Terms & Conditions
CONDITIONS OF SALE
participation in an Auction states the entire and unconditional acceptance of the Sale Conditions in this Catalogue. Bidders are required to read carefully the section of the Catalogue containing the purchase terms of the Lots
for sale by Gallery 74.
ESTIMATES
Except from Lot description in the Catalogue there is an indication of each estimate for potential buyers and purchasers. In each case, all the lots may achieve higher or lower prices than indicated estimates. The estimates in the auction catalogue may be subject to revision and do not include the buyers commission (buyer's premium) and VAT.
RESERVE
The reserve price corresponds to the minimum price agreed upon between Gallery 74 and the item seller, stating that the lot will not be sold for less.
VIEWING BEFORE THE AUCTION
Each sale has the item display period which is open, admission free, to the public. Opening times are shown in the first few pages of each catalogue. The viewing enables all potential buyers and Purchasers view and examinant the lots for sale and to verify all everything related to the lot, like authenticity, state of preservation, materials and provenance and more.
WATCH AND CLOCK SALES
The descriptions in the catalogues of watches and clocks as for preservation and/or restorations, are given only as guidelines to the prospective buyer, but under no circumstance be considered all-inclusive.
The condition reports which Gallery 74 may send on request of a prospective buyer, do not reflect as an outside expert description, and some restorations or imperfections may not be mentioned.
Condition Reports are an opinion given by our Experts and are purely subjective and do not constitute a guarantee that may substitute a direct examination by the prospective buyer.
Prospective buyers must personally inspect the condition of each lot in order to determine its effective state, both from the technical and the aesthetical points of view.
Lots are sold in their present state and the fact that an imperfection or a restoration is not mentioned does not imply that the imperfection or restoration does not exist. Watches, because of their mechanical and functional nature, are normally used and kept up and possibly repaired, in the course of their life, they are examined by the Experts of Gallery 74 prior to the sale, but Gallery 74 gives no guarantee that they are in
working order, free of repairs or in the presence of non-original parts.
Wristwatches in water-resistant cases sometimes are been opened to examine their movements: therefore, Gallery 74 suggests that such a watch Straps made of organic material are associated with the watch for display purposes only: potential buyers are aware that the importation to foreign countries of materials derived from endangered or otherwise protected species (for an example: tortoiseshell, ivory) are subject to CITES international rules.
Potential buyers should acquire the necessary information on such restrictions prior to their participation in the sale for lots containing, even though partially, materials falling under these rules.
Indications of weight, if included in the Condition Report, are to be considered gross and purely indicative, as are weights in carats of precious stones, indications of the nature of precious stones or other precious materials and measures of cases.
PAINTINGS PURCHASE
By participating in the auction, the buyer Unequivocal releases the Auction House from any liability and / or warranty regarding to the state of preservation of the frames of the works auctioned until the time of delivery to the buyer.
Particularly, the participant declares to be perfectly informed that the frame was neither an element for the formation of the price nor a decision-making element for the purchase, considering its presence, or its lack, irrelevant.
The Auction House will be responsible for the state of preservation of the frame only if it has provided, following a formal request, a condition report will be provided.
STATE OF PRESERVATION
The Lots are sold in their current state. We recommend, therefore, that potential buyers check the state of preservation of the Lots, as well as the type of lots being offered, before the Sale. The Experts of Gallery 74
will be happy to provide upon request reports on the state of preservation of the lots on sale. The descriptions in the Catalogues Basically represent the opinion of our Experts and may be subject to further revisions that will, in due course, be given to the public during the Auction.
PARTICIPATION IN AN AUCTION
Taking part in an auction may occur by means of the bidder being present in the Auction Room, or by means of written or telephone Bids that Gallery 74 will gladly carry out for potential buyers. This service is free of charge and, therefore, Gallery 74 bears no form of responsibility for this service. Gallery 74 will, therefore, not be responsible for any Bids inadvertently mislaid or for mistakes in relation to the latter. New buyers will have to provide sufficient bank references by means of a Presentation Letter supplied by the buyers bank to: Gallery 74 - 74 Ben Yehuda St. 63433 Tel Aviv, Israel
BIDDING IN PERSON
In order to bid in person, potential buyers have to register and collect a bidding number by filling out the Bidding Form and providing a valid document of identification and tax code number. All Lots sold will be invoiced to the name and address supplied when collecting the Bidding Number and they will not be able to be transferred to other names and/or addresses. Should a potential buyer wish to bid on behalf of a third party, s/he should inform Gallery 74 before the beginning of the Auction.
