AUCTION RULES
SIA “Izsoļu nams”, registration No. 40103194965, hereinafter referred to as the Auction House, organizes auctions, the rules of which are established in accordance with the legislation of the Republic of Latvia.
1. Explanation of terms used in the auction rules
Auction - the sale of art and antiques by auction, which is held online at www.artembassy.lv , in person at the auction hall, or combined online with in-person bidding in the hall.
Seller - a person who delivers or transfers an item to the Auction House for resale and certifies that he has full rights to sell the item.
Buyer - the person who places the highest bid for the Lot offered at auction.
Auction house - a legal entity that organizes auctions and is entitled to remuneration for organizing the sale.
Lot - any item that the Auction House offers for sale at auction and which has been assigned a Lot Number in any document, catalog or on the website www.artembassy.lv
Reserved Price or Reserve - a confidential amount agreed upon between the Auction House and the Seller. The Lot will not be sold below this amount.
Starting Price - the price at which bidding begins. It usually corresponds to the Lot's Reserve Price or Estimate.
Rate - Increasing the price of a Lot by one step or specifying a specific amount that the buyer undertakes to pay for the Lot.
Lot price - the amount of money that the auction participant offers for the Lot during the bidding process .
Hammer price - the highest bid for a Lot announced by the auctioneer. It is automatically registered on the website www.artembassy.lv
Commission - an amount expressed as a percentage of the hammer price that must be paid for the auction house's services.
Counterfeit - a work that is similar to the original, is offered as an original, but is actually an imitation whose value does not match the value of the original.
Expertise report - a written opinion of the results of an expert examination of a Lot performed by specialists, which certifies that the Lot is an original work, copy or forgery by a certain artist.
Lot expertise - such Lot research methods, as a result of which specialists can issue a Lot expertise report.
2. Participation in the auction
2.1. By registering in person (applies to an auction where bidding takes place in person) by presenting identification documents and making a payment
registration fee and/or security deposit, if any. When registering for in-person bidding, a bidding card is issued, which may not be transferred to third parties. If the Buyer cannot attend the auction in person, he may authorize his trusted person to represent his interests at the auction. The Auction House has the free choice, without motivating the decision, to allow or deny participation in the auction.
2.2. Promising bidding
2.2.1. If the Buyer wishes to participate in the auction remotely, it is possible to participate online at the website www.artembassy.lv , in writing or by telephone with the so-called Promissory Bidding.
2.3. Promissory bidding on the website www.artembassy.lv by prior registration on the website www.artembassy.lv and receiving administrator approval. A registered user is automatically assigned a participant number. Upon receiving a participant number, the user has the right to place bets at the auction, raising the Lot price by certain steps, and it is also possible to indicate the maximum price that the participant is willing to pay for the relevant Lot.
2.3.1. In the event that during the auction, the same price is offered for a Lot by both a Buyer registered in the auction in the Promising Bidding in his/her bidder profile and a Buyer who participates in person or through an authorized person, preference is given to the Buyer who has arrived at the auction in person or through an authorized person.
2.3.2. In the event that the Buyer participating in the bidding on the website www.artembassy.lv for a particular Lot is the only bidder, then by placing a bet of any amount, he/she obtains the Lot at the starting price.
In the event that identical price offers are received for a Lot on the auction website www.artembassy.lv , preference will be given to the offer that was submitted first after the date and time of placing the bid.
2.4. Promissory note in writing
2.4.1. A Buyer who intends to participate in an absentee bidding in writing shall, upon registration, fill out a special registration form in which he indicates the maximum price he undertakes to pay for the relevant Lot. In this case, the Buyer shall fill out a special registration form and pay a security deposit, if any.
2.4.2. In the event that during the auction, the same price is offered for a Lot by both the Buyer registered in the auction in the Promissory Bidding form and the Buyer who participates in person or through an authorized person, preference shall be given to the Buyer who has arrived at the auction in person or through an authorized person.
2.4.3 In the event of a pending bid, the Auction House does not have the right to exceed the maximum price set by the Buyer.
2.4.4 In the event that there is no bidder for a Lot, the Buyer who participates in the absentee bidding in writing for the specific Lot shall obtain it at the starting price. If equal price offers are received for a Lot in the absentee bidding, preference shall be given to the one submitted first according to the date and time of submission of the original absentee buyer registration form.
2.5. Promissory bidding by telephone
2.5.1. A Buyer who plans to participate in an absentee bidding by telephone, upon registration, fills out a special registration form and pays a security deposit, in which he authorizes a representative of the auction house to bid on behalf of the Buyer during the auction.
2.5.2. During the auction, the auction house representative informs the Buyer by telephone about each step in relation to the indicated Lots and participates in the auction as the Buyer's representative, following the Buyer's instructions to stop or discontinue bidding.
2.5.3. In the event that there is no bidder for a Lot, the Buyer who participates in the bidding by telephone for a particular Lot will acquire it at the starting price.
2.5.4. A Buyer who wishes to participate in a telephone auction is obliged to provide the auction house with a telephone number at which the Buyer can be reached during the auction. If the Buyer is not reachable at the specified telephone number at the time of bidding on a particular Lot, the auction house considers that the Buyer participates in the auction only up to the starting price of the Lot.
3. Bidding procedure
3.1. During the auction, the starting price of the Lot is displayed in the auction catalog on the website www.artembassy.lv , in the printed catalog, as well as the auctioneer names the starting price of the Lot if the auction is held in person. By raising the numbered card, placing a bet online, on the website www.artembassy.lv , by phone or by filling out the absentee bidder form in advance, the bidder
confirms willingness to pay the hammer price and the commission set by the auction house if the Buyer is the winner of the relevant Lot.
