Conditions of Sale
1. Inter-Art Budapest Auctions, 1052 Budapest, Párizsi utca 1., Hungary (in the following: the auctioneer) organizes and holds auctions for property (in the following: lots) in a predetermined time and place on the behalf of the rightful owner (in the following: consigner).
2. The auctioneer provides a catalogue of the lots to be auctioned and each item may be viewed in person before the auction. The lot descriptions and illustrations are solely for the purpose of identification, therefore the buyer must ascertain the condition of the lots and that the catalogue descriptions are correct, previous to the auction. The buyer may also ask for a lot condition report for each item via e-mail, from the contact person responsible of each auction. The auction catalogues are available on the website of the auctioneer, during and at the place of the exhibition and during and at the place of the auction. The auctioneer reserves the right to withdraw any lot described in the catalogue from the auction.
3. The buyer must register previous to the start of the auction with his/her name, address and phone number in order to receive a paddle with which he/she acquires the right to bid for a lot. The possession of the paddle also implies that the buyer accepted as mandatory, the terms and conditions of the auctioneer.
4. The auctioneer announces the lots in the order of which they are represented in the catalogue, provides a short description and the starting price. The buyers indicate their intention to purchase the lot by lifting up their paddle. In the case when there is more than one bid for a lot, the auctioneer will increase the purchase price according to the bid increments until there is only one bidder left to whom the lot is sold to with the fall of the hammer. Therefore, the bidder who offers the highest price will receive the right to purchase the lot and by this a sales contract materialises. The lots may not be purchased below their starting price, unless the auctioneer determines otherwise.
5. The first purchase offer is the starting price, after this each bid increment is added to the previous purchase offer.
6. In the case when the person of the buyer cannot be determined the lot may be auctioned again (in the following: reoffered) instantaneously. After the auction the unsold lots may be reoffered on the request of a buyer.
7. The auctioneer, on behalf of the consigner and with his/her authorization, has the right to establish the sales contract with the buyer who offered the highest price and to collect the purchase price. Therefore, the sales contract is established between the auctioneer and the buyer.
8. The buyer may only acquire the right of ownership of the lot if he/she paid the entire purchase price and received the lot.
9. The purchase price is the sum of the hammer price, the buyer's
premium, the "author fee" and the "cultural contribution". Therefore, the
hammer price plus 18%. For international buyers, if you wish to export the
purchased lot out of Hungary, please expect a 50 euro fee for an export
license. An export license must be acquired for anything that is more than
50 years old and its value exceeds 100 000 HUF. Further information
regarding export licenses may be acquired from the auctioneer.
10. On the day of the auction the buyer must pay the full purchase price or leave a deposit of 20% in cash or via money transfer. If the lot is paid in full on the day of the sale then the buyer may take over the item.
11. If the lot is not paid in full on the day of the sale, the buyer may pay the difference of the purchase price and the deposit within 3 working days to the auctioneer. The buyer may only receive the lot if the full purchase price is paid within three days of the sale. The amount of the deposit is included in the purchase price if it is paid until the deadline.
12. In case the buyer does not pay the full purchase price within 3 days after the sale, the auctioneer has the right to void the buyers offer and waive from the contract. Consequently, the 20% deposit will not be refunded to the buyer.
13. After the purchase price is paid in full, the buyer must collect the item or organize for its shipping at his/her own risk and expenses. In case the buyer neglects the removal of the item within 3 days, the auctioneer cannot be held liable for any damages or loss. Furthermore, the auctioneer will charge a monthly fee of 5% of the purchase price after the 14th day of negligence. If the buyer does not remove the lot within 3 months after the auction then the auctioneer has the right to sell it at his own will after the buyer was notified in writing. The amount received from the sale of the neglected lot will be used to cover the expenses of the auctioneer and the remaining sum will be held as a deposit for the buyer.
14. The auctioneer will send any written correspondence to the address provided by the buyer. If the address is incorrect or change of address is not reported and the notices are returned then the auctioneer will assume that the written notice was received and the buyer will be responsible for the consequences.
15. It is forbidden to conspire in order to achieve a higher hammer price, which will result in damages for a third party. It is also forbidden to conspire in order to influence the price of a lot, which is aimed to achieve a higher profit, to share profit or to achieve any other advantages.
16. According to Hungarian law, any lot marked in the catalogue with "VÉDETT" or "NO EXPORT" cannot be taken out of Hungary definitely.
17. In case the buyer does not wish to participate in the auction in person, he/she may leave a commission for an absentee bid, which will be executed by the auctioneer according to the terms of the commission or bid by telephone. Commissions for absentee bids and telephone bids may be left 24 hours before the auction. The auctioneer is not obliged to carry out any commissions received after this time. Please send any commissions for absentee or telephone bids to our e-mail address: info@csokantikvitas.hu or call or fax us at: +36-1-318-2862. In case there are two identical absentee bids the auctioneer will execute the one which was commissioned earlier.
18. The purchase price is determined by the buyer in a public setting, the auctioneer is not responsible for this price and therefore, the auctioneer cannot be forced to auction the lot in a later auction for the same price.
19. Each lot offered is without any warranty and is sold as is, including all faults and losses as they are on the day of the sale.
20. The starting prices indicated in the catalogue do not carry any additional expenses.
21. Csók István Antiques and Auction House guarantees the authenticity of all lots described in the catalogue.
22. After the lot was sold (hammered down) the buyer may not place a complaint unless the lot is a fake and the catalogue describes it as authentic. In case there is a reasonable doubt regarding the authenticity or origin of the lot, the buyer may place a complaint in writing within 5 years after the sale. The auctioneer will take upon itself to refund the buyer the full purchase price (hammer price plus commission), if a lot is proved to not to be authentic by an independent judicial specialist within 5 years of the conclusion of the sales contract.
23. International buyers who wish to pay with a currency other than Hungarian Forint (HUF) must calculate the currency of their choice according to the average rate of exchange on the day of the auction. Please use the following website to calculate the average rate of exchange: www.mkb.hu (choose the English version at the top of the page).
24. Any other matters not mentioned in the above are subject to the Hungarian Public Law and may be settled by the Hungarian Judicial System.
