LXI Vilnius Auction

TERMS AND CONDITIONS FOR THE SALE OF ARTWORKS AT THE "VILNIUS AUCTION" 1. Main Definitions 1.1. The terms and conditions established by UAB Meno Rinkos Agent?ra for the sale of artworks at the Auction (hereinafter the Art Auction Rules) are binding on all Bidders. By signing the registration form, the Bidder irrevocably confirms that he has familiarized himself with the Art Auction Rules, has understood them, and has no comments and/or claims regarding their ambiguity, inaccuracy, and/or incompleteness. 1.2. The Auction is a public purchase-sale of objects of cultural and artistic value (hereinafter Works of Art) through an Auction organized and held by UAB Meno Rinkos Agent?ra (hereinafter the Auction House), where Works of Art are offered for sale to several persons through the Auction House and a contract for the sale-purchase of a Work of Art is signed with the highest Bidder (hereinafter the Buyer). 1.3. The Auction House is the intermediary between the Owner who has submitted the Work of Art to the Auction (hereinafter the Owner) and the Buyer. 1.4. The Auction administration is the auctioneer (the person conducting the Auction), the Auction recorder, the Auction accountant, and other persons responsible for organizing and conducting the Auction. 1.5. Pre-Auction viewing is the public exhibition of the Works of Art submitted for Auction, held at least two days before the start of the Auction. 1.6. The Bidder is a person who has registered to participate in the Auction as a potential Buyer of the Works of Art offered at the Auction. 1.7. The Bidder?s representative is the person who physically represents the Bidder during the Auction. The Bidder must indicate his representative?s first and last name on the registration form, and upon arrival at the Auction, the Bidder?s representative must submit to the administration of the Auction House his personal identification and the Bidder?s written authorization to represent him at the Auction as a Buyer. 1.8. The Auction record is the document recording the Final Price and Buyer for each Work of Art sold at the Auction. The audio and/or video recording made during the Auction is kept for one year after the Auction and is part of the Auction record. 1.9. The Bidder?s number is the numbered bidding paddle that the Bidder raises when bidding. 1.10. An increment is the increase in the price of the Work of Art being auctioned. 1.11. The Catalogue is the description of the Works of Art submitted for Auction. It indicates the artist, title, year of creation, measurements, Starting Price or assessed value, and other information about the Work of Art. 1.12. The certificate of authenticity is the official document of the Work of Art submitted for Auction. It indicates the title of the object, its artist, time and place of creation, technique and materials used, measurements, condition, signatures, and other information important for its identification. 1.13. The Work of Art is the artistic or cultural work or object submitted for Auction and offered for sale to Bidders. A Work or Works of Art being auctioned as a single object (with a single number and price in the Catalogue) may synonymously be called a lot. 1.14. The Starting Price is the initial price announced at the Auction when bidding on a specific Work of Art has begun. 1.15. The Reserve Price is a confidential amount (higher than the Starting Price indicated in the Catalogue). If it is not reached during the Auction, the Work is considered unsold. It is indicated in the Auction Catalogue by the symbol ® beside the price of a specific Work of Art. If this symbol is absent, there is no Reserve Price. 1.16. The Accepted Price (Gavel Price) is the highest price offered during the Auction by a Bidder for a Work of Art. It is recorded by a stroke of the gavel. 1.17. The Final Sale Price is the final amount paid by the Buyer who has won the Auction. It consists of the Accepted (Gavel) Price plus the Auction House margin plus the value added tax (VAT) on the Auction House margin. 2. Obligations and Rights of the Auction House and the Owner 2.1 When submitting a Work or Works of Art for Auction, the Owner of the Work of Art affirms and guarantees that the Work of Art he has submitted is his rightful property, which has been lawfully acquired or inherited or created, and that the Work has not been pledged as collateral to a third party. He is responsible for the correctness of the information about the Work. The Owner affirms that he is the sole Owner and/or inheritor of the Work submitted. 2.2. The Owner guarantees that the Work submitted for Auction is genuine. If it becomes clear before the Auction that the Work is a forgery or has been erroneously attributed, or if there is doubt about the genuineness of the Work, the Auction House reserves the right to remove such a Work from the list of Works to be auctioned. 2.3. In solidarity with the Owner, the Auction House makes every effort to guarantee and defend the copyright on a Work by complying with the provisions of the Law on Copyright and Related Rights of the Republic of Lithuania. 3. Bidder Registration 3.1. Natural and legal persons may participate and make purchases at the Auction. Natural persons participating in the Auction must be at least eighteen years old. The Bidder participates either personally or by telephone or through his representative or by registering an Absent Bidder form. 3.2. A Bidder who wishes to participate in the Auction with rights of purchase must register by filling out the registration form. 3.3. On the registration form, the Bidder must indicate the following information: (i) a natural person ? first and last name, address, telephone number, E-mail address; (ii) a legal person ? name, company code, company address, VAT payer?s code, telephone number, fax number, E-mail address, Internet website, and banking details as well as the first and last name, telephone number, and E-mail address of the company representative authorized to participate in the Auction; (iii) on the registration form, the Bidder must indicate whether he will collect the purchased Work of Art himself or will need transportation services, also whether he will need the services of an intermediary if the Work of Art is to be taken abroad. 