Blue Chips: Post-War & Contemporary Art

Preamble Auctionata is an auction house which offers high-quality goods on the Internet. They are auctioned off or offered for direct sale in the Online Shop. All auctions are transmitted in real time via streaming technology. Auctionata offers second-hand goods from the fields of art and antiques as well as sculptures, decorative art and design of the 20th century, jewellery, rugs, memorabilia, collector?s items, oriental artworks, tribal art, textiles, Islamic art, postcards, paintings, works on paper and graphic prints, numismatics, postage stamps, silver, porcelain, glass and ceramics, contemporary art and photography, rare wines and liquors, antique books, autographs, placards, vintage fashion, accessories, musical instruments, watches, vehicles, coins and many other luxury goods. Moreover, Auctionata offers valuations of second-hand art items and luxury goods. Auctionata requires consent to these Terms and Conditions before every purchase in an auction or the Online Shop and before every obtaining a valuation. Integral parts of this Terms and Conditions shall be the Overview of Fees in their currently valid version as well as the tabular listing of the increments specified by Auctionata. Auctionata holds an offical authorization for auctioneering according to Section 34b German Industrial Code (GewO). A. General Terms and Conditions ? Auctions 1. General provisions 1.1 All offers, purchase agreements, deliveries and services based on and in connection with auctions organized by Auctionata, including through the website (hereinafter ?auctions?) shall be governed by these General Terms and Conditions. 1.2 In the auctions, Auctionata sells items on consignment, i.e. Auctionata assumes the role of seller for the owner of the items (hereinafter ?Consignor?) by selling items in its own name on behalf of the owner (?Commission-based Transaction?). 1.3 Our offerings are intended merely for consumers and business persons who have turned 18 years of age, i.e. only for adults. In the event that the customer only then becomes an adult after turning 18 years of age in the country where he resides, then the customer may only then register when he is considered to be an adult in the country where he resides. The offering and sale of alcohol are directed solely to persons who have reached the age required under law at their residence for the purchase of alcohol. The handover of bought alcohol happens only, if the recipient shows the proof of the age required under law before the handover. 1.4 Auctionata reserves the right to exclude customers from an auction if their residence/delivery address is located in a country in which the goods that are being offered cannot be imported and Auctionata has knowledge of this and if doubt exists about the customer?s identity or his creditworthiness. 1.5 Auctionata reserves the right to limit the number of goods which a customer may acquire. Thus, for example, it may be demanded that acquired goods must be paid for before the customer may continue to bid or buy. 1.6 The customer?s general terms and conditions shall not apply, even if Auctionata has not expressly rejected these in individual cases. 1.7 Auctionata may employ third parties as vicarious agents for the purpose of fulfilling the Agreement. The customer hereby consents to this in advance. 1.8 Auctionata?s employees themselves are forbidden from bidding on goods. Auctionata?s employees may not supply any goods. 2. Sale by Auction 2.1 Auctions operated by Auctionata are based upon the English auction model. With this auction form, the price is successively increased by the submission of at least one bid above the starting price. 2.2. Auctionata will hold the auction at its own discretion. An auctioneer will conduct the auction for Auctionata in the auction room and is in charge of the proceedings. He or she will conduct the auction, read out the auction announcements (at the beginning of the auction) and accept the winning bid. The auctioneer will accept the winning bid in accordance with his/her duties at his discretion in all cases. If the auctioneer makes the decision to end the auction, then he shall count off the following phrase to all persons who have entered the virtual auction room ?Highest bid going once?, highest bid going twice?., highest bid going thrice??. Then the current bid price shall be announced by the auctioneer. The auctioneer may only then announce the acceptance of the winning bid if no higher offer has been submitted after the highest bid is repeated three times. 2.3 Auctionata offers for example the following auction formats: a) Weekly auctions: At Auctionata, weekly auctions are held which are often only then announced at short notice. With a weekly auction, the offerings are often quite mixed and diverse. Auctionata endeavours to negotiate particularly low starting prices with the consignors. The time for each weekly auction shall be disclosed on the web site. As a rule, during the weekly auctions, items from quite diverse segments are offered. b) Special auctions: Furthermore, there are special auctions at Auctionata in which items from a designated area of 15 main categories are offered by Auctionata. In this case, our experts make a strict selection in order to ensure that only clearly suitable articles are sold by auction. Special auctions are also announced, but only take place infrequently. 2.4 Auctionata requires consent to these Terms and Conditions and the announcement before the participation in an auction. 3. Auction catalog and viewing 3.1 Goods to be sold at Auction will be presented in an auction catalog (at least two weeks before the Auction). The lot number, estimated value and starting price for each item will be listed here. 3.2 The items presented in the auction catalog can be viewed by customers for at least two hours at Auctionata?s premises by appointment. 