Conditions of Sale and Terms of Guarante
1. The Auction House has produced this catalogue (below:" The Catalogue"), listing the art objects offered for sale, in their order of appearance at the auction. This Catalogue contains a description and photograph of each item and two price estimates which, in the Auction House's opinion, are the range of valuation of the item. All of the items included in the auction are subject to a reserve price. The reserve price is the confidential minimum price agreed upon between the auction house and the consigner. The reserve price will not exceed the lower estimate.
2. The buyer's registration to participate in the auction constitutes confirmation that the buyer has read the conditions of this document and has agreed to them.
3. Before making a decision to purchase any item in the Catalogue, the buyer must carry out an independent examination of all the details concerning the item, its origin, condition, nature and value and any other detail relevant to the decision concerning the purchase of the item.
4. Participation in the auction is conditional upon receiving an auction paddle from the Auction House.
5. A buyer who wishes to participate in the auction by telephone and/or by means of an authorized representative on his behalf must contact the Auction House at least 24 hours before the auction and arrange the manner of participation in the auction and signature of the required forms.
6. A buyer who wishes to purchase an item without being present at the auction and/or participate on the telephone must complete and sign a bid form and deliver it to the Auction House before the day of the auction. Delivery of the bid form signed by the buyer shall be regarded as the buyer's bid within the framework of the auction.
7. The auction shall be conducted by the auctioneer appointed by the Auction House.
8. The auctioneer may at any time add or remove an item from the auction and/or update the details concerning an item. All the updates shall be publicized on the day of the auction.
9. At the auctioneer's strike of the hammer and declaration of the winning bid, the buyer whose bid has been declared the winner shall be regarded as having purchased the item at the price declared by the auctioneer (below: "the Winning Buyer" and "the Purchase Price").
10. The Winning Buyer shall pay the Auction House the Purchase Price and in addition to the Purchase Price the Winning Buyer shall also pay the Auction House commission in the amount of 20% + value-added tax (VAT) on the commission only, not later then 5 business days from the day of the declaration of the buyer's bid as the winning bid.
11. An item which appears in the Catalogue and is marked is an item which arrived from overseas for the auction. The tax laws of Israel apply to such an item, which means the Winning Buyer shall have to pay value added tax on the purchase price and on the Auction House's commission.
12. Any item which is purchased by a non Israeli (overseas) resident and the consideration for is paid in foreign currency, and is taken out of Israel's borders, is exempt from payment of value-added tax.
13. Payment shall be made to the Auction House in New Israeli Shekels according to the representative rate of exchange of the dollar known on the day of payment, but not less than the representative rate of exchange of the dollar which was known on the day of the auction, or alternatively in US dollars. Credit card payments will be charged an addition of 2.5% on total payment.
14. Delay in making payment shall oblige the winning buyer to pay interest at the rate of 2% per month, as well as linkage differentials to the rate of the dollar until the day of actual payment, without derogating from any right and/or relief available to the Auction House against the Winning Buyer because of delay in payment, which shall be regarded as material breach of the Winning Buyer's obligations. In the event the Winning Buyer has not yet fulfilled his obligations entirely within 14 days from the day of the auction, the Auction House shall be entitled to sell the item to another buyer or return it to its owner, without derogating from any relief and/or right available to the Auction House due to the damage caused by the breach of the buyer's obligations.
15. The Winning Buyer shall be obliged to take possession of the item from the Auction House not later then 7 days from the day of the auction, and on condition that he has paid the full consideration as detailed above. Delay in taking the item shall render the Winning Buyer liable for storage and insurance fees.
16. The Buyer must verify the authenticity of the item independently, and if he has proof that the item is a fake, he must furnish the Auction House with it within 14 days from the day of the auction and must at the same time return the item intact and in good order to the Auction House. If the buyer's allegation is proved to the satisfaction of the Auction House and he has returned the item as stated above, he shall be entitled to receive back the consideration which he paid and any claims and/or demands by the buyer against the Auction House in this matter shall thereby be settled in a final and absolute manner. It has been made clear to the buyer and it is his duty to carry out the examination and to furnish proof of lack of authenticity at the time specified in this clause, as after such time the consideration shall be transferred to the seller and the Auction House cannot guarantee its return to the buyer.
17. The court in Tel Aviv shall have exclusive jurisdiction to adjudicate any claims regarding this agreement.
Tax
OVERALL RULES AND REGULATIONS FOR THE AUCTION
Article1.
The Auction Room is a Trading Centre, dedicated to the sale under the hammer, subsequent to a prior voluntary auction, of the goods, artistic objects and items of a similar nature which have been entrusted to it to that end. Consequently, the Auction Room acts as mediator between the owner and/or seller of each lot, acting on behalf of said person, and potential purchasers.
Article 2.
The objects or works of art to be auctioned will be placed on show, at least six days prior to the Sale, in the premises of the Auction House to enable potential buyers to carry out a complete inspection and appraisal of the same. In accordance with international practice, the catalogued objects are sold with all their possible faults and imperfections.
Article 3.
All information contained in the catalogue with reference to the author, the authenticity of the piece, its origin, antiquity, provenance and the condition of the lot, is drawn up by the Auction Room after a thorough examination and the use of expert advice or, on the other hand, using the information provided by the seller. Nevertheless, no responsibility whatsoever is accepted for its accuracy and/or veracity.
