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Conditions of sale

DISCLAIMER
The following general conditions of auction sales (hereinafter, the "General Conditions") are intended to be applied to any Auction organized by HERMITAGE FINE ART. By participating to an Auction organized by HERMITAGE FINE ART Bidder and/or Buyer acknowledges his acceptance of the General Conditions herein as well as any additional terms that may be imposed by the Organizer.
1. DEFINITIONS

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

"Hammer price" – 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.
      2. ROLE OF THE ORGANIZER
      2.1. The Organizer operates as the agent of the Seller.

      2.2. The Organizer will not be responsible in the event any Buyer or Seller fail to fulfil their respective agreements.

      2.3. The Organizer, if instructed by a Bidder, may accept Bids on his behalf, provided that he shall be held liable for negligence or error in the execution or non-execution of such orders.

      2.4. The Organizer shall not be held liable for injury, damage, loss of any kind whatsoever, suffered by any person attending to the Auc- tion and/or during the preview, except in the case of death, injury caused by its negligence.
      3. BIDDER REGISTRATION
      3.1. Each Bidder shall receive a paddle number after completing a registration form and providing any satisfactory proof of identity as well as his bank references.

      3.2. Only Bids made under paddle number will be considered at the Auction.

      3.3. If a Bidder wishes to Bid on behalf of a third party, the Bidder shall expressly notify the Organizer before the Auction begins, stating the name and address of the party the Bidder is representing as well as submitting a written power of attorney recently granted.

      3.4.The Organizer shall reserve the right to refuse the participation of the third party.

      4. BIDS BY PERSON PRESENT
      Bids by Bidders who attend the Auction in person shall be made by clearly raising the paddle number.
      5. BIDS BY PERSON ABSENT / BIDS BY INTERNET
      5.1. Bids by Bidder who are not present shall be made by telephone, or by fax and shall be deemed received by the Organizer:
      a). upon delivery if delivered by hand;
      b). within 2 hours following the transmission if sent by fax or by email.

      5.2. Bid made by writing might be received by letter with acknowledgment of receipt from the launch of the Catalogue until the start of the Auction date.

      5.3. Bids made in writing – If several Bids of the same amount have been made in writing for one and the same Lot, the Bid which the Organizer received first will be accepted unless a higher Bid has been submitted or is made. If several Bids are received on the same day, the Bid awarded shall be decided by Lot. Each Bid in writing generally deemed a maximum Bid shall only be utilized by the Organizer in protecting its interests to the extent that it is necessary to outbid another offer.

      5.4. Bids made by telephone – Bids made by telephone are carried out for the Bidder by the Organizer. The Organizer may record any telephone conversation.
      The Bidder consents to such recording by submitting the application to Bid by telephone.

      5.5. he Organizer nor its employee or agent will be not responsible for any errors or omissions in connection therewith.

      5.6. The Organizer uses the services of external online platforms. Therefore, the Bidder will have the possibility to Bid through those platforms.

      5.7. The Organizer declines responsibility for - but not limited to -negligence, lost profits or any special, incidental, or consequential damages that would result from the use of, or the inability to use, these platforms.
      6. CATALOGUES
      6.1. The description of the Lot is available in the Catalogue.

      6.2. The estimated prices stated in the Catalogue are only a non-binding indication.

      6.3. Despite the efforts made by the Organizer to ensure the accuracy of the description of a Lot, the Catalogue must only be considered as a statement of opinion. The Organizer does not guarantee that the description made in the Catalogue is accurate and shall not be held responsible for the accuracy of this opinion.

      6.4. No person is authorized by the Organizer to make any statement contrary to the description made in the Catalogue.

      6.5. The rights of reproduction of any written content and illustrations referring to a Lot shall remain the absolute property of the Orga- nizer and shall not be used even partly by any person without prior written consent of the first.
      7. THE BAILIFF
      7.1. The Auction shall be carried out by a Bailiff.

      7.2. The Bailiff will:

      • - announce the Hammer Price,

      • - ensure that the bidding is properly carried out,

      • - accept or reject any Bid;

      • - take all necessary measures in maintaining order during the Auction.
      7.3. The Bailiff shall notify the Bidders before the sale begins of the conditions of the Hammer Prices including the additional incurred fees.
      8. CONDUCT OF THE AUCTION
      8.1. The Organizer reserves the right, before the opening of the Auction or prior to the auctioning of a Lot, to make any statement referring to changes, descriptions, statements, details in the Catalogue or in the General Conditions.

      8.2.The Organizer will also have the right to:

      • - continue or stop the Auction;

      • - withdraw any Lot before or during the Auction;

      • - proceed with any split, joining or withdrawal of the Lots.

      8.3. Auctions will be conducted in Euros.

      8.4.The Organizer reserve the right to install a currency conversion table but shall decline any responsibility in the event of failure or display error.
      9. AUCTION SALE & ACCEPTANCE OF A BID
      9.1. The bidding will commence with the lowest Bid and will advance in accordance with successive higher Bids until a Bid is accepted by the Bailiff.

      9.2. Only the amount of the last Bid, as expressed by the Bailiff, shall be taken into consideration

      9.3.The highest Bidder acknowledged by the Organizer will be the Buyer.

      9.4.In the event of any dispute between Bidders or a tie between Bidders, or in the event of doubt as to the validity of the Bid, the Orga- nizer will have the absolute and final discretion to identify the Buyer or to re-offer the Lot for sale.

      9.5. At the time of the announcement of the Hammer Price, the Buyer shall immediately disclose to the Organizer the paddle number it has been assigned.

