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Terms & Conditions
Exclusive art and jewellery auction
registered in the Commercial Register maintained by the Municipal Court in Prague, Section C, File No. C 359878
Registered office: Za Panskou zahradou 409, 250 82, Horoušany
I. Introductory provisions
1. These Auction Rules of Artbankers s.r.o. regulate the rules of participation in and conduct of the electronic auction selected by the bidder on the auction portals lot-tissimo.com and the-saleroom.com organised by Artbankers s.r.o. These Auction Rules apply only to electronic auctions organized by Artbankers s.r.o. and are governed by § 1746, paragraph 2 of Act No. 89/2012 Coll., Civil Code, as amended.
2. The provisions of the legal regulations governing public auctions pursuant to Act No. 26/2000 Coll., on Public Auctions, as amended, do not apply to the electronic auction.
3. For the purposes of these Auction Regulations, the auctioneer is Artbankers s.r.o., registered in the Commercial Register maintained by the Municipal Court in Prague, Section C, File No. C 359878, with registered office at: Za Panskou zahradou 409, 250 82, Horoušany, ID No.: 14066521 hereinafter referred to as "ARTB".
4. These Auction Rules are binding for all participants in the auction and persons participating in the auction are obliged to comply with them.
II. Auction items
1. The time auction is mediated via the servers lot-tissimo.com and the-saleroom.com. The items included in the auction are marked with numbers indicating their order in the auction, described and published on lot-tissimo.com and the-saleroom.com, indicating the starting price and, where applicable, the estimate price. The starting prices of the auction lots are exclusive of the auction surcharge and VAT.
2. All information on auction lots in the online auction catalogue is given to the best of the knowledge and conscience of the experts, after consultation with experts in the field and taking into account their auction history and information from the sellers. The information in the auction catalogue is presented with the aim of informing prospective buyers as objectively as possible. This information is the result of careful investigations, but the accuracy of this information cannot be guaranteed due to the nature, characteristics and character of the items (auction lots). Each bidder is obliged to properly acquaint themselves with the condition of each auction lot prior to the auction and it is therefore entirely up to the bidder to decide whether they wish to participate in the auction afterwards. The bidder (i.e. the auction participant) is entitled to professionally assess the offered item according to his/her experience and knowledge personally, or he/she is entitled to invite his/her own independent consultant-expert to inspect the item or to request by email detailed photographs of the specific auction item and a detailed report on its condition. If he chooses to participate in the auction, this expression of intent shall be deemed to be a confirmation of the fact that he has properly acquainted himself with the auction items prior to the auction of the individual lots and is thus aware of their condition, age, characteristics and nature. The bidder thus declares that he cannot be misled.
3. ARTB expressly informs the bidders that it is offering, among other things, second-hand items in a condition that corresponds to the time of their creation (age) and the degree of wear and tear.
For art objects, only defects and damages that affect their artistic value are indicated. These items may be non-functional, restored, damaged, etc., which is already taken into account in the valuation of the auction item. Objects of a technical nature, such as watches, are sold without any guarantee of their functionality, due to the fact that they are second-hand objects, which cannot be guaranteed to be functional by virtue of their age, wear, characteristics and nature, as already mentioned above.
4. The Bidder has the opportunity to physically inspect the auction items at the ARTB office between the publication and the end of the auction, always by prior arrangement, at a pre-arranged time by calling +420605236812 or emailing email@example.com.
In case the bidder is not able to use the physical inspection of the offered items, he/she can view the auction items on the web site lot-tissimo.com and the-saleroom.com, where they are photographed and described, or request by email the sending of detailed photographs of a particular auction item and a detailed report on its condition. ARTB is not responsible for any color variations in the auction items photographed.
5. Complaints regarding the price, quality, condition or functionality of auction items are excluded after the auction, i.e. ARTB is not obliged to resolve them, except for the resolution of defects described in Article VII of these Auction Regulations. For this reason, the Auctioneer is obliged to thoroughly inspect the Auction Items and their condition in the manner described in paragraph 4 of this Article.
