RULES OF AUCTION TRADING
These Rules are developed in accordance with the international auction practice and in accordance with the legislation of the Republic of Latvia.
1. Terms and definitions:
Hammer price - thehighestbidofferedfortheLot, confirmedbytheheadoftheauction.
Examination report - a written opinion on the result of Lot's expertise carried out by specialists, confirming that Lot is the original work of a certain artist, a copy or a fake.
Auction house – a limited liability company SIA "Izsolu nams/galerija Jēkabs", Reg. Nr. 50203010861, which is the organizer of the auction, which is entitled to a reward for the sale.
Commission - a percentage expressed in amount, which is calculated from the Hammer price, which the Buyer must pay for the services of the Auction House.
Lot - a work of art or another item offered by the Auction House, to which is given the Lot number.
Seller - an individual or legal entity that hands over an item for further sale on an auction organized by the Auction House and confirms that he/she has the full right to sell the item.
Buyer - an individual or a legal entity that offered the highest bid for the work of art offered at the auction.
Starting price - the price at which the bid starts, usually corresponds to the Reserve price of the Lot or the valuation.
Forgery - a work similar to the original, offered as an original, but in fact is a fake, the cost of which does not match the cost of the original.
2. Participation in the auction.
2.1. Participation in the auction is possible by registration, showing an identity card, as well as paying the registration fee and / or the insurance amount, if any. The registration card cannot be transferred to third parties. Signing the registration form confirms the acquaintance and consent of the Buyer with the Auction Rules. If the Buyer can not appear in person, he can authorize his trustee to represent his interests at the auction.
2.2. To declare your participation in the auction, you can in the gallery at 26/28 Jekaba Street, k.2 ,Riga on working days from 12.00 to 18.00 or by phone (+371) 29528684. This can also be done immediately before the beginning of the Auction at the place of organization of the Auction, having registered yourself as the Buyer of the auction.
2.3. Before the auction, the participant has the right and is obliged to familiarize himself with the Lot and its actual state.
2.4. During the auction, the auction leader calls the Initial Lot price. Having picked up the card with the number for the first time as the first bidder, the Buyer confirms its willingness to buy Lot for the initial price. Having picked up the card every next time, the Buyer raises the initial price of Lot for a certain amount of money in Euro according to the auction rates set by the Rules.
2.5. During the auction, the Buyer has the right to offer a price exceeding the previous offer by more than one step and, accordingly, the further reading comes from the price offered by the participant.
2.6. If two or more persons make a bid at the same time and it is not possible to establish an advantage, the Lot is repeatedly offered at the auction for the last named price.
2.7. The lot is considered sold when the auction leader with the third hammer blow confirms the acceptance of the highest price. From this moment, it is considered that a purchase and sale contract has been concluded, and the right of ownership to the Lot passes to the Buyer after the implementation of all payments mentioned in these Rules in full.
2.8. If the Buyer within six months from the date of the auction proves that the purchased Lot is a Forgery, the Buyer has the right to demand the withdrawal of the transaction. In the event that the Buyer has already paid, the Seller's obligation is to return the received amount to the Buyer.
2.9. The buyer who wishes to participate in the bidding in writing, at registration, fills in a special form of registration, in which he indicates the maximum price that he undertakes to pay for the corresponding Lot and enters a guarantee amount, if it is needed.
2.10. In the event that during the auction the same price for the Lot is offered by both the Buyer registered in the bidding in writing in its registration form and the Buyer participating personally or by an authorized person, the Buyer has the advantage who appeared at the auction personally or through an authorized person.
3. Auction step rates.
The buyer should familiarize himself with the auction steps:
Up to 100 EUR - 10 EUR step
From 101 EUR to 500 EUR - a step of 20 EUR
From 501 EUR to 1 000 EUR - a step of 50 EUR
From 1 001 EUR to 2 000 EUR - a step of 100 EUR
From 2 001 EUR to 5 000 EUR - a step of 200 EUR
From 5 001 EUR to 10 000 EUR - a step of 500 EUR
From 10 001 EUR and above - a step of 2 000 EUR
4. Participation in the Auction without personal presence.
4.1. In the event that the Buyer cannot participate in the auction personally or with the help of his authorized representative, it is possible to participate in the auction in writing or by phone.
