Terms & Conditions
1. General provisions:
1.1 The Auction organizer is LTD Artfin operating under Reg. No: 40203028522.
1.2 LTD "Artfin" sells antiquities and objects of modern art to parties concerned (Buyers).
1.3 In process of organizing auctions, the Auction Organizer is governed by the Latvian legislation in force, the company statutes, and these Regulations.
1.4 LTD "Artfin" acts as the Seller’s agent.
1.5 The official Web-site of the Auction Organizer is to be found at www.antiqlot.com
2. Explanation of terms used in the Auction Regulations:
An auction is sale of objects of art and antiquities at a bidding that is organized in online mode ay the Web-site www.antiqlot.com. On expiry of the bidding, the objects are deemed to be sold to the buyer whose bid at the auction is the highest.
The Auction House is a legal entity organizing the auction; the Auction House is also the recipient of remuneration (commission charge) due to it for trade organization. The Auction House acts as intermediary by accepting and realizing Lots and settling accounts with the Lot seller.
Commission charge is remuneration due to the Auction House under this Contract. It is a percentage sum for the lot won at the end price of the auction. The commission charge is levied both from the Buyer and the Seller.
A Lot is any object tendered in the Auction House, to which the following is attached:
- The Lot number on the Web site: www.antiqlot.com
- A photograph of the Lot
- Starting or current (end) price
- Description of the Lot
- The bidding commencement date and the bidding end date.
The Auction House is entitled to withdraw any lot from the bidding at its own discretion; at the same time, by no means can the Auction House withdraw any Lots with the view of selling them before the bidding process starts.
Seller is a person who supplies or passes an object to the Auction House for selling, and who confirms that it is justified in selling the object in question. The Auction House is entitled to decline the bidding of the object - without any reasoning of this decision.
Buyer is a participant of the Auction; Buyers have to be legally capable physical persons who have come of age, and they have to be legal persons as well.
The Auction House reserves the right to deny the right of participation in bidding to the Buyer, without any motivation of that decision.
Bid confirmation means unconditional and irrevocable consent of the Buyer to buy a Lot exposed to bidding, at the price of the lot won.
Reserved price, or Reserve – a confidential sum to be agreed on between the Auction House and the Seller. Lot cannot be sold at a price lower than that sum.
Trigger price – the price at which the Auction starts. Normally it corresponds to Reserve Price of Lot, or, to Assessment.
End price – the price at which the Auction ends.
Lot won - a lot bought after the Auction is finished.
Rate – a rise in price of the Lot by one step, or, stating a specific sum that the Buyer undertakes to pay for the Lot.
- From €1 to €49 - step €1
- From €50 to €198 - step €2
- From €200 to €490 - step €10
- From €500 to €975 - step €25
- From €1000 to €2950 - step €50
- From €3000 to €4900 - step €100
- From €5000 to €6850 - step €150
- From €7000 to €9800 - step €200
- From €10000 - step €250
Auction with prolongation – the Auction that takes place if the leader has changed within the last 10 minutes before the declared Auction termination time; in that case, the system activates the prolongation of the Auction by 10 minutes as from the moment of the leader change, and so forth, at each subsequent change of the Auction leader. The Auction is deemed complete if there has been no change of leader within the last 10 minutes. A change in the current lot price – if no leader change has taken place – does not prolong the Auction.
Prolongation of lots unsold – the Auction to be arranged for unsold lots shall be extended for 24 hours. No other format after the auction sale is implied.
Registration - to register a user at the auction, you need to go through the process of entering personal data in the registration section; in order to participate in the auction, you need to sign a bilateral written agreement on participation with the Auction, or to confirm that you have been acquainted with the auction regulations and that you express your consent thereto in electronic form. The choice of the procedure for concluding a contract is made by the representative of the Auction House.
3 Rights and obligations of the Buyer
3.1 Prior to the Action, the Buyer is obliged to get acquainted with the Auction regulations.
3.2 Should the buyer win the auction, he is obliged to pay for the lot/lots + the Commission charge for the Auction House – according to paragraphs “Payment” and “Lots delivery” of the Auction regulations. Moreover, should the lot delivery be necessary, the Buyer is obliged to cover the delivery cost according to paragraphs “Payment” and “Lots delivery” of the Auction regulations.
3.3 If the Buyer raises a legitimate and substantiated claim with respect to the authenticity of the winning lot, the Buyer shall be entitled to apply to the Auction House, claiming for recovery of the entire sum from the Seller on a voluntary basis. The application should be submitted within 2 months after the Auction termination.
3.4 The Buyer has the right and the obligation to get to know the lot state personally before he takes part in the bidding. Should it be impossible to examine the lot in person, the participant shall have the possibility of asking for additional information or photographs of the lot – in the form “Ask a question” which is enclosed to each lot.
3.5 The Buyer who has placed its bets thereby confirms that has made himself acquainted with the lot and has no claims whatsoever, except if a latent defect has been detected, not mentioned in the description and not seen on the lot photographs.
4 Rights and guarantees of the Auction House:
4.1 The Auction House holds the bidding in compliance with the Auction regulations.
4.2 If a Lot is withdrawn from the Auction, the Auction House undertakes to present a substantiated explanation on the Lot withdrawal.