6. Items marked with an asterisk with the letters (*KP) have been declared by the State as a cultural monument and are subject to the regime of Act No. 20/1987 Coll., on State Heritage Protection, as amended and as amended by the implementing regulations. The export of all objects of cultural value is subject to a special regime under Act No 71/1994 Coll., on the sale and export of objects of cultural value, as amended and as amended by the implementing regulations. ARTB is not authorized to make any representation or warranty as to whether an auction item of cultural property is subject to export restrictions.
7. ARTB expressly represents that it shall not be liable for any damages, lost profits or any other claims arising in connection with the export or import of the Auction Items to the Auctioneer, the Seller or anyone else.
8. ARTB reserves the right to withdraw a bid item from the auction sale at any time or may sell it to a direct bidder.
III. Auction participants
1. Only persons over the age of 18 who are legally competent and who comply with these Auction Rules may participate in the Auction. Only clients of ARTB and other persons registered as participants in the Auction with prior consent may participate in the Auction.
2. Registration is free and non-binding and the person completing the registration is not obliged to participate in the Auction. However, the registration information must be truthful in order to comply with the conditions for participation in the Auction.
IV. Rules and conduct of the auction
1. The auction shall commence at a predetermined time, always from the publication of the bid for the auction item. The start of the auction is on the date and time indicated for each bid on the lot-tissimo.com and the-saleroom.com websites.
2. The auction is conducted in EUR. Bidders may make binding bids for the auction item (so-called "bids"). By submitting a bid, the bidder is irrevocably bound and by this act confirms that he/she has duly acquainted himself/herself with the auction item and its description and will purchase the auction item for the given amount. The auction of the lot takes place if the bidders bid.
3. The minimum bid amounts set are:
EUR 50 if the spot auction price is less than EUR 1 000
EUR 100 if the immediate auction price is at least EUR 1 000 and less than EUR 2 000
EUR 200 if the spot auction price is at least EUR 2 000 and less than EUR 5 000
EUR 500 if the spot auction price is at least EUR 5 000 and less than EUR 20 000
EUR 1 000 if the spot auction price is at least EUR 20 000 and less than EUR 50 000
EUR 2 000 if the spot auction price is EUR 50 000 or more.
Only the auction administrator may make adjustments to the bid and the order of the bids according to the current situation. If no bid is made, the auction item will be marked as unsold. If bidders make bids, the auction lot will be sold to the highest bidder.
V. Acceptance of the highest bid, purchase price and payment terms
1. The highest bid made by a bidder shall be deemed to be the price of the auction item. This price may not be subsequently reduced.
2. The bidder who has made the highest bid for the price of the auction item and has thus won the auction is the auctioneer (hereinafter referred to as the "Auctioneer"). The Auctioneer acknowledges and agrees that ARTB shall charge an auction commission of 23% of the price of the auction item, excluding VAT, in addition to the price of the auction item and, in the case of auction items subject to the conditions for payment of royalties pursuant to Act No. 121/2000 Coll. , on copyright, on rights related to copyright and on amendments to certain acts (Copyright Act) + 4% of the part of the purchase price. The auctioneer is obliged to pay this auction commission together with the price of the auction item.
3. The payment of the purchase price, which means the payment of the price of the auction item, including the auction commission, may only be made by bank transfer to ARTB's account with Komerční banka a. s., account number: 123-5958080267/0100, IBAN: CZ90010000012359580267, SWIFT code: KOMBCZPPXXX.
4. No later than 5 calendar days from the end of the auction, ARTB will send the Bidder an email confirmation that his bid was the highest. ARTB shall send the Bidder a tax receipt with payment details for the payment of the auctioned item as an attachment to this message.
5. The Bidder is obliged to pay the auctioned item in full, including the auction commission, VAT and, if applicable, the royalty, within 10 calendar days of receipt of the tax document with payment details.
6. If the Bidder fails to pay the item in full including the auction commission within 10 calendar days from the date of sending the tax document, the Bidder will be permanently excluded from the ARTB Auctioneer list. ARTB shall have the right to recover damages, reasonable costs and lost profits from the Bidder. An Bidder so excluded shall not be entitled to be re-registered, even under a different ID, nor shall he/she be permitted to ask another person to register and bid on his/her behalf, where such person would be equally excluded from the auctioneer group as the defaulting or defective auctioneer (for whom such person is acting). Such conduct could be considered fraudulent with all the legal consequences that entails. Items from the auction not properly paid for and accepted in a timely manner may be returned to the auction by ARTB or sold to other bidders or prospective bidders, i.e., the original auction may be deemed to have been absolutely ruined. In the event of such a breach of the auction conditions, the Bidder shall be liable to reimburse ARTB for damages, costs reasonably incurred and lost profits (in particular, the difference in price between the price at which the item was first auctioned and the price at which the item was auctioned after it was reinstated or sold to other bidders or prospective bidders), including any court costs, legal costs, etc.
