Fine Antiques Terms and Conditions
Auction Rules (Terms and Conditions) for Internet Auctions
The Auction House cooperates with an internet auction system on the website www.invaluable.com (the Website), which allows Owners of movable assets (esp. pieces of art and antiquities) to monetize these as auction items in an electronic auction, in the form of timed or live auctions. The conditions of using the Website and running of timed and live auctions are governed by the Website´s Terms of Use (see: https://www.invaluable.com/agreements/userTerms.cfm). These Auction Rules are "Auction House terms and conditions" under sec. 2.5. of the Website´s Terms of Use and are supplementary to the Terms of Use of the Website. These Auction Rules set out the conditions for monetization and transfer of ownership rights to the auction item, handover and other aspects of the auction transaction.
I. Subjects
Following subjects are referred to in these Auction Rules:
Owner - an owner of a movable asset (auction item), who has commissioned the Auction House to provide an opportunity to sell the auction item via internet auction on the Website in a process described in the Website´s Terms of Use and these Auction Rules.
Auction House - the company FINE ANTIQUES PRAGUE s.r.o., seated Láze?ská 287/4, Malá Strana, 118 00 Praha 1, Czech republic, ID: 03490661, Commercial register of the Municipal Court in Prague ref. Nr. C232410. Auction House does not operate the Website and the internet auction.
Website Operator - the Company Invaluable LL.C. seated 38 Everett Street, Allston MA 02134 USA which operates the Website and the internet auction under Terms of Use referred to above.
User - a legal entity or natural person over 18 years of age with full legal capacity who is registered to participate in internet auctions of the Website Operator, has a valid account at the Website and fulfils Users obligations as listed Website´s Terms of Use and these Auction Rules. Users must provide full and accurate details of their identity. They shall provide Website Operator with any information which might be requested by the Website Operator. Users undertake to keep their data up to date, being allowed to update their data via the Website. Users' usernames and passwords are strictly personal and the responsibility of the Users alone. Users are solely responsible, even in cases of abuse by third parties, for all operations carried out on the Website. If Users have a reason to believe that their username and password are being used by a third party, they must inform Website Operator and Auction House as soon as they suspect that this either has occurred or might potentially occur. Each User may have only one account. If there is any doubt about a User's identity or the accuracy of their personal details, the Auction House may unilaterally and temporarily suspend or remove the transaction, without giving prior warning to the User concerned. The act of registration is deemed to constitute acceptance of Website´s Terms of Use by the User.
Bidder - a User who intends to place or placed a bid on an internet auction of the Auction House in progress, with the intention to acquire ownership of the auctioned item. The act of placing a bid on an auction item of the Auction House constitutes unconditional acceptance of these Auction Rules by the User. Auction House makes Bidders aware of the fact, that bidding in internet auctions of the Auction House at the Website is primarily intended for entrepreneurs (as defined in § 420 Civil Code), while consumers (as defined in § 419 Civil Code), should they want to participate, are requested to contact the Auction House for specific terms for consumers.
Buyer - a Bidder who placed the highest bid and is awarded the lot, as described under art. IV. of these Auction Rules.
II. Auction Item
i. An auction item is an individually identified movable item or set of items which the Owner has decided to monetize through the services of the Auction House in cooperation with the Website Operator in an internet auction.
ii. The auction item is displayed and described on the Website, including, for example, construction technique, net size without frame, starting price, current price, minimum bid amount and the planned time interval until the end of the internet auction. The price of an auction item is always expressed in Euros (EUR).
iii. The auction item may carry small restoration interventions, minor frame damage, natural cracking of oil paintings, yellowish paper of older prints and drawings, etc. Only those damages that might affect the artistic value of the item are described. The auction items may be restored, damaged, non-functional, etc., and this is reflected in the price of the auction item and each Bidder is offered to undertake an inspection of the auction item with the Auction House. In case of uncertainty about the condition of the auction item, the Bidder is obliged to send the Auction House a written (e-mail) inquiry before making a bid, otherwise the Bidder is deemed to have no doubt or questions about the condition of the auction item.
iv. In the case of an auction item that is a piece cultural heritage pursuant to Act No. 20/1987 Coll., on state monument care, as amended. This fact will be pointed out in the description of the item of the auction. The Bidder acknowledges and understands that cultural monuments can only be exported outside of the Czech Republic with the prior consent of the competent authorities. Services in connection with pieces of cultural heritage (export permissions, etc.) are not included in the services of the Auction House.
