Modern and Contemporary Art Auction

Conditions of purchase Buyer's premium, payment and collection of purchases 20% buyer's premium incl. VAT of the hammer price as well as a hammer fee of DKK/SEK 75, EUR 10 is charged for each purchased lot number. Purchased items must be paid within 3 days of the close of the auction. Payment can always be made through our online payment system via 'My page' - 'Invoice status'. In certain of our Lauritz.com auction houses, bank transfers, credit/debit cards or checks can be used as well as cash. Here you can read more on the various payment possibilities for the individual Lauritz.com auction house. If payment is not made within the specified time allotted, the buyer is charged a late payment fee and the buyer's account at Lauritz.com will be closed for further purchases and sales. Purchased items may be claimed from the respective Lauritz.com auction houses during the opening hours immediately following the close of the auction. Items must be collected within 3 days of the close of that particular auction. When collecting your lot(s), you need to remember your purchase receipt and valid photo ID (passport or driving license). If your purchase is being collected by a friend, then they must show photo ID, a written authority as well as a copy of your photo ID. Concerning the purchase of certain weapons, the lot can first be released when the buyer can show a weapons permit for the actual weapon. A storage fee does not accrue in the period that it takes to obtain the licence (typically 1-3 weeks). The buyer does not in any circumstance obtain proprietary rights to the item until the purchase price, commission and all fees are paid in full. If the payment has been made by cheque, the purchase price is not considered paid until the cheque has cleared. Unclaimed items will be charged a fee of DKK/SEK/NOK 200, EUR 25 incl. VAT for storage and handling for every week and part thereof the item remains unclaimed. The buyer has the right to cancel a purchase in accordance with consumer protection laws. Read more about cancellation rights here As a customer of Lauritz.com, it is important, and it is your own responsibility, to ensure that your basic customer information is correct and complete, including your e-mail address and your bank account details. You can always check this information on 'My page' - 'Basic information', where you can also make any necessary corrections. VAT Whether a lot is sold under the normal VAT rules or under the margin scheme for second-hand goods will appear in the lot description. The price you pay is the same regardless of whether the lot is sold under the normal rules or the margin scheme for second-hand goods. For lots sold under the normal VAT rules, VAT is calculated based on the hammer price, commissions and fees. For lots sold under the margin scheme for second-hand goods, VAT is calculated based only on the commissions and fees. The amount of VAT is always specified on the buyer's invoice. If you are a VAT registered company and buy a lot sold under the normal VAT rules, you can reclaim VAT according to the standard VAT rules. Therefore, a considerable larger sum can be reclaimed for lots purchased under the normal rules, as the VAT is calculated based on the item itself and not just the commission and any fees. When trading across country borders VAT is also calculated according to the above rules. If you wish to apply for a VAT refund, you need to contact the tax authorities in the country where you purchased the item. Please be aware of the rules for customs duty and import VAT for lots that cross the EU border or lots traded between two countries that are both outside the EU. Read more here… Bidding, estimates and reserves All bids placed on Lauritz.com are visible, but the bidder stays anonymous. A registered customer is liable for all bids which have been placed using the customer's account and password. This also applies to bids placed by family members from the joint computer of the household. Therefore it is the responsibility of each customer to ensure his or her sole access to the password and account information used to bid on Lauritz.com auctions, and these access codes should not be saved electronically. Failure to observe these rules and breaches of the law will result in police action. Bidding on auctions through proxy servers is not permitted. An estimate is always displayed for the lots. At Lauritz.com we use two different valuation principles, according to whether the lot is a brand new item or not. On brand new items the estimate is based on Lauritz.com's professional opinion of the highest price that the lot would be sold at in a shop or other sales place in the same country in which the item is for sale. On all other lots the estimate is based on expected hammer price. If a reserve has been agreed then this is indicated in the lot description. It is only possible to use a reserve if the lot can be valued above the following levels: In Danish auction houses the lot must be able to be valued at a minimum of DKK 50,000, in Swedish auction houses the lot must be able to be valued at a minimum of SEK 10,000, in Norwegian auction houses the lot must be able to be valued at a minimum of NOK 10,000 and in German auction houses the lot must be able to be valued at a minimum of EUR 400. Lot description and condition Lauritz.com only accepts items that have been described and appraised by our own personnel. Lot descriptions are the result of careful examination by Lauritz.com specialists and represent valuations based on the best of their expert abilities. Since all lots are sold as quality used items, normal wear and tear is not included in the description. Relevant defects and flaws beyond those caused by normal wear and tear are described and often photographed. With regard to framed pictorial art, frames are not catalogued or valued. There can be exceptions if a frame is particularly