AUCTION TERMS AND CONDITIONS
AUCTION TERMS AND CONDITIONS
General Provisions
Galerie Arcimboldo, spol. s r.o. - hereafter "Galerie Arcimboldo" - conducts auctions of movable property on the basis of a Contract for Sale of Goods by Auction, signed by both Galerie Arcimboldo and the Seller. Galerie Arcimboldo acts as an intermediary between the Seller and the Buyer on the basis of this Contract and is responsible for collecting the purchase price, auction premiums and VAT.
These Terms and Conditions, sales and all related activities are governed by the laws of the Czech Republic. The Seller and the Winning Bidder or their authorized representative agree that the Czech courts have exclusive jurisdiction to resolve any disputes hereunder.
Guarantee
The Seller must provide assurance in the Contract for Sale of Goods by Auction that they are the sole lawful owner of the offered item(s) and that there are no outstanding claims against the item(s), and that the Seller is not limited by law in any way to offering the item(s) for sale and to selling the item(s).
Any information about items offered at auction is provided by Galerie Arcimboldo after taking into consideration information provided by the Seller and after consultation with experts in the relevant field. Information provided to Bidders about any item up for bid, whether in writing or orally, including information provided in the catalog, is information that has been provided to Galerie Arcimboldo, and Galerie Arcimboldo does not accept any responsibility for the accuracy or completeness of the information provided. Bidders are provided with the opportunity to view the items in person before the auction. If a Bidder is unable to attend the pre-auction exhibition, he can request a written Condition Report, including additional photographs, if available, for items with a reserve price of at least 10,000 CZK. These Reports are provided to Bidders free of charge.
Auction Rules and Conduct
Reserve prices are listed in the catalog. They do not include the auction premium or VAT.
Participation in the Auction is open only to registered bidders. At the time of registration, a government-issued identification card or passport must be presented. Upon registration, a participant becomes a Bidder and is issued a Bidder Number.
Participation in the Auction can be made on the basis of a signed power of attorney, which must include the maximum bid limit which the Bidder is willing to pay for the item (the stated limit does not include the auction premium or VAT).
Bidders may also participate in the auction by telephone for items with reserve prices above 10,000 CZK. The same registration form is used as for absentee bids - the Bidder marks the relevant box ("telephone bid") on the form and provides a telephone number where he can be reached during the course of the auction.
The absentee bid form is available at the back of the printed auction catalog or by download at the Galerie Arcimboldo website (www.arcimboldo.cz). The completed form, including the signed power of attorney for written absentee bids or for bidding by telephone, must be accompanied by a copy of the Bidder's national identification card or passport. The form should be delivered to Galerie Arcimboldo by fax, e-mail or regular mail no later than 48 hours before the start of the auction. Galerie Arcimboldo shall not guarantee acceptance of absentee or telephone bids received after this deadline.
Galerie Arcimboldo reserves the right to request a bank guarantee from a Bidder or a deposit in the amount of half the opening bid of the item in question.
Items to be auctioned are marked and described, including the lowest opening bid (reserve price) in the printed auction catalog and on the Galerie Arcimboldo website (www.arcimboldo.cz). Items will be auctioned in the order they are listed in the catalog.
The bids will be accepted in order as determined by the person authorized to conduct the auction - the Auctioneer. Once an item is announced, Bidders may bid on items by raising his bidder number. The auction of the item takes place when the Bidders place bids. Bids must be greater than the minimum opening bid set by Galerie Arcimboldo.
Minimum bid increments:
a) 500 CZK, if the current bid is less than 10,000 CZK
b) 1,000 CZK, if the current bid is at least 10,000 CZK, but less than 50,000 CZK
c) 5,000 CZK, if the current bid is at least 50,000 CZK, but less than 100,000 CZK
d) 10,000 CZK, if the current bid is at least 100,000 CZK, but less than 500,000 CZK
e) 50,000 CZK, if the current bid is at least 500,000 CZK, but less than 1,000,000 CZK
f) 100,000 CZK, if the current bid is at least 1,000,000 CZK, but less than 10,000,000 CZK
g) 500,000 CZK, if the current bid is at least 10,000,000 CZK or higher.
Prices and Payment Conditions
The official currency of the Auction is the Czech crown. At some auctions, current bids may be displayed on the monitor in other currencies - generally EUR. This is an approximate current conversion - it is provided as a convenience to Bidders and is not intended to be a precise calculation. Upon request, the amount owed for items won at the auction may be paid in EUR or USD. The exchange rate used to calculate the amount in foreign currency shall be that in effect as of the date of payment. The High Bidder shall be responsible for any costs associated with wire transfers and currency conversions.
Items are sold to the Bidder with the highest bid - the Winning Bidder. Rights to the items won at auction transfer to the Winning Bidder upon payment of all amounts owed to Galerie Arcimboldo (the sum of the highest bid amount and the auction premium including VAT).
The total auction provision including VAT is 24% of the purchase price.
Payments may be made:
(a) in cash (for amounts not exceeding 250,000 CZK)
(b) by wire transfer to the account of Galerie Arcimboldo, Raiffeisenbank, Prague 6, account number: 4310085001 / 5500
(c) by VISA or MASTERCARD - an additional fee of 3% of the total amount including auction premium and VAT will be added to any amount paid by credit card.
All payments owed to Galerie Arcimboldo must be made within seven (7) days of the invoice date, unless agreed upon otherwise. After seven (7) days, interest in the amount of 3% per annum will be added to any outstanding amounts.
Any post-auction sales of items shall be governed by the same conditions as if the item had been sold at auction.
Storage of sold items and items which have been paid for is free of charge for up to 7 days following the auction, unless agreed otherwise, after which time a daily storage fee in amount of 1% of the purchase price. Please bear in mind that upon the completion of the auction, auctioned items are no longer covered by Galerie Arcimboldo insurance, and Galerie Arcimboldo shall bear no responsibility for any damage incurred.
Export from the Czech Republic
For some items, an export permit is required before the item can be exported from the Czech Republic. The export permit is issued by the relevant department of the state administration which evaluates the item's cultural significance, and/or whether or not an item is an endangered species according to law. Neither Galerie Arcimboldo nor the Seller is authorized to issue any declaration or guarantee that the item won at auction is exempt from export or import restrictions or any embargo.
Payment
Payments may be made:
(a) in cash (for amounts not exceeding 250,000 CZK)
(b) by wire transfer to the account of Galerie Arcimboldo, Raiffeisenbank, Prague 6, account number: 4310085001 / 5500
(c) by VISA or MASTERCARD - an additional fee of 3% of the total amount including auction premium and VAT will be added to any amount paid by credit card. (not available for absentee bidders; in this case, Paypal is accepted.)
All payments owed to Galerie Arcimboldo must be made within seven (7) days of the invoice date, unless agreed upon otherwise. After seven (7) days, interest in the amount of 3% per annum will be added to any outstanding amounts.
