1.     The contract (hereinafter referred to as the Sthe subject of the contract)

1.1 The Owner shall offer the artwork described above (hereinafter referred to as "Artwork") for auction in trust at the auction organised by the Auction House as commercial intermediary:

1.2 The Auction House undertakes to advertise and offer the Work of Art for auction on the following terms.

2.     Transfer and conservation of the work of art, liability for damage

2.1 By signing this agreement, the Auction House acknowledges that it has taken delivery of the above-mentioned artwork on this day.

2.2.   The Auction House shall be liable for the safekeeping of and damage to the Work from the time of receipt until the auction is held or, if the Work is not sold at the auction, until its return. If, on the date specified for return, which is the 14th day after the auction, the Owner has returned the Work to the it within 45 days of the date of return, the Auction House's liability for safekeeping and damages shall cease on the date specified herein.

2.3 The Auction House shall only be liable for damages if direct causation and gross negligence can be established. Consequential damages are excluded.  

3.     Expert examination and certificate of origin

3.1 The Auction House undertakes, free of charge, to have the Artwork examined and appraised by experts in the case of non-contemporary paintings. On this basis, the Artwork will be offered and advertised at auction.

3.2 If the examination reveals that the Artwork is a forgery or that the value estimated by the Auction House's expert is below the starting price, the Auction House is entitled to unilaterally withdraw from the contract without legal consequences and return the Artwork to the Owner. In this case, the Owner may not make any claim against the Auction House.

4.            Conditions for recalling the Work

The Owner is entitled to recall the Work from the auction and reclaim it from the Auction House no later than 30 working days after the signing of the Contract prior to the start of the auction. In the event of a recall, the Owner shall pay the Auction House a lump sum equal to the Auction Price 20%. Full payment of the penalty shall be a condition for the recall to take effect. Nor shall the recall take effect if the buyer's account at the Auction House is not credited with the buyer's buyer's account no later than 30 working days before the auction. 

5.            Settlement

5.1 The Auction House shall, after a successful auction and full payment of the hammer price of the Work by the Buyer within the time limit, pay the hammer price of 80% in 8 days inside shall be payable by the Owner by bank transfer to the account specified above. The strike price is 20%-a - as management costs - to the Auction House. 

5.2 If the auction or the subsequent secondary sale was successful, but the bidder still fails to pay the purchase price on time, the Auction House shall return the Work of Art to the Owner at the physical location of the auction within 8 days of the legal situation being clarified.

6.     The failure of the auction

6.1 If the Work does not sell at auction, the Auction House agrees to advertise and sell the Work at the auction price for a further 2 weeks, unless the Owner has agreed otherwise in writing. If the Work is not sold after that time, the Auction House shall return it to the Owner at the physical location of the auction within the time period specified herein at the time requested by the Owner during business hours on business days. The Owner shall have a maximum of 60 days after the expiry of the 2-week period to collect and remove the Work. In the event of an unsuccessful auction and a subsequent unsuccessful sale attempt, the the parties do not have any payment obligations towards each other.

6.2 If the Owner fails to remove the Work from the Auction House after 60 days, the Auction House will charge a net daily amount of 1,000.- (i) The Auction House may charge a storage fee of HUF 1.000 per day per day and at the same time (ii) the Auction House shall have the right to purchase the Work against payment of the starting price 50%, which may include the storage fee and the costs of administration.

7.            Miscellaneous provisions

7.1 The Parties accept the Auction House's Auction Rules as binding upon their legal relationship: https://ottevenyikastely.hu/arveresi-szabalyzat/, and other policies published on this website. The Owner declares that it has read these rules before signing the Contract and that the Auction House has given it the opportunity to discuss them.

7.2 Hungarian law shall apply to matters not covered by the Contract and the regulations referred to in clause 7.1. The Parties submit to the jurisdiction of the competent court located in Győr, Hungary, for the settlement of any disputes.

7.3 The Parties may amend the Contract by mutual agreement, which may only be made in writing.

7.4 The Parties declare that they have read, understood and agree to the terms and conditions of the Contract.