The Koller Gallery Ltd. publishes the auction catalogue on their website and is organising with the help of a developed and hosted software an online auction as a merchant intermediary based on mandates by the artworks owners. These following Terms and Conditions are translated to English from Hungarian with the upmost attention and care, nevertheless the hungarian version is the legaly binding one – so there can be no refference made based on translation errors.
I. Information about Gallery as the service provider
The service provider
a) Company name: Koller Gallery artworks sale Ltd.;
b) Short name: Koller Gallery Ltd. (from now on refered to as: Koller Gallery or the Art dealer);
c) Headquarters: 1014 Budapest Táncsics M. u. 5;
d) Email address : info@kollergallery.com ;
e) Phone number: +36-1-356-9208;
f) Legal registering authority: Fővárosi Törvényszék Cégbírósága;
g) Chamber of commerce registration No: Cg. 01-09-064084;
h) Taxnumber: 10271119-2-41;
II. The inspection and identification of the artwork on sale
(1) The identification of the artworks for sale in the auction catalogue is provided by photography and by publishing other relevant Information about the artwork, that has been provided by the owner. Further and where possible, the opinions of art historians are also considered an published with the artworkm providing a description and showing possible damages or restaurations.
(2) The auction catalogue can contatin only artworks where the owner has documented in writing, that he is the only and undoubtful owner of the artwork, there is no debt or any other obstacle present, that would prevent any sale and subsequent purchase of the artwork.
(3) All artworks published in the auction catalogue are exhibited in the headquaters of the Koller Gallery (1014 Budapest, Táncsics Mihály street 5), prior to the sale. Anyone interested in the artworks can visit the exhibition and ask any questions concerting the artworks during the opening times of the Gallery.
(4) Everyone doing a purchaseing offer online on the artworks published in the catalogue and shown in the auction exhibition prior to the sale, can only refrain from doing a personal visit and first hand inspection of the artwork on their own responsability. In this case the Koller Gallery accepts no refference to differences in colour and or condition of the artwork that is caused by differences in monitor resolutions and quality of the photography provided in the auction catalogue.
(5) The auction catalogue will be published on the Koller Gallery’s website at the same time as the exhibition is open to public.
III. The use of the contract of Sale, the consignment of sale and the mandate of sale
(1) If the Art Dealer has been entrusted by the owner (seller) of the work of art to sell it to the auction buyer, the Art Dealer, as the mandated and authorized person to enter into the contract, concludes the sales contract with the auction buyer on behalf of and for the benefit of the seller.
(2) If the Art Dealer has taken an artwork in consignment owned by another person (the seller) for sale at auction on the basis of a commission contract, the Art Dealer as a commission agent concludes the sales contract with the auction buyer in his own name but for the benefit of the principal (seller).
(3) If the work of art included in the auction catalogue is the property of the Art Dealer, the Art Dealer, as the owner, concludes the contract of sale with the auction buyer in his own name.
IV. Clause for Acceptance of the Conditions of Sale, the information published in connection with the Lots and the Privacy Policy
(1) By submitting the completed online registration form, the registrant declares that she accepts the Art Dealer's Conditions of Sale and the information published in connection with the auction lots.
(2) By submitting the completed registration form, the registrant also declares that he / she has read and accepts the Art Dealer's Privacy Policy, especially he gives permission to handle the registrants personal information concerning:
a) the registration,
b) the participation at the auction,
c) the engaging in the sales contract,
d) the completion und fullfilling of the sales contract
e) the necessery duties of the Koller Gallery obliged by the law
V. The registration
(1) The condition for participating in the auction (online auction) is registration on the Art Dealer's website. By filling in the registration form, the person wishing to bid at the auction or the representative of the legal person (hereinafter: registrant) shall provide all the natural personal identification data and all the data of the legal person necessary for the conclusion and performance of the contract in accordance with the principle of legality enshrined in Article 6 (1) of the GDPR.
