Polish Fine Art Auction

GENERAL CONDITIONS a. Pi?kna Gallery Auction House is the sole operator of the auction under Very Good Idea Sp. z o.o., Pi?kna St., 00-547 Warszawa, NIP 5252611958. b. The lots are works of art and handicraft provided by the clients and owned by the Auction House. TERMS AND CONDITIONS OF BIDDING a. The Company acts as an Agent only in respect of lots delivered for the purpose of sale and herein shall be known as the ?Auctioneer? who establishes bid increments. b. Minimum bid is usually the smallest opening bid that will be accepted. c. Some lots have a Reserve Price. A Reserve Price is a minimum price that the Consignor is willing to accept for the lot. If the Reserve Price has not been met, Auction House will advise the Bidder if Consignor agreed on the price within 5 days. If the Consignor doesn?t agree, the highest Bidder has priority to purchase the lot at a price equal to the Consignor minimum price. d. Auction ends at the fall of the hammer. Any dispute shall be settled by the Auctioneer. e. The highest Bidder becomes the Purchaser if the winning bid is higher than minimum bid and Reserve Price has been met. It results in binding purchase/sale contract. JOINING THE AUCTION a. All Bidders are required to register for the auction. It can be done in person in the Auction House prior to the auction, online or by telephone 24 hours before the auction. b. If using online option, make sure that Pi?kna Gallery Auction House has received the registration. c. All Bidders are required to provide Government Issued Photo ID. Auction House does not issue bid bonds. HOW TO BID a. Bid in person ? in Pi?kna Gallery Auction House ? 28/34 Pi?kna St., 00-547 Warszawa. b. By absentee bid ? state your maximum bid and Pi?kna Gallery Auction House member will bid on the item for you. c. By telephone ? Pi?kna Gallery Auction House member will call you from the saleroom and bid on your behalf. In case of technical problems with the number provided, Pi?kna Gallery Auction House shall not be liable for improper performance of the service. d. Online ? create Liveauctioneers? account. PAYMENT a. An inclusive Buyer?s Premium of 18% is payable by all Purchasers. b. Lots marked with an asterisk (*) are charged with additional 5% Droit de Suite royalty payable (along with the Hammer Price and Buyer?s Premium), according to the Polish act of 4 February 1994 (Poland?s Journal of Laws, 1994, No. 24, item 83). c. Buyer?s Premium applies to all post-auction sales, in case the lot has not been purchased during the auction. d. Payment is due within 7 days after the auction. We accept cash, credit cards or wire transfers: Bank Zachodni WBK, 06 1090 2590 0000 0001 3065 6852. e. Late payment results in statutory interest charge. f. In the event of failing to transfer the aforesaid sum within 7 days, legal proceedings shall be instituted. Court fees shall be borne by the debtor. g. On request, Auction House can issue an invoice (margin scheme). LOTS a. The Auction House has sole discretion to withdraw any lot from the sale without giving a reason. b. Auction house guarantees the authorship and other characteristics of the lot described in the catalogue. Should the description not correspond to the actual condition, the Purchaser is entitled to return purchased lot within 14 days from the auction, what should be reinforced with a reliable expert appraisal. c. The Auction House warrants the authenticity and conformity of catalogue description with actual conditions. Nonetheless, we suggest to examine the lots, their catalogue description and actual condition. d. The Auction House bears no responsibility for hidden physical and legal faults of purchased lots. e. The ownership right over the purchased lot is transferred on the buyer when the full payment is made (along with 18% Buyer?s Premium and Droit de Suite, if applies). f. Collection of the auctioned lots is possible after making a full payment and should take place within 7 days after the auction. g. If not collected within 7 days, Purchaser is obliged to absorb the costs of storage. ADENDUM a. Museum inscribed into the National Register of Museums have the right of pre-emption, on condition that it will be declared at a time of auction end at the latest. b. According to the polish legal restrictions related to export of art, especially all items older than 55 years and exceeding certain value levels, are subject to export license and require approval of relevant authorities.