AUCTION TERMS AND CONDITIONS
AUCTION RULES
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 (hereinafter referred to as "Galerie Arcimboldo"), conducts auctions of movables (hereinafter also referred to as the "Items on Offer" or "Auctioned Items") on the basis of the auction sale agreement (hereinafter referred to as the "Sales Agreement" or "Agreement"), concluded by and between Galerie Arcimboldo and the entity which wishes to sell the Items on Offer at auction (hereinafter referred to as the "Seller"). Galerie 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 (hereinafter referred to as the "Bidder") and is authorised by the Seller to collect the purchase price, buyer's commission and VAT.
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 provided to the Bidder regarding the Items on Offer in the auction, in writing or orally, is based on information provided to Galerie Arcimboldo by the Seller and after consultation with specialists in the particular field. While Galerie Arcimboldo makes every attempt to provide accurate information, it is not in any way liable for any errors or incompleteness of this information. 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.
III
Rules and Course of the Auction
1. The asking prices are shown in the catalogue and do not include the buyer's commission or VAT.
2. The auction is open to any person who reached the age of 18 and who has duly registered before the auction. A valid state-issued ID card or passport must be presented upon registration. A registered participant of the auction becomes a Bidder and is allocated an auction number.
3. It is also possible to bid during the auction via absentee bidding 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 and VAT), date and signature of the principal and proxy proving the acceptance of the power of attorney.
4. 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. Galerie Arcimboldo shall not accept liability for any failure to contact the Bidder nor for any errors or omissions in connection with telephone bidding.
5. The absentee bid registration form is available at the back of the auction catalogue and on the Galerie 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 an ID card or passport, must be delivered to Galerie Arcimboldo no later than 48 hours before the start of the auction.
6. Galerie Arcimboldo reserves the right to require a bank guarantee from a banking institution with a registered office in the territory of the Czech Republic or payment of a deposit up to the amount of the asking price. Bidders shall be informed about this by Galerie Arcimboldo in the auction catalogue, on the website of Galerie Arcimboldo or in another suitable way. If the Bidder does not provide the deposit in the required amount upon request before the date of the auction, Galerie Arcimboldo reserves the right to forbid the Bidder from participating in the auction.
7. The Auctioned Items are labelled and described, including specification of the opening bid (asking price), in the auction catalogue and on the website of Galerie Arcimboldo (www.arcimboldo.cz). The Auctioned Items will be auctioned in the sequence in which they are specified in the catalogue.
8. The sequence of bids is decided by the person put in charge of managing the auction by Galerie Arcimboldo (hereinafter referred to as the "Auctioneer"). After an item (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.
9. By placing a bid, the Bidder undertakes irrevocably to buy the Auctioned Item for the price totalling the current bid plus the bid made by the Bidder and the buyer's commission including VAT.
IV
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 handed over to the Buyer upon payment of the hammer price and the buyer's commission including VAT (hereinafter referred to as the "Total Amount Due") to Galerie Arcimboldo. If the Buyer paid a deposit pursuant to Article III Paragraph 6 of these Auction Rules, this deposit will be credited towards the Total Amount Due and other possible liabilities of the Buyer towards Galerie Arcimboldo. If, contrary to these Auction Rules, the Buyer does not pay the Total Amount Due for any reason, Galerie Arcimboldo has the right to withdraw immediately from the sale with the effect as of the day of the withdrawal and in such case, Galerie Arcimoldo 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 which have arisen, or loss of profit of Galerie Arcimboldo remains unaffected.
2. The official currency of the Auction is Czech crowns. At its discretion, during the auction, Galerie 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 Galerie Arcimboldo is not liable for the accuracy of such information. Galerie 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.
3. The buyer's commission including VAT is equal to 24% of the hammer price.
4. The payment of the Total Amount Due can be made:
(a) in cash (for amounts not exceeding CZK 250,000 );
(b) by bank transfer to the account of Galerie Arcimboldo, Raiffeisenbank, Prague 6, account number: 4310085001 / 5500 (IBAN CZ5555000000004310085001, SWIFT: RZBCCZPP);
(c) by Visa / Mastercard - an additional fee in the amount of 3% of the Total Amount Due will be charged.
5. All liabilities towards Galerie 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, Galerie Arcimboldo shall be entitled to a contractual penalty in the amount of 0.05 % of the Total due amount per day.
6. The conditions stipulated by these Auction Regulations will apply similarly to post-auction sale of the Auctioned Items.
7. 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.
8. 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 the insurance policy of Galerie Arcimboldo and that insurance coverage should be arranged at the Buyer's own expense.. Galerie Arcimboldo shall not be responsible for damage to Auctioned Items once the Auction is over.
V
Export Abroad
1. 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 Galerie 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. Galerie 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.
VI
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. Galerie Arcimboldo, the Seller and the Buyer or their representatives agree that any possible disputes arising hereunder shall fall under the jurisdiction of the competent courts of the Czech Republic, competent locally and materially according to the registered office of Galerie Arcimboldo.
Export Law
Export from the Czech Republic
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 Galerie 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. Galerie 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.