      9.6.In the event of dispute relating to the Auction, the Bailiff, may rescind the sale and immediately place back for auctioning the relevant Lot.
      10. ORGANIZER PREMIUM
      10.1. An Organizer premium will be added to the Hammer Price and is payable by the Buyer as part of the Purchase Price.

      10.2. The Organizer premium is calculated as follows:

      • 27% of the Hammer Price (32.4% VAT included) of the Lot up to and including 250,000,00 euros;

      • 21.5% of the Hammer (25.8% VAT included) of the Lot between 250,001,00 euros and 2,500,000.00 euros;

      • 12.5% increased by VAT (15% VAT included) of the Lot up to 2,500,001.00 euros.
      10.3. Any Lot purchased through the online platform of the Organizer or any other sales and e-auctions platforms (such as Invaluable, Drouot live, Auction.fr, Bidspirit etc.) will be subject to an additional premium of 3% of the Hammer Price (VAT included). Extra fee may vary. The Buyer is obliges to verify its amount with each particular platform.
      11. PAYMENT CONDITIONS
      11.1.The amounts owed by the Buyer shall be due and payable upon acceptance of the Bid.

      11.2.Payments have to be made by wire transfer on the Organizer's bank account. Check payment will only be accepted if the check is issued by a bank located in Monaco or in France.

      11.3.Payment by cash will be possible below 30,000.00 euros if the payment is made in Monaco.

      11.4.The Seller can give the Organizer the right to grant, at its sole discretion, the possibility for the Buyer to pay the Sale Pro- ceed by wire transfer on the Organizer bank account within a period of 5 working days after the Auction.

      11.5.In case of non-execution or of a partial execution of the payment by the successful Buyer within the above time limit and provided that the Lot has not been immediately placed back for auctioning by the Organizer, the latter reserves the right, at its sole dis- cretion, to exercise the following rights and actions:

      - To demand a definitive compensation by way of penalty clause, a percentage of 0.5% per day late on the price or a fraction of the unpaid price and additional fees until full payment;

      - To demand for compensatory damages, which shall not only cover any loss arising from the resale of the Lot in ques- tion, but also the expenses of such a resale, as well as damages suffered by the Bailiff and the Organizer;

      - To achieve the compensation between the amounts owed by the Buyer with all funds held or which may come to be held by the Organizer on behalf of the Buyer.

      12. CONDITION OF THE LOTS
      12.1.All the Lots are sold "AS IS".

      12.2.Neither the Organizer, nor the Bailiff shall be responsible for the correct description, authenticity, genuineness of estimated selling price or defect in a Lot and make no guarantee in connection therewith.

      12.3.All Lots are sold in the same condition in which they were presented prior to the sale and no action shall be exercised against the Organizer for flaws or hidden defects affecting the Lot, regardless of the significance of the flaw or defect. Bidders should inspect the Lot before bidding during the public exhibition to determine its condition, quality, its authenticity and whether or not it has been repaired or restored.
      13. TEMPORARY IMPORTATION
      13.1. Any Lot marked with a symbol "plus (+)" are "free port" and are subject to import tax. The Buyer intending to import the aforesaid Lot within the European Union should be aware that an import tax will be due on the Hammer Price. This import tax shall be paid to the Organizer in addition to other fees (e.g.: 5.5% for antics and artworks in Monaco).

      13.2. Any other Lots are in free circulation within the European Union.

      13.3. The Buyer shall be responsible for checking and fulfilling all the conditions of the transportation of the Lots to their desti- nation, including but not limited to checking the import status of the Lots, and regulations for importation at destination.
      14. TRANSFER OF OWNERSHIP
      14.1.The transfer of ownership of a Lot in favor of the Buyer shall take place after full payment and receipt of the Hammer Price and the Organizer Premium by the Organizer.

      14.2.However, once the Auction is finalized by the Bailiff's hammer blow, all risks relating to the Lot sold will be transferred to the Buyer in full and without reservation.
      15. RESPONSIBILITIES OF THE BUYER
      15.1.This list not being restrictive, the Buyer shall be responsible for the loss, the theft, the partial or total destruction, or damage which may occur to the Lot between the Auction and the transfer of ownership.

      15.2.All Lots must be removed by the Buyer at his expenses, within a period of one month following the Auction and if it is not removed within this period additional fees will be applied to the Buyer. In the case of uncollected Lots by the Buyer within the time period stipulated in Clause 15.2, the Organizer reserves the right to arrange for the removal of the Lot at the risk and expenses of the Buyer, as well as the shipment under the same terms and conditions to Monaco, France or any other country specified by the Buyer.

      15.3.The Buyer shall be responsible for the shipment of the Lot and will execute any necessary procedures and/or formalities required by the law in force in Monaco, in France and in the country of final destination.


      16. EXPORT OF THE LOT
      16.1.In view of the Customs Union existing between France and Monaco, any exports outside the Principality of Monaco are submitted to the rules and regulations applicable in France.

      16.2. Any Lot coming from the Customs Union or benefiting from a temporary importation, if it remains in the Customs Union, may be removed upon presentation of a proof of payment of the Purchase Price. If the Buyer intends to export the Lot outside of the Customs Union, it will be up to him to perform all the necessary procedures and formalities required by the applicable law. Under no circumstances shall the Organizer or the Bailiff be pursued for non-compliance or non-completion of the said formalities.
      17. LAW AND JURISDICTION
      The General Conditions are regulated by and constructed in accordance with the laws of the Principality of Monaco. Any legal action or dispute arising out of or in connection with these Terms and Conditions shall be settled by the Courts of Monaco.