- Examination of lots
- Exclusions and limitations of liability to buyers
- Bidding at auction
- Import, export and copyright restrictions
- Conduct of the auction
- Payment and collection
- Remedies for non payment
- Data protection
- Seller’s warranties
- Preparation for sale
- Withdrawal of lots
- Loss or damage
- Insurance by the seller
- Photographs and illustrations
- Payment to be made by the seller to AEA
- Payment of net sale proceeds to the seller
- Non payment by the buyer
- Rescission of sale
- Post-auctions sales
- Introductory commissions
- Data protection
- Law and jurisdiction
CONDITIONS OF BUSINESS FOR BUYERS
Art Europe Auctions B.V. (AEA or the Company) carries on business, including the conduct of Auctions, on the following general conditions.
* Bidder is any person making, attempting or considering making a bid
* Buyer is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer’s principal when bidding as agent
* Seller is the person offering a lot for sale, including their agent, or executors
* AEA means Art Europe Auctions B.V. registered KNSM Laan 121, 1019 LB Amsterdam, The Netherlands
* Buyer’s Expenses are any costs or expenses due to AEA from the Buyer
* Buyer’s Premium is the commission payable by the Buyer on the Hammer Price at the rate set out in the important information for bidders and buyers
* Hammer Price is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price
* Purchase Price is the Hammer Price plus applicable Buyer’s Premium and Buyer’s Expenses.
* Reserve Price is the minimum Hammer Price at which the Seller has agreed to sell a lot. The Buyer’s Premium, Buyer’s Expenses and Hammer Price are subject to VAT where applicable.
3. EXAMINATION OF LOTS
AEA’s knowledge of lots is partly dependent on information provided by the Seller and AEA is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions. All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of AEA’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at AEA’s absolute discretion.
4. EXCLUSIONS AND LIMITATIONS OF LIABILITY TO BUYERS
AEA shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of AEA’s Authenticity Guarantee. Subject to this neither AEA nor the Seller:
* is liable for any errors or omissions in any oral or written information provided to Bidders by AEA, whether negligent or otherwise
** gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded other than the express warranties given by the Seller to the Buyer under the Conditions of Business for Sellers
*** accepts responsibility to Bidders for acts or omissions by AEA in connection with the conduct of auctions or for any matter relating to the sale of any lot. Without prejudice to the above Condition any claim against AEA and/or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither AEA nor the Seller shall be liable for any indirect or consequential losses.
5. BIDDING AT AUCTION
AEA has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as AEA requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case AEA’s prior and express consent must be obtained). AEA advises Bidders to attend the auction, but AEA will endeavor to execute absentee written bids provided that they are, in AEA’s opinion, received in sufficient time and eligible form. When available, written and telephone bidding is offered as a free service at the Bidder’s risk and subject to AEA’s other commitments; AEA is therefore not liable for failure to execute such bids. Telephone bidding may be recorded. When available online bidding is offered as a free service via our website arteuropeauctions.com or via other online platforms such as www.invaluable.com or www.thesaleroom.com or others.
6. IMPORT, EXPORT AND COPYRIGHT RESTRICTIONS
AEA and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance or any necessary import, export or other license required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES).
7. CONDUCT OF THE AUCTION
a. The auctioneer has direction to refuse bids, withdraw re-offer lots for sale (including after the fall of the hammer) if he believes that there may be an error or dispute, and may also take such other action as he reasonably deems necessary.
b. The auctioneer will commence and advance the bidding in such increments as he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable.
c. Subject to Condition, the contract between the Buyer and the Seller is concluded on the striking of the auctioneer hammer.
d. Any post-auction sale of lots shall incorporate these Conditions of Business.
8. PAYMENT AND COLLECTION
a. Unless otherwise agreed in advance, payment of the Purchase Price is due in euros immediately after the auction (the “Payment Date”)
b. Title in a lot will not pass to the Buyer until AEA has received the Purchase Price in cleared funds. AEA will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase Price as above.
c. The refusal of any license or permit required by law, as outlined in Condition 6, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 8a.
d. On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. (see Important Notice for Bidders and Buyers). Thereafter all purchased lots will be transferred to AEA’s appointed shippers and independent storers, details of which are printed in the auction catalogue or available on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements.
e. All packing and handling of lots is at the Buyer’s risk. AEA will not be liable for any acts or omissions of third party shippers, storers or packers.