v. The purchase and sale of items of auction which are of cultural value is governed by Act No. 71/1994 Coll., on the sale and export of items of cultural value, as amended. These items of auction can be exported from the Czech Republic only upon presentation of an official certificate that the items of auction are not declared a piece of cultural heritage and that they are not part of the file declared a cultural monument pursuant to the Act on State Monuments Care. Services in connection with items of cultural value (export certificate, etc.) are not included in the services of the Auction House.
vi. The Bidder acknowledges and understands that the auction Item, which is part of a collection or is an individual collection item registered in the central register of museum collections maintained by the Ministry of Culture of the Czech Republic, can be disposed of only under the conditions set by Act No. 122/2000 Coll. on the protection of museum collections, as amended. Services in connection with items which are part of museum collection are not included in the services of the Auction House.
vii. Neither the Auction House nor the Owner of the auction item is liable to the Bidder for whether the auction item is subject to export or import regulations of the Czech Republic or regulations of the state of import (third states). The Auction House expressly declares that it is not liable for any damage, lost profit or other claims that may arise in connection with the export or import of the auction item by the Bidder/Buyer or third parties. In the case of uncertainties regarding the above-mentioned legal regulations, the Bidder/Buyer is obliged to send to the Auction House in writing (by e-mail) a question about the above-mentioned legal regulations. If he fails to do so, the Bidder/Buyer is deemed to have understood the above-mentioned legal regulations and is fully aware of all legal rights and obligations that may arise from them.
viii. Auction items are published in the internet auction at least 15 days before the end of the auction of that particular item of auction.
ix. The exhibition of auction items shall be made available to be inspected by the Bidders at seat of the Auction House, no later than two days before the auction ends. The Bidder may, by e-mail or telephone, agree with the Auction House on an inspection of the auction item with the Auction House. The Bidder may obtain an expert opinion from an expert whom they personally invite to assess the auction item at their own expense before taking part in the internet auction
III. Bidding's procedure in the internet auctions (timed and live auctions)
i. A Bidder who has selected an auction item and intends to take part in the bidding to acquire the auction item into their ownership shall log in to their account in the auction system via their email and personal login password.
ii. The Bidder registered shall select the item of the auction he intends to acquire and shall display the item of the auction with its current price amount. The current price is shown either as a starting bid or in the actual bid of other bidders.
iii. The Bidder is entitled to make a bid to the current price of the auction item such that it corresponds to the minimum bid amount as shown in the following table:
Current Price From: Current Price To: Increment:
€0 €499 €50
€500 €999 €100
€1,000 €4,999 €250
€5,000 €19,999 €500
€20,000+ €1,000
iv. Upon the completion of the internet auction, the bid history of the auction item shall be archived in the auction system database for any back check that the Bidders may request.
v. Bidding procedure in detail is subject to the Website´s Terms of Use.
vi. Special terms for live internet auctions: In a live auction, the bidding procedure extends to the end of the live stage of the internet auction, and only at end of the live stage of the live internet auction the lot is given and the Buyer is determined. In live internet auctions, the bids may also be placed via an absentee bid or a telephone bid, both administered by the Auction House. Bidders intending to participate in the auction via an absentee bid or telephone bid are requested to properly fill-in the absentee bid form or the telephone bid form respectively and deliver properly filled-in form to the Auction House no later than 6 hours before the live stage of the auction starts. The absentee bid form and the telephone bid form constitute a binding agreement on basis of which the Auction House executes the bidding in the name of the Bidder. Bids given as absentee bids or telephone bids are accepted only at the Bidder´s (sender's) risk and must be confirmed by properly filled-in and signed form. Lots bought via absentee or telephone bids will be purchased for the lowest possible price, taking into account reserves and other bids. Absentee and telephone bids are organized by the Auction House as a convenience for clients, and the Auction House is not responsible for inadvertently failing to execute bids or for errors relating to execution of bids, including computer-related errors.
IV. The Buyer
i. The Buyer of the auction item is the Bidder who makes the highest bid on the auction item. The Buyer is obliged to pay the amount of the highest bid (the price) and take over the auction item. Ownership and right of disposal of the Buyer to the auction item is therefore conditioned (deferral) by payment of the highest bid, including payment of the Auction House's services (commission) in the amount of 25% (twenty-five percent) incl. VAT of the amount of the Bidder's highest bid (per auction item) and by physical takeover of the auction item.
ii. As soon as the internet auction ends, the Buyer is automatically informed of the winnings, payment and necessity of receiving the auction item via his contact e-mail specified in the registration. The contract for the auction item is concluded between the Owner of the auction item and the Buyer by placing the winning bid.
