1. General and interpretative provisions

1.1. The auction is conducted by Garzon Plaza Real Estate Distribution and Asset Management Ltd. (hereinafter referred to as the "Organiser") (9024 Győr, Vasvári Pál u 1/B., tax number: 13995803-2-08), as a legal entity engaged in the business of auction organisation.  

1.2. The purpose of the auction is to sell works of art according to pre-defined conditions. 

1.3. The Auction will take place in a hybrid format, which means that participants can either participate live at the auction venue, Öttevény Fő u 175. Földváry Castle or online at https://www.youtube.com/@FöldváryCastle in the current live sharing follow the auction. The auction is open for remote bidding Online www.foldvaryaukcio.hu via website and or app, or on the spot using the dial-up method. 

1.4. Auction buyer: a person or organisation who, in person or through a representative, has registered with the www.foldvaryaukcio.hu  on the web interface or in an equivalent application. By registering, the Auctioneer automatically accepts and is bound by the Auction Rules. 

1.5. Buyer: the Auction Buyer with whom the sale and purchase contract is concluded 

1.6. Strike price: The price + VAT established by the Auction House for the lot in question, by accepting the highest price bid by the Auctioneer who has submitted a bid by pressing the Bid button on the Online Auction Platform or by raising the dial on the spot and confirming the bid by pressing the "third hammer icon" on the Online Auction Platform, which is not the same as the (total) purchase price set out in these Terms and Conditions.  The data displayed on the web interface is the primary reference. So, if a web bidder is beaten by an online bidder, the result displayed on the online interface will always be the relevant result. The knock down is done electronically. 

1.7. The Purchase Price the Hitting Price plus the statutory VAT amount, plus any other taxes or levies required by law. In certain cases provided for by law, the Buyer may be subject to other payment obligations at the same time as payment of the Purchase Price. The law in force at the time the contract of sale is concluded shall apply. The total purchase price includes VAT. 

2. Auction ad

2.1 The advertisement will be published by the Organiser on its official website https://ottevenyikastely.hu/foldvaryaukcio/ and other media (e.g. social media). 

2.2. The advertisement shall include the description of the works of art, the Net Starting Price, the date and place of the auction and the conditions of participation. 

3. Auction lots

3.1 Auction lot is an object or group of objects that the Organiser has found suitable for auction and that may be offered for separate bidding at the auction, which may be viewed in the art and painting exhibition hall of the Öttevényi Castle prior to the auction.  

3.2. The Organiser will publish an auction description of the auction lots on its official website www.folfvarykastely.hu/aukcio (hereinafter referred to as the online catalogue). 

3.3 The descriptions and illustrations in the Online Catalogue are for identification purposes only. The description of the auction lots in the Catalogue is based on the subjective opinion of experts. The Online Catalogue only draws attention to errors and omissions in the auction lots which may significantly reduce the value of the auction lot. Items are sold with all their faults and imperfections in the condition in which they are sold at the time of the auction. 

3.4. The Organiser reserves the right to postpone the auction or to withdraw the auction of individual lots in the Online Catalogue, to change the starting prices and descriptions in the Online Catalogue, or to change the order of the auction. In such cases, no claims or demands for damages or other claims may be made against the organiser 

4. 4. Conditions of participation

4.1 Participation in an auction, whether online or in person, is for the purchase of an artwork, painting or other auctioned item. 

4.2. Participants are required to register before the auction on the www.foldvaryaukcio.hu via an electronic auction interface, which involves providing personal data and accepting the auction terms and conditions.

4.3 If the participant wishes to bid in person on site, he/she must redeem his/her numbered unique identification disc prior to bidding, which is a condition for bidding in person on site. The use of the disc is free of charge, but must be returned at the end of the auction. In the case of a personal auction, the system will automatically block the amount specified in point 4.4 as security when the reel is collected.   

4.4 The participant must provide the required deposit amount of EUR 300 in advance or at the latest at the start of the bidding. This amount will be blocked by the system on the registered credit card of the participant and will be released within 8 days at the latest after the bidding closes, if not used, and will be included in the purchase price in case of a purchase. 

 5. Auction procedure

5.1 At the time of the auction, participants may participate in the auction in person or online, and remotely via the online platform, participants on site may participate and place bids in accordance with Section 4.3. 

5.2. auctioneer is managed by. The auctioneer has the right to decide on all matters during the auction, and no objections or appeals may be lodged against this decision during the auction. The auctioneer shall be responsible for the order of the auction and may take all necessary measures and issue instructions to maintain and restore order in the auction. 

5.3.The Auctioneer shall briefly present the lots (as a rule in the order indicated in the Online Catalogue) and announce the starting price, and the Auction Buyers (and, if instructed, the company or person acting on their behalf) shall indicate and finalise their intention to buy by means of the application or by raising the numbered dial on the spot. 

5.4 The first purchase bid must be equal to the starting price of the auction lot. 

5.5 The auction buyer may bid on each lot by pressing the Bid button in the application or by raising the numbered dial on the spot to the next higher price corresponding to the bidding step, which is displayed clearly on the Bid button each time. 

5.6 By pressing the bid button or by raising the numbered dial, the Auctioneer irrevocably declares that he/she accepts the price indicated in the application and on the projector at the event venue and, if no one else bids at a higher price, he/she shall accept the auction item at the bid price accepted by him/her and pay the purchase price plus the auction commission. 

