XXIII Contemporary Art Auction

AUCTION TERMS AND CONDITIONS 1. Auction offer The subjects of the auction are lots placed by the consignors for sale or lots owned by the Auction House. According to statements of consignors lots have clear title, in particular they have right to dispose them and lots are not subject to any judicial or administrative proceedings, are free from any encumbrances, lien or any third party claims. The Auction House provides fair appraisal and catalog description of lots designated to sell and covers insurance costs. The Auction is conducted in accordance with the Polish law by a person authorized by the Auction House called "Auctioneer". The Auctioneer is entitled at sole discretion to separate or merge lots and even withdraw lots from bidding for whatever reason. Descriptions of lots contained in the auction catalog can be supplemented or amended by the Auctioneer or a person authorized by him before the auction. The Auction House ensures that catalog descriptions of lots put up for auction were made in good faith by experienced employees of the Auction House or cooperating experts. 2. Bidding The Auctioneer may vary the increments at his discretion, but usually they are not higher than 10%. Bidding is completed upon fall of hammer and is equivalent to conclusion of contract of sale between the Auction House and winning participant who offered highest price. In the event of any dispute during the auction, the Auctioneer shall resolve the dispute or may put up again and re-sell the lot. The Auction House reserves the right to conduct the auction only as to lots chosen to bid by the participants. The auction is conducted in Polish language, but at the request of a participant it may be conducted simultaneously in English and German. Such requests should be submitted at least one hour before the auction, with information which lots it relates to. Bidding takes place at a rate of 60 - 100 lots per hour. 3. Opening Price The price specified in the catalog (under the description of the lot) is an opening price and is also a minimum price below which the Auction House is not allowed to sell the lot, with exception of conditional transactions referred to in paragraph 4 below. The Auction House shall not allow reserve prices which mean that any transaction concluded for opening price or higher is final and biding. 4. Conditional (reserve) transactions The Auction House allows conditional transaction at auction. In the event participants are not interested in a lot for opening price at auction, the Auctioneer is entitled to offer the lot at a reduced price (usually not exceeding 25%). In case the final bid is below the opening price, the transaction is conditional, which means it comes into effect upon acceptance of the hammer price by the owner. Conditional transaction is treated as legally binding offer to purchase the lot at the hammer price. The Auction House undertakes on behalf of the buyer to negotiate a price reduction with the owner up to the hammer price. If the negotiation with the owner fails to reach a positive result within five working days from the auction day the lot shall be considered unsold. 5. Buyer's premium and VAT The hammer price shall be increased by buyer's premium paid on top by the internet buyers at 18% of the hammer price. The hammer price increased by buyer's premium includes Value Added Tax (VAT). In case the lot has not been sold at auction the buyer's premium applies also to after-auction sale. The Auction House issues a "VAT-margin invoice". 6. Payments The buyer shall be obliged to pay for lots sold at auction within 10 days as of the auction. The Auction House shall be entitled to charge statutory interests for delayed payments. The Auction House accepts the following forms of payments: - In Cash: in PLN - all transactions are expressed in Polish zloty. In other currencies - at buyer's request, the Auction House accepts payments in Euros, Dollars or Pounds Sterling. The currency conversion shall be made at daily average rate announced by the Polish National Bank increased by 3%. - By Credit Cards: The Auction House accepts the following credit cards: MasterCard, Visa, Maestro, VISA electron - By bank transfers on the following bank account: DESA Unicum Sp. z o.o. Warsaw (postal code: 00-554), Marszalkowska Street 34/50, BPH Bank S.A. 03 1060 0076 0000 3200 0131 9366 7. Withdrawal from the contract In case the buyer fails to pay in full for any lot within time mentioned in point 6 above, the Auction House may withdraw from the contract with the buyer upon expiry of the additional period determined by the Auction House for payment. 8. Transfer of ownership The property of lots sold at auction passes on to the buyer upon payment of the full price increased by buyer's premium. 9. Receipt of lots Receipt of lots sold at auction is possible upon full payment and should take place within 10 days from the date of auction. Upon buyer's request the Auction House may send purchased lots via courier. Storage and supply of the lots are carried at the buyer's cost and risk. 10. Complaints Any complaints can be resolved in accordance with Polish law. Complaint for lack of conformity can be made within one year from release of the lot. The Auction House is not liable for hidden defects in the physical and legal defects of lots purchased by consumers. 11. Governing Law Auction House reminds that in accordance with: * Act on antiques protection of 23 July 2003 (Journal of Laws No. 162 item. 1568) - the export of certain historical lots out of the territory of Poland requires approval of relevant authorities. In particular export of antiques older than 55 years requires an export permit to obtain and payment of stamp duty for issuance of the permit in the amount of 25% of the object value determined by experts. Please note that export permit may be refused in case export of an object would be detriment to cultural heritage of Poland. * Act on museums of 21 November 1996 (Journal of Laws of 1997 No. 5, item. 24, with amendments) - registered museums have preemption right to buy antics directly at auction for the hammer price increased by buyer's premium. * Act on money laundering and financing of terrorism of 16 November 2000 (Journal of Law of 2000. No. 116, item. 1216, with amendments) - Auction House is required to collect personal data from buyers of lots purchased at prices exceeding 15 thousand Euros. The customer will be requested for personal data needed to report transactions to the General Inspector of Financial Information. Customer's personal information remains confidential.

Local Taxes Apply