Auction Terms

The following terms and conditions are binding in their entirety, the Sellers and Buyers participating in the auction organized by the auction house Collect Auctions, hereinafter referred to as “the House” and prevailing over any other contrary agreements between the House and the Sellers or Buyers except. The participation in the auction in the capacity of either the Seller or the Buyer implies the full and unconditional acceptance of the following terms.

Sellers and Buyers should read the following terms carefully:

General terms – Definitions

1. The House as the representative of the Seller, bears no responsibility for the acts or omissions of either the Seller or the Buyer.

2. The participation in the auction of any person, is at the absolute and solely judgment of the House.

3. Before the start of the auction, each potential Buyer must register, sign a relevant entry form and prove his identity. It is possible
such as, in order to allow bidders to participate in the auction, the House may request receipts regarding the possibility of payment of the sale price and the Buyer’s commission.

4.Before the start of the auction, each Seller must complete and sign a relevant contract for the sale of a project at auction where any specific terms of sale of the Seller’s works are agreed.

5. The House has the absolute and uncontrollable right as it refuses bids during the auctions, as it submits bids during the auctions, as withdraws or divides (where possible) any project, as combining two or more projects, and in case of disputes, as offered by the project for sale at the same or in a new auction.

6. The copyrights in all the lists of the auctions and in written texts concerning works are the property of the House and their use is expressly prohibited by any third party without the prior written consent of the House.

7. These terms are governed by Greek law and are the exclusive jurisdiction of the Courts of Athens.

8. If a permit is required for the export of the project from Greece, this does not affect the Buyer’s obligation to pay the final sale price or the rights of the House. If the Buyer requests the House to issue the export license on his behalf, the House is entitled to remuneration and expenses plus VAT. For the export of works of art from Greece, when it is allowed, the special procedure is followed as provided in the relevant provisions.

9. In these terms, the following words have the following meaning:

“Buyer”: The person who submitted the highest bid and who was accepted by the auctioneer.
“Project”: Any item that is delivered to the House for sale at auction and in particular the items described in any catalog of the House.
“Sale price”: The amount of the highest bid accepted by the auctioneer for a project.
“Final selling price”: The selling price plus the Buyer’s commission, plus any tax, plus any expenses or interest due from the overdue Buyer.

“Buyer’s Commission”: The amount that the Buyer must pay to the House and is a percentage of the sale price, in accordance with the provisions of term A.4 below.
“Reserve price”: The amount below which it has been agreed with the Seller that the project cannot be sold.
“Appraisal price”: The amount by which the House estimates the value of a project, which is an opinion only and does not constitute a statement or guarantee for the final sale price of the project. For the appraisal price, the House can take into account the opinion of the Seller, before the publication of the list.

“Fake work”: A work that is an imitation, the original conception, and execution of which was done with fraudulent intent to deceive the creator of the work, its origin, time of its creation, period, artistic current or source of which the correct description of the above items is not reflected in the description of the project in the list and which on the day of the auction had a value significantly lower than it would have if it were in accordance with the description of the list. Therefore, no project can be counterfeited due to damage or due to maintenance work of any kind (including repainting).

“Insurance amount”: The amount at which, in the absolute and uncontrollable judgment of the House, it is considered from time to time that the value for which the project must be insured amounts (regardless of whether the project is insured by the House).
“VAT”: In the award price is added the supply of the House, as well as VAT 24% on the supply.

A. The Buyer

1. The House as a representative
Collect Auctions only acts as the Seller’s representative, unless otherwise clearly stated.

2. The Buyer

a) The buyer is considered the one who submits the biggest offer and who is accepted by the House. In case of any dispute regarding the face of the Buyer, its resolution is based on the absolute and uncontrollable judgment of the House alone.
b) Each buyer is considered to be operating individually, unless, before the auction is held, the house has acknowledged in writing that the participation of a person is done on behalf of and on behalf of a third party. In the latter case, the written identification is made only if the identity of the third party is known to the House.

c) The House may require by any interested party to participate in the auction, the completion and signing of a relevant application as well as the proof of his identity. The House may also, in order to allow the interested parties to participate in the auction, request the submission of recommendations from Banks or third parties, or the provision of satisfactory guarantees regarding the possibility of payment of the final sale price.

3. Catalog descriptions

a) Any statement or reference of the House in the catalog or in another edition or in an exhibition, regarding the author, the origin, the time of creation, the age, the size, the material, the performance of the creation, the authenticity, the origin and the course, the general situation, or the indicative value of the project, is only the opinion of the House and in no case creates responsibilities or implies commitments of the House to third parties. The illustrations in the catalogs are purely informative. Prospective Buyers should not rely on them for colors, tones and any defects or imperfections in the works.

b) In addition, many works are of such age or nature as a result of which they are not in their original condition. Also some descriptions in the catalog or in reports refer to damages or to maintenance or restoration of the works. All this information is for information only. The lack of reporting such information, in no way implies the lack of defects and can not be a reason for the House’s liability. Finally, the reporting of specific defects of the project does not imply the lack of others.

c) It is the obligation of the Buyer to check at his own risk, before the time of the auction everything mentioned above under a) and b), either by inspection of the project or otherwise. The Buyer’s attention is drawn to the explanations that often accompany the work.

4. Buyer Commission
The Buyer will pay to the House a commission of 10% on the sale price of the project which was the subject of an offer and award to him (lot).

5. Currency Exchange Rate Index-Recordings
For the information of the Buyers, it is possible as during the auction: a) there is an index with currency exchange rates, as they are valid on the day of the auction and b) videotapes are displayed with illustrations of the works. Bids will be submitted in euros only. The Company bears absolutely no responsibility from the operation of the above, especially regarding errors in the exchange rates or in the illustrations or with errors in the correspondence of prices and images to the sold work.