WRITTEN AND TELEPHONE BIDS
In order to bid by means of writing or telephone Bids potential buyers have to fill out the Bidding Form in this Catalogue and send it by fax to the number 972 5226802 at least Five hours before the beginning of the Auction. Bids must be in euro and do not include Auction commissions and charges and taxation as laid down by the Law. Written Bids are carried out on behalf of the Bidder at the lowest price possible in consideration of the reserve price and the other Bids offered. In the absence of a higher Bid, Telephone Bids are managed by Gallery 74 according to the availability of the telephone lines being used and exclusively for Lots that have a maximum Estimate of at least 500 euro.
Telephone calls during the Auction may be recorded. Potential buyers who bid by telephone consent to the recording of their conversations.
HAMMER PRICE
The Hammer Price indicates that a Sale of a Lot has been made and at that moment the Buyer is obliged to lot and responsible for the Lot. As well as the hammer price the obliged to lots buyer commissions (buyer's
premium) to be paid to Gallery 74 and the additionally taxes to be paid as laid down by the Law.
PAYMENT
Buyers have to carry out the payment for the Lots by 7 working days from the date of the Auction by means of:
Cash payment
Credit transfer to Ben Mordechai Pinchas:
ISRAEL DISCOUNT BANK LTD, Holon Branch No.49
IBAN - IL430110490000005313742
COLLECTION OF LOTS
Buyers must collect the Lot/s within 10 working days from the date of the Auction. At the end of this time, Gallery 74 will not be responsible for the Lot/s or for any damage that may occur
to the Lot/s if they will be removal to a different appropriate warehouse. Gallery 74 will charge the buyer with the costs of insurance and storage. When collecting the Lot/s, the buyer must provide Gallery 74 with a valid document of identity. If the buyer should request a Third Party to collect the Lot/s that is been paid for, the buyer must provide written permission signed and a photocopy of the Third Party document of identity. The Lot/s are given to the buyer or the Third Party only after the payment is approved. If purchased Lot/s are collected after the above-mentioned time limit, the Auction House may charge the
costs of storage (by month or part of a month) as follows
100 euro + VAT for Furniture
50 euro + VAT for Paintings
25 euro + VAT for Objects
THE SHIPPING OF LOTS
The Staff at Gallery 74 will be glad to ship purchased lots according to written instructions given by the buyer, following payment of the Lots concerned. Shipping will be at the risk and expense of the buyer, who by means of a written communication, will have to subtract Gallery 74 from any responsibility concerning such an operation.
Furthermore, our staff is available for evaluations and advice in relation to the shipping methods employed and insurance of the Lot/s.
NOTICE
Every lot with any electric equipment is sold as "not working" and it should be totally re-conditioned. Gallery 74 is not responsible for any incorrect, wrong use of sold lots or for any non-compliance with instructions.
The words "year" or the date, cited in the lots description indicates the period from when the said lot was first produced, unless otherwise specified.
The descriptive image in the catalogue might not faithfully represent the lots at auction. The Auction House always recommends directly viewing the lots before making any bids. In case it is not possible to directly view the lots in person, a bidder may request a condition report in order to receive additional and detailed images of the lot/s.
TERMINOLOGY AND DEFINITIONS
Affirmations concerning the Author, attribution, origin, period, provenance and conditions of the Lot/s in the Catalogue are to be considered as the personal opinion of the Experts who may have been consulted and do not necessarily represent fact.
The objects may be sold in Lots or individually according to the final opinion of Gallery 74 The Auctions will be held in premises that are open to the public by Gallery 74 which acts sometimes simply as AGENT in the name and interests of each seller. The sale directly concerns the buyers and the seller. Gallery 74does not assume any responsibility in relation to the buyer, the seller or any Third Party concerned.