3.3 Our customers shall have no entitlement to bid for particular items presented in the auction catalog because the items are presented subject to the proviso that an owner may withdraw his items up until the start of the Auction. Furthermore, Auctionata shall be entitled to withdraw items from the auction before the winning bid is accepted without stating reasons. 3.4 Auctionata shall be entitled to conduct the Auction in a different order to the order of the lot numbers as stated in the auction catalog. Auctionata shall further be entitled to offer several items shown separately in the auction catalog together as one lot, or to divide a lot containing several items. 3.5 The Auctionata experts will ascertain information about the manufacturing technique, origin, condition, material, design and age of an item using published or otherwise generally accessible scientific knowledge to the best of their knowledge and judgment. This information will be incorporated into the catalog descriptions. Only such defects, flaws and damage that significantly affect the value of the item will be mentioned in the catalog descriptions. 4. Participation in an Auction 4.1 As a rule, items can be purchased at auction by participating in the auction in Auctionata?s auction room. The customer may participate in an auction in person through his presence in the Auctionata auction room, (although the number of participants may be limited by Auctionata,) or may be represented at the auction. The customer may also participate in the auction via means of communication such as letter, fax, telephone, email, or his user account on the Auctionata website. 4.2 Online absentee bids, written purchase orders and bids by telephone shall constitute a commissioning of Auctionata by the customer to place bids on his behalf and to enter into a purchase agreement with Auctionata if he places the winning bid. In this respect, the customer authorizes Auctionata to place bids on his behalf and to enter into the purchase agreement resulting from the winning bid. In this respect, Auctionata is granted an exception from the provision of Section 181 of the German Civil Code (BGB) by the customer. a) The following shall apply to online absentee bids and written purchase orders (together referred to as ?purchase orders? or referred to singularly as ?purchase order?): Auctionata shall remain free to reject requests or to cancel accepted requests up until the winning bid is accepted at its own discretion Commissioning shall always be restricted to the item specified in the order form (in accordance with the specified lot number) and the specified maximum purchasing limit (i.e. the maximum price to be bid) The maximum purchasing limit must not be lower than the starting price. The maximum purchasing limit will only be exhausted if there is another bidder. If no one else bids on the relevant item, the customer?s bid will automatically be accepted at the starting price. To clarify: The specified maximum purchasing limit relates only to the purchase price excluding the buyer?s premium, contribution to the resale royalty right , shipping and shipping insurance costs and statutory VAT; Auctionata shall charge extra for these in accordance with figure 8.1 The order form may not be used to communicate other messages to Auctionata going beyond the distinct purchase order. Under no circumstances will Auctionata take messages of this kind noted on purchase orders into account. Auctionata reserves the right to reject the purchase order in such cases The customer may cancel the purchase order in writing (fax, letter, email) up to 72 hours before the auction begins without citing reasons. Such cancellation is permissible up to 72 hours before the auction begins. Cancellation later than 72 before the auction begins, or after the auction has begun, is excluded in principle; it may be permitted in individual cases at the discretion of Auctionata, however. In cases of cancellation, Auctionata shall be entitled to charge an administration fee in accordance with the schedule of fees for the Auction for each item specified in the purchase order If, despite having submitted a purchase order, the customer wishes to bid in the Auction simultaneously by using his user account or by telephone, for example, he or she must inform Auctionata of this in writing (fax, letter or email) at least 24 hours before the start of the Auction. If the customer does not comply with his announcement, Auctionata shall be entitled to carry out the order as stipulated in the order form b) The following shall apply to bids by telephone: Auctionata shall remain free to reject requests or to cancel accepted requests up until the winning bid is accepted at its own discretion Commissioning shall always be restricted to the item specified in the order form (in accordance with the specified lot number) Auctionata will contact the customer by telephone before the items specified in the order form are auctioned using the contact details provided by the customer. If Auctionata is unable to make contact, despite having made three attempts to do so, Auctionata will implement the order concerning the items specified in the order form in the same way as a written purchase order, i.e. Auctionata will place bids up to the starting price. If no one else bids on the relevant item, the customer?s bid will automatically be accepted at the starting price. To clarify: The winning bid at the starting price relates only to the purchase price excluding the buyer?s premium, contribution to the resale royalty right, shipping and shipping insurance costs and statutory VAT; Auctionata shall charge extra for these in accordance with figure 