Terms and Conditions of Sale
AUCTION TERMS AND CONDITIONS
I
General Provisions
Galerie ARCIMBOLDO, s.r.o., with its registered office in Prague 6 - Bubene?, Krupkovo nám?stí 17/3, postcode 160 00, Company ID No. (I?O): 28905547 ( "Arcimboldo"), conducts auctions of movables (the "Items on Offer" or "Auctioned Items") on the basis of the auction sale agreement (the "Sales Agreement" or "Agreement"), concluded by and between Arcimboldo and the entity which wishes to sell the Items on Offer at auction (the "Seller"). Arcimboldo shall act under the Agreement as the agent between the Seller and the entity who intends to buy the items offered by the Seller and thus to gain the ownership right to such items (the "Bidder") and is authorised by the Seller to collect the purchase price and buyer's commission.
II
Guarantee
1. The Seller declares that it is the sole owner of the items offered by it, that there are no legal defects on these items, they are without any burdens and the Seller is not limited in any way in its right to dispose of the items on offer and to transfer their ownership.
2. All information with regard to the attribution, origin and age of the items in this catalogue is prepared with every effort to achieve precision and reliability within the possibilities open to us in the limited time available for cataloguing. This information does not represent contractually agreed qualities. These items are auctioned without warranty. Complaints are excluded. The Bidder may personally familiarize himself with all the items prior to the auction at the pre-auction exhibition. If the Bidder cannot attend the pre-auction exhibition, he or she may request a condition report, including other photographs (if available), for items with an asking price higher than CZK 10,000. These reports are provided to the Bidder free of charge. All items are offered at auction without warranty, and no returns shall be accepted.
III
Registration for Bidding
1. By participating in the auction, the Bidder accepts these Auction Terms and Conditions, as published in the Catalogue and available on the Arcimboldo website. Every Bidder is personally liable for bids submitted by him/her.
2. Any person who reached the age of 18 and who has duly registered before the auction may bid during the auction.
3. A valid national identity card or passport and a valid credit card must be presented upon registration. A registered participant of the auction becomes a Bidder and is allocated an auction number.
4. Arcimboldo accepts bids only under the following conditions:
• Bidders who wish to submit their bids by telephone or in writing or via Internet must register with Arcimboldo no later than 48 hours prior to the start of the auction.
• Bidders participating in the salesroom must register with Arcimboldo prior to the auction.
• The form provided by Arcimboldo must be used for registration. It is available at the exhibition rooms, published in the catalogue and downloadable from the Arcimboldo website.
• The registration form must be completed and duly signed by the Bidder.
• A copy of the Bidder's valid passport and credit card must be enclosed with registration.
5. Absentee Bidding. Absentee bidding is available through a proxy on the basis of a written power of attorney which contains clear identification of the principal, the proxy, the auctioned item, the financial limit for which the Bidder is willing to purchase this item (this limit does not include the buyer's commission), date and signature of the principal and proxy proving the acceptance of the power of attorney.
The absentee bid registration form is available in the exhibition rooms, at the back of the auction catalogue and on the Arcimboldo website (www.arcimboldo.cz). The completed form with power of attorney for the auction with a written limit or for telephone bidding, including a copy of the data and photo page/side of a national identity card or passport and a valid credit card, must be delivered to Arcimboldo no later than 48 hours before the start of the auction.
6. Telephone Bidding. For auction of items with an asking price exceeding CZK 15,000, the Bidder may also participate in the auction via telephone. The same registration form is used for to this type of bidding as for absentee bidding - the Bidder shall indicate that it is a telephone bid and specify the telephone number where he can be reached during the Auction. Arcimboldo shall bear no liability for any failure to contact the Bidder nor for any errors or omissions in connection with telephone bidding.
