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Auction Terms and Conditions

LLC “EUROCLUB”, united reg. No. 40103696161 further known as – Auction house “ART RIGA”, organises an auction with rules in accordance to the jurisdiction of the Latvian Republic, which are listed in this document further known as the Terms and Conditions.

 

Common terminology

The auction house “ART RIGA” – a legal person, which organises online auctions, devises its rules and terms and conditions, accepts, stores and sells lots,  handles billing with the Seller, guarantees copyright royalty reimbursement. The factual address of the auction house is: Sporta 2 kvartāls, corp.8, 1st floor, Sporta street 2, Riga, Latvia.

The auction house legal representatives – LLC “EUROCLUB”, united reg. No. 40103696161, member of the committee Galina Maximova on the basis of the legal statutes.

Seller – private or legal person, which entrusts their Item to the Auction house for sale in an auction.

Item – a work of art, antique object, which is provided for selling in an auction, based on the contract between the Auction house and the Seller.

Selling contract – a contract made between the Seller and a representative of the Auction house to allow the sale of the Item in an auction.

Lot – an Item, which has been entrusted to the auction house and which has an Auction Lot number.

Reserve price – a sum of money which has been agreed upon by the Seller and a representative of the Auction house to be exceeded before the sale of the Lot.

Hammer price – the highest bid sum for a Lot, which has been accepted by a representative of the Auction house

Commission fee -sum as a percentage of the Hammer price, which the buyer has to pay the Auction house.

Appraisal– a valuation in the form of a price assigned to each Lot, determined by the Auction house’s experts. The Lot’s price can range from the lowest to the highest Appraisal. The Appraisal does not mean that the Lot will be sold for the sum of the Appraisal, it only describes the Auction house’s opinion about the Item.

Starting price – price with which the bidding is started. It usually corresponds to the Lots Reserve price or the Appraisal.

A forgery – an Item, which is similar to the original, is said to be original and is put up as an Item, but is actually a reproduction, the value of which does not compare to the original.

Lot’s expertise – such Lot’s examination methods, the use of which may result in the issuing of the Lot’s Expertise act.

 

1.RULES OF THE AUCTION

1.1 It is possible to participate in the auction by registering in the Auction house’s webpage. After registration the Auction house assigns a number to the user. The Auction house holds the right to deny the participation rights of a user without explanation.

1.2. Before joining the auction the user must be thoroughly acquainted with the Lot, the Terms and Conditions and the auction procedures.

 

 3. AUCTION BID INCREMENTS

3.1. The auction will have the following auction bid increments or steps, according to each Lot’s starting and current bid price:

From 1 to 10 EUR – a step of 1 EUR

From 10 EUR to 100 EUR – a step of 5 EUR

From 100 EUR to 200 EUR – a step of 10 EUR

From 200 EUR to 500 EUR – a step of 20 EUR

From 500 EUR to 1000 EUR – a step of 50 EUR

From 1000 EUR to 2000 EUR – a step of 100 EUR

From 2000 EUR to 5000 EUR – a step of 200 EUR

From 5000 EUR to 10 000 EUR – a step of 500 EUR

From 10 000 EUR to 20 000 EUR – a step of 1 000 EUR

From 20 000 EUR to 50 000 EUR – a step of 2 000 EUR

Above 50 000 EUR – a step of 5 000 EUR

3.2 The Auction house can determine another auction bid increment or step for specific Lots.

 

4. BILLING AND PAYMENTS

4.1 It is the buyers duty to pay for the Lot in 7 working days after winning as the highest bidder. The Auction house holds the right to request Guarantee money of at least 10% of the Hammer price. The buyer loses the Guarantee money if they do not pay for the Lot in full in 7 working days time after the auction has ended.

4.2 If the buyer refuses to pay for the Lot, the buyer’s further participation in the auctions will be banned.

4.3 The Lot cannot be delivered to the buyer unless the buyer has finalized all due payments to the Auction house.

4.4 The buyers responsibility is paying the Hammer price in addition to the Commission fee from the Hammer price in these amounts:

Hammer price up to 20 000 EUR ( twenty thousand euro ) – 20% of the Hammer price.