The objects are sold to the highest bidder for cash. Should any disputes arise among more than one buyer, the Auctioneer (his/her decision is final) will put the object up for sale once more so it can be purchased again in the same Sale. In each case, the buyer who disputed the former Sale of the object in question are still bound by the initial Bid (which gave rise to the subsequent Sale of the object).
Should the subsequent purchase fall through once again the Auctioneer (his/ her decision is final) will decide which person may successfully purchase the Lot/s. Each transfer to Third Parties of the Lot/s purchased does not become the responsibility of Gallery 74 which considers the Purchaser as the sole person/s responsible for payment. Bidding at an Auction in the name of and for Third Parties may be accepted by Gallery 74 only after sufficient bank references as well as a power of attorney have been received by the Gallery 74 at least three days before the Auction.
Gallery 74 reserves the right to withdraw any Lot/s from the auction. The Auctioneer starts the auction beginning with the bid that s/he believes to be the most opportune, based upon both the value of the Lot/s as well as the competing Bids. The Auctioneer may make further bids or in response to other bids, until the reserve price is reached. The Auctioneer, during the auction, may group together or separate Lot/s and vary the order of the Sale. The Auctioneer may, and his/her decision is final - withdraw Lot/s that do not reach the reserve price agreed upon between Gallery 74 and the Seller.
In addition to the hammer price, the buyers agrees to pay to Gallery 74 a buyer's premium on the hammer price of each lot sold, V.A.T. included On all lots we charge:
24% of the hammer price up to and including € 5.000
22% on that part of the hammer price over € 5.001 and up to and including € 500.000
For those lots being temporarily imported and coming from non-EU States, apart from the above-mentioned detractions, the buyers - if resident in an EU member-State - will pay all other subsequent taxes, as well as refund all expenses required to transform the temporary import status of the object/s to a status that is permanent (the objects are indicated by the sign **). If the Seller is in possession of a VAT number the Purchaser will also pay all subsequent taxes (the objects are indicated with a °°)
In order to guarantee the highest levels of transparency during the auction for all those who intend to make Bids, prospective bidders are required to fill out a participation form with personal information and bank details. Gallery 74 reserves the right to make checks on the details/references provided and to refuse those who might not be welcome. Upon completion of the form, Gallery 74 will supply a numbered identification paddle which will have to
be shown to the auctioneer in order to proceed with bidding.
Gallery 74 may accept absentee (by written or by telephone bids) that will be undertaken by the Auctioneer, in direct competition with those present in the auction room. Should there be a case of identical bids, the written Bid will prevail upon the room bid.
Should there be two written bids that are not beaten by bids made in the auction room or telephone bids, Gallery 74 will consider the Purchaser to be the one who made the bid first. Gallery 74 reserves the right to refuse, its decision is final!! Bids made by buyers who are not known or welcome.
Gallery 74 may, however, partially in reference to the above-mentioned, accept bids if there is a guaranteed sum deposited equal to the value of the Lot that is requested, apart from commissions (buyer's premium), taxes and expenses.
In each case, at the moment of Purchase, the buyer will immediately inform Gallery 74 of his/her personal information and taxation details.
Gallery 74 acts exclusively as the agent for the sellers and bears no responsibility in terms of descriptions of the objects in the catalogues or in any other illustrated publication. All the descriptions of objects are intended purely as illustrative and indicative. They may not generate any form of reliance as far as the buyer is concerned. The Auction will be preceded by a public viewing of the objects in order to allow for a careful examination of the objects on behalf of aspiring Bidders. In this way, potential buyers will have the opportunity to and be responsible for a complete examination of all the qualities of the object/s in question: for example, the authenticity, the state of preservation, the type, the material and the provenance of the objects being auctioned. Following the Purchase, no one will be able to dispute or to criticize Gallery 74 or the Sellers for the lack of any form of quality in reference to the object being auctioned. Gallery 74 and its employees/consultants will issue no guarantee of authenticity. All those indications relative to the carats and the weight of metals or precious stones, as well as their relative marks, are merely indicative. Gallery 74 is not responsible for any potential errors or falsifications or any potential reference to descriptions by experts, external to the Gallery 74 does not either guarantee the accuracy or the authenticity of such comments.