7. Internet Bidding. Live bidding is provided through the Artfact auction portal (www.artfact.com) Registration through Artfact is not a guarantee that the Bidder can participate in the Auction. Arcimboldo reserves the right to request additional information from potential Bidders before permission to bid will be granted. Live bidding is not available for Premium Lots.
8. Premium Lots and Down Payments. A number of lots in the catalogue are designated as Premium Lots (marked in the catalogue with the symbol "?"). To secure its claims and those of the Seller, Arcimboldo requires a deposit of the amount specified hereunder from every Bidder for Premium Lots ("Down Payment"). This Down Payment must be credited to the following account no later than 24 hours prior to the start of the auction when bidding by telephone or in writing.
Raiffeisenbank a. s., Prague, Czech Republic
Account number: 4310085001
Bank Code: 5500
SWIFT-BIC (Bank International Code): RZBCCZPP
IBAN (International Bank Account Number): CZ5555000000004310085001
8.1 Down Payment for Absentee and Telephone Bids on Premium Lots.:
Absentee and telephone bids on Premium Lots shall only be accepted after receipt of a Down Payment of 30% (Thirty Percent) of the total of the asking prices of the items for which the Bidder wishes to submit a bid.
8.2 Down Payment on Premium Lots for Bidders Participating in the Salesroom.
Bidders personally attending the auction who wish to bid on Premium Lots shall only be permitted to do so after receipt of a Down Payment of EUR 10,000 (Ten Thousand Euros). The Down Payment must be paid to Arcimboldo in cash, by Visa/Mastercard or bank transfer prior to the start of the auction.
8.3. Failure to Provide Down Payment. If the Bidder does not provide the Down payment in the required amount upon request before the date of the auction, Arcimboldo reserves the right to forbid the Bidder from participating in the auction.
IV
Course of the Auction
1. The asking prices are shown in the catalogue and do not include the buyer's commission (see Section IV, paragraph 3).
2. The Auctioned Items are labelled and described, including specification of the opening bid (asking price), in the auction catalogue and on the website of Arcimboldo (www.arcimboldo.cz). The Auctioned Items will be auctioned in the sequence in which they are specified in the catalogue.
3. The sequence of bids is decided by the Auctioneer. After an item (the "Auctioned Item") is announced, the Bidders may make bids by visibly raising their auction number. The Auctioned Item is being auctioned as long as the bidders are bidding. In order to be considered valid, a Bid must be made in the increments specified below.
The determined minimum bid amounts:
a) CZK 500 if the current bid is less than CZK 10.000;
b) CZK 1,000 if the current bid is at least CZK 10,000 but less than CZK 50,000;
c) CZK 5,000 if the current bid is at least CZK 50,000 but less than CZK 100,000;
d) CZK 10,000 if the current bid is at least CZK 100,000, but less than CZK 500,000;
e) CZK 50,000 if the current bid is at least CZK 500,000, but less than CZK 1,000,000;
f) CZK 100,000 if the current bid is at least CZK 1,000,000 but less than CZK CZK 10,000,000;
g) CZK 500,000 if the current bid is CZK 10,000,000 and more;
where the current bid is understood to be the highest bid amount reached in the auction before the auction is finished.
4. By placing a bid, the Bidder undertakes irrevocably to buy the Auctioned Item for the price equal to the current bid plus the bid made by the Bidder and the buyer's commission.
V
Price and Payment Terms
1. When the Auctioned Item is sold to the Bidder, a purchase contract is automatically concluded with the Bidder who made the highest bid (hereinafter referred to as the "Buyer"). The Auctioned Item shall be released to the Buyer only upon payment of the hammer price and the buyer's commission to Arcimboldo (the "Total Amount Due"). If the Buyer paid a deposit pursuant to Section III Paragraph 8 of these Auction Rules, this deposit will be credited towards the Total Amount Due and other possible liabilities of the Buyer towards Arcimboldo. Surplus Down Payments will be refunded to the Bidder after the auction without delay.