rare or special, or if it has been produced by a known framer. Complaint procedure Lauritz.com guarantees lot descriptions. If, after the auction has taken place, it turns out that the lot purchased is a forgery, that the lot description was vitiated by significant mistakes or flaws, or that the lot is in considerably worse condition than assumed, the buyer has the right to cancel the purchase and the purchase price will be fully reimbursed, or the buyer will receive an appropriate price reduction. As an added service, besides those pertaining to legislation, Lauritz.com offers an unlimited guarantee for authenticity of a lot. Complaints must always be in writing and directed to the local auction house where the lot was purchased. In certain cases it may be necessary that the lot be returned so that the complaint may be processed. If a complaint regards authenticity of a lot, we require that the buyer present written statements from an independent and acknowledged expert. Condition reports Lauritz.com offers condition reports to customers providing information on the state and condition of Lauritz.com lots when these are valued at over DKK/SEK/NOK 5,000, EUR 650. Artists' resale royalties in Denmark According to § 38 of the Danish copyright law, a resale royalty is to be collected by all Danish Lauritz.com auction houses on sales of works by all Danish and certain international artists, who are either alive or have not been dead for more than 70 years, if the hammer price incl. buyer's premium and hammer fee excl. VAT is over EUR 300. This resale royalty, collected by the organisation Copy-Dan, on behalf of artists, is calculated as follows: 5% of the amount of the hammer price incl. buyer's premium at or below EUR 50,000, 3% of the amount of the hammer price incl. buyer's premium between EUR 50,000.01 and EUR 200,000, 1% of the amount of the hammer price incl. buyer's premium between EUR 200,000.01 and EUR 350,000, 0.5% of the amount of the hammer price incl. buyer's premium between EUR 350,000.01 and EUR 500,000, and 0.25% of the amount of the hammer price incl. buyer's premium over EUR 500,000. Lots subject to resale royalty with Copy-Dan are marked 'CD' in the lot description. Artists' resale royalties in Sweden According to § 26n-p of the Swedish copyright law, a resale royalty is to be collected by all Swedish Lauritz.com auction houses on sales of works by all Swedish and certain international artists, who are either alive or have not been dead for more than 70 years, if the hammer price incl. buyer's premium and hammer fee excl. VAT is more than SEK 2.120. This resale royalty, collected by the organisation Bildkonst Upphovsrätt i Sverige (BUS) on behalf of artists, is calculated as follows: 5% of the amount of the hammer price incl. buyer's premium at or below EUR 50,000, 3% of the amount of the hammer price incl. buyer's premium between EUR 50,000.01 and EUR 200,000, 1% of the amount of the hammer price incl. buyer's premium between EUR 200,000.01 and EUR 350,000, 0.5% of the amount of the hammer price incl. buyer's premium between EUR 350,000.01 and EUR 500,000, and 0.25% of the amount of the hammer price incl. buyer's premium over EUR 500,000. Lots subject to resale royalty with Bildkonst Upphovsrätt i Sverige are marked 'BUS' in the lot description. Artists' resale royalties and the fee on the sale of visual art in Norway According to the Norwegian law on the Fee on Sale of Visual Art and the Copyright Act, all Lauritz.com auction houses in Norway must claim resale royalties and a fee on sale of works by all Norwegian and certain international artists, who are either alive or have not been dead for more than 70 years, if the hammer price incl. buyer's premium and hammer fee excl. VAT is more than NOK 2,000. Resale royalties and the fee on the sale of visual art are collected in collaboration by the organisations Norwegian Visual Artists Copyright Society (BONO) and The Relief Fund for Visual Artists (BKH) on behalf of the artist. These are calculated as follows: 5% of the amount of the hammer price incl. buyer's premium at or below EUR 50,000, 3% of the amount of the hammer price incl. buyer's premium between EUR 50,000.01 and EUR 200,000, 1% of the amount of the hammer price incl. buyer's premium between EUR 200,000.01 and EUR 350,000, 0.5% of the amount of the hammer price incl. buyer's premium between EUR 350,000.01 and EUR 500,000, and 0.25% of the amount of the hammer price incl. buyer's premium over EUR 500,000. Auction items where resale royalties and the sale on visual art fee are to be collected by BONO and BKH are marked 'BKH' in the lot description. Artists' resale royalties in Germany According to § 26 of the German copyright law, all Lauritz.com auction houses in Germany must claim resale royalties on sale of works by all newer German and certain international artists if the hammer price is more than EUR 400. Resale royalties are collected by the organisations Bild-Kunst on behalf of the artist. These are calculated as follows: 4% of the amount of the hammer price at or below EUR 50,000, 3% of the amount of the hammer price between EUR 50,000.01 and EUR 200,000, 1% of the amount of the hammer price between EUR 200,000.01 and EUR 350,000, 0.5% of the amount of the hammer price between EUR 350,000.01 and EUR 500,000, and 0.25% of the amount of the hammer price over EUR 500,000. Auction items where resale royalties are to be collected by Bild-Kunst are marked 'BK' in the lot description. Lot delivery If you are unable to collect your lot in person, certain items can be packaged and sent by post. It is possible to pay a transport company for delivery of lots which can not be sent by post. Read more about transport Resale If the purchase price including all fees has not been paid within the specified time allotted, the lot is put up for auction again and the buyer's account at Lauritz.com will be closed for further purchases and sales. If