Jewelry, antiques and collectibles

Auction Conditions AUCTION RULES SIA “Izsoļu nams”, registration No 40103194965, hereinafter in the text Auction house, organizes auctions, the rules of which are made in accordance with the legislation of the Republic of Latvia. 1.Explanation of terms used in the Auction rules Auction –sale of art items and antiques by means of online auction at the internet site www.artembassy.lv, sale in auction room or together online sale with room sale. Seller – person, who delivers or transfers the item to the Auction house for further sale and confirms that he/she is fully entitled to sell the item. Buyer- person, who makes the highest bid for the lot offered at auction. Auction house – legal person that organizes auctions and shall receive remuneration for organizing the sale. Lot – any item that the Auction house offers for sale at auction and that has been assigned a Lot number in any document, catalogue or internet site www.artembassy.lv Reserved price or Reserve – confidential sum, agreed mutually by the Auction house and the Seller. The Lot shall not be sold below this sum. Starting price - price at which the bidding is started. It usually conforms to the Reserved price or the Valuation of the Lot. Rate – Increasing the lot price by one step or indicating a specific sum, which the buyer is prepared to pay for the Lot. Lot price – sum of money, which the bidder offers for the Lot during the auction process. Hammer price – the highest bid for the Lot, announced by the auctioneer. It is automatically registered at the internet site www.artembassy.lv Commission – percentage sum of the hammer price to be paid for the services of the auction house. Forgery – such work, which is similar to the original, is being offered as original, but actually is a copy, the value of which does not comply with the value of the original. Expertise act – written statement resulting from the expertise of the Lot performed by specialists, which confirms that the Lot is an original work of a certain artist, a copy or a forgery. Expertise of the Lot – such methods of examination of the Lot, which, when applied by specialists, can result in issuing of the act on expertise of the Lot. 2.Participating in the auction 2.1. By registering in person, presenting a personal identification document and paying in registration fee and/or security deposit, if such is specified. When registering for bidding in person, a bidding card is issued, which may not be given to third persons. If the Buyer is unable to attend the auction in person, he/she may authorize his/her trustee to represent his/her interests at the auction. The Auction house shall have the discretion of allowing or refusing participation in the auction without motivating its decision. 2.2. Absent bidding 2.2.1. If the Buyer wishes to participate in the auction remotely, it is possible to participate online at the internet site www.artembassy.lv, in writing or also by phone using the so called Absent bidding option. 2.3. Absent bidding at the internet site www.artembassy.lv, by registering at the internet site www.artembassy.lv in advance, and receiving confirmation of the administrator. Registered user is automatically assigned a participant number. Upon receiving the participant number, the user is entitled to make bids at the auction, increasing the Lot price by certain steps, as well as specifying the maximum price, which the participant is prepared to pay for the relevant Lot. 2.3.1. If during the auction the same price for the Lot is offered both by the Buyer registered in Absent bidding option at the auction in his/her bidder profile and by the Buyer who participates personally or using the authorized person, preference shall be given to the Buyer who has attended the auction in person or by using the authorized person. 2.3.2. If the Buyer who participates in bidding in the site www.artembassy.lv is the only bidder for the given Lot, then he/she shall acquire the Lot for the starting price by making a bid of any amount. If equal price offers for the Lot are received in the auction site www.artembassy.lv, preference shall be given to the offer, which has been made as first according to the date and time of the bid. 2.4. Absent bidding in writing 2.4.1. The Buyer who plans to participate in absent bidding in writing shall fill in a special registration form upon registration, where he/she shall specify the maximum sum, which he/she is prepared to pay for the given Lot. In this case the Buyer shall fill in the special registration form and pay in the security deposit, if such is specified. 2.4.2. If during the auction the same price for the Lot is offered both by the Buyer registered in Absent bidding option at the auction in his/her registration form and by the Buyer who participates personally or using the authorized person, preference shall be given to the Buyer who has attended the auction in person or by using the authorized person. 2.4.3 In case of absent bidding the Auction house shall not be entitled to exceed the maximum price specified by the Buyer. 2.4.4 If there is no bidder for the Lot, the Buyer who participates in absent bidding in writing for the given Lot shall acquire it for the starting price. If equal price offers for the Lot are received within the absent bidding, preference shall be given to the offer, which has been made as first according to the date and time of the original registration form of the absent bidder. 2.5. Absent bidding by phone 2.5.1. The Buyer who plans to participate in absent bidding by phone shall fill in a special registration form upon registration and pay in the security deposit, where he/she shall authorize the representative of the Auction house to bid on behalf of the Buyer during the auction. 2.5.2. During the auction the representative of the Auction house shall inform the Buyer by phone of every step in relation to the specified Lots and shall participate in the auction as the representative of the Buyer, following the instructions of the Buyer to continue or stop the bidding. 2.5.3. If there is no bidder for the Lot, the Buyer who participates in bidding by phone for the given lot shall acquire it for the starting price. 