4.2. Participation in bidding in writing.
4.2.1. In case of participation in writing, the Auction House shall not be entitled to exceed the maximum price specified by the Buyer.
4.2.2. In the event that there is not a single bid on the Lot, the Buyer participating in bidding for a certain Lot in writing acquires it for the Initial price. In case if the same bids are received in writing, the first advantage has the one who was first by the date and time of filing the registration form of the absent Buyer.
4.3. Participation in bidding over the phone.
4.3.1. The buyer who wishes to participate in the bidding by telephone, during registration, fills in a special registration form in which he authorizes the representative of the Auction House to participate in the auction on behalf of the Buyer during the auction.
4.3.2. During the auction, the representative of the Auction House by phone informs the Buyer about each step-in connection with these Lots and participates in the auction as a representative of the Buyer, following the Buyer's instructions on whether to continue or stop participating in the auction.
4.3.3. In the event that there is not a single bid on the Lot, the Buyer participating in the bidding for a certain lot by phone acquires it for the Initial price. In the event that the same bids are received in the bidding by phone on the Lot, the first advantage has the one who was first by the date and time of filing the registration form of the absent Buyer.
4.3.4. A buyer who wants to bid on the phone must provide the Auction House with a phone number that allows you to call the buyer during the auction. If at the time of bidding for a certain Buyer Lot at the specified phone number cannot be found, the Auction House believes that the Buyer participates in the auction only up to the Initial price of the Lot.
5. Payment for the purchase.
5.1. The Buyer shall pay for the Lot purchased on the day of the auction or within 10 calendar days after the auction.
5.2. In the event that the Buyer refuses to pay for Lot, he may be denied further participation in the auctions.
5.3. The lot can be transferred to the Buyer only after receiving the payment in full.
5.4. The Buyer's obligation is to pay to the Auction House Commission from the price "with a hammer" in the following volume:
- for the price "from the hammer" to 20 000 EUR - 20% of the price "with a hammer".
- for the price "with a hammer" above 20 000 EUR - 12% of the price "with a hammer".
5.5. The fee for the Lot is effected by a money transfer from a bank account or in cash, but not more than 5000 EUR.
5.6. In the event that the Buyer buys a Lot, pays the bill, but does not withdraw it within 14 calendar days after the auction, the Auction House, at the Buyer's expense, organizes the storage of Lot and sends a written invitation to appear for Lotta within 30 calendar days. In turn, if the Lot is not withdrawn within 30 days after the auction, the Auction House organizes the storage and insurance of the Lot at the expense of the Buyer. In case the Buyer did not show up for Lottom within 90 calendar days, it is decided to sell Lot to cover the costs of its storage. In case of Lot sale, the Auction House, having deducted all expenses and 20% of the sale amount, transfers the received amount to the account of the Buyer.
5.7. All costs for transportation of the Lot and for the risk of any damage in connection with the transportation of Lot from the time of the purchase of the Lot are the responsibility of the Buyer.
6. The order of dispute settlement.
6.1. All disputes and disagreements arising from non-compliance with these Rules are resolved through negotiations. In the event that the parties do not reach an agreement by negotiation, the dispute shall be decided in the court of the Republic of Latvia in accordance with the legislation of the Republic of Latvia.
7. Other rules.
7.1. Before each auction an exhibition Lot is held. Its purpose is to allow you to get acquainted with the state and quality of Lot, and also to correct errors that could arise in the description of the corresponding Lot in the catalog. After the auction, the Auction House does not accept claims about Lot.
7.2. The buyer must familiarize himself with the rules of the auction before the auction. The Signature of the Buyer on the registration form confirms the Buyer's consent to the Auction Rules.
7.3. If the Auction Rules are translated into other languages, the text in Latvian is considered to prevail, and texts in other languages are considered to be only translations of the text in Latvian.
7.4. The auction house is not liable for losses that arose as a result of force majeure and other circumstances beyond the control of the Auction House.
7.5. The auction house has the right, without any restrictions, to use the image, description and price of Lot in its promotional materials.
7.6. The auction house has the right, at its discretion, to prohibit participation in the auction, without motivating the decision.
7.7.During the auction, it is strictly FORBIDDEN to take pictures, shoot and / or make audio recordings, use mobile phones, walkie-talkies, portable computers.