ART GALLERY RIOS ART
TERMS AND CONDITIONS NO 202 OF ON-LINE ART AUCTION
1. GENERAL PROVISIONS
1.1 The organiser of art auction (hereinafter auction) is OÜ RIOS ART (hereinafter Auctioneer), registry code 10221140, seated at Kaarli pst. 8, Estonia.
1.2 The commencement date and due date of each particular auction is indicated on a virtual auction site administered by the Auctioneer.
1.3 An auction is carried out on the basis of these terms and conditions.
1.4 In order to participate in an auction, a person shall register pursuant to the conditions provided for in clause 4.
1.5 The persons not registered to participate in an auction may also examine, without any legal consequences, the works of art exhibited in the gallery owned by the Auctioneer.
2. OBJECT OF AUCTION
The object of an auction is purchase and sale of art works at on-line auction.
3. WORKS OF ART SUBJECT TO AUCTION
3.1 The works of art which are exhibited on a virtual auction site and the bidding window on the right side of which can be activated and is accompanied with a respective notification are subject to auction (hereinafter objects of sale). Also the due date for sale of each particular object of sale is indicated next to the bidding window. Each participant is entitled to make bids before the date is fallen due (09:00 pm), including specifications set out in clause 6.3.
3.2 The participants are entitled to bid for all objects of sale.
3.3 The right of ownership of all objects of sale belongs to third parties (commitents) who have granted, on the basis of commission contract, the Auctioneer (commission agent) the right to enter into contract of purchase and sale. The parties of a contract of purchase and sale entered into at an auction are the Auctioneer and the highest bidder.
3.4 The Auctioneer is required to disseminate correct information concerning an object of sale on the basis of expert's report completed by competent persons regarding the origin, state and artistic value of a work of art, however, the final decision regarding the aforementioned circumstances lies with the purchaser who buys the object of sale in the state as at the time of the auction. (Information submitted regarding the object of sale does not include minor defects such as damage to the underframe or general state of the frame etc and may not be grounds for a complaint.) The Auctioneer has an expert's report concerning each object of sale, which is displayed also on virtual auction site.
3.5 A participant of an auction has a right to directly examine objects of sale and expert's reports in the gallery located at 4-103 Mustamäe Road on working days from 11:00am to 6:00pm. The waiver of this right does not substitute grounds for later waiver of contract of purchase and sale nor demanding reduction of the purchase price.
4. CONDITIONS FOR PARTICIPATION
4.1 Legal persons and natural persons with active legal capacity who have obtained at least 18 years of age may participate in an auction.
4.2 A person who has accepted the terms and conditions of an auction, has registered according to the requirements (has filled out the registration form) and whose attendance fee has accrued to the bank account of the Auctioneer and whose password and user name has been activated by the Auctioneer, is considered to be a participant in the auction (hereinafter participant). If the registration is completed, the Auctioneer sends to a participant a registration confirmation via e-mail.
4.3 Upon registration, all participants are given a reference number and a user name chosen by the participant and only the participant is aware of the connection between the user name and the participant.
4.4 The Auctioneer is required to guarantee the confidentiality of personal data disseminated by the participant to the Auctioneer. In a registry of open bids maintained regarding each individual auction, only bids made by each participant and time of making a bid are revealed (only concerning five highest bids).
5. ATTENDANCE FEE
5.1 Attendance fee in sum of 118 Estonian kroons shall be paid in order to participate in an auction. Attendance fee in not a subject of refund.
1120204523 Swedbank, after completing a registration form. Given name, surname, user name and address shall be indicated in the subject field of the payment order.
6. TRANSACTION OF PURCHASE AND SALE
6.1 The purchase price of the object of sale forms in the course of bids made at the auction. Each object of sale has a starting price designated by the Auctioneer, which is also the minimum price for the particular object of sale.
6.2 The transaction is considered to be concluded upon existence of expressions of will of both parties. The Auctioneer is acting as an offereor who makes an offer to sell an object of sale to the highest bidder. The highest bid made by a participant is considered to be the acceptance. Offer and acceptance express expressions of will of both parties, made in order to reach a common objective and are binding to the parties. A transaction concluded in regard of each individual object of sale is considered to be a separate transaction.
6.3 An object of sale is deemed to be sold to the participant who makes the highest bid prior to the due date for sale of a particular object of sale (before 12:00pm). The date of entering into the contract of purchase and sale is the date of confirming the result of the auction concerning each particular object of sale. The Auctioneer on the basis of all bids confirms the results of the auction as at the due date for sale of a particular object of sale (12:00pm). In case the last bid is made less than two minutes prior to the due date for sale, the term for sale of a particular object of sale is extended by two minutes. The period of time between last bid and due date for sale shall be at least two minutes, which is necessary for correct documenting of results.
6.4 The confirmation statement of auction results is completed separately concerning each individual object of sale placed to auction and forwarded via e-mail to each participant of a particular bidding.
6.5 The location of the transaction is Estonia.
6.6 The winner of a particular bidding (hereinafter purchaser) is required to pay the purchase price in accordance with the terms and conditions of the contract and the invoice issued by the Auctioneer. The term thereof is 10 days as of the confirmation of auction results. If the purchaser fails to pay the purchase price within the specified term, the Auctioneer is entitled to unilaterally terminate the contract or make an offer the next highest bidder.
6.7 The Auctioneer is required to deliver to the purchaser and the purchaser is required to receive the object of sale after payment of the purchase price in full according to the requirements.
6.8 The increasing of the purchase price of an offer is performed by the Auctioneer in accordance with each bid individually.
7. Transfer of ownership
7.1 The grounds for delivery of the object of sale to the purchaser is the transaction of purchase and sale concluded at the auction according to the requirements.
7.2 The delivery and receipt of the object of sale by the Auctioneer and the purchaser is carried out on the basis of a written instrument of delivery and receipt at the seat of the Auctioneer, not later than 14 days as of payment of the purchase price, unless otherwise agreed by the parties. If the purchaser does not receive the object of sale in 14 days, the purchaser is required to pay storage fee to the Auctioneer in sum of 125 kroons per each delayed day.
7.3 In order to prove the authority of the representative of a purchaser, a notarised authorisation document shall be submitted to the Auctioneer. An authorisation document issued in a foreign state shall be legalised.
7.4 The right of ownership of the object of sale is transferred to the purchaser as of the delivery and receipt of the possession thereof.
8. Storage of object of sale
If the purchaser has received the object of sale but wishes to continue storing the object on the premises of the Auctioneer, the parties shall enter into a separate storage contract.
9. Resolving of disputes and complaints
9.1 Complaints concerning the quality of the object of sale made after the delivery and receipt of possession are not taken into consideration.
9.2 The Auctioneer accepts complaints concerning source or origin of the object of sale made within 2 weeks as of the end of the auction.
9.3 Purchased and delivered objects of sale are not reclaimed, except in case of the complaints specified in clause 9.2.
9.4 Disputes are resolved through negotiations of the parties. If an agreement is not reached, a matter shall be adjudicated in Tallinn City Court pursuant to Estonian legislation.