(2) The acceptance of the registration of the person wishing to bid in the online auction will be confirmed electronically by the Art Dealer within two working days at the latest. In case of an accepted registration, the Art Dealer will send an auction ID and password electronically to the registered person. The registered person can log in to the online auction and make bids using the login Name and password.
(3) Each registered bidder can only have one auction ID (+ password).
(4) The person registering for the auction shall comply with the provisions of Act LIII of 2017 on the Prevention and Suppression of Money Laundering and Terrorist Financing. TV. (hereinafter: Pmt.) is obliged to declare that it wishes to participate in the auction in its own name or on behalf of another person (the beneficial owner). If the registrant wishes to participate in the auction on behalf of another person, the Pmt. shall also provide the data necessary to identify the beneficial owner in accordance with its rules.
(5) Art dealer will refuse to register a person wishing to participate in the online auction and provide the password required to log in if the person wishing to register:
a) does not fill in all the necessary information requested during the registration process
b) does provide false information
c) does not agree to our privacy policy
d) does not accept the Terms and Conditions of Sale
e) Has violated contracts and agreements with the Koller Gallery in the past
(6) The art dealer deletes the registered persons account and password if:
a) There is a reason for it reading point (5) or if
b) He is violation the Terms and Conditions of Sale or
c) is behaving in a way, that the auction process is disturbed or otherwise interfered
VI. Bidding, rejection and cancellation of the bit, withdrawal of the artwork
(1) It is possible to make an online purchase offer (bid) for a work of art exhibited in the Koller Gallery and identified and published in the Auction Catalog on the website of the Koller Gallery within the period specified by the Art Dealer (bidding period). In the absence of an extension, the bidding period expires by default. The Art Dealer will publish the duration of the bidding (extended period) on the website of the work of art put up for auction.
(2) The Art Dealer is entitled to extend the bidding period for the given work of art by an additional 5 minutes if a higher purchase offer is received in the last 5 minutes of the bidding period or the extended bidding period.
(3) The extended bidding period expires if the Artist Dealer does not receive a higher purchase offer than the last purchase offer in the last 2 minutes of the extended period.
(4) The Art Dealer is entitled to reject and cancel the received purchase offer (bid) if the bidder violates the Terms and Conditions of Sale or interferes with the proper conduct of the auction by writing numbers in a wrong way (irregular bid). The Art Dealer will notify the bidder of the rejection and cancellation of the irregular bid. After the irregular bid is rejected and canceled, the auction will continue.
(5) In the event of any disturbing circumstances, the Art Dealer is entitled to withdraw the work of art put up for auction from the auction without legal consequences.
VII. Bidding increments
(1) The registered person (bidder) is entitled to make a purchase offer (bid) corresponding to the starting price (limit) indicated in the Auction Catalogue of the work of art put up for auction. In the event of a bid that reaches or exceeds the limit, the bidder may bid according to the following bidding steps:
a) if the limit does not exceed HUF 100,000, the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 5,000;
b) if the limit is between 100.000 HUF – 200.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 10,000;
c) if the limit is between 200.000 HUF – 500.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 20,000;
d) if the limit is between 500.000 HUF – 1.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 50,000;
e) if the limit is between 1.000.000 HUF – 5.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 100,000;
f) if the limit is between 5.000.000 HUF – 10.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 500,000;
g) if the limit is between 10.000.000 HUF – 20.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 1.000,000;
h) if the limit is between 20.000.000 HUF – 50.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 2.000,000;
i) if the limit is between 50.000.000 HUF – 100.000.000 HUF the possible additional purchase offer may not be less than the amount of the highest purchase offer received increased by HUF 5.000,000;
(2) A bid under the limit or a bid failing to comply with the bid steps as described in (1) will not be considered and deleted automatically.
