Hungarian and European paintings: Spring Sale

GENERAL CONDITIONS 1. Kieselbach Gallery Trade Ltd. (H-1055 Budapest, 5 Szent István krt.) (hereinafter referred as ?Auction House?) organizes and conducts an auction on the commission of the owners of the objects to be auctioned and listed in this catalogue (hereinafter referred as ?Lots?) - or those who have the right to sell them - (hereinafter referred as ?Vendors?). The time and the venue of the auction was previously announced and published in this catalogue. The auction is organized, handled and conducted by the Auction House, acting as a trading agent on behalf of the Vendor. 2. The Auction House publishes a catalogue of the lots to be auctioned, which can be viewed during the exhibit prior to the sale. Descriptions and illustrations in the catalogue are for identification only, therefore buyers shall carefully inspect the conditions of each lot prior to the sale and shall decide whether the lot is in accordance with its description. The catalogues of the Auction House are available at the exhibition and at the venue of the auction during the sale. The Auction House reserves the right not to auction certain lots published in the catalogue. 3. It is only possible to participate in the bidding with a numbered bidding paddle. The paddles shall be registered by name, address and phone number before the auction. Buyers acknowledge to accept the conditions of the sale by receiving the paddle, considered as implied conduct. 4.The auction is conducted according to the international practice by giving estimates to each lot. According to their order of appearance in the catalogue, the auctioneer briefly describes each lot and announces the starting price, which cannot be higher than the low estimate. Buyers indicate their wish to place a bid by raising their numbered paddles. In case there is more than one bid for the starting price, the auctioneer increases the bid by increments until only one bidder remains and the purchase is made by the lot being knocked down. The highest bidder acknowledged by the auctioneer shall be the buyer at the hammer price, thus getting the right to purchase the lot unless, in case of protected objects, the Hungarian State exercises its preemptive right given by the Law of 2001./ LXIV. The lots are not allowed to be purchased below the starting price. 5. It is forbidden to collude or attempt to make any third parties offer a price, which considerably exceeds the market price therefore causing damage to these parties. 6. The first offer is the amount of the starting price, all the further offers mean the increased amount according to the last offer. 7. The item may be reauctioned provided for any reason the identity of the buyer remains unknown during the auction. Unsold lots may be reauctioned at the end of the sale upon buyers? request. 8. The possession of the item purchased can be handed over to the buyer on condition that the total purchase price is fully paid up and the buyer receives the lot from the Auction House. 9. The purchase price consists of the amounts of the hammer price, the agency fee and the resale royalty. 10. The buyer shall pay the full purchase price in cash or by credit card immediately after the sale or a minimum of 20% of the purchase price as a deposit. In case the total purchase price is paid at the sale, the lot purchased is handed over to the buyer on the spot. 11. The Auction House allows a 7-day grace period after the auction to pay the remaining amount above the deposit at the Auction House. (Address: H-1055 Budapest, 5 Szent István krt.) In such cases the buyer may only enter into possession of the lot when the full purchase price has been paid within 7 days from the auction. The amount of the deposit is included in the purchase price paid within the deadline. 12. The Auction House reserves the right to void the bid of the purchaser and keep the deposit if the buyer fails to take over the item until the deadline given. 13. The buyer shall pay an agency fee, which as default is 20% of the hammer price. 14. The buyer shall transport the item purchased at his own risk and cost immediately after the purchase price has been paid. In case of failure to do so, the Auction House will not be liable for any loss or damage. Furthermore, the Auction House will charge a 5% monthly storage fee starting from the 20th day after the auction. If the buyer fails to take away the items within 6 months after the auction, the Auction House will send a notice to the buyer. In case of non-compliance the Auction House will have the right to sell the item, and after deducting its costs and expenses keep the remaining amount to be handed over to the buyer. 15. No item marked ?VÉDETT? (protected) or ?NO EXPORT? may be taken outside Hungary permanently (2001./ LXIV. /§59./1./b.). Owners of protected lots will be registered by the National Office of Cultural Heritage (Kulturális Örökségvédelmi Hivatal). In case of any change in ownership, the Office must be notified immediately (2001./ LXIV. /§59./3.). If the buyer would like the item to be exported, a certain amount will be charged by the Auction House for obtaining the export licence. After the export licence is prepared, the buyer shall make the necessary arrangements to transport the item purchased at his own costs and responsibility. The rules of the export of cultural goods are determined in the Law of 2001./LXIV. Cultural goods are only allowed to be taken outside Hungary permanently according to this regulation. Please indicate your intention to export the items before making payment. 16. For absentee bids ? when the bidder do not wish to attend an auction - the Auction House may be commissioned by the buyer to bid on his /her behalf. We accept orders during the exhibit before the auction. It is strongly recommended that you submit your bids at least 24 hours prior to the auction via fax at: +36-1-2692219. 17. To accept the order for an absentee bid, an advance payment of 20% of the bid shall be transferred which will be refunded if the bid fails to succeed. If the bid is successful, the total amount of the advance payment will be accepted as a deposit, otherwise the rules for personal bidding shall be applied. If a third party places a higher bid for the same lot, or the bidders at the auction place a higher bid, the absentee bidder?s advance payment will be refunded without any deduction. You may also bid over the phone, which requires a bank guarantee to be attached. In this case if the bidder cannot be reached for any reasons, the order shall be considered as the intention to buy the item at the starting price. We do not take any responsibility for problems which may occur related to telecommunications. In case of identical bids the earlier will take precedence. 18. You are kindly requested to transfer the amount of your deposit or purchase price to our bank account Nr.: 12001008-00214850-00100003 /IBANHU05120010080021485000100003, S. W. I. F. T.: UBRTHUHB Raiffeisen Bank Rt. (Address: Hungary 1054 Budapest 6 Akadémia u.) With the transfer, please indicate the amount in HUF in order to avoid problems arising from possible exchange rate differences. 19. As the purchase price is formed on the basis of the bids offered publicly, the Auction House will not bear any liability in respect of the purchase price paid. The Auction House may not be compelled to reauction the same item at the same price at a later time. 20. In case the identity of the buyer and the vendor is the same, the contract of the sale shall not be concluded and the deposit shall be refunded. However, the bidder shall pay the agency fee to the Auction House determined above. 21. All items are sold without any guarantee? as is?, meaning in the condition they are in at the time of the sale with all existing faults and imperfections. 22. The Auction House does guarantee the genuineness of all the items at the auction. The Auction House will not accept any complaints after the lot has been knocked down unless the item is not genuine despite being declared so in the catalogue. In such case the buyer may contest the sale in writing within three months of his/her initial doubt to the origins or the genuineness of the item, but no later than five years after the date of the auction. 23. The Auction House undertakes to re-purchase the item from the buyer for a price including the hammer price and the agency fee, provided an independent expert gives a reliable opinion proving that the item is not genuine. 24. The prices indicated in EUR in the catalogue are for information purposes. The basis of the account shall always be the exchange rate on the date of the payment of the purchase price. 25. Matters not covered in present Terms and Conditions shall be governed by and interpreted in accordance with the Civil Law of Hungary. In case of any disputes parties agree that the Metropolitan Court of Budapest is to have jurisdiction.