VI. Acquisition of ownership and handover of the auction item
1. If the Bidder has paid the agreed purchase price in full within the stipulated time limit, the ownership of the auction item shall pass to the Bidder at the moment of such payment. The risk of damage, destruction, loss, accidental destruction or accidental deterioration of the object of purchase shall pass to the Bidder at the moment of handing over the auction item to the Bidder, his agent or a carrier, which the Bidder has arranged at his own expense for the transport of the auction item to the place specified by the Auctioneer or recommended by ARTB.
2. The Auction Items will be delivered to the Bidder only after the purchase price for the Auction Items has been paid in full to ARTB. The Bidder will receive proof of payment of the purchase price from ARTB.
3. ARTB does not provide transportation of auction items within the Czech Republic or abroad. The Bidder may use the services of specialized shipping companies for transportation. ARTB will, upon request, provide the Bidder with the contact details of a suitable shipping company. However, the Bidder is responsible for all costs associated with the transport of the Auction Item. ARTB may, in agreement with the Bidder, arrange for reasonably suitable packaging of the Auction Item at its own expense. In the event that the Auctioned Item is shipped outside the Czech Republic, ARTB shall assist the Bidder in securing the documents necessary for the export of the Auctioned Item outside the Czech Republic. ARTB advises the Bidder that the competent authorities of the Czech Republic may not permit the export of a particular artwork outside the Czech Republic. The risk of damage to the auction item passes to the Bidder upon the handover of the item to the selected external carrier who arranges for the transport of the auction item to the place designated by the Bidder.
VII. Claims for auction items
1. The buyer (Bidder) is entitled to claim the auction items only and exclusively. The Bidder may withdraw from the purchase of an auction item if, within 20 calendar days of the date of the tax receipt for the payment of the auction item, he delivers to ARTB a written expert opinion from a competent forensic expert in the relevant field identifying the auction item as a counterfeit (forgery) and confirming in a further expert opinion commissioned by ARTB that the auction item is indeed a forgery. The auction item must be returned to ARTB in the condition it was in at the time of the auction. In the event of any damage to the auction item, no claim is possible. Only after the ARTB has accepted the claim and returned the auction item, ARTB will pay the Bidder the full purchase price paid for the auction item. The ARTB is not obliged to deal with claims made after the expiry of 20 calendar days from the date of the auction.
2. The Bidder expressly agrees that ARTB shall be liable to the Bidder for damages up to a maximum of the purchase price paid for the auction item. ARTB shall not be liable for damages, lost profits or any other claims that may arise in connection with the purchase of the Auction Item.
3. If the original owner (claimant) of an auction item conceals a defect in the auction item from ARTB (in particular the fact that it is a fake) or is unaware of such a defect in the auction item, which is only discovered after the auction, the claimant shall be liable in full.
VIII. Meaning of terms in the online auction catalogue
In the opinion of our experts, the terms used in the description of auction items have the following meanings:
- signed - signed by the artist's hand;
- attributed - probably, but not necessarily, an authentic work of the artist; it is not possible to claim authorship of the work;
- marked - possibly described by someone else's hand, no claim to authorship of the work can be made;
- workshop/studio - work probably created in a workshop, i.e. in the artist's immediate surroundings, no claim for authorship of the work can be made;
- school - a work created in the temporal and stylistic proximity of the artist or a regional group of artists, no claim for authorship of the work can be made;
- circle - a work created within the artist's wide circle of influence, no claim to authorship of the work may be asserted;
- follower - a work created in the style of or after the artist, but usually later, no claim to authorship of the work can be made;
IX. Final provisions
The purchase of the auction item at the auction and the legal relations connected with it shall be governed by Czech law.
Any disputes arising from the auction shall be settled by the court at the registered office of ARTB.