the purchase price has been paid, but the item has not been collected within the specified time allotted, Lauritz.com is entitled, after sending a reminder, to put the lot up for auction again in the name of the buyer and at the buyer's expense. The buyer is liable for any costs incurred as well as any and every loss ensuing from his/her failure to fulfil obligations, while the buyer is not entitled to any profits that may be made. Lauritz.com is at any time entitled to offset all losses or other outstanding debt against the net profit from the sale of other items belonging to the defaulting buyer. Interrupting an auction and disclaimer of liability for technical problems Lots cannot be withdrawn from auction once the auction has begun and the lot has been displayed on the internet. However, Lauritz.com reserves the right to withdraw a lot from the auction or to prolong or restart the auction if outside interference or technical difficulties arise, which, according to the evaluation of Lauritz.com, make these steps necessary. Lauritz.com is not responsible for delays or other problems with the customer's internet connection or problems that arise through the use of obsolete computer equipment or programs, and Lauritz.com cannot be held responsible for problems with computers placed in the individual Lauritz.com auction houses. Neither is Lauritz.com responsible for delays or computer viruses resulting from the use of e-mail or downloads. Privacy and Security policy Lauritz.com considers customer's personal information as strictly confidential. We ensure privacy and security in relation to collection of personal information during communication between the customer and Lauritz.com and the use of our services. Read more about our privacy and security policy here We reserve the right to make amendments and changes to these conditions of purchase. Moreover, we cannot be held responsible in case of errors on this website. Conditions of sale Commissions and settlement A seller's commission of 10% on the hammer price including VAT will be charged for every lot sold, however a minimum of DKK/SEK 250, EUR 35 will be charged to cover auction costs. Concerning lots sold in the coins and stamps category minimum charges are DKK/SEK 100, EUR 10. The seller's commission includes VAT and covers all sales costs including registration, valuation, description, photos and online display of the lot as well as storage during the auction period. The seller's commission is deducted when the seller's account is settled. Settlement is made automatically to the bank account number which is given in the seller's 'Basic information'. The transfer is made free of charge. However, any bank charges incurred in connection with money transfer abroad are paid by the seller. If bank account details have not been provided or there is an error in the account details, an e-mail is automatically sent to the seller with a request to provide correct information under 'Basic information'. As a customer of Lauritz.com, it is important, and it is your own responsibility, to ensure that your basic customer information is correct and complete, including your e-mail address and your bank account details. You can always check this information on 'My page' - 'Basic information', where you can also make any necessary corrections. Payment to the seller will be made 30 days after the last day of auction or the first working day thereafter, provided that both buyer and seller have fulfilled their obligations. If the lot is not sold, no seller's commission is charged. Unless other arrangements have been made, Lauritz.com has the right, without prior notice, to put the lot on auction for another period. If the lot has already been on auction twice, it will not be put on again. The seller, therefore, is required to collect the item as soon as possible or contact the local Lauritz.com auction house where the item is located. If your item remains to be collected 8 days after the close of the auction, a storage fee of DKK/SEK 200, EUR 25 per week accrues to the seller and, after a further 3 weeks, the item can be disposed of without further notice or sold in Lauritz.com's name in order to cover costs, unless another agreement is made for continued storage. VAT The majority of sellers on Lauritz.com are private customers consigning their quality second-hand items. Therefore the majority of lots are sold under the margin scheme for second-hand goods. As a seller of second-hand items, it is not necessary to be VAT registered. If you are one the of the professional sellers, shops or producers who in increasing numbers are wishing to sell on Lauritz.com – and if you want to sell new items or quality second-hand items under the normal VAT rules, you need to be VAT registered in the country where the lot is sold. Before starting to sell, you need to enter your VAT number under 'Basic information'. For lots sold under the margin scheme for second-hand goods, VAT is calculated based only on the commissions and fees. For lots sold under the normal VAT rules (typically new items), VAT is calculated based on the hammer price, commissions and fees. Full hammer price minus seller's commission is paid to the seller, regardless of whether a lot is sold under the normal VAT rules or the margin scheme for second-hand goods. The seller is responsible for giving correct information about the lot for use in determining which VAT rules the lot must be sold under. Bidding and reserves All bids placed on Lauritz.com are visible, but the bidder stays anonymous. All lots are sold to the highest bidder, and the sales price obtained at auction can be higher or lower than the estimate.If a reserve has been agreed for a lot then this is clearly displayed. All reserves must be agreed on consignment. The decision of whether to use a reserve on a lot is up to the individual auction house. It is only possible, however, to use a reserve if the lot