6. Payment

Payment is made automatically through the program.


7. Delivery-Receipt of works

a) Except for an express written agreement, the works will not be delivered to the Buyer during the auction or before the full and full payment of the final sale price.
b) The Buyer is obliged to receive the work purchased at his own expense within twenty-five (25) days from the award of the work, unless otherwise agreed in writing.
c) The Buyer is responsible for all costs of transportation, storage and insurance of the works that he did not receive within twenty-five (25) days from the auction.

d) It is up to the House to decide how to package the purchased works. In this case the packaging is considered to have been ordered and on behalf of the Buyer, who bears the relevant risk. In no case is the House liable for damage to the project frame or its glass for any reason and if the damage occurred. Also, the House is not responsible for acts or omissions of the carrier indicated to the Buyer.

8. Risk for works purchased
From the delivery of the work to the Buyer or in any case at the latest after the lapse of twenty-five (25) days from its award, the risk regarding the
purchased work goes to the Buyer. After the delivery of the work to the Buyer or at the latest after the lapse of twenty-five (25) days from the award, the House, its employees, representatives and associates, are not responsible for loss of the work or for damages of any kind and for any reason, either by negligence or otherwise.

9. Rights of the House in case of non-payment or non-receipt of the project by the Buyer.
In case the Buyer does not pay the final sale price within twenty (20) days from the auction, the House has the right with the consent of the Seller to agree on special repayment terms and to take the most effective measures to recover the debt. Further in case in which the Buyer does not pay the final sale price or does not receive the work within thirty five (35) days from the auction, the House may exercise cumulatively or not the following rights:

a) To exercise the rights provided by law, especially those provided by the Civil Code in case of culpable inability to provide.
b) To claim in court his compensation for any positive or negative damage plus expenses.
c) To withdraw the contract of the sale in question as well as to withdraw the contracts of sale of works that were sold to the Buyer in the same or another auction.

d) To resell and in any way (either through auction or private sale) the project or to mediate again in its sale. Any difference that will arise between the final sale price plus the expenses incurred and the sale price in a present way, is borne by the Buyer, without excluding the right of the House to claim any further damage. If the proceeds of the sale in a present manner are higher than the proceeds that the Seller would be entitled to from the original auction, this excess belongs to the Seller and the House’s commission is calculated on the sale price in a presentable manner. In this term, the expression “Receipts” has the same meaning both in the case of private sale and in the case of sale through auction.
e) To charge default interest after the lapse of twenty-five (25) days from the award of the project and VAT on interest.
f) To keep the work either at the headquarters or in the warehouse of the House or elsewhere, at the expense of the Buyer and to deliver the work to the Buyer only after the full and complete payment of the final sale price and the storage, insurance, and other expenses project-related costs.

g) If the movable property of the Buyer is in the possession of the House for any reason, after 14 days notice to the Buyer, to sell this movable property under a special irrevocable order and power of attorney provided to the House by the Buyer under these terms, offsetting the price that will be achieved from the sale with the debt of the Buyer.
h) Not to deliver to the Buyer the work or any other work purchased by the Buyer in this or another auction until the payment of the final sale price.

i) In the event that the Buyer owes the House, amounts for various reasons, to charge any provision of the Buyer in any way, despite the contrary determination of the Buyer.
j) To refuse offers from the Buyer in subsequent auctions or to ask for guarantees to allow his participation in an auction.

10. Guarantees – Limitation of Liability

(a) Without prejudice to the obligations of the House under this condition under

(b), the House, its employees, agents and its affiliates shall have absolutely no responsibility for the accuracy of any of their statements concerning the author, the origin, the time of creation, age, size, material, the performance of the creation, authenticity, origin, and course of any work or for errors in the description or for real or legal defects of any work, and bears no warranty or other responsibility the House, its employees, agents and its affiliates in relation to any project.

b) If within ten (10) days from the award of the work the Buyer proves to the House that the work is forged then, provided that 1) the Buyer will deliver the work to the House in the same condition as the work when awarded to the Buyer and 2) the Buyer retains ownership, prefecture and possession of the work without actual and legal defects, the House will repurchase the work from the Buyer and will pay interest-free to the Buyer the amount paid by the latter by the above deadline, looking for it from the Seller. In the event that the Seller refuses or is unable for any reason to return the amount received if the House happens to be in possession of other works that the Seller has delivered to the House for auction, the House is entitled to offset the Buyer’s claim with the appraisal price of these works of the Seller.

The right of the Buyer under 10b) may not be exercised if:
i. The description in the auction list at which the work was purchased was in accordance with the then generally accepted opinion of art experts and historians, or whether reference had been made to the description of a possible difference of opinion between the experts.

ii. Proof of the forgery of the work could be made prior to the auction at which the work was sold, only through scientific procedures not commonly accepted at the time the list was published, or through unreasonably costly or inapplicable procedures that would likely cause damage to the work.

c) The Buyer’s claims against the House based on the above under b) are limited to the amount paid by the Buyer within ten days from the award of the project and no other claim or claim may the Buyer have for further positive or negative loss ( own interest) from which it expressly waives.

d) The right of the Buyer under b) is inalienable and is exercised only by the Buyer in whose name the payment receipt of the price was issued and with the explicit condition that the Buyer retains ownership, prefecture, and possession of the work without real or legal defects.

e) The Company, its employees, employees, and representatives are only liable for fraud in the performance of their duties.


11. Offers
In case the House has accepted two equal offers for the same project, in the above under a) way, which happen to be the highest, then the project is awarded to the one who submitted the first bid in time.