8.1. During the telephone conversation, the telephone bidder must state that he or she accepts these general terms and conditions and has acknowledged the auction announcements. The conversation may be recorded by Auctionata for documentation purposes; the caller will be informed of this in advance. Auctionata reserves the right to reject bids placed by telephone or to make the consideration of a bid conditional upon the payment of a deposit or a creditworthiness check. The rules for purchase orders shall apply by analogy 4.3 During the auction, bids from customers present in the auction room, but also bids placed via communication means such as letter, fax, telephone, email or the user account on Auctionata?s website will be considered, which may result in a bidding process between the bids placed in the auction room and the written purchase order placed, for example, but also between two written purchase order or a bid placed by telephone or via the user account on Auctionata?s website. Auctionata reserves the right to do not to accept bids or bids or to make the consideration of a bid dependent upon a down payment and/or the provision of security or credit report information. 4.4 Only verified customers are allowed to participate in an auction. 4.5 In the case that technical problems prevent the continuation of an already running auction the following shall apply: All winning bids that were made before the arising of the technical problems shall remain valid. All items from a weekly auction which have not yet been auctioned off shall be auctioned off at a later point in time. If a special auction is affected, the auction shall be continued at a later point in time. All persons who were in the auction room at the time that the auction was suspended or have used communication means such as letter, fax, telephone, email or the user account on Auctionata?s website shall be notified of the new time for the auction in writing via email and the time for the new auction shall be published one week in advance on the website. 5. User account 5.1 A user account can be set up free of charge and does not oblige the user to participate in an auction. No entitlement to a user account shall exist. A user account allows a customer to submit simultaneously bids in an Auction via the internet. Additionally, it allows a customer to submit online absentee bids via the internet. 5.2 In order to set up a user account, the following data must be provided truthfully by the customer: Surname, First Name Email address Residential address (or deviating shipping address) Telephone number Every change of the above mentioned data has to be reported without request via email, fax, letter or by telephone to Auctionata. The user account for a legal identity has to be registered by its legal representative. The user account is personal which means that only individuals are allowed to create the user account and only the registered person is allowed to use it. The user account is not transferrable. 5.3 The customer must specify a password for his user account. The password must be kept secret and reasonable measures must be taken to prevent non-authorized use. 5.4 If there are indications that a customer is infringing laws, rights of third parties or Auctionata?s General Terms and Conditions, Auctionata shall be entitled to temporarily block the user account or to delete it permanently. The above shall also apply even in the event that Auctionata has another legitimate interest in the deletion of the user account. This shall be the case particularly if fraudulent activities have taken place. In the event that the user account has been blocked or deleted, the respective owner is prohibited from using Auctionata?s services via a user account. In particular, this includes setting up and using a new user account. 5.5 A client may have deleted his user account at any time by asking Auctionata?s Customer Service Division to delete it. The Customer Service Division shall delete the data within three working days. 5.6 During the live auction, the current high bidder will be shown to the auction audience. Visible will be the country of residence, the bidding paddle number and the first name of the user. The first name will be anonymized upon request of the user. 6. Verification 6.1 Before the participation in an auction, Auctionata verifies the persons who want to participate in it. Auctionata is therefore entitled to verify the identity of a customer before his participation in an auction. Customers are verified, if their identity has been proven towards Auctionata. This is especially the case, if: Customers have concluded a consignment agreement with Auctionata, Customers have already purchased goods in the Online Shop and have paid and accepted the items or have picked up items subject to the presentation of an ID, Customers are personally known to Auctionata, Customers have been verified by means of a copy of an ID, via credit card, via a credit agency or via the provision of security and/or bank information and, as required, also can document their credit reference. 6.2 Auctionata is entitled at any time to make each bidding process dependent upon the provision of security, bank information, information from a credit agency or via the blocking of a certain volume of the credit card limit. 7. Formation of the purchase agreement 7.1 Each bid relating to an item constitutes an offer to enter into a purchase agreement and is therefore legally binding. The purchase agreement concerning an item offered shall be formed and binding when the winning bid is accepted. Placing the winning bid shall oblige the customer to pay the purchase price and to accept the item. 7.2 In order to be effective, bids must correspond with the bidding increments stipulated by Auctionata. The increments specified by Auctionata in the bidding increments table shall form an integral part of these General Terms and Conditions. If a bid does not correspond with the increments specified by Auctionata in the bidding increments table, Auctionata shall be entitled to round down the bid to the next lowest bidding increment for it to be effective. 