The March Fine Art Auction

Aurora & Athena Auction House (A & A) Terms & Conditions By participating in any auction held by ?A & A?, whether in person, through absentee bids, or via online platforms, bidders agree to be bound by the following terms and conditions. These terms are subject to modification at A & A?s sole discretion. 1. Buyer?s Premium and Purchase Conditions 1.1. A 25% buyer?s premium will be added to the hammer price of each lot, which the buyer agrees to pay as part of the total purchase price. This premium applies to all bids, whether placed through LiveAuctioneers, Bidspirit, or via absentee bid. 1.2. A & A reserves the right to hold the purchased item until full payment has been received and cleared, either by A & A or by its authorized partners, who may issue invoices and collect payment directly. Buyers must ensure that all bank charges or fees associated with the transfer are covered in full. 2. Contract of Sale 2.1. A & A acts as an agent for consignors unless explicitly stated that A & A owns the lot. In cases where A & A collaborates with authorized partners (Refer to Section 21), it may act as an agent and sale organizer on their behalf. The contract for the sale is made between the buyer and the consignor, except when the lot is owned by A & A or its authorized partners, in which case the contract is made directly with the respective owner. 2.2. The sale is considered final once the auctioneer?s hammer falls. The buyer assumes responsibility for payment according to these terms. 3. Condition, Provenance, and Authenticity 3.1. All lots are sold ?as-is? and ?where-is.? Buyers are strongly encouraged to inspect the items prior to bidding to determine their condition, size, and any potential restoration or repairs. Returns based on condition are not accepted. 3.2. No Guarantee on Provenance: Provenance details are provided based on information from consignors or available documentation, but A & A does not guarantee their accuracy or completeness. The buyer is responsible for conducting their own due diligence regarding provenance. 3.3. No Guarantee on Authenticity: A & A makes no express or implied warranties on authenticity, age, condition, or artist attribution. 3.4. Photographic Representation: All photographs of lots are intended as representations and may not be 100% accurate. They provide a visual reference only and do not guarantee precise color, size, or detail. Buyers are encouraged to view the items in person or request additional information if needed. 3.5. Final Sales: All sales are final. Once a bid is accepted and the auction is concluded, the buyer is legally bound to complete the purchase. Any exceptions or refund considerations will be governed by the refund policy outlined in Section 4. 4. Returns and Refund Policy 4.1. Eligibility for Returns Returns will be accepted within forty-five (45) days from the auction date if an expert?mutually agreed upon by both A & A and the Buyer?provides a definitive written opinion that the item is not as attributed. No refunds will be issued under any circumstances after the expiration of this forty-five (45) day period. The item must be returned in the same condition as at the time of sale. Shipping expenses and any other charges will not be refunded, and the Buyer is responsible for arranging and covering the cost of return shipping to A & A?s business address or, if applicable, the business address of an authorized partner that processed the sale. 4.2. Choice of Expert The expert must be a recognized authority in the relevant field (e.g., a scholar, curator, or institution) and must not be associated with any auction house. Rejection of the lot by another auction house for consignment purposes shall not constitute grounds for a refund or dispute. A & A and its authorized partners do not accept the opinion of auction houses or other galleries as valid expert opinion in disputes concerning authenticity. 4.3. Applicability to Authorized Partners If the sale is processed by any of A & A?s authorized partners, the same terms and conditions outlined in this section shall apply. 5. Bidding 5.1. Live Bidding: Live bidding is conducted through LiveAuctioneers and Bidspirit platforms. Bidders must register with these platforms and comply with their respective terms and conditions in addition to A & A?s terms. 5.2. Absentee Bids: Buyers unable to participate in live bidding may submit absentee bids by providing a copy of their ID and completing the Absentee Bid Form. This form must be emailed to bid@auroraathena.com. By submitting the form, the buyer authorizes A & A to bid on their behalf up to the maximum amount specified in the form. 5.3. Execution of Absentee Bids: Absentee bids will be executed as a free service, but A & A is not liable for failure to execute such bids, errors, or omissions. 