5.7 The first person to press the bid button or to raise the numbered reel, as detected by the application, will be the first person to register the bid. After each bid, the system pauses for 2 seconds and then automatically announces the next bid amount on the bidding ladder. At this point, you can bid over this amount to another person. At the same time, the hammer timer will start and if no higher bids are received after 10 seconds, the system will automatically strike the first hammer blow. This status will be indicated in the app by the first hammer strike. From here the automatic counter will start again and if no new bids are received, the second hammer will be automatically hit after another 8 seconds. The second hammer will also be struck in the Application to indicate that the auction is about to close. The third hammer strike will close the Auction automatically after 6 seconds and if no new bids are received, the third hammer strike will automatically close the Auction and the person who has accepted the highest bid will automatically be entitled to buy the auctioned item.  

5.8 If no bids are received for an artwork before the third automatic hammer strike, the auction of that artwork will be automatically cancelled and deemed unsold. In such a case, the person holding the work of art may, but is not obliged to, decide to re-auction it at half price.  

5.9.The Auctioneer may prohibit the further presence of any person who disturbs the Auction without any legal consequences, and the prohibited person may not claim any compensation. 

Any collusion or attempt to induce third parties to offer a purchase price substantially above the market price, or to cause damage, is prohibited. 

6. Bidding ladder

Depending on the amount of the starting price, the auction will have different bidding increments as follows: 

7. 7. Winning bid

7.1 At the end of the auction, the person who submitted the highest bid (the winner) is entitled to the work of art. 

7.2 The winning bidder will have 3 working days to pay the hammer price plus VAT (Collectively: purchase priceYou can do this through the app by a simple card transaction (SimplePay or Barrion within ApplePay or GooglePay or Revolut) or by bank transfer to the bank account number indicated there. 

7.3 If the winning bidder fails to pay within 3 working days, he/she forfeits his/her right to purchase the winning artwork and must pay compensation to Garzonplaza Ltd. within 8 days, equal to 20 % of the purchase price of the artwork. In the event of late payment, the auction organizer shall also be liable to pay the full amount of the collection costs to the auction organizer, in addition to the statutory default interest. 

8. 8. Establishment of a sales contract

8.1 The contract of sale is concluded between the Auction Buyer and the Organiser by the highest bidder. 

8.2 The Buyer shall acquire ownership of the auction lot when the full purchase price has been paid in full and the auction lot has been accepted by the Organiser. In the event of failure to do so, the Organiser shall be obliged to keep the item for a storage fee for a maximum period of ½ year, after which he may dispose of it as his own. 

8.3 The Organiser will issue an electronic invoice to the Buyer after the payment of the full purchase price for the personal data provided in the application. 

8.4 Pursuant to Article 86 of Act LXIV of 2001 on the Protection of Cultural Heritage, the ownership of cultural property declared protected (auction lots marked "protected" in the Catalogue) may be transferred only on the basis of a written contract. The written contract is concluded within 15 days of the auction. 

8.5 The owner shall notify the Department of the Works of Art Inspection Authority of the Ministry of Construction and Transport (the "Authority") of any changes in the data (name and address of the owner; place of custody of the protected object) concerning the cultural property declared protected, as specified in the decision declaring it protected, without delay, but no later than within 8 days of becoming aware of such changes. In the event of the transfer of cultural property declared protected in a commercial transaction, including, in particular, at auction, the Organiser shall also be obliged to notify the Authority. 

8.6 Pursuant to Article 86 (1) of Act LXIV of 2001 on the Protection of Cultural Heritage, the Hungarian State has the right of first refusal for the elements of cultural property declared protected. The representative of the Authority is obliged to declare immediately after the demolition if he intends to exercise his right of pre-emption. A timely declaration shall be deemed to be made if the representative of the Authority informs the representative of the Organiser of the exercise of the right of first refusal before the end of the auction. 

8.7 The Organiser does not assume any moral or financial responsibility for any failure to obtain the auction lots declared protected and won at the auction! Items marked "VÉDETT" in the auction catalogue may not be exported from Hungary. 

9. 9. Exclusion and remedies

9.1 The Organiser reserves the right to disqualify any participant who violates the rules or acts under fraudulent circumstances. 

9.2 The Organiser's decision is final and participants have no right of appeal or compensation. 

9.3 The Organiser is obliged to have an authenticity test carried out for each painting or work of art to be auctioned, with the assistance of a qualified art historian, and to attach the documents of such a test to the object. The expert issuing the certificate guarantees the authenticity of the object, so that in the event of a dispute, he/she must prove the authenticity and, if necessary, take responsibility for any financial loss suffered. The organiser guarantees the full repurchase of the object in the event of damage for which he can be held responsible, within a maximum of 1 year of the date of purchase, provided that the buyer waives any other financial or moral claims in writing at the same time as submitting a substantiated claim. In the case of non-art objects, such as cars, jewellery or other objects, the Organiser is not obliged to have an authenticity check carried out by another expert, e.g. an art historian.  

10. Data protection

10.1 The Organiser undertakes to protect the data of the participants and will not disclose them to third parties. The Organiser will identify the buyers during the auction with the registration number generated in the application, so the name of the buyer will not be disclosed under any circumstances. 

10.2 Participants consent to the processing of their data for the purposes of the event. 

11. 11. Final provisions

11.1 The Organiser reserves the right to amend these Rules and Regulations, provided that the current version of these Rules and Regulations, together with the date of issue, shall be published in the https://ottevenyikastely.hu/arveresi-szabalyzat/ make it permanently available on the website. The parties will always consider the rules in force on the day of the bidding to be the applicable rules in all matters in question. In the event of a dispute, the participant must provide evidence of the applicable rules in force at the time of the transaction.  

11.2 In matters not covered by the Rules, the applicable legislation shall prevail. 

 Date of issue of this Policy 04 October 2024 Issuer: Matusz Balázs Managing Director