Asian and European Art Auction

TERMS AND CONDITIONS OF SALE Any participation in the bidding at LOECKX auction house involves the unconditional acceptance of the following terms and conditions of sale. These terms and conditions are available in the auction room and reproduced in all the catalogues for every sale; they are also explained on our website under the headings for that purpose. 1.The last highest bidder will be the successful bidder. He is obliged to pay the hammer price for the lot in cash, with a 25% surcharge for fees and VAT .According to the law of 30 June 1994 on authors? rights, the Buyer shall pay in addition to the hammer price an Artist Resale Right (droit de suite) of 4% on the part of the hammer price.The LOECKX auction house reserves the option of refusing any bid, of proceeding with any decision, collection or withdrawl of lots without having to account for its decision. 2.The information which appears in the catalogues, advertising, brochures or any other written material issuing from the auction room, must be considered to be simple information which under no circumstances incurs the liability of the LOECKX auction house. The latter does not guarantee the accuracy of statements in relation to the author, or the origin, date, age, attribution, provenance, weight, condition or material of the lot. No employee of the LOECKX auction house has the authority to give guarantees in this respect. Consequently, purchasers themselves have to check the nature of the lots and their material condition before the auction. 3.The profits and risks are passed on to the successful bidder as soon as the lot is knocked down to him. However, he will not become the owner until the price and incidental costs have been paid in full. Any complaint must, under penalty of inadmissibility, reach us by recorded delivery letter and within 7 days of the sale by auction. 4.In the event of a dispute or error regarding the sale, the lot will be re-auctioned. The legal officer will make the absolute and final judgement on the settlement of any dispute which may arise concerning the bids during the sale. 5.Purchasers are obliged to pay for and take possession of the lots sold to them within 3 working days following the auction. Once this time limit has passed, the LOECKX auction house reserves the right, without prior formal notification, either to put lots which have been paid for but not removed back on sale, or to have them transferred to a storehouse at the purchaser?s expense and risk. 6.Without prejudice to legal action for payment chargeable to the defaulting purchaser, lots which have not been paid for within the time limit indicated above can be put back into sale by re-auction as soon as the LOECKX auction house deems it appropriate. In that case, the purchaser will be obliged to pay the possible difference in price as well as all the expenses and outlay relating to the auctions necessary for re-auctioning the lot. He will not be able to claim back the surplus money if there is any. 7.The invoices and bills are payable on receipt. Any outstanding sum on the due date carries default interest as of right and without prior formal notification at a rate of 2% per month. Furthermore, in the event of non-payment on the due date, the total amount due is raised as of right by a 15% lump-sum payment by way of damages and contractual interest, with a minimum of 75? and irrespective of default interest. Moreover, a handling charge of 3? per day and per lot with a minimum of 30? will be added to these expenses. Any purchaser is deemed to have acted on his own behalf and is held personally responsible for the payment of the lots sold to him in whatever capacity whatsoever. He must settle the amount in Euros (maximum of 3000 in cash) or by certified bankcheck or after a banktransfert or by Visa, MasterCard or Bancontact before they are removed and within the time limit stipulated above.In the event of non-payment on the due date Loeckx will charge an international collecting agency to collect dept. The cost for this collecting of dept is on behalf of the purchaser. 8.All our sales to EEC nationals are subject to special margin arrangements, VAT non-deductible. 9.If you cannot attend the public auctions, it is possible for you to fill in a bid form. In this case, offers cannot be placed below 30?. We can also telephone you during the auction. 10.A written or electronically transmitted bid commits the bidder in the same way as a bidder in the room or over the telephone. For equal bids, the bidder in the room always has priority over any other bidder. 11.Bidders by e-mail or via our website or a portal, or those who have left a written bid form, are obliged to find out about the results of their bids and abide by the same time limits for payment and removal of objects as buyers who are present in the room or on the telephone. 12.Bids and telephone auctions :A Buyer may bid or participate to public auctions by telephone. In this case, the Buyer must ask to do so by letter, fax, e-mail and must give all his contacts details (name, address, telephone and mobile telephone numbers to LOECKX auction house, this latter being entitled to ask to the Buyer his bank details ,recent invoices and personal references. LOECKX auction house is not responsible or liable for the mistakes of the Buyer in the telephone number or for a false indication of the number of the lot, for problems during the telephone communication (busy line, transmission problems, bad mobile telephone network, interruptions,communication problems with Live online bidding, etc.). If two bids are made on the same lot for the same amount, preference will be given to the bid received firstly. 13.In the event of a dispute, the Ghent courts will have sole jurisdiction in the Dutch language.