In the General Conditions, the words and phrases listed below have the following meanings: "Auction"
– Any auction pursuant to the General Conditions and advertised in the Catalogue. "Bailiff"
– Maître Claire Notari or any other bailiff mandated by the Organizer. "Bid"
– An offer to purchase any Lot by bidding at the Auction."Bidder"
– Any person who offers to purchase any Lot by bidding at the Auction."Buyer"
– The highest Bidder acknowledged by the Organizer."Organizer"
– The company HERMITAGE FINE ART located 25 Avenue de la Costa, 98000 - Monaco. "Catalogue"
– Any advertisement, brochure, price list and other publications relating to, but not limited, to:
- the authenticity,
- - the provenance,
- - the origin and the date,
- - the condition,
- - the estimated selling price or quality of a Lot.
The Catalogue is incorporating in the General Conditions. "Expenses"
– Any fees and expenses incurred by the Organizer for:
- the insurance of the Lot,
- the packaging,
- the transportation,
- the storage,
- any eventual restoration and/or framing,
- any taxes including the VAT
– Price of the Lot awarded to the Buyer. "Lot"
– Each item presented in the Catalogue to be auctioned "Purchase Price"
– The Hammer price increased by the Expenses and the Organizer's Premium (VAT included). "Sales Proceeds"
– The net amount due to the Seller determined as follows: The Hammer Price – The Organizer's Premium "Seller"
– The owner of a Lot or his/her legal representative. "VAT"
– Value Added Tax chargeable under Monaco Laws for the time being as well as any similar additional tax. "Organizer's Premium"
– The percentage of the Hammer Price due to the Organizer.
The Organizer's premium is calculated separately for each Lot.