4.3 On request of a participant, the Auction House, upon reception according to the paragraph “Payment and delivery of lots in full”, is obliged to delegate or exercise the delivery of the Lot/Lots paid up by the Participant.
4.4. The Auction House guarantees confidentiality with regard to the names and whereabouts of clients, the lots acquired by them, and their cost. The exception is the case where such information is required by law enforcement authorities.
4.5 Should the Auction House, within 2 months from the Auction termination, receive a written notification from a buyer stating that the acquired object is a fake, and should that allegation be confirmed by convincing facts – the Auction House undertakes to apply to the Seller with a claim for compensation of the whole sum from the Seller on a voluntary basis.
4.6 Should any troubles in the Web-site operation occur at the moment of termination of bidding, the Auction House shall be entitled to re-schedule the bidding termination date. In that case, the Auction House undertakes to inform all the participants as to the rescheduled date of the bidding –either by sending e-mail or by placing the corresponding information online.
5 Paying up and delivery of Lots
5.1 The Buyer shall be obliged to pay up the lot/lots won by him within 14 days from the moment of the Auction termination.
5.2 The Buyer undertakes to cover the full cost of delivery and package of the lot/lots won.
5.3 The Payment and the ways of Delivery shall be negotiated individually with the Buyer.
5.4 Forms of delivery:
- 5.4.1 In-person meeting in the Auction House, free of charge;
- 5.4.2 courier shipping within Riga to the place indicated; the payment depends on the weight and dimensions of your package
- 5.4.3 Delivery to anywhere in the world. In that case, payment for the delivery is calculated based on the distance, the weight, and the dimensions of the goods acquitted by the Buyer.
- 5.4.4 Other forms of delivery are stipulated in advance prior to taking part in the Auction.
5.5 All the risks associated with the Lot transportation, are assumed by the Buyer from the moment of the Lot delivery.
5.6 Outstanding bills will be passed to debt collectors for the subsequent administrative measures.
5.7 Should the Buyer have bought the Lot and have cleared invoice and then have failed to pick up the Lot within 14 calendar days after the Auction, the Auction House will take the lot into custody at the expense of the Buyer, and will send a written message to the Buyer inviting him to pick up the Lot within 30 days. In turn, if the Lot is not picked up within 30 calendar days after the Auction, the Auction House shall organize safekeeping and insurance of the Lot at the expense of the Buyer. If the lot has not been picked up within 90 calendar days, it is decided to sell the Lot to cover its storage and insurance costs. If the lot is to be sold, the Auction House, having calculated all the expenses and 20% from the selling price, shall transfer the received sum to the bank account of the Buyer.
5.8 Should the Buyer refuse to redeem the lot, the Buyer’s further taking part in the Auction may be suspended until he has performed all the obligations to the Auction House in full. Lot/lots cannot be handed over to the buyer until the lot has been paid up in full.
6 The Commission charge due to the Auction House
6.1 this is the amount of remuneration equal to certain percentage from the price of the winning bid, which must be paid to the Auction House for the bidding organization service provided by it.
6.2 The Commission charge to be levied from the buyer is *10% from the price of the winning Lot/Lots.
6.3 The Commission charge to be levied from the seller is 15%, or it is determined as by special agreement with the seller.
6.4 The Auction House’s commission charge may change. Should the commission fee be changed, the Auction House shall undertake to notify the buyers as to about the changes.
*Example: The end price (closing bid) of the Auction is EUR 100 + 10%-commission charge; in total, therefore, the buyer shall have to buy EUR 110 + the lot delivery costs.
7 Auctioning regulations
7.1 The Auction is to be held at local Latvian time.
7.2 The Auction currency is EUR
7.3 Payments are accepted in EUR; in some individual cases (which are stipulated in advance between the Auction House’s representative and the Buyer) where the Buyer cannot pay in EUR, the currency conversion is carried out according to the exchange rate stated on the Web-site www.fajans.lv on the Auction termination date.
7.4 All the lots go on exhibit in the exhibition hall at the same time with the lot being exposed on the Web-site www.antiqlot.com.
7.5 The Auction House makes a mail-out concerning the Auction holding – to e-mail address of the buyer stated in two weeks prior to the beginning of the Auction.
8. Other regulations.
8.1. The Auction House shall be entitled to handle the data submitted by Buyer. The Auction House guarantees confidentiality of data, and commits itself under no circumstances to divulge any kind of information on Buyer – except if so required by law enforcement authorities.
8.2. If the Auction regulations are to be translated into various languages, the Latvian text shall be deemed critical and governing.
8.3. The Auction House is not liable for any losses incurred due to Force Majeure and as a result of other circumstances lying beyond the Auction House’s control.
8.4. The Auction House is entitled to use the image, the description, and the price of the Lot in its materials without any limitations whatever.
8.6. It is prohibited to take pictures and shoot during exhibitions and auctions unless the corresponding special agreement with the Auction House is reached.
8.7. The Buyer shall be obliged to make itself acquainted with the state and the quality of objects of the Auction before the Buyer decides to participate in bidding with respect to a specific lot.
9. Dispute settlement procedure
9.1 All arguments and controversies arising from failure to observe these Regulations shall be solved by way of negotiations. Should the two Parties fail to come to agreement by way of negotiations, the dispute shall be settled in the Court of the Republic of Latvia according to the effective law of the Republic of Latvia.