9. REMEDIES FOR NON PAYMENT
Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, AEA may in its sole discretion exercise one or more of the following remedies:
a. store the lot at its premises or elsewhere at the Buyer’s sole risk and expense;
b. cancel the sale of the lot ;
c. set off any amounts owed to the Buyer by AEA against any amounts owed to AEA by the Buyer for the lot;
d. reject future bids from the Buyer;
e. charge interest at a rate equal to the legal interest rate from the moment he is in default;
f. re-sell the lot by auction or privately, with estimates and reserves at AEA’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties;
g. commence legal proceedings to recover the Purchases Price for the lot, plus interest and legal costs proceedings.
10. DATA PROTECTION
AEA will use information supplied by Bidders or otherwise obtained lawfully by AEA for the provision of auction related services, client administration, marketing and as otherwise required by law.
a. All images of lots, catalogue descriptions and all other materials produced by AEA are the copyright of AEA.
b. All notifications and communications to AEA shall be made in writing.
c. These Conditions of Business shall be interpret- ed in accordance with Dutch Law.
ART EUROPE AUCTIONS B.V. AUTHENTICITY GUARANTEE
If AEA sells an item of Property which is later shown to be a “Counterfeit” subject to the terms below AEA will rescind the sale and refund the Buyer the total amount paid by the Buyer to AEA for that Property, up to a maximum of the Purchase Price. The Guarantee lasts for one year after the date of the relevant auction, is for the bene t of the Buyer only and is non-transferable. “Counterfeit” means an item of Property that in AEA reasonable opinion is an imitation created with intent to deceive. Property shall not be considered Counterfeit solely because of any damage and/or restoration and/ or modi cation work. To claim under this Guarantee, the Buyer must notify AEA in writing within one month of receiving any information that causes the Buyer to question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and return the Property to AEA in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third party claims arising after the date of the sale. AEA may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognized experts in the relevant field.
CONDITIONS OF BUSINESS FOR SELLERS
The Conditions of Business for Sellers govern all aspects of the consignment, report, holding and sale of Property by Art Europe Auctions (hereafter AEA).
1. SELLER’S WARRANTIES
The Seller warrants to AEA and the Buyer that:
(i) the Seller is the owner of the Property or is properly authorized to sell it;
(ii) the Seller shall transfer possession and good title in the Property to the Buyer, free from any third party claims;
(iii) the Seller has provided all relevant information about the ownership, condition, authenticity, attribution, provenance and import/export history of the Property;
(iv) there are no copyright or other restrictions on AEA rights to produce and publish images of the Property.
The Seller agrees to indemnify AEA, its directors, employees, officers and Buyers of the Property against all loss or damage resulting from a breach of any of these warranties or other Conditions of Business. Where AEA reasonably believes that there is, has been or may be a breach of these warranties or any other Conditions of Business by the Seller, AEA is entitled in its sole discretion to cancel, rescind or postpone the sale.
2. PREPARATION FOR SALE
(i) AEA shall have sole and absolute discretion as to how Property is described, illustrated and marketed, and the date, place and conduct of the sale.
(ii) Any oral or written estimate, appraisals and reports is a genuinely held opinion only, and may not be relied upon as a prediction of the selling price and may be revised from time to time by AEA
(iii) AEA may, without obligation, consult with third party experts and carry out such other research in relation to the property as it may deem appropriate. AEA may transfer possession of the property to such third parties and has no liability for the acts and omissions of such third parties.
3. WITHDRAWAL OF LOTS
If the Seller withdraws any Property from sale after their written agreement to sell it, the seller will be liable to pay to AEA a withdrawal fee. AEA may withdraw any Property from sale without liability for any of the following reasons:- if
(i) It reasonably believes that the authenticity or attribution is questionable;
(ii) It reasonably believes that the Seller’s Warranties or other Conditions of Business have been breached;
(iii) There is a competing ownership claim or lien over the Property;
(iv) The Property does not have all licenses and permits required by law
(v) The condition of the Property has deteriorated since consignment
(vi) The auction has been postponed for any reason.
4. LOSS OR DAMAGE
(i) Unless otherwise agreed in writing, AEA will assume liability for loss or damage to any item, commencing at the time that item is received by AEA and ceasing when risk passes to the buyer of the lot following its sale. For unsold lots 7 days after the sale of when the lot is released to the seller (whichever is earlier), or 6 months from delivery to AEA for items still at AEA but nog consigned for sale.
(ii) The seller agrees to pay a charge for the above liability accepted by AEA for which AEA shall charge a premium of of: the Hammer Price of the Property, if sold ,the Reserve Price of the Property or as otherwise stated on the Property Receipt, if unsold, or the mid estimate, if not offered for sale (or AEA’s reasonable estimate of auction value where there are no pre-sale estimates).
(iii) If any loss or damage should occur to the lot during the period identified in paragraph (i) above, AEA’s liability to compensate the Seller in respect of that loss shall be limited to the amount set out in paragraph (ii) as applicable, less Seller’s commission and expenses.