5.4. Identical Bids: If identical bids are received from absentee bidders or through the live bidding platforms (LiveAuctioneers or Bidspirit), the lot will be awarded to the bid submitted first. 5.5. Online Platform Disclaimer: A & A is not responsible for any technical difficulties, interruptions, or failures of third-party online bidding platforms (e.g., LiveAuctioneers, Bidspirit) that may prevent a bid from being successfully placed or processed. 6. Withdrawal of Lots 6.1. A & A reserves the right to withdraw any lot before or during the auction without liability. 7. Bidding Discretion 7.1. The auctioneer has full discretion to refuse any bid, advance the bidding at intervals they deem appropriate, or resolve any disputes that arise during the auction. The highest bid accepted by the auctioneer at the fall of the hammer constitutes the final sale. 8. Reserves 8.1. Some lots are subject to a reserve price, which is the confidential minimum price agreed upon with the consignor. A & A may bid on behalf of the consignor up to the reserve price. 9. Payment 9.1. Invoicing and Transaction Structure Invoices for purchases may be issued by A & A or by its authorized partners (Refer to Section 21). These partners may act as sellers, intermediaries, or agents for consignors and handle administrative functions related to the sale. The specific role of the invoicing entity will be clearly specified in the invoice and any relevant agreement. The buyer agrees to make payments as instructed on the invoice, which may be issued by A & A or an authorized partner, depending on the transaction structure. 9.2. Accepted Payment Methods Payments for auction purchases can be made via the following methods: a) Credit Card: Accepted for transactions up to ?5,000. b) Wire Transfer: Required for transactions exceeding ?5,000. 9.3. Post-Auction Documentation Following the auction, the buyer will receive: a) A formal Sale Agreement to confirm the transfer of ownership. b) An Invoice with detailed bank payment instructions. 9.4. Payment Deadlines All purchased lots must be paid for in full within fourteen (14) calendar days of the auction date. A & A reserves the right to retain possession of any lot until full payment has been received and verified. 9.5. Consequences of Non-Payment Failure to pay within the specified period may result in the following actions at the sole discretion of A & A: a) Cancellation of the sale. b) Resale of the lot at a future auction or through private sale. c) Initiation of legal action for the recovery of the purchase price, including any associated costs, fees, and damages. 10. Compliance with EU Regulations In adherence to applicable European Union regulations pertaining to anti-money laundering (AML) and counter-terrorism financing (CTF) measures, A & A requires all successful bidders at its auctions to provide specific documentation prior to the completion of any transaction. These requirements are mandatory under EU law and serve to ensure transparency, legality, and regulatory compliance. Failure to submit the requisite documents will render the transaction incomplete, and purchased lots will not be transferred to the buyer until compliance obligations are satisfied. 10.1. Documentation Requirements for Individuals Individuals who successfully win a lot at auction must provide the following: a) Valid Government-Issued Identification: A passport or national ID card. b) Proof of Residential Address: A utility bill, bank statement, or similar document issued within the last three (3) months, clearly displaying the individual?s name and address. c) Completed Client Registration Form: The form must be carefully filled out and submitted for verification. 10.2. Documentation Requirements for Legal Entities Corporate buyers must provide the following documentation: a) Certificate of Incorporation or Equivalent Documentation: A valid and up-to-date certificate evidencing the legal establishment of the entity, or any other relevant official document that provides details of the company and its beneficial owners. b) Details of Ultimate Beneficial Owners (UBOs): For each UBO, valid government-issued identification and proof of address (as specified in Section 10.1) must be submitted. c) VAT Identification Number: The corporate entity must provide its VAT number. d) Completed Client Registration Form: The form must be carefully filled out and submitted for verification. 10.3. Application of Compliance Requirements The above documentation is required for all auctions organized by A & A, without exception. A & A reserves the right to request additional documentation or clarification where necessary to meet legal or regulatory obligations. Buyers are obligated to ensure the accuracy, authenticity, and timeliness of the submitted information and documents. 