can be valued above the following levels: In Danish auction houses the lot must be able to be valued at a minimum of DKK 50,000, in Swedish auction houses the lot must be able to be valued at a minimum of SEK 10,000 and in German auction houses the lot must be able to be valued at a minimum of EUR 400. On consignment of special items, the auction house concerned can choose to offer the seller a guarantee, i.e. the seller is guaranteed at least the agreed sum on sale of the lot. Criteria for lots and estimates Lauritz.com accepts only valuable items of high quality, material and style where the hammer price is expected to be a minimum of DKK/SEK 800, EUR 100. A lot may only consist of several items if there is a logical connection between the items. Higher hammer prices are expected for large furniture sets, glass and porcelain lots – generally DKK/SEK 5,000, EUR 600 for large furniture sets and DKK/SEK 3,000, EUR 400 for glass and porcelain lots. Non-functioning items and copies will not be accepted for auction. With regard to pictorial art, frames are not catalogued or valued. There can be exceptions if a frame is particularly rare or special, or if it has been produced by a known framer. Lot description Lot descriptions are the result of careful examination by Lauritz.com specialists and represent valuations based on the best of their expert abilities. The seller has to guarantee that Lauritz.com receives all information about the item at consignment. Immediately after the start of the auction the seller has to check, whether the lot description is correct. If this is not the case, the seller must inform Lauritz.com of this in writing straightaway. Cancellation rights If the buyer does not complete the purchase or uses his or her legal cancellation rights, in accordance with consumer protection laws, the sale will be annulled and Lauritz.com is entitled without prior notice to reauction the item in the seller's name. Read more about cancellation rights Right to complain If, after the auction has taken place, it turns out that the lot purchased is a forgery, that the lot description was vitiated by significant mistakes or flaws, or that the lot is in considerably worse condition than assumed, the buyer has the right to cancel the purchase and the purchase price will be fully reimbursed, or the buyer will receive an appropriate price reduction. Lauritz.com acts solely as commission agent for the seller. Any claims by the buyer, including compensation claims due to faults and imperfections in the sold lot, are therefore the ultimate responsibility of the seller. If the seller has already received payment for the lot from Lauritz.com, the seller must, at the demand of Lauritz.com, repay the portion of the settlement that is necessary to cover the buyer's claim. Should the buyer's claim exceed the amount of the settlement received by the seller, the seller shall also be obliged to pay an amount to Lauritz.com such that the buyer's claim is covered fully. If the seller has not executed the sale as a part of business activities, the seller's obligation to cover claims from the buyer, regardless of the above, can not exceed the hammer price, unless the seller has acted wrongfully, e.g. by concealing faults and imperfections relating to the lot. If the sale is executed as a part of the seller's business activities, the seller shall bear the full responsibility for the buyer's claims, including compensation claims, unless such claims can solely be attributed to wrongful behaviour on the part of Lauritz.com. These same terms and conditions apply in relation to product liability claims. A commercial seller is furthermore obliged to refund expenses incurred by Lauritz.com when taking back the lot in connection with the buyer's annulment of the purchase. Rights and obligations The seller warrants to have absolute title to the lots submitted and that these in every respect are free from third party rights and claims. A seller may only deposit lots for sale under his or her own name. Lauritz.com is legally obligated to register the seller's name and address. Alternatively the person consigning the lots has to have the written authorization of the owner. Insurance The Danish Insurance Contracts Act applies in case of fire, theft, or water damage to any lot in Lauritz.com's care. This means that lots must be covered by the seller's own home insurance (private persons) or insurance of goods (companies) provided that the insurance covers items held by a third party. If this is not the case, Lauritz.com provides insurance for lots in our care. Compensation amounting to a maximum of the estimate, commission deducted, is offered. However, if at the point of damage or theft the highest bid or hammer price for the lot is higher than the estimate this will be taken into account in setting the level for compensation. If the lot is subject to the normal VAT rules governing the sale of new and unused items, compensation equalling the lot's cost price shall be provided in the cases described above; however, this compensation shall never exceed an amount equalling 50 % of the lot's estimated retail price. Interrupting an auction Lots cannot be withdrawn from auction once the auction has begun and the lot has been displayed at www.lauritz.com. However, Lauritz.com reserves the right to withdraw a lot from the auction or to prolong or restart the auction if outside interference or technical difficulties arise which, according to Lauritz.com, make these steps necessary. Privacy and Security policy Lauritz.com considers customer's personal information as strictly confidential. We ensure privacy and security in relation to collection of personal information during communication between the customer and Lauritz.com and the use of our services. Read more about our privacy and security policy here We reserve the right to make amendments and changes to these Conditions of sale.

Local Taxes Apply