(iv) AEA will nog be liable for any loss or damage caused by: normal wear and tear, gradual deterioration or inherent vice or defect, errors in processing, changes in humidity or temperature.
5. INSURANCE BY THE SELLER
(i) The Seller must agree with AEA in writing if it does not wish AEA to accept liability for loss or damage to any item delivered to AEA, and undertake to maintain insurance cover for the item until the Buyer has made payment for the item in full. In such circumstances, the Seller agrees to:
(a) provide AEA with a copy of a certificate of insurance for the item and a waiver of subrogation by the Seller’s insurer of all rights and claims which the Seller may have against AEA, each in a form satisfactory to AEA;
(b) indemnify AEA on demand against any claim for loss or damage in respect of the item, however such claim may arise and for all related costs or expenses. Any payment which AEA makes under this Condition shall be binding upon the Seller whether or not legal liability has been proved;
(c) notify the Seller’s insurer of the terms of the indemnity set out in (b) above; and
(d) waive all rights and claims which the Seller may have against AEA in connection with such loss or damage, other than in circumstances where the loss or damage was caused by AEA willful misconduct.
(ii) If the Seller fails to comply with sub paragraph 5(i)(a) above within 5 days of delivery of the item to AEA, AEA shall assume liability for loss or damage to the item in accordance with the terms of Condition 4 from the following day, although AEA’s liability shall be limited to the excess (if any) of the amount set out in Condition 4
(iii) over any amount payable to the Seller under its own insurance plus any applicable deductible.
Unless otherwise agreed in writing, the Reserve for each lot will be equal to 75% of the low pre-sale estimate notified to the Seller. AEA shall in no circumstances be liable if bids are not received at the level of the Reserve, but shall be entitled in its discretion to sell the lot below the Reserve and pay the Seller the sale proceeds which the Seller would have received if the lot had sold at the Reserve.
7. PHOTOGRAPHS AND ILLUSTRATIONS
The Seller agrees that AEA shall have the absolute right (on a non-exclusive basis) to photograph, illustrate or otherwise produce images of any item consigned to it for sale. AEA shall have copyright in all images created by it of any item and shall have the right to use such images in whatever way it deems appropriate, both before and after the auction.
8. PAYMENT TO BE MADE BY THE SELLER TO AEA
Following the sale, the Seller will be liable to pay AEA the Seller’s Commission and Expenses, each of which shall be deducted by AEA from monies received from the buyer. The Seller authorizes AEA to charge the Buyer and retain the Buyer’s Premium.
9. PAYMENT OF NET SALE PROCEEDS TO THE SELLER
A sale contract is made directly between the Buyer and the Seller. AEA sole obligation in relation to the Net Sale Proceeds shall be a contractual duty once appropriate seller’s identification has been received to send to the Seller the Net Sale Proceeds in Euro’s received from the Buyer in cleared funds, less any other amount the Seller owes AEA, 21 days after the sale, or within 10 working days of receipt of funds in full by AEA.
10. NON PAYMENT BY THE BUYER
AEA is under no obligation to investigate the ability of Bidders to pay for lots or to enforce payment by any Buyer.
11. RESCISSION OF SALE
AEA may rescind the sale where it reasonably believes that the Property is counterfeit, as defined by AEA’s Authenticity Guarantee, in which case AEA shall send the Seller a notice of such rescission. The Seller agrees to return to AEA the Net Sale Proceeds received from the sale of such Property together with any additional Expenses incurred by AEA. AEA will return the Property to the Seller upon receipt of the Net Sale Proceeds and Expenses, unless prevented from doing so for reasons beyond AEA’ s control.
12. POST-AUCTION SALES
If any Property fails to sell at auction, AEA shall be entitled for a period of 14 days after the auction to sell the Property privately for no less than the Reserve Price (unless otherwise agreed with the Seller) and on the terms of these Conditions of Business. Any reference in the conditions of business to the auction date shall be treated as the date of the post-auction sale.
13. INTRODUCTORY COMMISSIONS
In accordance with market practice, AEA reserves the right to pay out of its commissions a fee to any third party introducing clients or property to it.
14. DATA PROTECTION
(i) AEA will use information supplied by Sellers or otherwise obtained lawfully by AEA for the provision of auction related services, client administration, marketing and as otherwise required by law.
(ii) By agreeing to these Conditions of Business, the Seller agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide.
15. LAW AND JURISDICTION
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 Dutch law. The Seller agrees that the courts of the Netherlands are to have exclusive jurisdiction to settle all disputes arising in connection with all aspects of all matter or transactions to which these Conditions of Business relate or apply.