7.3 The priority principle shall apply when considering bids, i.e. if there are two bids of equal value, the earlier bid will always be considered. If two bids of equal value are placed at the same time, lots will be drawn to decide which bid has priority. 7.4 Auctionata shall be entitled to overturn a winning bid after it has been accepted and to continue the auction of the item if there is doubt as to the identity of the offeror, or other doubt concerning the winning bid. If it is established after the winning bid has been accepted that the purchase agreement with the highest bidder is to be rescinded because he or she is not able to pay for the auctioned item, Auctionata shall be entitled at its own discretion to offer the goods to the underbidder in writing at the last price offered by him or her (email shall suffice). Auctionata shall be bound by the offer for five days. The offer must be accepted in writing by fax, email, letter or by telephone. 7.5 The winning bid will be accepted after the auctioneer has said: ?Going once for ?, going twice for ?, going three times for ?, sold!? The auctioneer will state the current purchase price each time. The auctioneer will accept the winning bid if no higher bid has been placed after the highest bid has been announced three times. 7.6 Auctionata is entitled at its own discretion to reject bids from a bidder during the auction where it has reasons to presume a lack of seriousness, and to ask bidders to pay for the items they have already purchased or to pay a deposit before allowing them to bid on other items. 7.7 The bidder bids and purchases in his own name and for his own account. He or she may be represented by a representative, however, after giving notice in writing (email, fax or letter). 7.8 The items will be offered and auctioned in their condition when the winning bid is accepted. 7.9 Auctionata shall be entitled to accept the winning bid under reserve, if the highest bid on an item is below the item?s minimum selling price agreed on with its consignor (?limit agreement?). In the case of placing the winning bid under reserve, the validity of the purchase agreement (cf. Clause 7.1 of the Terms and Conditions) is dependent on the condition that the consignor approves the sale at hammer price within a period of 8 (eight) days after the auction. If the consignor does not approve the sale at hammer price within the aforementioned period, a valid purchase agreement has not been established. In this case, the highest bidder will be notified. If a limit agreement has been concluded on an item, Auctionata will mark the item on the lot page with the text note ?limit agreement?. 8. Prices 8.1 On top of the purchase price determined by the winning bid, Auctionata will charge the buyer?s premium, contribution to the resale royalty right (where applicable), shipping and shipping insurance costs and statutory VAT. Therefore, bids placed for items during an auction shall always relate to a price excluding the buyer?s premium, contribution to the resale royalty right, shipping and shipping insurance costs and statutory VAT. The same applies to the prices stated in the auction catalog. Further information about the purchase price can be found in the List of Fees for Buyers, whereupon the respective current version shall apply. 8.2 Further information about shipping and shipping insurance costs can be found in the List of Fees for Buyers, whereupon the respective current version shall apply. These costs shall not apply if collection of the goods has been agreed to in writing (email shall suffice) with Auctionata in exceptional cases. Deliveries to non-EU countries are subject to additional custom duties and import tax.Further Information to custom duties and import tax can for example be found here: http://www.zoll.de/DE/Home/home_node.html;jsessionid=BA5864B4CA08BA56593274FD649E3105 8.3 The contribution to the resale royalty right refers to the legal obligation for the resale royalty in case of the resale of fine arts and photographs in the art market. The goods affected will be labeled accordingly in the auction catalog. Further information about the contribution to the resale royalty right can be found in the Overview of Fees for Buyers, whereupon the respective current version shall apply. 9. Taxation 9.1 In principle, statutory VAT shall only be payable on the buyer?s premium, contribution to the resale royalty right, shipping and shipping insurance costs because the purchase price is subject to differential taxation for buyers residing in the EU. Differential taxation is a special form of taxation which is prescribed for the trading of second-hand items where it is not possible to deduct input tax. Thus statutory VAT is not stated. 9.2 By derogation from Clause 9.1, purchasers may request that an invoice is issued subject to standard taxation when purchasing second-hand items. A precondition for this is that the purchaser is entitled to deduct input tax. 9.3 If an item is labeled ?RB? in the auction catalog, statutory VAT shall also be payable on the purchase price (a case of so-called ?standard taxation?). For entrepreneurs may apply that the statutory VAT on the purchase price omits in the following cases: From a tax perspective, all countries outside of the EU are considered third-party countries; in this case, no VAT shall be applicable. Where applicable, buyers from third-party countries must then pay customs duties and taxes on the supplied goods on-site. There are also exceptions in this regard. Among others, the Canary Islands are considered to be a third-party country known as the EU Special Zone. For business persons who have purchased from Auctionata for commercial purposes, the VAT exemption shall likewise apply to deliveries within the EU if the buyer can document by means of his VAT ID No. that he will pay the VAT for the purchase of the item in his home country. 