2. If, contrary to these Auction Rules, the Buyer does not pay the Total Amount Due for any reason, Arcimboldo has the right to withdraw immediately from the sale with the effect as of the day of the withdrawal and in such case, Arcimboldo shall be entitled to settlement of a contractual penalty in the amount corresponding to the deposit paid. The right for compensation of the costs of the auction in which the Auctioned Item was offered, any damages that have arisen, or loss of profit of Arcimboldo remains unaffected.
3. The official currency of the Auction is Czech crowns. At its discretion, during the auction, Arcimboldo may show the current bid, the minimum bid amount, asking price etc. in other currencies, usually EUR and USD. Such information is for orientation purposes only and is not binding, and Arcimboldo is not liable for the accuracy of such information. Arcimboldo undertakes to enable the Buyer to pay the Total Amount Due in Czech crowns, EUR or USD. For conversion to EUR and USD currencies, the Czech National Bank exchange rate valid as of the day of the auction will always be used. The Buyer is responsible for all bank fees associated with the bank transfer and conversion for the purpose of payment of the Total Amount Due.
4. The buyer's commission is equal to 24% of the hammer price.
5. The payment of the Total Amount Due can be made:
(a) in cash (for amounts not exceeding CZK 250,000 / EUR 10,000);
(b) by bank transfer to the account of Galerie Arcimboldo:
Raiffeisenbank a. s., Prague, Czech Republic
Account number: 4310085001
Bank Code: 5500
SWIFT-BIC (Bank International Code): RZBCCZPP
IBAN (International Bank Account Number): CZ5555000000004310085001
(c) by Visa / Mastercard - an additional fee in the amount of 3% of the Total Amount Due will be charged.
6. All liabilities towards Arcimboldo must be paid within 10 (ten) days from the day on which a proof of the sale is issued unless agreed otherwise in writing. If the Buyer is in delay with payment of the Total Amount Due, Arcimboldo shall be entitled to a contractual penalty in the amount of 10% per annum of the Total Amount Due.
7. The conditions stipulated by these Auction Regulations will apply similarly to post-auction sale of the Auctioned Items.
8. Storage of the Auctioned and paid items is free of charge for a period of 10 (ten) days following the Auction unless agreed otherwise. After the expiration of this period, the Buyer shall be charged a storage fee of CZK 200 per day.
9. The risk of damage to the Auctioned Item is transferred to the Buyer at the moment of sale. The Buyer shall take note of the fact that upon completion of the Auction, the Auctioned Items are no longer covered by Arcimboldo's insurance policy and that insurance coverage should be arranged at the Buyer's own expense. Arcimboldo shall not be responsible for damage to Auctioned Items once the Auction is over.
VI
Export Abroad
Export of some items abroad and their import to a foreign country is regulated by the statutory provisions of the Czech Republic, the EU, international treaties or legal regulations of the importing state, and it may be necessary to fulfil some formal requirement, inter alia, e.g. obtain export and import licences and pay fees which are determined and assessed by the competent state administrative body of the particular country. Neither Arcimboldo nor the Seller shall provide to the Buyer or any third party any guarantees, declarations or warranties as to whether the Auctioned Item is subject to any export or import restrictions or any other restrictions, bans or requirements arising from the statutory provisions of the Czech Republic, the EU, international treaties or legal regulations of the importing state applied to such export or import. Arcimboldo explicitly declares that it is not liable for any damage, loss of profit or any other claims that may arise in connection with import or export of the Auctioned Items to the Seller, the Buyer or any other party.
VII
Final Provisions
These Auction Regulations, the auction, any sale carried out between the Seller and the Buyer, the Sales Agreement and all related matters shall be governed by the laws of the Czech Republic. Arcimboldo, the Seller and the Buyer or their representatives agree that any possible disputes arising hereunder shall fall under the jurisdiction of the relevant courts of the Czech Republic, competent locally and materially according to the registered office of Arcimboldo.
