract of sale. The auction house reserves the right not to auction certain lots already present on the website.
3. Buyers can only participate in an auction solely with a paddle number which can be obtained prior to the auction by registering with their name, address and phone number. By accepting the paddle, as implied conduct, buyers accept the Auction Conditions and related regulations, especially Act LXIV/2001 concerning the protection of cultural heritage and the provisions of Act V/2013 of the Civil Code.
4.The auctioneer briefly presents the lots verbally in the order specified on the website for each auction, announces the starting price and the buyers bid by raising their paddle numbers. If there are more bids for the starting price the auctioneer raises the price of the lot according to the bid increments until there is only one bidder and the item is knocked-down thus completing the sale. The highest valid bidder will get the right to purchase the item, except if -in the case of a protected item - the Hungarian State enforces its pre-emption rights based on Act LXIV/2001 concerning the protection of cultural heritage. The items to be sold cannot be purchased below the starting price. At the end of the auction it is possible to request the re-auctioning of unsold items from the sales representative.
Bid increments
• 1,000 HUF below 20,000 HUF
• 2,000 HUF between 20,000 and 50,000 HUF
• 5,000 HUF between 50,000 and 100,000 HUF
• 10,000 HUF between 100,000 and 200,000 HUF
• 20,000 HUF between 200,000 and 500,000 HUF
• 50,000 HUF between 500,000 and 1,000,000 HUF
• 100,000 HUF between 1.000.000 and 2.000.000 HUF etc.
5. At the auction the buyer shall immediately pay 20% of the hammer price as a down payment to the auction house. If the buyer pays the entire amount of the purchase price at the auction they can receive the item on the spot. Shipping costs are borne by the buyer.
6. Buyer shall pay 18% of the hammer price as a buyer's premium to the sales representative. VAT is included in the buyer's premium. The purchase price comprises of the hammer price, the buyer's premium and the royalties arising from the Artist's Resale Right (4% of the purchase price under 50000 Euro) as it is specified by Act LXXVI of 1999 on copyright. The down payment, if paid before deadline, is included in the purchase price. Buyer acquires the right of ownership of the lot at the moment they have paid the full purchase price and have taken over the lot from the auction house.
7. All collusions or undertakings to persuade any third party to offer a significantly higher bid than the fair market price causing financial damages to them are strictly prohibited. If buyer's identity cannot be determined during the auction, the lot can be re-auctioned. At the end of the auction buyers can request the re-auctioning of unsold lots. In case the consigner and the highest bidder are the same there will be no contract of sale concluded, the down payment is refunded but the bidder has to pay the predefined buyer's premium to the auction house.
8. The auction house makes it possible for buyer to pay the amount above the down payment within 7 days from the date of the auction. In such cases buyer can only receive the item if the entire amount of the purchase price has been paid within 7 days from the auction. If buyer does not collect the item by the specified deadline, the auction house reserves its right to consider the buyer's bid as invalid and keep the down payment.
9.After paying the full price buyer is bound to transport the sold item on their own expense and responsibility. In case of failure to do so the auction house will not be responsible for any damages or loss and will charge 5% of the purchase price per month as storage fee from the 15th day after the auction. If buyer fails to transport the item bought within 3 months from the auction, the auction house - after notice - can freely sell the item and after deducting its costs the remaining amount will be kept as deposit for the buyer.
10. Items marked as "PROTECTED" or "NO EXPORT" in the auction catalogue cannot be permanently exported from Hungary as it is specified by Act LXIV/2001 on the protection of cultural heritage. The current owners of items marked "PROTECTED" are registered by the authorities with the proper jurisdiction and scope. Change of ownership must be reported. All duties regarding the change of ownership befall on the new owner as it is specified by Act LXIV/2001 concerning the protection of cultural heritage.
11. In case buyer does not wish to participate personally at the auction the auction house will bid on his behalf based on a purchase order. We are accepting purchase orders during the time of the presale exhibition but no later than 24 hours prior to the start of the auction. For the purchase order to be accepted buyer must pay 20% in advance, which in case of an unsuccessful bid will be refunded to the buyer. If the purchase order is successful, the entire amount of the advance must be considered as down payment; in other matters the rules for buyers in person will be applied. If a higher purchase order is received for the same lot from a third person or a higher bid is received from other buyers, the absentee bidder will be refunded the whole amount of the advance without any deductions. It is also possible to bid via phone. In case of a telephone purchase order if the call recipient cannot be reached for any reasons the purchase order will equal the starting price. The auction house cannot be held liable for any telecommunication issues. If multiple purchase orders are received for the same amount the first incoming order will have priority.
12. The purchase price is formed by the public bids of buyers. The sales representative is not liable for the auctioneer's bid or the auction price, cannot be obliged to recommend named item to be re-auctioned later or resell it at the same price.
13. In matters not regulated by present conditions the paragraphs of Act V/2013 of the Civil Code prevail. In case of any disputes all parties submit to the jurisdiction of the Metropolitan Court of Budapest (F?városi Törvényszék formerly known as F?városi Bíróság).
Shipping Terms
The hammer price does not include shipping costs. The shipping costs will be determined on the basis of an individual agreement, which will be calculated and agreed upon by Contempo Art Auctions and the bidder on completion of the auction. All shipping costs are in line with international transport standards and depend on the nature of the artwork.