10.4. Consequences of Non-Compliance Transactions will remain incomplete, and title to any purchased lots will not pass to the buyer until all required documentation is submitted, reviewed, and verified to the satisfaction of A & A. Any failure to comply with these requirements within the stipulated timeframe may result in the cancellation of the transaction at the sole discretion of A & A. 10.5. Recommendations to Buyers Buyers are strongly encouraged to prepare the requisite documentation in advance to facilitate a seamless post-auction process. For any inquiries or assistance regarding compliance requirements, buyers may contact A & A. at contact@auroraathena.com. 10.6. Data Protection All personal and corporate data submitted in compliance with these requirements will be handled in accordance with applicable data protection laws, including the General Data Protection Regulation (GDPR). A & A. ensures that such data will only be used for the purpose of fulfilling regulatory compliance obligations and will not be shared with unauthorized third parties. 11. Shipping and Storage 11.1. Items Location Unless otherwise specified, all items will be located at the main office of A & A: Calle Juan de la Cierva, 25, 2nd Floor, Right Door, 03203 Elche, Spain. For sales processed by A & A?s authorized partners, the item?s location will be provided upon request. 11.2. Shipping Arrangements After receiving full payment, A & A or its authorized partner will provide contact information for recommended third-party fine art shipping partners. All shipping arrangements, costs, customs fees, and transportation risks are the buyer?s responsibility. Buyers may contact the recommended shippers directly for a quote or email contact@auroraathena.com for assistance in coordinating with these partners. If the buyer chooses to use a different third-party shipping company, they must provide written authorization via email. A & A does not ship to countries under sanctions or in a state of war, including but not limited to Afghanistan, Belarus, Iran, North Korea, Russia, Syria, and Ukraine. 11.3. Storage Policy and Fees If the buyer does not arrange for shipping or collection by a third-party shipper within 30 days of payment, A & A or its authorized partner reserves the right to store the item(s) at the designated location specified in the auction terms or move the item(s) to another location at their discretion. The buyer will be notified via email of any change in the storage location within five (5) business days of relocation. A storage fee of ?40 per week per item will apply after the 30-day period. The seller (A & A or its authorized partner) will issue an invoice for the total storage amount, which must be paid before the item(s) are released. Partial payments will not be considered fulfillment of this obligation unless explicitly agreed upon in writing. If the total storage fees exceed ?1,040 (equivalent to 26 weeks) or if the item(s) remain in storage for more than six (6) months without resolution, A & A or its authorized partner reserves the right to consider the item(s) as abandoned and may re-offer them for sale to recover costs, as outlined in Clause 11.4. 11.4. Abandoned Items If a lot remains uncollected for more than three (3) months without the required storage payments, or for six (6) months in total, A & A or its authorized partner may consider the lot abandoned. In such cases, A & A reserves the right to re-offer the item(s) for sale at auction or through private sale, deducting any outstanding storage and administrative fees from the proceeds. 12. Privacy Policy 12.1. A & A is committed to protecting the privacy of its clients. By participating in the auction, buyers agree to the terms outlined in A & A?s Privacy Policy, available on our website. This policy explains how personal data is collected, stored, and processed in compliance with applicable laws and regulations. 13. Limitation of Liability 13.1. A & A?s liability to any buyer in connection with the purchase of a lot shall not exceed the hammer price paid for the lot. 13.2. A & A will take reasonable care in storing sold lots prior to shipment; however, all risks of loss or damage pass to the buyer once the sale is complete. A & A is not responsible for damage occurring after the sale unless it results from gross negligence on the part of A & A. 14. Export License for Cultural Goods 14.1. Buyer Responsibility Buyers are solely responsible for complying with Spanish export regulations regarding cultural goods. Certain artworks may require an export license under Law 16/1985 on Spanish Historical Heritage, which applies to all artworks sold in Spain, regardless of origin. 