iii. The Buyer is obliged to pay to the Auction House within 10 (ten) calendar days from the end of the internet auction his highest bid submitted for the auction item, including the fee for provided services (commission) of the Auction House in the amount of 25% (twenty-five percent) incl. VAT of the amount of the Bidder's highest bid per auction item. The total price of the auctioned item is paid by crediting it to an account established for the purpose of settlement of funds from contracts managed by the Auction House, account number: IBAN CZ74 0300 0000 0002 7661 4820, BIC: CEKOCZPP.
iv. The total price of the auctioned item will be increased by the sum statutory resale royalties (droit de suite royalties) if such royalties are, in case of the auctioned item, payable according to statutory provisions (§ 24 of the Copyright Act).
v. The Buyer and the Auction House may agree to pay the total price of the auctioned item in cash if the total amount of the auctioned auction item does not exceed the legal limit for cash payments.
vi. Upon payment of the total price of the auctioned item and upon physical takeover of the item, the ownership and disposal right passes to the Buyer, including the risk of damage, destruction and loss of the auctioned item. The Auction House shall issue to the Buyer a tax document confirming payment of the total amount of the auctioned item, including a description of the auctioned item.
vii. The Buyer, who has not paid the total price of the auctioned item in time will be sent by e-mail the following day a reminder to pay the total price of the auctioned item with an additional 10 (ten) day payment period. In the event that the Buyer fails to pay the total price of the auctioned item within the above mentioned additional 10 (day) period, the Auction House is entitled to withdraw from the auction contract on the following day and demand the payment of the fee for services (commission) of the Auction House provided to the Buyer (i.e. 25% (twenty-five percent) incl. VAT of the amount of the Bidder's highest bid if not agreed upon otherwise). In such a case, the Auction House is also entitled to withdraw from the contract on the auction item on behalf of the Owner of the auction item. Art. VI. para. vii. of these Auction Rules remains unaffected.
V. Takeover of the auctioned item by the Buyer
i. The Buyer is entitled to take over the auctioned item in person at the Auction House's premises (seat) during opening hours published on the Website based on its identification and subsequent control of personal data, or to hand over a completed power of attorney authorizing a third party to pick up the auctioned item via an email message from the Buyer's email address listed in the registration. In case of doubts the Auction House may request a power of attorney with certifies signature of the Buyer.
ii. The Buyer is entitled to ask the Auction House in writing (by e-mail) to send the auctioned item to the place designated by the Buyer. The price for sending the auctioned item is contractual. The cost of transporting the auctioned item shall be borne by the Buyer and shall be paid in advance. The risk of damage to the auctioned item passes to the Buyer upon handover to an external carrier. The Auction House reserves the right to decide, for security reasons, which auctioned item can be delivered by an external carrier, and when it is necessary to personally receive the auctioned item.
iii. The Buyer has the right to free storage of the auctioned items at the Auction House´s premises for a maximum of 10 (ten) days from the end of the internet auction. After the expiry of the 10-day period, the Auction House will send an e-mail reminder on the following day to collect the auctioned item with an additional 10-day collection period. In the event that the Buyer does not collect the auctioned item within the following 10-day period, the storage fee of EUR 5,-- incl. VAT per day for each auctioned item. Payment of storage fee is subject to the issue of the auctioned item. If the amount of storage fee for the auctioned items reaches the total amount of the auctioned item or surpasses the sum of EUR 500,-- incl. VT, the next day, the Auction House is entitled to withdraw from the auction contract and place the auctioned item in the re-auction.
iv. During the period of delay of the Buyer with the receipt of the auctioned item, the risk of damage to the auctioned item shall pass to the Buyer.
v. The Buyer undertakes to inspect auctioned item with due care upon receipt of the auction item and to notify (via an email message from the Buyer's email address listed in the registration) any possible defects found at the moment of receipt of the auctioned item. If the Buyer decides/decided not to make use of the possibility of the personal inspection of the auction item prior to making a bid, such action / omission cannot be attributed to and detrimental to the Auction House and the Buyer loses and forfeits any and all claims based on possible defects of the auction item under the provision of § 2103 first sentence of the Civil Code. Any possible claims regarding the price, quality, condition and functionality of the auctioned item are than excluded for the Buyer.