10. Warranty; condition 10.1 The warranty period shall be two years from the time of delivery for consumers, and twelve months from the time of delivery for businesses. Section 383 of the German Commercial Code (HGB) shall only apply with respect to businesses. 10.2 The purchaser shall purchase the item in accordance with the product description in the auction catalogue. The situation is different in cases where information is provided about the condition of an item in the auction announcement which varies from the information provided in the product description in the auction catalog. In the case referred to above, the auction announcements shall prevail, with the result that the condition of the item is determined by the auction announcements. If during an auction the auctioneer gives orally information regarding the actual condition of the item and the information differs from the product description in the auction catalog, the information in the auction catalogue always prevail, If an expert gives orally information regarding an item during an auction, the information shall not be considered as an information for the product description by Auctionata, That is why Auctionata shall not be liable for such statements. 10.3 The items offered in the auction are used items whose signs of use and age give them their special character. For this reason, the actual condition of the item as shown and described in the auction catalog shall be regarded as the agreed condition. If flaws, damage or defects to the items are listed in the auction catalog which no longer correspond with the usual condition of a used item, but which fundamentally affect the value of the item, the items will be purchased in accordance with the information in the product description and a warranty shall be excluded in this regard. 10.4 The information about the condition of the item, particularly as described in the catalog, is based on generally accessible scientific knowledge which has been ascertained and made use of by the Auctionata experts exercising the necessary care and accuracy. It follows from this that the technical and scientific knowledge available at the time of entering into the agreement is relevant for the presence of a defect at this time, i.e. if the age of an item is stated incorrectly, this does not constitute a defect if it was determined in accordance with the technical and scientific knowledge available at the time. 10.5 The exact color of an item is excluded from the agreement on characteristics, since there may be minor color variations between the photo shown on the Internet and the actual item (e.g. due to lighting and focus). 10.6 If an item was expressly identified as a copy (e.g. ?museum replica?) in the catalog description, then the authenticity cannot constitute a characteristic of the item, with the result that the item is purchased as a copy and a warranty is excluded in this respect. If an item was expressly identified or described as "a work with doubts regarding its authenticity" in the catalog description, then the authenticity cannot constitute a characteristic of the item, with the result that the item is purchased as "a work with doubts regarding its authenticity" and a warranty is excluded in this respect. 10.7 If a defect is present, i.e. in the event of deviation from the contractually agreed condition of the item, and if documented written proof of the deficiency is presented within the warranty period in accordance with figure 10.1, the following shall apply to the rescinded transaction: The transaction will be rescinded in accordance with the statutory provisions. Accordingly, the payments/goods received must first be returned by the parties. That is to say that Auctionata will refund the purchase price paid by the purchaser and the purchaser will return the item to Auctionata. The situation is different in cases where the item received by the purchaser has deteriorated or perished; deterioration caused by the use of the item as intended shall not be taken into account, however. In this case, the debtor shall provide compensation instead of returning the item (cf. Section 346, section 2, no. 3 of the German Civil Code (BGB)). The compensation shall be calculated based on the purchase price of the item. In addition, the statutory warranty regulations shall apply, i.e. the purchaser may also demand the reduction of the purchase price. 11. Guarantee of authenticity Auctionata guarantees to the purchaser the authenticity of the goods on the following conditions: 11.1 Auctionata guarantees that the purchased item is not a forgery, i.e. a copy produced with the intention of deceiving a potential purchaser as to the creator, the date of creation, the material and the age, given the technical and scientific knowledge available at the time of purchase. This means that the guarantee relates solely to expressly stated information about the creator, the date of creation, the material and the age of an item. If one of the items of information listed above was not provided for an item, this information shall not be the subject of the guarantee. If an item was expressly identified as a copy (e.g. ?museum replica?) by Auctionata in the auction catalog before it was purchased, then a guarantee of authenticity is excluded in this respect. If an item was expressly identified or described as "a work