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CONDITIONS
OF SALE |
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Participation in the
auction means the unconditional acceptance of the
following Terms and Conditions in their entirety by the
participating bidders. |
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The Psatharis Auction House
‘Fisherman’ - hereinafter referred to as the ‘House’ -
for the owners of the works acts simply as Auctioneer
and the transfer of ownership from the owner to the
buyer will take place at the auction. He shall conduct
the auction and determine the successive bids on the
auctioned projects, with the right to reject bids less
than or greater than the amount he proposes. |
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The prices listed in the
auction catalogue are the result of the Auctioneer's
personal estimate and do not constitute a commitment to
the final result. |
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The Auctioneer shall be
entitled at his sole discretion to refuse entry or
participation to any person in the auction, and to
withdraw any lot from the auction at any time without
being obliged to give reasons for such withdrawal. |
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Candidate bidders may take
part in the auction in person or by proxy or at a
distance or by submitting a written or telephone bid to
the Auctioneer in advance (see the relevant form at the
end of the list). Participation in the auction in person
or by proxy requires a written declaration to the
Auctioneer's Secretariat no later than one hour before
the scheduled start of the auction, giving the necessary
information and then receiving a card with a Bid number
with which to claim the lot(s) of interest. Bids from
those not present will be accepted by the Auctioneer
either in writing or by telephone during the auction,
provided their details have been confirmed at least 24
hours prior to the auction. |
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The initial bidding price
is the first valuation price listed in the catalogue.
The Auctioneer shall fix the successive bids on the
auctioned lots at approximately 10% above the
immediately preceding bid. Each auctioned lottery ticket
shall be awarded to the last bidder, who shall
thereafter become its Purchaser. |
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The Auctioneer shall assume
in good faith that the Seller is the owner of the work
being auctioned and that he has previously guaranteed to
the Auctioneer that it is free of any encumbrance in
favour of a third party and of any legal or actual
defect, claim or claim of a third party thereon. |
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Each artwork is sold "as
is". The Auctioneer and his associates are not
responsible for possible defects or damage to the work,
or any imperfections in its description in the
catalogue. Any statement contained in the auction
catalogue concerning the provenance, dating,
authenticity and valuation of the work is merely an
estimate of the Auctioneer and shall not bind the
Auctioneer or create any liability on the part of the
Auctioneer to the bidder or any third party. For this
reason, each prospective bidder must first examine the
lottery ticket for which it is interested in bidding,
either in person or through a designated expert, during
the period when the lots to be auctioned are on public
display before the auction takes place. Participation by
the highest bidder in the auction shall automatically
imply that the lottery ticket has been previously
examined by him or by his representative and that it is
to his complete satisfaction. |
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After the
the final
Hammer
Price
is awarded, the Buyer (last bidder) owes the Auctioneer
the following amounts of money. (b) A fee, on top of the
winning bid price (hereinafter referred to as ‘the
Auctioneer's Fee’ as follows: 15% up to €25,000, 10%
from €25,001 to €50,000 and from €50,000 and above 5%;
(c) 19% VAT on the amount of the Auctioneer's Fee. (d)
On the award of a work of art, an amount corresponding
to the ‘right of succession’ of the Artist who is alive
or who has died within the last seventy years (Copyright
Laws of 1976 to 2020 as in force). This amount is formed
at a rate of 4% for the part of the price from €1 -
50.000, and from €50.001 - 200.000 3% Psatharis House
distributes it between the Seller (Depositor) 2%, Buyer
2%, and accordingly 1.5% (Depositor) 1.5% Buyer and 19%
VAT on the formed amount. |
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Delivery of the won lot -
Payment of the Buyer's debt: After the auction and
within 30 days the Buyer shall pay the amount due and
the Auctioneer shall deliver the won lot to the Buyer.
In case of refusal or inability of the purchaser to pay
the lottery ticket, the Auctioneer is entitled: a) to
demand full payment in court; b) to freely sell the work
to a third party, either by auction or privately; and c)
to claim compensation for any consequential loss due to
the above-mentioned failure of the purchaser to fulfil
its obligations. |
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The Auctioneer shall
examine the tickets before they are auctioned. If a
lottery ticket is nevertheless subsequently proven to be
non-genuine by conclusive evidence based on
internationally accepted methods of authentication, the
Purchaser has the right to return the lottery ticket. In
this case, the money paid for the purchase of the
lottery ticket (the auction price plus the Auctioneer's
fee) will be refunded without interest. The prerequisite
for the return of the lottery ticket is: (a) that a
written and reasoned request for its return is made; (b)
that this written request takes place within two years
of its delivery to the Buyer; (c) that it has not been
resold to a third party; (d) that it is kept in the
condition in which it was when purchased; (e) that there
was no reference in the catalogue description to expert
disagreement as to its authenticity. It is specifically
noted that if the description of the auctioned lottery
ticket in the catalogue of the auction includes the
phrase that the work is ‘attributed to this or that
artist’ or comes from ‘the workshop of this or that
artist’, this does not constitute evidence of the
inauthenticity of the work and does not give rise to a
right of return. As regards the amount of the price of
the lottery ticket returned for the above reason, the
Auctioneer shall return it to the Buyer without
interest, but only if it has not been paid to the
Seller. If, however, the Auctioneer has already paid the
Seller, then the Buyer will be entitled to seek the
auction price solely from the Seller (who will have
already collected the price as aforesaid), and the
Auctioneer will be obliged to return, without interest,
the Fee which it has in the meantime collected from the
Buyer, and to provide the Buyer with the details of the
name and address of the Seller. |
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