2.5.4. The Buyer who wishes to participate in the bidding by phone shall provide the Auction house with a phone number on which the Buyer is accessible during the auction. If during the bidding for the given Lot the Buyer is not accessible on the provided phone number, the Auction house shall consider that the Buyer participates in the auction only up to the starting price of the Lot. 3. Bidding procedure During the auction the starting price of the Lot shall be indicated in the auction catalogue in the internet site www.artembassy.lv, in the printed catalogue, and the auctioneer shall call the starting price of the Lot if the auction is held on-site. By raising the numbered card, making a bid online in the internet site www.artembassy.lv, by phone or filling in the form of the absent bidder in advance, the bidder confirms his/her readiness to pay the hammer price and the commission defined by the Auction house if the Buyer is declared the winner of the relevant Lot. By each time of raising the rate the buyer increases the Lot price by certain sum of money in accordance with the bidding steps of the auction specified in these rules. 3.1. During the auction the Buyer is entitled to name such price of the Lot, which he/she is prepared to pay and which exceeds the last price of the Lot and exceeds the relevant auction step rate as well. In this case the next step rate shall be increased considering the price named by the Buyer. 3.2. If two or more persons bid simultaneously and it is difficult to decide who shall be given preference, the Lot shall be re-offered at auction for the last bid price. 3.3. The Lot is sold when the auctioneer confirms the acceptance of the highest bid by the third touch of the hammer. From this moment on it is considered that the purchase-sale contract has been concluded, but the property rights are transferred to the Buyer only after settling all payments specified in these rules in full. 3.4. Bidding Time will be extended to 10 minutes if the bidding will be conducted in the last 10 minutes, or if during the last 10 minutes leader will change. (apply only to the online auctions!) 3.5. If within six months since the auction the Buyer proves that the purchased Lot is a forgery, the Buyer shall be entitled to demand annulment of the deal. If the Buyer has already made payment, the Seller shall return the received sum to the Buyer. 4. Auctions step rates and commission 4.1. The auction participants shall get familiar with the auction step rates: Auction, which takes place in person, face to face or with a combination of online bidding: From €20 to €200 - step €20 From €200 to €500 - step €50 From €500 to €1000 - step €100 From €1000 to €3000 - step €150 From €3000 to €5000 - step €250 From €5000 to €7000 - step €300 From €7000 to €10000 - step €400 From €10000 to €50000 - step €500 From €50000 - step €1000 4.2. The auctioneer can determine the step rate for individual Lots. 4.3. Onilne auction steps: From €01 to €20 - step €1 From €20 to €200 - step €5 From €201 to €500 - step €10 From €501 to €1000 - step €25 From €1001 to €3000 - step €50 From €3001 to €5000 - step €100 From €5001 to €7000 - step €150 From €7001 to €10000 - step €200 From €10001 to €50000 - step €250 From €50001 - step €500 4.4. The Buyer shall pay to the Auction house the Commission from the Hammer price as follows: * Online auction comission 15% * Real time auction 20% * Hammer price to €30 000 (thirty thousand euro) – 20% of the Hammer price. For example, Hammer price is €2000, commission €400, - total of €2400. * Hammer price to €30 001 (thirty thousand and one euro) – 12% of the Hammer price. For example, Hammer price is €40 000, commission € 4800, - total of €44 800. 5. Payment for the purchase. 5.1. The Buyer shall make payment on the auction day or within 7 calendar days after the auction. The Auction house shall be entitled to charge guarantee fee. The Buyer shall lose the paid Security and Guarantee deposit, if he/she has failed to make the payment in full within 7 days after the auction. The Auction house shall keep the paid Security and Guarantee deposit. 5.2. If the Buyer refuses to make payment for the Lot, he/she shall be denied further participation in the auctions. 5.3. The Lot may not be given to the Buyer until full payment has been received. 5.4. Payment for the Lot shall be made by bank transfer, or by cash in SIA Izsolu nams cash desk. 5.5. If the Buyer purchases the Lot, pays the bill and does not take the Lot within 14 calendar days since the auction, the Auction house shall organize for storage of the Lot on the account of the Buyer and shall send a written invitation to take out the Lot within 30 days. Whereas if the Lot is not taken out within 30 calendar days since the auction, the Auction house shall organize for the storage and insurance of the Lot on the account of the Buyer. If the Lot is taken out within 90 calendar days, it shall be decided to sell the Lot in order to cover the insurance and storage costs. If the Lot is sold, the Auction house shall transfer the acquired sum minus all expenses and 20% of the sales price to the bank account of the Buyer. 5.6. The Buyer shall be responsible for all costs for the transporting of the Lot and the risk of incurrence of any losses related to the transporting of the Lot from the moment of purchasing of the Lot. 5.7. Unpaid bills are transferred to the debt collection company to further their administration. 6. Procedure of dispute settling All disputes and disagreements resulting from the failure to comply with these Rules shall be settled via negotiations. If both parties fail to reach agreement via negotiations, the dispute shall be settled at the court of the Republic of Latvia in accordance with the legislation of the Republic of Latvia. 7. Other provisions 7.1. The Auction house shall be entitled to process the personal data submitted by the Buyer. The Auction house guarantees confidentiality of the Buyer’s data and shall under no circumstances disclose any type of information on the Buyer, except if such information is requested by the law enforcement authorities. 7.2. The Buyer is obligated to familiarize with the Auction rules before the auction. 7.3. If the Auction rules are translated into different languages, the text in Latvian shall be the prevailing. 7.4. The Auction house shall not be responsible for losses caused by Force Majeure or other circumstances beyond control of the Auction house. 7.5. The Auction house shall be entitled to use the picture, description and price of the Lot in its materials without any restrictions. 7.6. It is forbidden to take pictures and videos during the exhibition and auction without special approval with the Auction house. 7.7. The buyer before the auction is obliged to get acquainted with the auctioned objects condition and quality.