VI. Rights and Obligations of the Auction House
i. The Auction House is not responsible for the functionality, availability and quality of the Website, whereas this is subject to Website´ Terms of Use only.
ii. The Auction House shall not reimburse any costs incurred by the Bidder and Buyer with any participation in the Internet auction.
iii. The description of the auction items listed in the internet auction is provided by the Auction House according to available information communicated and approved by the Owner of the item, but their accuracy cannot be guaranteed. The Auction House is not liable for the truthfulness and completeness of the information provided by the Owner to the Auction House for the purposes of the auction. Each internet auction Bidder may and is advised to personally inspect the auction item prior to the internet auction under conditions set by these Auction Rules.
iv. The Auction House reserves the right in accordance with the provisions of § 1752 of the Act. 89/2012 Coll., the Civil Code, to amend, supplement or repeal individual provisions of these Auction Rules. In this case, the Auction House undertakes to publish these changes without delay on the Website. The amended Auction Rules come into effect on the day of their publication, unless stated otherwise. Despite the eventual effectiveness of the new Auction Rules, already ongoing internet auctions are subject to the original Auction Rules effective at the moment of start of the auction. If the User, Bidder or Buyer does not agree with the change to the Auction Rules, he must cease any further participation in the internet auction.
v. The Auction House is entitled to cancel any transaction of a User who in any way violated or failed to comply with these Auction Rules of the Auction House or any statutory provisions or who failed to cooperate in the subsequent checking of his personal data.
vi. The Auction House warns the Users, Bidder and Buyers that any intentional abuse of this auction system may be considered a criminal offense.
vii. The Auction House is authorised to take, entirely at its own discretion, without prejudice to all other rights and actions, after official notification, any one of the following measures:
- forced execution of the sale, with all costs, in particular storage costs, being borne by the Buyer;
- cancellation of the sale to the detriment of the Buyer, with all costs, damages and interest being borne by the defaulting Buyer;
- resale, whether by auction or not, with the defaulting Buyer being exclusively liable to compensate for any shortfall in relation to the first sale, and to pay all the costs involved in the resale.
VII. Final Provisions
i. The contractual relationship arising from the internet auction and these Auction Rules is governed by Czech law, namely Act No. 89/2012 Coll., The Civil Code, as amended. All disputes arising from these Auction Rules and in connection therewith shall be settled in the jurisdiction of the courts under the law of the Czech Republic. If any provision of these Auction Rules or any part thereof is found invalid, ineffective or unenforceable, such fact shall not affect the validity, effectiveness or enforceability of other provisions of the Auction Rules. In such a case, the legal relations which were or should have been subject to such invalid, ineffective or unenforceable provision of the Auction Rules shall be governed by the provisions of the relevant legal regulations that most closely correspond to the intentions of the parties resulting from such invalid, ineffective or unenforceable provision.
ii. The User/Bidder/Buyer acknowledges that the Auction House processes their personal data provided to the Auction house in connection with the auction (hereinafter referred to as "the Personal Data"), on the basis and for the purpose of the fulfilment of contractual obligations which the Auction House has hereunder and for the purpose of the fulfilment of statutory obligations within the period defined in these Auction Rules; and for the purposes of the protection of the User/Bidder/Buyer legitimate interest within 10 years from the transaction and further only to the extent in accordance with the regulation on archives. The provision of the Personal Data is a necessary contractual requirement, since the performance of the agreement; the compliance with the Auction House's legal obligations; the protection of the Auction House's legal claims, are conditional on their provision. The User/Bidder/Buyer is entitled to object to processing of Personal Data for the purposes of the Auction House's legitimate interests. The User/Bidder/Buyer is further entitled to request from the Auction House the information on his Personal Data, the access to his Personal Data, the explanation about his Personal Data, restriction of the processing, supplement, amendment and the liquidation of the Personal Data, and to exercise other rights according to the regulation on the protection of personal data. The User/Bidder/Buyer is entitled to request that the Auction House hand over the Personal Data to him (or to third party) in a structured, commonly used and machine-readable format and/or to transmit them to another party in this format. All these rights can be claimed by the User/Bidder/Buyer personally or in writing at the address of the Auction House´s registered office. The Auction House will comply with the request only after the proper identification of the User/Bidder/Buyer. If the User/Bidder/Buyer believes that legal regulations concerning personal data protection are being or have been breached during processing of his Personal Data, he is entitled to lodge a complaint with a supervisory authority. In the Czech Republic a supervisory authority is The Office for Personal Data Protection. The User/Bidder/Buyer acknowledges that his Personal Data may be handed over and processed by third parties which provide the Client with legal, accounting, technical and organizational services. The Auction House does not intent to hand over the Personal Data outside EU or to international organisations.
iii. Individual contractual terms with the Bidder shall take precedence over the provisions of these Auction Rules, if they are in conflict with them.
iv. These updated Auction Rules are effective from 01.07. 2020. They are available at the Website and at the seat of the Auction House.
In Prague 01.07. 2020
