Terms and Conditions of Sale
PLEASE READ THESE CONDITIONS CAREFULLY:
The present Terms and Conditions of Business shall apply to all Participants and all attendees at Viewings, Auction Sessions and Auctions conducted by Obelisk Auctions Limited. By participating or attending as aforesaid, such Participant or attendee expressly agrees to the following Terms and Conditions of Business.
The present Terms and Conditions of Business shall apply in conjunction with any other terms and conditions which may be published in the sale catalogue or which may otherwise be announced by Obelisk Auctions Limited, including by means of an oral announcement or a notice displayed at the viewing or auction venue. It shall be the responsibility of the Participant to ensure that such terms and conditions are reviewed and adhered to.
In these Terms and Conditions the words printed below in bold shall have the following meanings:
‘Auctioneer’ means Obelisk Auctions Limited, a company registered in Malta with registration number C42122, and having its registered office at Obelisk Auctions Gallery, 1, Villa Drusilla, Mdina Road, Attard ATD 9039, Malta;
‘Auction’ means any auction conducted by the Auctioneer or any of its authorised agents;
‘Auction Site’ means any site from which the Auctioneer may conduct an auction;
‘Auction Session’ means one session held over one day within a particular Auction conducted by the Auctioneer;
‘Buyer’ means the person making to highest bid acceptable to the Auctioneer, and subject to the reserved price, and in whose favour the Lot is knocked down;
‘Commission’ means the Auctioneer’s fee for on the Hammer Price of any Lot;
‘Hammer Price’ means the highest bid accepted by the Auctioneer and at which the Lot is knocked down;
‘Lot’ means one article, or more than one article grouped together, intended for sale at an Auction
‘Participant’ means any person who is duly registered as such with the Auctioneer;
‘Seller’ means the seller of any item put up for auction;
‘Terms and Conditions of Business’ means these present Terms and Conditions of Business;
‘Viewing Site’ means any site where a viewing may by held by the Auctioneer in relation to an Auction.
Terms and Conditions
- All Participants shall register as such prior to the commencement of an Auction Session. Upon such registration, the Auctioneer may request such personal details as may be required and a copy of an identification document. The Auctioneer shall have the right to refuse any person from registering for and/or participating in an Auction without giving a reason. By registering as aforesaid, the Participant is hereby expressly consenting to the receipt of promotional material by SMS and/or email in connection with Auctions conducted by the Auctioneer.
- No person shall be eligible to bid during an Auction unless such person has registered as a Participant as aforesaid. Any bid placed by any person who has not been so registered as a Participant, shall be null and void.
- Every Participant shall be considered to be acting in his own name as the principal, unless otherwise indicated. If the Participant indicates that he is acting on behalf of a third party, he shall identify his principal and also present a valid power of attorney at registration stage.
- The Auctioneer acts solely for and on behalf of the Seller and shall in no event bear any responsibility for any default of either the Seller, the Buyer, any Participant or any other person. Whilst the Auctioneer has taken care to ensure that all details set out in the catalogue are accurate, weights and other measurements are always approximate values and should be separately verified or measured. The prices indicated in the catalogue are merely the auction starting price and are not an estimate of the value of the Lot. Participants are strongly advised to seek and obtain independent advice in relation to the Lots, their condition and value prior to bidding.
- Each Lot shall be sold ‘tale e quale’ in its present state and condition and the Auctioneer makes no representation or warranty in relation to the description, condition, quality, value, functionality, characteristic, or age of any Lot. Neither the Auctioneer nor the seller is responsible for any hidden defects. Without prejudice to the generality of this clause, there shall be no warranty that (i) the Lot conforms to any standard; (ii) the Lot is fit for any particular purpose; (iii) the Lot is of any specific age, year, model, make or condition. The Participants are strongly advised to inspect the Lots prior to the bidding and to ensure that they are satisfied with the condition and value of the same.
- The Auctioneer shall regulate the Auction as he deems fit and his decisions shall be final.
- The Participant who makes the highest bid acceptable to the Auctioneer shall be the Buyer at the Hammer Price, Provided that the Auctioneer reserves the right, at his sole discretion, to refuse or revoke any bid, to nominate any bidding increment which the Auctioneer may consider appropriate and to divide any Lot or combine any two or more Lots. Any dispute in relation to bids made shall be settled by the Auctioneer at his absolute discretion, including if the Auctioneer deems it fit, by putting up the same Lot for auction once again. The Auctioneer shall not be liable for any missed bids.