3.4. Those who wish to participate in the Auction by telephone must indicate on the Registration Form the numbers of the lots they want to bid on as well as the participant?s telephone number at which employees of the Auction House will be able to reach the participant during the Auction. Bidding by telephone is permitted only for those lots whose Starting Price is at least ?500. If the telephone number is registered in Lithuania, and the Bidder is in Lithuania, the Auction House will pay for the telephone connection. If the telephone number is registered outside Lithuania, or if the Bidder is outside Lithuania, he must pay for the telephone connection. The Auction House is not responsible for problems with the telephone connection. 3.5. A Bidder who wants to participate in the Auction without being physically present in the hall (hereinafter an Absent Bidder) must indicate on the registration form, in addition to the usual information provided on the registration form, the Work(s) of Art that he wants to buy and the highest Accepted (Gavel) Price he is willing to pay for this Work. At its own discretion, for purposes of record keeping, the Auction House gives a number to the Absent Bidder. 3.6. The registration form may be filled out online on the Internet website of the Auction House, or the form in the Auction Catalogue may be filled out and sent by fax (+370 5) 230 7200. The registration form may also be filled out at the Auction location during the pre-Auction viewing or before the Auction begins. 3.7. Registration forms sent by fax or filled out online must be received no later than four hours before the Auction. Registration at the Auction location ends ten minutes before the Auction begins. 3.8. The Auction House is responsible for the confidentiality of registration data. The information provided on registration forms will not be transmitted, transferred, or otherwise disclosed to any third parties, except as required by law. 3.9. The Auction House makes every effort to ensure that the Works of Art to be sold at the Auction are correctly identified and that accurate information is provided about them, but it does not assume responsibility for possible errors. Bidders are strongly urged to make purchases only after closely inspecting the Works of Art they want to acquire during the pre-Auction viewing and to critically evaluate their condition and genuineness. Bidders may consult experts from the Auction House or bring their own experts to the pre-Auction viewing and rely on their recommendations about making a purchase. After a purchase has been made, the Auction House does not accept any complaints concerning the Works of Art that have been bought. 4. The Auction Procedure 4.1. The Auction is held at the location and time set by the Auction House and indicated in the Catalogue and on the website of the Auction House. 4.2. The Auction House provides an opportunity for all interested persons to view all the Works of Art at a pre-Auction viewing at least two business days before the Auction. Registered Bidders may receive a free consultation from Auction House specialists concerning the objects to be auctioned. An appointment for an individual consultation must be made by calling one of the telephone numbers indicated on the website of the Auction House. 4.3. The Auction starts at the designated time. Depending on the number of Works of Art to be sold, the Auction may be held with or without a break. 4.4. The auctioneer briefly presents each Work of Art (artist, title, year of creation) and announces its Starting Price. The Starting Price for a Work of Art may be increased by the following increments: ?20 ? ?299: by increments of ?10; ?300 ? ?999: by increments of ?20; ?1,000 ? ?2,999: by increments of ?50; ?3,000 ? ?4,999: by increments of ?100; ?5,000 ? ?9,999: by increments of ?200; ?10,000 ? ?29,999: by increments of ?250; ?30,000 ? or more: by increments of ?500. 4.5. When making a bid, a Bidder must clearly raise his bidding paddle with the number facing the auctioneer and loudly announce his bid. 4.6. The auctioneer repeats each bid made. When none of the Bidders makes a higher bid, the auctioneer announces the final, highest bid made, the number of the Bidder who made it, and repeats the amount of the bid three times with a stroke of his gavel. This price is the Accepted Price. After the stroke of the gavel, the Work of Art is considered sold, and the Accepted Price and the number of the Bidder who made it are recorded in the Auction records. 4.7. While the Works of Art are being auctioned, employees of the Auction House represent by telephone the Absent Bidders who have filled out the relevant registration form. 4.8. If a disagreement arises between the Bidders (regardless of whether or not they are physically present at the Auction), the auctioneer may decide to re-auction the Work over which the disagreement arose. 4.9. If several persons who filled out the Absent Bidder form make the same bid for the same Work (lot), priority is given to the Bidder who filled out the form earlier. 4.10. During the Auction, state depositories for movable objects of cultural value are given the right of pre-emption to acquire Works of Art included in the register of movable objects of cultural value that are not held by state depositories but are protected by the state. When the final bid has been announced for a Work of Art that has cultural value, the representative of a state depository has the right of pre-emption to buy this Work of Art. In this case, the representative of a state depository must audibly announce his intention before the auctioning of the next Work of Art has begun. The representative of a state depository must be registered for the Auction and physically present and have an authorization from the head of his institution to buy Works of Art at the Auction. 4.11. In the Catalogue, the symbol ® beside the price for a Work means that there is a confidential Reserve Price. If this price is not reached during the Auction, the Work is considered unsold. 4.12. After the Auction has ended, the Bidders must return their bidding numbers to the Auction administration. 