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Conditions of sale
2 The Auctions House publishes a catalogue of the lots to be auctioned. All the lots are exhibited for inspection prior to the sale. Descriptions and illustrations in the catalogue are for identification only. Buyers shall satisfy themselves prior to the sale as to the order and condition of each lot and shall rely on their own judgement as to whether the lot accords with its own description. The catalogues of the Auctions House are available at the exhibition and at the scene of the auction during the sale. The Auctions House reserves the right to ignore the auctioning of certain lots published in the catalogue. 3 It is only possible to participate the bidding with a numbered bidding paddle. The bidding paddles shall be registered by name and address preceding the auction. The buyers acknowledge to accept the conditions of sale with their receiving the bidding paddle. 4 The lots called up are presented in succession in the catalogue. The auctioneer announces the catalogue number and the starting price of the lot and buyers indicate their wish to bid by raising their numbered bidding paddle. In case of more than one bidder, ther auctioneer raises the price according to the bidding steps until only one bidder remains. The highest bidder acknowledged by the auctioneer shall be the buyer at the hammer price thus getting the right to purchase the lot. The lots are not allowed to purchase under the starting price. 5 The first offer is the amount of the starting price, and all the further offers mean the amount increased by the last offer. 6 The bid item may be reauctioned provided that the identity of the buyer is impossible to establish. Unsold lots may be reauctioned at the end of the sale upon request. 7 The possession of the bought item can be handed over to the buyer on condition that the total purchase price is fully paid up and the bought item is handed over to the buyer. 8 The purchase price is composed of the amounts of the hammer price, the agency fee, the royalty and the cultural tax. 9 The buyer shall pay the purchase price in cash immediately after the sale or pay at least 20% of the purchase price in deposit. Credit cards are subjected to a 3% commission. If the the total purchase price is fully paid up at the sale, the bought item is handed over to the buyer. 10 The Auctions House allows a 7 day grace period to pay the residual amount after the deposit has been provided. (Address: H-1055 Budapest, Szent István krt.No.5.) In such cases the buyer may only enter into possession of the item when the full purchase price has been paid up within 7 days from the auction. The amount of the deposit will be included in the purchase price if the said timeline has been observed. 11 The Auctions House reserves the right to consider the bid of the purchaser null and void and keep the deposit if the buyer fails to take over the item within the timeline hereunder. 12 The buyer shall pay an agency fee which is 20% of the hammer price. 13 The buyer shall transport the item purchased at his own risk and cost immediately after the purchase price has been paid. Failure to do so will release the Auctions House who will not be liable for any loss or damage. Further, the Auctions House will charge a monthly 5% storage fee after the 20th day from the auction. If the buyer fails to take away the goods within 6 months from the auction, the Auctions House will call on the buyer to do so. In case of non-compliance the Auctions House will be free to sell the item, deduct its costs and expenses and keep the residual amount to and for the benefit of buyer. 14 No item marked "VÉDETT" (protected) or NO EXPORT may be taken outside of Hungary for ever (2001./ LXIV. /§59./1./b.). Owners of protected lots will be registered by the Kulturális Örökségvédelmi Hivatal. In case of any change in ownership, the Office must be notified immediately (2001./ LXIV. /§59./3.) If the sold item is exported a certain amount will be charged for the export licence. That is why you are kindly requested to notify the Auctions House about your request for export licence. The rules of the export of cultural goods are determined in the law 2001./LXIV. Cultural. Cultural good are allowed to be taken outside Hungary for ever with the permission of the Kulturális Örökségvédelmi Hivatal. A professional shipping company co-operating with the Kieselbach Gallery can be commissioned to take the cultural goods abroad (including getting permissions, wrapping, customs, shipping) either the ones with permission, or the ones that do not need permission. 15 For absentee bids the Auctions House may be commissioned by the buyer to bid on his /her behalf. You may submit your bid personally in the Kieselbach Gallery from 10 a.m. to 6 p.m. every day before the auction. If it is not possible, for a satisfactory service it is strongly recommended that you submit your bids at least 24 hours prior to auction. Please fax us at: +36-1-2692219. An advance payment of 20% of the bid shall be transferred which will be refunded if the bid fails to succeed. If the bid succeeds the advance payment will wholly be accepted as a deposit. If a third party gives a higher bid for the same lot, or the bidders at the auction bid higher, the absentee bidder’s advance payment will be refunded without eny deduction. You may also bid over the phone, which requires that a bank guarantee be attached. In case of identical bids the earlier will take precedence. You are kindly requested to transfer the amount of your absentee bids to our bank account Nr.: 12001008-00214850-00100003 / IBAN HU05120010080021485000100003 kept with S. W. I. F. T.: UBRTHUHB Raiffeisen Bank Rt. (Address: Hungary 1054 Budapest Akadémia u. 6.) In case of transferring please indicate the amount in HUF in order to avoid changing rate differences. 16 As the purchase price is on the basis of the bids offered publicly, the Auctions House will not bear any liability in respect of the purchase price paid. The Auctions House may not be compelled to reoffer the same item at the same price at a later time. All items are sold without any guarantee at the condition they are in at the time of the sale with the defects and imperfections they may have. The starting price published in the catalogue does not contain any costs. In case the identity of the buyer and the vendor is the same, the contract of the sale shall not be concluded. However, the bidder shall pay agency fee determined above. The Kieselbach Gallery Trade Ltd. does guarantee the genuinness of all the items at the auction. The Auctions House will not accept any complaints after the lot has been knocked down unless the item is not genuine despite being so marked in the catalogue. In such case the buyer may contest the sale in writing within three months of his/her initial doubt to the provenance or the genuinness of the item, but no later than five years from the date of the auction. The Auctions House undertakes to re-purchase the item from the buyer for a price including the hammer price and the agency fee if an independent expert establishes that the item is not genuine. The Auctions House will not bear any liability in respect of the offered price of the vendor and the purchase price paid. The Auctions House may not be compelled to reoffer the same item at the same price or market it at any time. The EUR exchange rate indicated in the catalogue is for information only. The basis of the account shall always be the exchange rate at the date of the payment of the purchase price. These Conditions of Business and all aspects of all matters, transactions or disputes to which they relate or apply shall be governed by and interpreted in accordance with the Civil Law of Hungary. Bidders and Sellers agree that the Metropolitan Court of Budapest is to have jurisdiction to settle all disputes arising in connection with all aspects of all matters or transactions to which these conditions of Business relate or apply. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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