- The Buyer shall pay the following:
- The Hammer Price;
- The Auctioneer’s Commission, which shall be at the rate of five per cent (5%) of the Hammer Price and Value Added Tax at the rate of eighteen per cent (18%) in relation to the same;
- Any import/export duty or other duties, fees or other taxes which may be applicable;
- Any artist’s resale rights and royalties which (if applicable) may be due upon the sale of the Lot.
- It shall be the responsibility of the Participant to determine whether any Lot is subject to export restrictions, duties, taxes or fees. It shall also be the sole responsibility of the Participant to ascertain whether there are any prohibitions relative to the export of the Lot or any legal requirements to obtain the Lot, including but not limited to the obtaining of licenses.
- Within two (2) working days from the Auction Session during which the Lot is knocked down, the Buyer shall (i) provide the Auctioneer with any information, details and/or documents which the Auctioneer may require in line with Clause 14; (ii) pay the amounts set out in Clause 7, and (iii) claim and remove the Lot from the Auctioneer’s possession. The Auctioneer has a right to retain the Lot unless and until the Buyer provides such full information, details and documents and pays the full amounts due as aforesaid. In the event that such obligations are not adhered to within the aforementioned time-frame, the Auctioneer has the right, at his sole discretion, to cancel the sale. In the event that the sale is cancelled the Buyer shall remain liable for any shortfall in price or other costs that the Auctioneer may incur as a result of the Buyer’s default.
- The Auctioneer shall take reasonable precautions to preserve the Lots but shall not be responsible for any damages or losses outside his reasonable control. The Auctioneer shall not be responsible for any losses occasioned directly or indirectly by irresistible force or Act of God. The Auctioneer’s liability for any loss or damage to a Lot happening after the sale shall in any event be limited to the Hammer Price of the particular Lot lost or damaged. The Auctioneer shall under no circumstances be responsible for any consequential or indirect loss or for any loss or damage that may occur or be occasioned to third parties as a result of a defect in the Lot.
- The Buyer shall be responsible to remove the Lot/s purchased from the Auction Site and any handling and/or loading operations required for the removal of the Lot shall be at the cost and risk of the Buyer.
- All payments are to be made directly to the Auctioneer. The Auctioneer shall at his discretion be entitled to refuse any proposed method of payment. Without prejudice to the foregoing the Auctioneer will under no circumstances accept endorsed cheques and will not accept cash payments where the sum payable exceeds the amount of €10,000.
- In the event that a Buyer pays by means of a bank transfer, such Buyer shall be entitled to recover the Lot only once such payment is received and cleared into the Buyer’s account by the Buyer’s bank and this always subject to the Buyer’s obligation to provide all the information, details and/or documentation as aforementioned in Clause 14.
- The Buyer hereby acknowledges the Auctioneer’s obligations under the anti-money laundering legislation and is hereby binding himself to provide all such information and documentation as may be required by the Auctioneer from time to time in fulfillment of his obligations at law. In default, the Auctioneer may at his sole and absolute discretion annul the Buyer’s bid and thus, cancel the sale of the Lot to said Buyer. The Auctioneer shall hold and process such data in accordance with the Data Protection Act.
- Every Participant and/or any person present in the Viewing Site and/or the Auction Site shall be present at the Auction Site at that person’s own risk.
- The handling, touching or other manipulation of any of the Lots on display is strictly prohibited. It shall moreover be prohibited to bring into the Auction Site and/or Viewing Site any hazardous, flammable, corrosive, or caustic substances which could be harmful to the Lots as well as any tools or utensils that could be used to damage or dismantle the Lots. The Auctioneer reserves the right to prosecute any person found in breach of this prohibition.
- The Auctioneer reserves, at his sole discretion, the right to refuse admission to the Viewing Site and/or the Auction Site without stating a reason. The Auctioneer has a right to request any Participant or any other person attending a Viewing or an Auction to leave the Viewing Site or Auction Site at any time.
- The Auctioneer has the right to take, maintain, use and publish any photographs or other images of the Lots as it may deem fit even after the Lot in question has been sold.
- In the event that any part or provision of these Terms and Conditions of Business are declared by any Court or Tribunal to be in conflict with the law or unenforceable for any reason whatsoever, the validity and enforceability of the remainder of these Terms and Conditions of Business shall not be effected thereby.
- These present Terms and Conditions of Business shall be governed by the Laws of Malta and the parties shall submit to the exclusive jurisdiction of the Maltese Courts.
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