Hammer price above 20 000 EUR ( twenty thousand euro ) – 12% of the Hammer price.

4.5 The payment for the Lot is made using any of the provided money transfer methods to the Auction house’s specified account.

4.6 In 14 days time after purchase the buyer is required to contact the Auction house and come to agreement about the delivery of the Lot. All of the costs related to the transportation and the risks related to any kind of loss due the transportation of the Lot are the buyers responsibility following the purchase of the Lot.

4.7. If the Lot does not get received by the buyer in 14 days time, the Auction house organizes the storage of the Lot and sends the buyer a note to take the Lot in 30 days time. If the Lot is not taken by the buyer in 30 days time after the auction has ended, the Auction house organizes the storage and insurance of the Lot on the buyers bill, charging 1,2% each day. If the Lot is not taken by the buyer in 90 days time after the auction has ended, then the Lot is put up for sale in order to pay for the storage and insurance costs. If the Lot gets sold, the Auction house subtracts the related costs and 20% of the selling price, transferring the remaining sum to the buyers account.

 

5. SPECIAL RULES

5.1. Before an auction the Auction house organizes an auction’s exhibition, during which the buyer is able to acquaint themselves with the auction’s content and ask questions to the Auction house representative, make sure of the Lot’s condition and quality, correct any possible mistakes. Before the auction the buyer is able to ask questions about the Lot’s origin, quality and condition by electronic mail, the address is: happyartmuseum@gmail.com

5.2. The auction date and duration is decided by the Auction house, disseminating information at least 15 days prior. The Auction house hold’s the right to change the Auction’s dates, times and location, informing the auctions registered users and the Seller at least 10 days prior.

5.3. During the auction the Auction house holds the right to change or remove a Lot from the Auction at any moment, if there are doubts about it’s ownership, originality or there are breaches of the Terms and Conditions.

5.4. The starting price, with which the bidding starts, is the Lot’s Reserve price or the Appraisal. The Lot is sold for a sum, which is larger or equal to the Reserve price.

 

6. CONFLICT RESOLUTION

All the conflicts of interest, which have arisen in relation to these Terms and Conditions, are agreed upon through negotiation. If the buyer and the Auction house do not resolve the disagreements then the conflict is resolved in accordance to the jurisdiction of the Republic of Latvia.

7. FINAL RULES

7.1. The auction house holds the right to process the buyer’s submitted personal data, as well as to receive the buyer’s data from third parties and process it. The Auction house guarantees the confidentiality of the buyer’s data and does not in any way reveal any of the buyer’s personal information unless the information is requested by law enforcement institutions.

7.2. The buyer must acquaint themselves with the Terms and Conditions before registering for the auction and is required to follow it’s rules.

7.3. If these Terms and Conditions are translated into other languages, then the decisive text is deemed the Terms and Conditions in Latvian, but texts in other languages are deemed only the translation’s of the Latvian Terms and Conditions.

7.4. The buyer is fully responsible in their authorized person or their successor of rights to the Auction house and third parties for the actions of their representatives and the consequences of these actions.

7.5 The Auction house and it’s representatives are not responsible for any loses which have arisen because of force majeure and other causes, which arose independently of the Auction house or it’s representatives.

7.6 The Auction house holds the right to use the Lot’s visual image, description and price in their advertisements and marketing materials, printed and electronic catalogues and elsewhere, without any restrictions or additional agreements.

 

8. THE AUCTIONS HOUSE’S REQUISITES

LLC “EUROCLUB”

Reg.no.40103696161

Legal address: Stabu iela 62-18A, Rīga, LV1009

Actual address: Sporta iela 2, “Sporta 2 kvartāls”, korp.8., Rīga, LV1013

bank account: LV31PARX0013763670002

Member of the committee Gaļina Maksimova

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