Article 4.
The Auction Room reserves the right to reorganise, change or divide the lots, in accordance with its reasoned, expert criterion; it may, in like manner, combine two or more lots, and/or withdraw lots for justifiable reasons.
Article 5
A. All persons wishing to take part in the Auction should establish their legal status in the Auction Room, by filling in a Buyer's Card and producing an original Identity Document; thereafter, they will be given a "Buyer's Number" which will be their identification throughout the auction.
B. Acceptance of Offers during the Viewing.
All pieces on show are identified by the individual Lot Number and Starting Price.
To make a bid during the viewing period, a "Bidding Card", containing the Buyer's Number and personal details, the lot(s) for which an offer is being made and the price(s) offered for the same, must be completed; said card shall be given to the Room personnel.
C. Auction.
On the stipulated day, the Auction Room will proceed with an auction based on the show of hands for all the lots on show, with the exception of any items which have been withdrawn. The lots for which offers have been made will open at the highest recorded price and those for which there has been no activity will begin at their starting price. Any person with a Buyer's Number and present in the Hall may participate in the auction. Ultimately, the lot will be sold to the highest bid received.
The Auction Room reserves the right to act on behalf of those bidders who have made written offers for different lots during the viewing in the course the auction itself.
In the case of disagreement between two or more bidders about the value which has constituted the highest bid, the Chief Auctioneer, at his or her sole discretion, will have the power to adjudicate the lot to whomsoever he/she deems appropriate or to decide to repeat the auction for the lot in dispute, either during the same session or at the next planned auction.
Article 6.
The "knockdown" price (or price under the hammer) will be increased by 20% (VAT included) to cover the auction fees. Internet live bidding will have a 3% increase over the BY. The amounts corresponding to packaging costs, insurance, transport and storage of the objects or works, as accrued after the completion of the Sale, shall be satisfied and covered separately to the Auction Room by the final purchaser. Notwithstanding the above, the sale of a lot shall be abrogated and its price repaid to the buyer, under the auspices of the Auction Room and once the seller has made prior restitution, if the former advises the Auction House, in writing within the ten (10) days following the holding of the auction, that the lot is a deliberate forgery and provides irrefutable proof of the same. The amount the buyer may demand shall be limited to the exact amount paid for the lot and may not be extended to include any damages, losses or costs suffered and/or incurred.
Article 7.
Bids shall be established and/or increased as follows:-
From 5€ up to 100€ 5€
from 101€ up to 250€ 10€
from 251€ up to 500€ 25€
from 501€ up to 1,000€ 50€
from 1,001€ up to 3,000€ 100€
from 3,001€ up to 5,000€ 250€
from 5,001€ up to 10,000€ 500€
from 10,001€ up to 25,000€ 1,000€
from 25,001€ up to 50,000€ 2,500€
50,001 € and over as determined by the auctioneer.
Article 8.
The acceptance of offers made by telephone, e-mail, fax and in writing will close at 13:30 h. on the day of the Auction.
The Room may make bids, making them public in the act and depending on the circumstances of each auction, using the offers from bidders made by telephone, e-mail, fax and in writing.
All lots will be sold at the lowest price permissible, depending on the value of the other bids. If more than one offer showing the same value is received in writing for a specific lot, it will be adjudicated to the first offer received by the Auction House.
Article 9.
Sold lots must be paid for and taken away by the buyer within a maximum of five (5) days from the celebration of the auction, with all transport, storage and insurance costs being for the account of the buyer.
Article 10.
Should any dispute arise between any of the parties during and/or after the celebration of the auction, the depositor/seller, the buyer/purchaser and the Auction Room itself shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled.
In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.
Article 11.
The Auction Room reserves the right of admission to its premises and halls and at the same time reserves the right to bar the entrance of any specific person to any of its auctions. The use of these rights is at the sole discretion of the Auction Room.
Article 12.
Both the seller and the buyer are obliged to comply with the terms of the Law for Intellectual Property, which establishes the right of the artist/artiste and his/her heirs for a period of 70 years, effective from the 1st of January following the death of the artist/artiste should that be the case, to receive 4% of the value at which the transaction has been closed from the buyer, always assuming that the price under the hammer has been in excess of 1,200 Euros. The Auction Room, with a view to ensuring compliance with said obligations, will execute the corresponding retention from the buyer's funds and will satisfy the rights of the artist/artiste, his/her heirs or accredited representatives. Should any dispute arise between any of the parties during and/or after the celebration of the auction in this specific respect, the depositor/seller, the buyer/purchaser and the Auction Room itself, shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled. In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.
Article 13.
Terminology used in the catalogue:-
Circa: approximately the year stated;
Style: corresponding to the Style mentioned, not to the Period;
Period: corresponding to the Period mentioned;
Period y Style: corresponding the Period of the Style mentioned;
Bid: "Bid" is understood to mean each additional increase, based on the different offers, which affects the price of the lot which is being auctioned. Bids will be based on the starting price.
Bidder: any person who offers a price for a piece at auction.
Sale: transfer of the property in a lot or lots by means of a bid at auction to a bidder/buyer.
Participation in the auctions organised by Bonanova Auctions implies the acceptance of the above mentioned Terms and Conditions.
