142. Kunstauktion

Terms for Public Auction With the participation in an auction the following conditions are accepted: Auktionshaus Weiner conducts auctions in a public auction as commission agent on its own and on behalf of clients, who shall remain anonymous. Absentee bidders must submit their instructions in writing at least 24 hours prior to the start of the auction. Bidders who are not known to the autioneer or with whom there is not business relationship as yet, must by the start of the aution at the latest, provide security in the form of bank information or guarantees. The items to be auctioned may be viewed and examined prior to and during the auction and are being auctioned in the state in which they are without liability as to the condition, the authorship or signature. The auctioneer gives no warranty to buyers in respect of faults and imperfections of goods and errors of description over and above the accepted general obligations to conscientiousness. All information contained in the catalogue is made in all conscience and is based on the scientific knowledge that has been published or is otherwise generally available up until the date of the auction and does not constitute an assured guarantee (section 459 ff. of the German Civil Code (BGB). The auctioneer reserves the right during the auction to correct catalogue information, to combine, separate, offer out of sequence or withdraw numbered lots. The bids begin under the standard price specified in the catalogue and increase regularily by 10%. A bid is accepted after the auctioneer has called the highest bidder`s bid three times and the minimum price set has been reached. The auctioneer may accept a bid subject below the reservation. A bidder remains bound to the bid that has been accepted subject to reservation for a period of three weeks. It becomes valid when the bid is confirmed in writing and sent to the address of the bidder. The auctioneer may refuse to accept a bid. If a bid is refused, thre previous bid remains valid. If several people place the same bid and there is no higher bid after three calls, the decision will be made by drawing lots. The auctioneeer may revoke a bid that was made at the proper time if the highest bidder does not want his bid to stand and accept a previous offer. Acceptance of a bid imposes an obligation to collect the item. Risk passes to the buyer when the bid is accepted. The bid price is the net price. The buyer must pay, in addtion to the bid price, a premium of 22% per sale. On pictures and graphics from the copyright list of artists an additional 5% provision is charged. Purchasers who participate in person at the auction must pay ?Auktionshaus Weiner? the purchase price in cash immediately after the bid is accepted. Commissioned bids must be paid ten days after the invoice has been issued. The item passes to the Buyer only upon receipt of all payments owed. In the event of default in payment, default interest of 2% per month is charged. In the case of default in payment, ?Auktionshaus Weiner? may demand performance of the purchase contract or damages. He can reauction the item at a new auction and the dafaulting Buyer is reliable for the costs of the repeat acution. He is not entitled to any excess proceeds. The Buyer has to collect the items immediately after the auction. Uncollected purchases can be put in storage at the risk and cost of the Buyer. Munich is the sole place of performance and shall be the exclusive place of venue for all transactions. German law shall apply. If any of the abve provisions are invalid in whole or in part, the validity of the remaining provisions shall remain unafffected thereby.

An additional charge of 5% will apply to all artist listed on the 'Copy Right Register' of the relevant country.