with doubts regarding its authenticity" by Auctionata in the auction catalog before it was purchased, then a guarantee of authenticity is excluded in this respect. Auctionata expressly notes that the achieved hammer price at an auction for "a work with doubts regarding its authenticity" does not indicate the actual condition of the item. Therefore a purchase of the item takes place at the purchaser `s own risk. 11.2 The purchaser may assert the inauthenticity of an item against Auctionata within 25 years of the item being handed over to him or her. 11.3 If there is a dispute between Auctionata and the purchaser as to the authenticity of the item, an expert arbitrator shall decide the matter. Judicial proceedings concerning the matter of dispute and associated entitlements may only be instituted once an expert determination has been prepared. The parties should agree on the person appointed as the expert arbitrator within 4 weeks of a written request being made by one party. Auctionata will give the purchaser a choice of three recognized independent and impartial experts for this. If no agreement is reached within this period, the expert will be appointed by the Bundesverband der Kunstsachverständigen e.V. or a compartable organization at the written request of one party. The expert arbitrator must be an officially appointed art expert. The expert arbitrator must be independent and impartial. The expert determination will be prepared in writing. The expert arbitrator will base his decision solely on the generally acknowledged technological and scientific standards prevailing in the field at the time when the item in question was purchased. The expert arbitrator?s findings and the outcome shall be binding on the parties. The expert determination must be submitted and substantiated in writing. The statement of reasons must include the significant assumptions on which the expert valuation is based. If the purchaser wins the dispute on the basis of the expert determination, Auctionata shall bear the costs and expenses incurred by the expert arbitrator. If the purchaser loses the dispute on the basis of the expert determination, the purchaser shall bear the costs and expenses incurred by the expert arbitrator. Each party shall bear its own costs incurred in connection with the expert determination, such as legal fees. 11.4 If the purchaser wins the dispute on the basis of the expert determination, the statutory warranty terms shall apply, whereupon liability for lost profit is expressly not covered by the guarantee. 11.5 The guarantee of authenticity is personal and may not be transferred either by contract or by law, e.g. within the scope of a transfer to a sole successor in title. 12. Liability Auctionata shall only be liable in cases of intention and gross negligence; the aforementioned shall not apply in the event that express guarantees are assumed (figure 11), or in the event of damages resulting from injury to life, body or health, or in the event of mandatory legal provisions. In the event that significant contractual obligations are breached, or in the event of debtor?s delay or impossibility of payment or performance for which Auctionata is responsible, Auctionata shall be liable for each case of culpable conduct, however. Liability for compensation of indirect damage, and particularly for lost profit, shall only arise in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata. The amount of Auctionata?s liability shall be limited to the damage typically foreseeable at the time of entering into the agreement, except in cases of intent or gross negligence on the part of legal representatives, managers or other vicarious agents of Auctionata. 13. Retention of title The items shall remain the property of the respective Consignor until they are paid for in full. To protect the consignor, the items will not be shipped until payment has been received in full (receipt of payment). 14. Terms of payment 14.1 The purchase price for the items purchased is to be paid in advance. The customer must pay the purchase price immediately upon receipt of the invoice in PDF format. Payment on delivery is excluded. The customer may effect payment by bank transfer, PayPal or credit card. Auctionata shall not charge any fees for this. 14.2 A buyer shall enter into payment default if he has not rendered payment within 10 days after the payment due date and receipt of an invoice; the relevant date is the date that Auctionata receives the payment into its account. Section 286 Paragraph 4 German Civil Code (BGB) remains unaffected. In the event of payment default, the purchase price of Buyers who are consumers shall accrue interest during the payment default period in the amount of 5% points above the respectively valid base lending rate (in accordance with the statutory directives published by the German Central Bank) plus the statutory VAT. For an entrepreneur, the interest during the payment default period shall be 8% points above the base lending rate plus the statutory VAT. The interest shall be calculated per year and charged to the current account. 14.3 If the purchaser delays in making payment, Auctionata may withdraw wholly or partially from the agreement in accordance with the statutory provisions after granting an extension period of seven days, and demand damages (Section 325 of the German Civil Code (BGB)), which may include, specifically, storage costs and the buyer?s premium. 14.4 The purchaser shall be deemed in default with acceptance of the item if he or she does not accept the item after two delivery attempts, or does not collect the item from the deliverer after it is deposited within the statutory period set by the deliverer, or does not collect the item from Auctionata or the deliverer on the agreed date two times in successi