14.2. Export License Requirements An export license may be required for artworks over 50 years old or those exceeding specific value thresholds. Buyers should consult their shipping agents or the Spanish Ministry of Culture and Sports for detailed regulations. 14.3. Application Process A & A does not handle export licensing. However, our shipping partners may assist buyers in applying for an export license through the Junta de Calificaci?n, Valoraci?n y Exportaci?n under Spain?s Ministry of Culture. The licensing process can take several weeks, and buyers should account for this when arranging shipment. 14.4. Non-Compliance Risks Failure to obtain the required export license may result in: a) Seizure of the artwork by customs authorities. b) Legal penalties and fines under Spanish law. c) Delays or cancellation of the shipment. 14.5. Limitation of Liability A & A assumes no responsibility for obtaining export licenses or any delays, costs, or legal consequences arising from the export process. Buyers are encouraged to seek independent legal or shipping advice to ensure compliance.For more information, buyers may refer to the official regulations provided by Spain?s Ministry of Culture and Sports or the Official Gazette of Spain (BOE). 15. Insurance for Shipping 15.1. Buyer?s Responsibility for Insurance A & A is not responsible for shipping and does not provide shipping insurance. Buyers are solely responsible for arranging adequate insurance coverage for their purchased items during transit. Buyers should consult with their chosen shipping provider or an insurance company to ensure proper coverage. 15.2. Claims for Damage or Loss Any claims for damage or loss during transit must be directed to the shipping provider or the buyer?s insurance company. A & A bears no responsibility for items once they have been handed over to the shipping provider. 16. Force Majeure 16.1. A & A shall not be held liable for any delay or failure in the performance of its obligations under these Terms & Conditions if such delay or failure arises from circumstances beyond its reasonable control, including but not limited to acts of God, war, terrorism, pandemics, government regulations, or disruptions in transportation. 17. Dispute Resolution 17.1. In the event of any dispute arising out of or relating to these Terms & Conditions, the parties agree to first attempt to resolve the matter through good-faith negotiation. If the dispute cannot be resolved, it shall be settled by binding arbitration in accordance with the applicable arbitration rules in Spain. 18. Right to Refuse Service 18.1. A & A reserves the right to refuse bids, cancel registrations, or withdraw lots from sale at its sole discretion, without prior notice or liability. 19. Periodic Review 19.1. These Terms & Conditions are subject to periodic review and may be updated from time to time at A & A?s discretion. Buyers should refer to the latest version of the Terms & Conditions, which will be made available on A & A?s website prior to each auction. 20. Legal Jurisdiction 20.1. These Terms & Conditions are governed by the laws of Spain. Any disputes arising under these terms shall be submitted to the exclusive jurisdiction of the Spanish courts. This document is a legally binding agreement, and participation in the auction confirms the bidder?s acceptance of these terms. 21. Authorized Partners A & A collaborates with authorized partners who may act as sellers, intermediaries, or agents for consignors in specific transactions. These partners facilitate administrative tasks such as issuing invoices, coordinating documentation, and ensuring compliance with applicable regulations. Authorized partners do not collect payments on behalf of A & A, nor do they serve as financial intermediaries. Instead, they may act as independent entities engaged in the sale process, ensuring a smooth transaction between buyers and consignors. Currently, A & A?s authorized partners include: Trianon Arts D.O.O. VAT: 30/31-26577-8 TAX ID: 03602222 D?ord?a Va?ingtona Br. 38, 81000 Podgorica, Montenegro A & A reserves the right to add or remove authorized partners at its discretion. An up-to-date list of authorized partners will be provided upon request. 22. Copyright and Intellectual Property All content on this website, including but not limited to text, images, graphics, logos, and digital materials, is the exclusive property of A & A or its content providers and is protected by international copyright and intellectual property laws. Unauthorized use, reproduction, distribution, modification, or publication of any materials from this website, in whole or in part, is strictly prohibited without prior written authorization from A & A. This document is a legally binding agreement, and participation in the auction confirms the bidder?s acceptance of these terms.