Terms and Conditions

CONDITIONS OF SALE

1.

Mű-Terem Gallery, as Auctioneer organises, handles and conducts the Auction on behalf of the vendors and acts as a commercial agent. The lots are called up in the same succession as in the catalogue in a way that the auctioneer announces the catalogue number, painter and starting price of the lot to be auctioned. The buyers then indicate their intention to bid by raising their numbered bidding paddle.

2.

The buyer offering the highest bid shall acquire the title of the lot. In the case of items marked in the catalogue as ’protected – VÉDETT’, all Hungarian museums have priority to purchase the lot at the hammer price. The protected items cannot be exported from Hungary. Owners of these items are registered by the Ministry and any change in ownership must be reported to the relevant authorities.

3.

The Auction House as a commercial agent is authorised by the commissioning party to sign the sale and the purchase agreement of the lot with the highest bidder and receive the purchase price on behalf of and to the benefit of the commissioning party. Under this arrangement the sale and purchase agreement shall be settled between the commissioning party (owner of the lot) and the buyer.

4.

The buyer shall pay a deposit of 20% of the purchase price in cash or credit card upon the successful bid. In case the full purchase price is paid in one amount after the auction, the buyer can take immediate possession of the object. The Auction House allows a seven-day period from the date of the auction for the payment of the balance amount between the deposit and the full purchase price. The purchase price includes the amount of the deposit provided the deadline set for the balance payment has been met. The Auction House reserves the right to terminate the sale and purchase agreement unilaterally if the purchase price has not been paid in full by the set deadline. In this case the paid deposit is not reimbursable to the buyer.

5.

Beside the hammer price, the buyer shall pay a buyer’s premium equalling 20 % of the hammer price to the Auction House. The buyer’s premium includes VAT, but it is not refundable.

6.

The buyer is responsible for the package and transport of the purchased item at his own cost and risk once the full purchase price has been paid. Failure to do so on the part of the buyer shall release the Auction House from any responsibility for any loss of or damage to the purchased item.

7.

Once awarded to the highest bidder, the item may not be repurchased or re-auctioned again, unless the identity of the buyer cannot be established. In this case the Auctioneer is entitled to re-auction the item.

8.

All collusion or conspiracy on behalf of any party, planning to force a third party to make an unreasonable high bid, and thus inflict any loss on the third party is strictly forbidden.

9.

All lots shall be on display at the exhibition prior to the Auction. All descriptions and illustrations in the catalogue are only for identification purposes. The bidder is responsible for inspecting the condition of the auction lots – prior to the auction – and for deciding whether this is in accordance with the catalogue description.

10.

Mű-Terem Gallery guarantees that all items in the Auction are genuine. All items are sold with the defects and imperfections they may have at the time of the Auction. Once awarded to the Buyer, no objections to the physical condition of the item will be considered, unless the item is fake though marked genuine in the catalogue. In this case the buyer may contest the sale in writing within 3 months of the initial doubt to the provenance or genuinness of the item, but no later than 5 years from the date of the Auction. The Auction House undertakes to repurchase the item from the Buyer for a price including the hammer price and the buyer’s premium within 5 years from the Auction date if an independent expert establishes that the item is not genuine.

11.

Auction items may not be purchased below the starting price. The Auction House cannot be compelled to re-enter the same item in another auction at a later date.

12.

Unsold items may be re-auctioned at the end of the Auction upon request to the Commercial Agent.

13.

The EUR prices listed in the catalogue are only published for information purposes. The current daily exchange rates will be used on the day of actual payment.

14.

The Civil Code shall govern in any matter unregulated in the present Conditions of Sale. Should any dispute arise, the Parties accept the competence of the Municipal Court of Budapest.


TECHNICAL INFORMATION FOR BIDDERS

Bids can be made in person, through the commercial agent or over the phone. The following rules shall apply:

1.

All bidders are requested to use their paddle when bidding in order to help make the auction process more effective. The use of numbered paddles will help the auctioneer to identify one’s bid. In case one’s bid has been accepted, please ascertain that your paddle number has been registered. In case of any problems, please notify the auctioneer immediately. Bidders can have their paddle numbers registered for their convenience. All items awarded to the bidder will then be collected under the registered paddle number and the bidder will have the right to settle payment for all items in one amount at the end of the bidding.

2.

Absentee bids will be made on the bidder’s behalf by the commercial agent in accordance with the authorisation given by the bidder to agent. Such bids can be submitted to the Mű-Terem Gallery, during the exhibition, in a postal letter or through fax (fax no.: +36-1-269-46-81). Such bids must be received by the auctioneer no later than 24 hours before the auction date. The Commercial agent will make every effort to secure the item at the lowest price to the absentee bidder. In case two absentee bids of the same price indication are submitted for one auction lot, the one submitted first will take precedence. Please always indicate your price limit where you would stop bidding for the item if you participated in per-son at the auction. Absentee bids submitted without a price limit indicated will not be accepted. If during the auction the same amount is received from a bidder in the room as the maximum amount specified within the absentee bid form for the very same lot, the absentee bid enjoys priority.

3.

For absentee bids, 20% of the indicated limit price amount will be paid in cash or credit card as a deposit, for which a receipt will be given to bidder. If another absentee bid with a higher price limit indicated is submitted for the same lot, or higher bids are placed during the auction, the paid deposit will be returned to the bidder against the issued receipt without any deduction after the auction. If the absentee bid is successful, the deposit will be included in the purchase price.

4.

The purchase price shall be settled in cash in accordance with Points 4 and 5 of the Conditions of Sale. In case of wiring please indicate the amount in HUF in order to avoid Exchange rate differences.

5.

A megvásárolt tárgyak kiadása az árverés napján a helyszínen, azt követően munkanapokon 10-18 óra között a Mű-Terem Galériában (Budapest, Falk Miksa u. 30.) történik.

Amennyiben az árveréssel kapcsolatban további kérdése van, érdeklődni a kiállítás ideje alatt a Mű-Terem Galériában, a 00-36-1-312-20-71 telefonszámon lehet.


NAME: Mű-Terem Galéria Kft.
ADDRESS: Falk Miksa u. 30., 1055 Budapest, Hungary
IBAN: HU17 10300002-20116523-00003285
ACCOUNT NUMBER: 20116523-00003285
BANK ACCOUNT: 10300002
SWIFT: MKKBHUHB
BANK: Magyar Külkereskedelmi Bank Rt. – Hungarian Foreign Trade Bank Ltd.
BANK ADDRESS: Váci u. 38., 1056 Budapest, Hungary

Buyers can take possession of purchased items at the auction venue on the day of the auction or in the Mű-Terem Gallery (30. Falk Miksa utca, Budapest between 10:00 a.m. and 6:00 p. m. on workdays.)
Should you have further questions with regards to the Auction, please contact Mű-Terem Gallery in person or on the phone (00-36-1) 312 2071.