PROCEDURE AND CONDITIONS OF SALE OF WORKS OF ART AT
PYLIMO GALLERY AUCTION
The procedure and conditions of sale of works of art at online auction (hereinafter referred to as the “Art Auction Rules“) are binding on all bidders. By signing the Registration Form, the bidder irrevocably confirms that he or she has got familiarised himself or herself with the Art Auction Rules, has understood them and has no comments or claims regarding their inaccuracy or incompleteness. Registration of persons who will violate Art Auction Rules shall be canceled and new registration will be not accepted.
1. Main definitions
1.1. Auction means a public purchase-sale of cultural and art values by way of auction where works of art are offered for sale to several persons through the online auction organized by Auction House and the contract for the sale-purchase of a work of art is concluded with the Auction participant who offered highest price (hereinafter referred to as the “Buyer”).
1.2. Online auction – buying online works of art presented by Auction house.
1.3. Auction House acts as agent between the owner - seller (hereinafter referred to as the “Seller”) who has presented the work of art and the Buyer.
1.4. Work of art – for auction presented and for auction participants offered to buy work of art.
1.5. Pre-Auction Viewing - the public exposition of works of art submitted for auction and held at least 2 weeks prior to the end of the auction.
1.6. Bidder - the person who has been registered to participate in the auction as the prospective buyer of works of art offered at the auction.
1.7. The bidder’s number – number with is provided to a bidder on registration procedure.
1.8. Catalogue – description of works of art submitted for auction in Pylimo gallery’s website ( http://pylimogalerija.lt/aukcionas ) specifying catalogue order number, artist, title, year of creation, technique, materials, measurements, start price and the other data.
1.9. Seller – person, submitting art of work for selling it at online auction according to the contract concluded between him and Auction house.
1.10. Seller’s commission charge – the part of start price confirmed in the contract, which Seller pays for Auction house after that work of art is sold.
1.11. Buyer – Bidder, who acquires work of art on auction, offering for it the highest price.
1.12. Start price - the first price announced in auction when starting the sale of a particular work of art. This price is exclusive of VAT.
1.13. Reserve price –confidential price which is higher than the start price noticed in catalogue and is agreed between Seller and the Auction house and if this price is not reached, a work considered to be unsold.
1.14. Increment - the bidding interval used for increasing the price for the work of art being sold at auction.
1.15. Price rise - the difference between the Start price and the Selling price of work of art. Appreciation of the sum is divided between the Seller and the Auction house by the proportions according the contract.
1.16. Selling price (Hammer price) - the highest bid offered by bidders for a work of art at online auction.
1.17. Buyer’s charge – fixed by Auction house 20 percent tax on the Selling price what the Buyer pays the Auction house.
1.18. Total price – Selling price plus Buyer’s charge. This price does not include value added tax (VAT) which is paid by Auction house.
2. Bidder Registration
2.1. Persons participating at auction must be at least 18 years old.
2.2. The Bidder who wishes to participate in the auction at the Buyer’s rights must register by filling in the Registration Form of online auction on the website of the Auction house indicating the following information: name, surname, address, phone number, e-mail address. Registration is accepted only if terms and conditions are approved.
2.3. Auction house is responsible for the data of registration confidentiality. The information will not be transferred, assigned, or otherwise disclosed to the third parties except as it is required by applicable law.
2.4. Auction house seeks that metrics of presented works of art are accurate and truthful, but does not assume responsibility for possible errors. Auction participants are strongly urged to buy only after carefully inspecting the works of art at the Pre-Auction Viewing exposition and after critical assessment of their condition and authenticity. Auction house after the purchase of fact will not accept any claims for purchased lots.
3. Auction Procedure
3.1. The Auction House provides the opportunity to all interested persons to view all works of art at the Pylimo gallery website in the auction’s catalogue or at the pre-auction viewing at Pylimo gallery which starts at least 2 weeks before the auction’s ending.
3.2. The initial catalogue page contains images of works of art, catalogue order numbers, description, start price, remaining auction time. More detailed information is available after clicking on the lot’s image or it’s title.
3.3. Online auction is starting on time announced in advance in Pylimo gallery’s website and lasts approximately two weeks. During that period auction participants may bid. Price increases are seen in the catalogue. Auction end time for works of art is completing in the same sequence as they appear in the auction’s catalogue.
3.4. Auction participant who would like to bid is required:
3.4.1. Register or if he registered before – to log in filling his e-mail and password.
3.4.2. To bid
3.5. The start bid price of works of art may be increased according to the following increments:
till 999 EUR – every 50 EUR;
from 1000 EUR till 2999 EUR – every 100 EUR;
from 3000 EUR till 4999 EUR – every 200 EUR;
from 5000 EUR till 9999 EUR – every 300 EUR ;
from 10000 EUR till 19999 EUR – every 400 EUR ;
from 20000 EUR – every 500 EUR.
3.6. The first bidder can confirm start price or any other price, another bidder may offer more than the first bidder’s or any higher price. The right to purchase a work of art wins that bidder, who by the auction end time of work of art offered the highest price.
4. Payment and delivery
4.1. Confirmation of purchased lot is sent via e-mail to a Buyer when auction ends. There are specifyed catalogue order number of that art of work, artist, title, selling price, buyer‘s charge and total price. Also Auction house data, bank account.
4.2. Payments for works of art may be made at the Auction house by cash or bank transfer to the account indicated by the Auction House not later than within 5 business days after the confirmation is sent. The bank transfer document must indicate the Buyer’s name and surname and the title and catalogue order number of the acquired work of art.
4.3. The Buyer must collect the work of art within 10 days after the payment reached the Auction house or under a separate agreement. In the event that the Buyer fails to collect the work of art within the indicated period, storage charges will be calculated for him or her, i.e. 0.2 % on the purchase price of the work of art per one day.
4.4. If the work of art is delivered to the Buyer by the Auction House, Buyer must indicate detailed delivery address. Auction House shall charge an additional fee for delivery which must be paid together with the fee for the purchased work of art. This amount includes packing, transportation and insurance costs during transportation. Auction house is not responsible for the quality of postal service.
4.5. In the event that the Buyer fails to pay for the acquired work of art in a timely manner – within 5 business days after the auction, he or she loses the right to participate in the auctions held by the Auction House for an unlimited period of time and his or her surname and the indebted amount are publicly announced on the website of the Auction House and made public through other channels for the dissemination of public information chosen by the Auction House. The Auction House also has the right to apply to court and defend its violated rights according to the procedure prescribed by the law, including filing a claim regarding the demand to declare the purchase-sale of the work of art as having taken place and the demand to pay the amounts payable to the Auction House.
5. Applicable Law and Dispute Settlement
5.1. The Art Auction Rules shall be construed, interpreted, and implemented in compliance with the law of the Republic of Lithuania.
5.2. Any disputes arising out of or in connection with the procedure, terms and conditions of the auction, or the transfer of works of art sold in the auction to buyers and other related cases are settled at Lithuanian court in compliance with the law of the Republic of Lithuania.