The Estimates regarding to the initial sale price, indicated beneath the description of each object in the Catalogue, are intended as net amount and do not include, for example, the commissions (buyer's premium), taxes etc.
Since the printing time employed for the making of the Catalogue requires price estimates in advance, these latter may be subject to change, as may also the description of the object. Each and every change will be communicated to the Auctioneer before the beginning of the auction in relation to each object concerned.
The Lot/s will, however, only be sold upon reaching the reserve price.
The entire payment of the hammer price, the commissions that applied (buyer's premium) as well as all other expenses must be paid for within ten working days of the auction date, in the currency that Gallery 74 Updated in advance. In the case of lack of due payment, after full compensation of damages made to Gallery 74, the company may:
return the object to the seller and demand full payment from the buyer of the due commissions/premium;
undertake action in order to forcefully obtain the obligations of purchase; sell the Lot/s privately or in subsequent Auctions, to the disadvantage of the original buyer, treating any sums paid by the latter as a form of sanction.
If the Lot/s is kept by Gallery 74 this will be at the risk and expense of the buyer and the original seller. In each case, until the sale or return dates the buyer will pay Gallery 74 a sum - in the form of a sanction - to be calculated on the basis of the hammer price plus all taxes and commissions at a rate of 25%. This sum must be paid from the 11th day following the Auction.
The buyer, after having paid all the due amount, must collect the lot/s acquired within 10 working days of the auction date, at his/her own risk and expense, in full consideration of the opening hours of Gallery 74.
Should the buyer not collect the Lot/s during the above-mentioned times
Gallery 74 will keep them at the risk and expense of the buyer in the Auction house for a further five working days Once this period has passed, Gallery 74 will remove the object/s (at the Purchaser's own risk and expense)
to the storage space deemed most appropriate by the Gallery 74.
Gallery 74 will inform the buyer of the place where the object/s are being storage.
Let it be absolutely understood, that in order to collect the object/s the buyer will have to pay, apart from the price plus commissions (buyer's premium), any refund due to subsequent expenses incurred by Gallery 74.
In each case, Gallery 74 may agree with the buyers upon different forms of payment, storage, private sale, insurance of the object/s and/or granting of any other service requested in order to achieve the most successful results possible.
All parties has to respect the current laws within the state where the auction is held. In particular, Gallery 74 assumes no responsibility in relation to potential restrictions concerning the export of purchased objects and/or in relation to licenses or permits that the buyers might have to request on the basis of current Laws. The buyer will not be able to request any refund either from the seller or from Gallery 74 should the State exercise its right to pre-emption or any other right it may possess.
The rights that have matured in relation to the hammer price of a sale that has been annulled on account of it not receiving authorization for export due to the lack of agreement of the cultural authorities concerned are, nevertheless, to be paid by the vendor to Gallery 74 if permission was not given because the vendor did not previously inform Gallery 74 of the existence of authorization (for export) given by the relevant authority upon the request of the vendor him/herself.
In the case of disputes that are revealed to be well-founded and accepted by Gallery 74 subsequent to the sale of false objects, Gallery 74 may, at its own discretion, declare the sale null and void and, if requested,
reveal the name of the seller to the buyer. The buyer may make use of this article only and exclusively in the case that s/he has notified
Gallery 74 and following in the Code of Civil Procedure - of the dispute in question with the relative proof within fifteen days of the Auction date. In each case, subsequent to an accepted claim the buyer has the right to receive exclusively what was paid as the disputed hammer price without the addition of interests or other sums for any other reason.
The current sale conditions are accepted automatically upon signing the form, and by all those individuals who take part in the Sale.
The abovementioned conditions are at the disposal of any individual who requests to see them.
Any case of controversy is within the jurisdiction of the Israel Law Courts.