VIII. Bid security, bank guarantee
(1) In the case of certain works of art admitted to the Auction Catalog and put up for auction, the Art Dealer may, as a condition of bidding (making a purchase offer), require the registered person to transfer 10% of the artwork limit to the Artist's following bank account as a bid security:
OTP BANK Nyrt., 1126 Budapest, Böszörményi út 9.
IBAN: HU12117120042010413700000000
SWIFT: OTPVHUHB
(2) If the contract for the transfer of ownership of the work of art put up for auction between the owner of the work of art and the person offering the highest purchase price (the winner of the bid),
a. is concluded then the amount of the bid security paid is included in the purchase price of the work of art (reduces the amount of
the purchase price to be paid);
b. is not established or not fulfilled for any reason attributable to the winner of the bid, the amount of the bid security paid shall be
forfeited.
(3) A purchase offer exceeding HUF 5 million can only be validly made if the bidder has previously provided an appropriate bank
guarantee to the Art Dealer. The value of the corresponding bank guarantee: 20% of the purchase offer exceeding HUF 5 million.
IX. A bid beeing binding to create a sales contract
(1) At the end of the bidding period (extended period), the auction ends.
(2) The Art Dealer after the end of the auction:
a) as an agent (representing the principal as the seller) on behalf of the principal,
b) as a commission agent in his own name but for the benefit of the principal,
c) and in the case of a work of art owned by him, as a seller in his own name
electronically confirms the acceptance of the highest bid via email to the highest bidder (purchaser).
(3) By accepting the purchase offer, a contract of sale is concluded between the owner of the work of art as seller and the auction buyer. The auction buyer acquires ownership of the work of art once he has paid the purchase price in full.
(4) The person offering the highest purchase price at the auction (the auction buyer) is bound by his bid. The binding of the offer is terminated if the Art Dealer does not confirm the acceptance of the highest purchase offer given at the auction within 48 hours from the end of the auction. The Art Dealer may refuse to accept the purchase offer received without giving reasons and legal consequences.
X. The Art dealers commission and the method of payment of the purchase price
(1) If a purchase offer is accepted, the amount according to the highest purchase offer is increased by the amount of the commission
(commission fee) charged by the Art Dealer for the purchase price (highest bid) of the work of art.
(2) Commission charged by the Art Dealer: 18 % net (22,86 % gross, so incl. VAT) of the hammer price
(3) The auction buyer must pay the hammer price + commission of the work of art no later than 7 days after the end of the auction. The auction buyer may pay the purchase price to the Art Dealer primarily by credit card or by transfer to the following bank account kept at OTP Bank (1126 Budapest, Böszörményi út 9.):
Account owner : Koller Galéria Kft,
Bank Name/Address : OTP BANK Nyrt., 1126 Budapest, Böszörményi út 9.
Account number : IBAN: HU12117120042010413700000000
SWIFT : OTPVHUHB
(4) The purchase price can be settled in HUF, EUR and USD, in which case the settlement is based on the central exchange rate of the Hungarian National Bank (MNB) valid on the day of the settlement price settlement. Please inquire about this billing at the time of payment.
(5) In case of late payment of the purchase price, the auction buyer is also obliged to pay 10% annual interest on arrears for the period from the day of delay to the date of payment.
XI. Place and condition of transfer of the purchased work of art
(1) A The place of performance of the contract for the transfer of ownership of the work of art is the registered office of the Art Dealer, in the case of transfer to a shipping company selected by the auction buyer, the 1st district of Budapest.
(2) The Art Dealer will give the artwork purchased by the auction winner generally at the headquarters in the Budapest I. district. Táncsics Mihály street 5 earliest on the next working day after the end of the auction - during opening hours. It will be handed over to the buyer immediately after payment of the full purchase price.
(3) The auction buyer is obliged to arrange for the pick up and delivery of the purchased work of art at his own expense and responsibility no later than 14 days after the end of the auction, after the purchase price has been paid. In the event of failure to do so, the Art Dealer shall not be liable for any damage to the work of art and shall be entitled to charge a monthly storage fee of 3% of the purchase price from the 21st day after the auction. If the auction buyer does not deliver the purchased work of art after the auction despite the request, the Art Dealer is free to sell the work of art after 3 months.
