Conditions of Sale
CONDITIONS OF SALE
The Parisian Gallery (1061 Budapest Andrássy u. 39) - hereinafter referred to as: the Auctioneer - based on the request of the owners or persons authorised to sell the objects to be auctioned - hereinafter referred to as: the Vendors - organises and conducts an auction at a previously advertised date and place. The auction is organized, handled and conducted by the Auctioneer acting as an agent on behalf of the Bidders as a commercial representative.
2. The Auctioneer shall publish a catalogue downloadable from the Internet / in print format, which may be inspected at the exhibition preceding the auction.
Descriptions and illustrations in the catalogue are for identification only. Buyers should satisfy themselves prior to the sale as to the condition of each lot and should rely on their own judgement as to whether the lot accords with its description.
The auction catalogues of the Auctioneer are available at the website of the Auctioneer, at the location of the auction during the exhibition, and at the location of the auction during the auction.
The Auctioneer reserves the right to ignore putting certain items listed in the catalogue under hammer.
3. Buyers may participate in the bidding only with a bidding paddle registered according to the name and address of each buyer before the beginning of the auction.
Buyers acknowledge to accept the Conditions of the Auction by receiving the paddle, considered as implied conduct.
4. According to their order of appearance in the catalogue, the auctioneer briefly describes each lot and announces the starting price, and buyers indicate their wish to place a bid by raising their numbered bidding paddles.
In case there is more than one bid for the starting price, the auctioneer increases the bid by increments until only one bidder remains and the purchase is made by the lot being knocked down.
The highest bidder acknowledged by the auctioneer shall be the buyer at the hammer price, thus getting the right to purchase the lot.
The lots are not allowed to be purchased below the starting price.
5. The first offer is the amount of the starting price, All the further offers mean the increased amount according to the last offer.
6. The item may be reauctioned provided for any reason the identity of the buyer remains unknown during the auction.
Unsold lots may be reauctioned at the end of the sale upon buyers' request.
7. The Auctioneer shall be entitled to enter into a purchase agreement with the buyer offering the highest purchase price and take over the purchase price for the benefit of the Bidder in the name and on behalf of the Bidder, based on the comprehensive authorisation of the Bidder. Consequently, the purchase agreement shall be entered into by and between the Auctioneer and the buyer.
8. The possession of the item purchased can be handed over to the buyer on condition that the total purchase price is fully paid up and the buyer receives the lot from the Auctioneer.
9. The purchase price consists of the amounts of the hammer price, the agency fee and the social contribution. That means the hammer price plus 20%.
10. The buyer, at his choice, shall pay the entire purchase price or at least 20% of it (as a deposit) immediately at the auction in cash or by credit/debit card. Credit/debit cards are subject to a 3% commission. In case the total purchase price is paid at the auction, the lot purchased is to be handed over to the buyer on the spot.
11. The Auctioneer allows a 3-day grace period after the auction to pay the remaining amount above the deposit to the Auctioneer. (Address: H-1061 Budapest, 39 Andrássy u.). In such a case, the buyer may only enter into possession of the lot when the full purchase price has been paid within 3 days from the auction. The amount of the deposit is included in the purchase price paid within the deadline.
12. The Auctioneer reserves the right to void the bid of the purchaser and keep the deposit if the buyer fails to take over the item until the deadline given.
13. The buyer shall transport the item purchased at his own risk and cost immediately after the purchase price has been paid.
In case of failure to do so, the Auctioneer will not be liable for any loss or damage. Furthermore, the Auctioneer will charge a 5% monthly storage fee starting from the 14th day after the auction.
If the buyer fails to take away the items within 3 months after the auction, the Auctioneer will send a notice to the buyer. In case of non-compliance, the Auctioneer will have the right to sell the item, and after deducting its costs and expenses keep the remaining amount to be handed over to the buyer as a deposit.
14. The agent shall send his written notices concerning these present conditions to the availabilities provided by the principal. In case such a written notice is returned due to the inaccurate provision, or unannounced changes of such availabilities, then such notifications shall be considered as sent, and the resulting consequences shall be borne by the buyer.
15. It is forbidden to collude or attempt to make any third parties offer a price, which considerably exceeds the market price therefore causing damage to these parties. It is also forbidden to collude to affect the results of the auction, or to promise dividing up the profit or to promise any advantage.
16. No item marked "VÉDETT" (protected) or "NO EXPORT" may be taken outside Hungary permanently (in accordance with the stipulations of Section 59 /1/b. of Act LXIV. of 2001).
Owners of protected ("VÉDETT") lots will be registered by the National Office of Cultural Heritage (Kulturális Örökségvédelmi Hivatal). In case of any change in ownership, the Office must be notified immediately (in accordance with the stipulations of Section 59/3 of Act LXIV. of 2001). The rules of the export of cultural goods are stipulated by Act LXIV. of 2001.
17. For absentee bids - when the bidder does not wish to attend an auction - the Auctioneer may be commissioned by the buyer to bid on his /her behalf.
Purchase orders are accepted during the exhibit before the auction.
It is strongly recommended to submit purchase orders at least 24 hours prior to the auction at parisigaleria@gmail.com.To accept the order for an absentee bid, an advance payment of 20% of the bid shall be transferred which will be refunded if the bid fails to succeed. The amount may be paid in cash at the Parisian Gallery, or by wire transfer to bank account No. 12072507-00143810-00100004.
If the bid is successful, the total amount of the advance payment shall be considered as a deposit, otherwise the rules for personal bidding shall be applied.
If a third party places a higher bid for the same lot or the bidders at the auction place a higher bid, the absentee bidder's advance payment will be refunded without any deduction.
It is also possible to place bids over the phone with conditions identical to those of absentee bids. In case of identical bids the earlier will take precedence.
18. As the purchase price is formed on the basis of the bids offered publicly, the Auctioneer will not bear any liability in respect of the purchase price paid, and may not be compelled to reauction the same item at the same price at a later time.
19. All items are sold without any guarantee "as is", meaning in the condition they are in at the time of the auction with all existing faults and imperfections.
20. The prices indicated in the catalogue do not include any expenses.
21. The Parisian Gallery guarantees the genuineness of all the items at the auction.
22. The Auctioneer will not accept any complaints after the lot has been knocked down unless the item is not genuine despite being declared so in the catalogue. In such case the buyer may contest the sale in writing within three months of his/her initial doubt to the origins or the genuineness of the item, but no later than five years after the date of the auction.
The Auction House undertakes to re-purchase the item from the buyer for a price including the hammer price and the agency fee within 5 years from entering into the purchase agreement, provided that an independent expert gives a reliable opinion proving that the item is not genuine.
23. In the case of payment in a foreign currency, in each case the basis of settling of accounts shall be the central rate of the currency being valid on the date of paying the purchase price. Issues not covered in these present Terms and Conditions shall be governed by and interpreted in accordance with the stipulations of Civil Code of Hungary. In case of any disputes, the contracting parties stipulate the exclusive jurisdiction of the Metropolitan Court of Budapest.