4.13. At its discretion, the Auction House may introduce or revoke a ticket system for admission to the Auction event and set ticket prices. Bidders who bought a Work of Art during the Auction will be refunded the price of their ticket when they collect the Work they have bought. 5. Payment 5.1. Immediately after the Auction, the Bidder who has bought a Work of Art must go to the table of the Auction administration and get the invoice issued to him. 5.2. For each Work of Art sold, the Auction administration issues a prepayment invoice or VAT invoice, depending on the manner of payment, (in two copies) that indicates the number of the Work of Art, its title, and the price to be paid, which consists of the Accepted Price and the Auction House margin, including VAT (18% for Works with an Accepted Price of up to ?3,000, 16% for Works with an Accepted Price of from ?3,001 to ?5,000, 14% for Works with an Accepted Price of from ?5,001 to ?10,000, 12% for Works with an Accepted Price of ?10,001 or more). The first copy of the prepayment invoice or VAT invoice is given to the Bidder, and the second is kept by the Auction administration, which enters the details of the invoice into the Auction records. Bidders participating at the auction online via www.liveauctioneers.com platform will be additionally charged 5 percent from the hammer price. 5.3. Invoices for Absent and Telephone Bidders are sent by fax and/or E-mail on the next working day. They must be paid by bank remittance within five working days (including the day on which the invoice was received by fax and/or E-mail). The original copy of the invoice, together with the certificate of authenticity, will be presented when the sold artwork is collected. 5.4. Payment for the Work of Art may be made at the Auction location in cash or by bank card (Visa / Visa Electron / MasterCard / Maestro) or bank remittance to the settlement account indicated by the Auction House no later than five working days after the Auction. 5.5. When payment is made at the Auction location by bank card or in cash, the Bidder is given a cash receipt or a cash register receipt as well as the Work of Art and its certificate of authenticity. 5.6. When payment is made by bank remittance, the Work of Art is given to the Buyer after the money has been credited to the settlement account of the Auction House. The bank remittance must indicate the Buyer?s first and last name or the name of the company as well as the title or lot number and the prepayment invoice number of the Work of Art acquired. 5.7. The Auction House will not accept payment for a Work of Art from a third party. Payment for the Work of Art sold must be made only by the registered Bidder who offered the highest price for this Work of Art and whose Bidder?s Number is recorded in the Auction records, unless a tripartite agreement for different terms of payment was signed before the Auction between the Auction House, the Bidder, and the payer. 5.8. The Buyer must collect his Work of Art from the Auction House within three working days after payment of the money. If the Buyer fails to collect his Work of Art within the indicated period, he will be charged for storage of the Work of Art ? 0.2% of the Purchase Price of the Work of Art per day. 5.9. If the Auction House made an agreement to deliver the Work of Art to the Buyer, it must dispatch the Work of Art to the Buyer within sixty hours after payment has been credited to the settlement account of the Auction House. The Auction House will charge an additional fee for delivery, which must be paid when payment is made for the Work of Art. This amount includes all applicable costs for packing, transportation, customs, and insurance during transportation. 5.10. Together with the Work of Art purchased, the Buyer will receive a certificate of authenticity issued by the Auction House. 5.11. Upon receiving his Work of Art, the Buyer must sign a record book for the delivery of artworks to Buyers or a similar document presented by the courier. This signature certifies that the Buyer does not have any claims against the Auction House. 5.12. If a Work of Art is listed in state records as an object of cultural and artistic value, it will be given to the Buyer together with the Regulations for the Safekeeping of Cultural Treasures. 5.13. If a Buyer wants to take a Work of Art (which is more than fifty years old) out of the country, he must comply with the Rules for Exporting Movable Cultural Treasures and Antiques From the Republic of Lithuania, approved by Act No. 1424 of the Government of the Republic of Lithuania on 9 November 2004, and he must contact the responsible state institution ? the Department for Cultural Heritage. 5.14. If a Buyer fails to pay the Auction House in a timely manner (within five working days after the Auction) for the Work of Art he has acquired, he loses the right to participate in Auctions held by the Auction House for an unlimited period of time, and his name and the amount of his debt will be publicly announced on the Internet website of the Auction House and made public through other channels for the dissemination of public information chosen by the Auction House. 5.15. If the Buyer loses his right to the Work of Art, as provided in provision 5.14, the Auction House may offer the Work of Art to the Bidder who made the second highest bid during the Auction. 5.16. If the Buyer has not paid for the Work of Art, the Auction House has the right to apply to a debt collection agency or to a court to defend its violated rights according to the procedure prescribed by law. This procedure includes filing a claim demanding that the purchase-sale of the Work of Art be declared a completed transaction and that the Buyer pay the Auction House and the Owner of the Work of Art the sums owed them. 6. Applicable Law and Dispute Settlement 6.1. These art Auction rules shall be construed, interpreted, and implemented in compliance with the laws of the Republic of Lithuania. 6.2. Any disputes arising from the terms and conditions of the Auction of artworks organized and held by the Auction House, from the transfer of artworks sold at the Auction to Buyers, or from other related matters shall be settled in compliance with the laws of the Republic of Lithuania.