With each increase in the bid, the buyer increases the price of the Lot by a certain amount of money in accordance with the auction bid increments specified in these rules.
3.2. During the auction, the Buyer has the right to name a price for the Lot that he is willing to pay that exceeds the last named price for the Lot, as well as is higher than the rate of the relevant auction steps. In such a case, the rate of the next step is increased, taking into account the price named by the Buyer.
3.3. If two or more persons bid simultaneously and it is difficult to decide who to give preference to, the Lot is re-offered at auction at the last bid price.
3.4. The bidding time is extended to 10 minutes if the first bid is made within 10 minutes before the end of the auction, or if the bidding leader changes within 10 minutes before the end of the auction. (applies only to online auctions)
3.5. The Lot is sold when the auctioneer confirms acceptance of the highest bid with the third knock of the hammer, or if bidding takes place on the website www.artembassy.lv The Lot is considered sold when the Lot auction time ends, the system automatically registers the highest bidder for the Lot. From this moment on, it is considered that a purchase and sale agreement has been concluded, but the ownership rights pass to the Buyer only after all payments referred to in these Terms and Conditions have been made in full.
3.6. If the Buyer proves within six months from the time of the auction that the purchased Lot is a Forgery, the Buyer has the right to request the cancellation of the transaction.
If the Buyer has already made a payment, the Seller is obliged to transfer the amount received to the Buyer.
4. Auction step rates and commission
4.1. Bidding rates for an auction taking place in person in the hall, or combined in the online environment with in-person bidding in the hall :
From €20 to €200 - €20 increments
From €201 to €500 - step €50
From €501 to €1000 - step €100
From €1001 to €3000 - step €150
From €3001 to €5000 - step €250
From €5001 to €7000 - step €300
From €7001 to €10000 - step €400
From €10001 to €50000 - step €500
From €50001 - step €1000
4.2. The auctioneer may set the bid price for individual Lots.
4.3. Auction rates for an auction that takes place only in the Internet environment (online auction) :
From €1 to €20 - step €1
From €20 to €200 - step €5
From €201 to €500 - step €10
From €501 to €1000 - step €25
From €1001 to €3000 - step €50
From €3001 to €5000 - step €100
From €5001 to €7000 - step €150
From €7001 to €10000 - step €200
From €10001 to €50000 - step €250
From €50001 - step €500
4.4. The Buyer is obliged to pay the Auction House a Commission from the Hammer price in the following amount:
* ONLINE AUCTION COMMISSION – 15% of the Hammer Price (the highest bid for which the lot is sold)
* For lots that are not auctioned during the regular time, an auction extension of 24 hours will be offered with 0% commission if the lot is auctioned with one bid. Auction house commission for all lots auctioned with more than 1 bid commission 15%
*AUCTION COMMISSION for an auction taking place in person in the hall, or combined online with in-person bidding in the hall :
* 20% of the Hammer price (the highest bid for which the lot is sold) . For example, Hammer price €2000, commission €400, -
total €2400.
5. Payment for the purchase.
5.1. The buyer makes payment on the day of the auction or within 3 calendar days after the auction. The auction house is entitled to collect the guarantee money.
The Buyer loses the Security and Guarantee money paid if the full payment is not made within 3 days after the auction. The Security and Guarantee money paid remains at the disposal of the Auction House.
5.2. If the Buyer refuses to pay for the Lot, he is prohibited from further participation in auctions.
5.3. The Lot cannot be transferred to the Buyer until the full amount of payment has been received.
5.4. 5.4. Payment for the Lot is made by money transfer from a bank account, or in cash at the auction house's cash desk.
5.5. If the Buyer purchases the Lot, pays the invoice and does not collect the Lot within 14 calendar days after the auction, the Auction House organizes the storage of the Lot at the Buyer's expense and sends a written invitation to collect the Lot within 30 days. In turn, if the Lot is not collected within 30 calendar days after the auction, the Auction House organizes the storage and insurance of the Lot at the Buyer's expense. If the Lot is not collected within 90 calendar days, it is decided to sell the Lot to cover the insurance and storage costs. If the Lot is sold, the Auction House, after deducting all expenses and 20% of the sale amount, transfers the amount obtained to the Buyer's bank account.
5.6. All expenses for transporting the Lot and the risk of any losses arising in connection with the transportation of the Lot from the moment of purchase of the Lot shall be borne by the Buyer.
5.7. Invoices not paid by SIA Izsoļu nams are transferred to a debt collection company for further administration.
6. Dispute Resolution Procedure
All disputes and disagreements arising from non-compliance with these Terms shall be resolved through negotiations. If both parties fail to reach an agreement through negotiations, the dispute shall be resolved in the court of the Republic of Latvia in accordance with the legislation of the Republic of Latvia.
7. Other provisions.
7.1. The Auction House is entitled to process personal data submitted by the Buyer. The Auction House guarantees the confidentiality of the Buyer's data and undertakes not to disclose any information about the Buyer under any circumstances, except if such information is requested by law enforcement authorities.
7.2. The Buyer is obliged to familiarize himself with the Auction Rules before the auction.
7.3. If the Auction Rules are translated into different languages, the text in Latvian shall be considered decisive.
7.4. The Auction House is not liable for losses incurred as a result of force majeure and other circumstances beyond the control of the Auction House.
7.5. The Auction House has the right to use the image, description and price of the Lot in its materials without any restrictions.
7.6. Without special coordination with the Auction House, it is prohibited to take photographs and film during the exhibition and auction.
7.7. The buyer is obliged to familiarize himself with the condition and quality of the objects offered at the auction before the auction.