(4) If the Auction Buyer does not wish to pick up the purchased work of art in person at the Art Dealer 's headquarters or with the assistance of his authorized representative, he may entrust the Art Dealer to package the purchased work of art at his own expense and with the carrier selected by the Auction Buyer (Post Office, DHL, etc.) to the delivery address of the auction buyer. In such a case, the Art Dealer shall insurance the shipping but the cost will be also payed by the auction buyer. Based on the agreement between the Art Dealer and the seller and the auction buyer, the costs of transportation and insurance may be borne by the Art Dealer or the seller.
(5) Act LXIV of 2001 on the Protection of Cultural Heritage says as a general rule, that the export of a work of art declared protected in accordance with the provisions of Act (hereinafter: KÖVTv.) is prohibited from Hungary. These items are listed in the auction catalogue as “PROTECTED” or “NO EXPORT”. The non-protected cultural goods (works of art) are subject to an export license is defined in KÖVTv. Annex 1. Please indicate your intention to export in advance of payment. If the auction buyer wishes to export the work of art, the Art Dealer may further invoice the costs of any export license (export costs) to the auction buyer after consultation.
XII. Seller’s warranty
(1) The seller warrants that the work of art put up for auction is free of litigation, claims and encumbrances and is its exclusive property and no third party has any rights that would prevent or impede the acquisition of ownership by the auctioneer. Seller warrants this statement.
(2) The Art Dealer is responsible for the originality of the artworks sold at auction. For a work of art sold at auction, the seller is liable for supplies if, in the opinion of a forensic expert, it is proved that the work of art sold as an original at auction is not original.
(3) In the unexpected case, if it is proved that the work of art sold as an original with the help of the Art Dealer is not original, the auction buyer may exercise his warranty rights within 2 years from the conclusion of the sales contract. The Auction Buyer may not exercise its warranty rights for supplies if, at the time of the auction, the description in the Auction Catalog was in accordance with generally accepted expert opinions, or the Catalogue indicated a difference in expert opinions.
(4) Except in the case provided for in paragraph (3), the owner (seller) of a work of art may not assume a warranty for supplies. The Art Dealer acting as an agent is not liable for any defect in the delivered item.
(5) The Art Dealer and the owner (seller) of the artwork shall not be liable for any failure or malfunction of the IT system.
(6) The works of art put up for auction are considered used objects, so the owner or Art Dealer do sell the artwork in the condition “as is”.
XIII. Right of withdrawal of the seller in case of non payment
(1) If the auction buyer fails to fulfil the obligation to pay the purchase price within the term specified in the Auction Terms and Conditions, the
Art Dealer or the seller represented by him is entitled to withdraw from the sales contract with a unilateral declaration without proving the loss
of interest and setting an additional deadline.
(2) The withdrawal statement shall be deemed to have been received (delivered) to the auction buyer if it becomes available to him. After
service of the declaration of withdrawal, the owner of the work of art put up for auction is free to dispose of his property.
XIV. Application of the rules on electronic contracting
The Art Dealer shall inform the registrant on the website
a) of the technical steps to be taken to conclude the contract electronically.,
b) that the contract to be concluded is a written contract, which the Art Dealer shall register and send to the auction buyer.,
c) of the means and steps provided for the identification and correction of data entry errors prior to the sending of the contractual statement,
d) The Art Dealer informs the registrant on the website that the language of concluding the contract electronically is Hungarian,
e) if the artwork put up for auction is protected and therefore, as a general rule, it is prohibited to export it from the territory of Hungary.
XV. Application of the Terms and Conditions of Auction Sales
We apply these KOLLER GALLERY Terms and Conditions of Auction Sales from November 4th 2021. Legally binding is the Hungarian version