Terms and Conditions
1. Terminology used in the Terms of auction
Auction - selling of works of art organized by bidding method on an online platform ArtPlatz Auctions.
Auction platform - home page Art Platz Auction, where auctions take place.
Auction house - SIA “Art Platz”, reg. Nr. 40203166243, address Alberta street 4-9, Riga, LV-1010, which organizes auctions and receives remuneration for them.
Auction participant - a natural or legal person who has registered on the ArtPlatz Auction platform and participates in an Auction.
Buyer - a natural or legal person who has registered on the ArtPlatz Auction platform and has participated in the auction, offered the highest bidding price and won the Auction.
Seller - a natural or legal person who transfers an art object to the ArtPlatz auction platform for further auctioneering.
Lot - an art or antique item that is being sold on the Auction platform.
Lot number - a unique identification number for each Lot. Two different Lots cannot have the same Lot number.
Lot price - the amount of money that the Auction participant bids for the Lot in the auction process.
Hammer price - the highest price offered by the Buyer during the bidding that has won the auction. The Hammer price is registered on the Auction platform
Condition of the lot - an assessment of the Lot given by the Auction house, describing the known defects. Explanation and description of the Lot condition here.
Expertise of the lot - a written statement certifying the Lot as an original, a replica or a counterfeit. Lots are examined by a specialist.
Estimated price - the approximate market value of the Lot based on previous sales and item expertise. It can be considered as an indication of the pricing for you as a bidder. The estimate does not limit the amount you want to bid on the Lot and does not limit the Hammer price. You can place lower or higher Bids and the Hammer price can be under or over the estimate.
Reserve price - the reserved price is the lowest price at which the seller allows the product to be sold. This price is always lower than the Estimated Price. The Auction house accepts rates that are lower than the Reserve Price, but you cannot win the Auction with such a rate.
Commission fee - payment amount consisting of 17% of the Hammer price that the Buyer must pay to the Auction House for its services in accordance with the Terms of Auction.
Additional expenses - expenses for Lot's illustration in the Auction catalogue, etc. expenditure arising from these provisions.
Starting price - price at which the bidding starts. The amount of it is may be given before the bidding starts.
Bid - making a single bet on the Lot and approving it.
Rate - the price per step to Bid for the Lot in question, which the Buyer undertakes to pay.
2. Participation in the Auction
2.2. The Auction house has the right to deny participation in the Auction to a natural or legal person without explanation.
2.3. Registered user will automatically receive a participant number. Only by receiving the participant number, it is possible to participate in the Auction
2.4. Before the Auction, the participant has the right and obligation to get acquainted with the Terms of Auction.
2.5. The Auction House has the right to make amendments to the Terms of Auction without prior notice. The amended Terms of Auction will apply to the Lots that have been put up for Auction after the changes in the Terms of Auction.
2.6. Before bidding on the Lot, Auction participant gets acquainted with the condition of the Lot, the expertise of the Lot, and all other specifications of the Lot determined in the Lot description. Auction participant has the right to get acquainted with the condition of the Lot both on the website and on the spot at the Auction house.
2.7. The Auction house shall not be liable for the condition of the Lot after the Buyer has taken it from the Auction house.
2.8. By participating in the Auction, the Buyer is aware that the Lot may not be new, unused, and its condition may differ from the one shown in the picture. The Buyer is aware that when purchasing works of fine art and antiques, special attention must be paid to their transportation, use and care taking.
2.9. If the Buyer is able to prove that the Lot is counterfeit or does not comply with the Lot's examination within 12 months after the purchase, the Lot is sent to another independent examination. If the Lot turns out to be a forgery, the Seller returns the Lot price in full and compensates the Buyer and the Auction House for the losses incurred.
3. Process of the auction
3.1. At the moment when the Auction starts, registered Auction participants have the opportunity to start bidding for the Lot on the Lot page.
3.2. When bidding, the Participant increases the Lot price in the amount of the Rate or by an amount of money that is in accordance with the Terms of Auction. The starting price for a Lot can be 30 euro and more, but never less than 30 euro.
3.3. If the Bid is performed less than 1 minute before the end of the Auction, the Auction is extended by 3 minutes.
3.4. The Lot is sold at the end of the Auction period or its extension and if the Lot price has reached the Reserve Price.
3.5. The Auction participant becomes the Buyer at the moment when he has won the Auction with the highest price for the Lot - the Hammer price. From now on, it is considered that a purchase agreement has been concluded, but the ownership of Lot is transferred to the Buyer after all payments referred to in the Terms of Auction have been made in full.
3.6. The Buyer, after winning the Auction, is obliged to buy the Lot for the Hammer price.
3.7. The Buyer pays the full amount indicated on the invoice, including the Commission for the Lot and additional costs, if any.
3.8. A participant has the right and obligation to follow the process of the Auction if he participates in the Auction and has made a Bid for a Lot.
3.9. The Auction House does not take any responsibility for technical problems that may occur at the time of the Auction and cannot be rectified immediately (power outages, server problems, force majeure).
4. Auction Bids and Rates
4.1. Rate is the price for one step, in order to Bid for the Lot.
4.2. The Auction Participant undertakes to pay the amount promised and approved. All Bids approved by the Auctioneer are binding and cannot be waived.
4.3. The Rate may vary for each Lot.
4.4. Rates are applied based on the Starting Price of each Lot, in the following order:
4.4.1. From 30 to 49 euro – rate 5 euro;
4.4.2. From 50 to 99 euro – rate 10 euro;
4.4.3. From 100 to 499 euro – rate 20 euro;
4.4.4. From 500 to 999 euro – rate 50 euro;
4.4.5. From 1000 to 1999 euro – rate 100 euro;
4.4.6. From 2000 to 4999 euro – rate 200 euro;
4.4.7. From 5000 euro and more – rate 500 euro.
4.5. The starting price for a Lot can be 30 euro and more, but never less than 30 euro.
5. Payment for purchase
5.1. The Auction House sends the Buyer an invoice for the won Lot or Lots within 5 working days after the end of the Auction
5.2. The Buyer pays for the Lot within 15 days after receiving the invoice. The invoice will indicate the payment term.
5.3. The Buyer shall cover all the expenses associated with the purchase of the Lot, including taxes that may be applicable.
5.4. The Lot is handed over to the Buyer only after the amount that is indicated in the invoice is received in full amount.
5.5. If the Buyer does not pay the invoice for the Lot within 15 days, the Auction House has the right to:
5.5.1. Return it to the Seller;
5.5.2. Re-auction the Lot at the starting price;
5.5.3. Redeem the Lot at the Reserved Price;
5.5.4. Deduct a guarantee fee consisting of Commission fee and Expertise costs for relevant Lot.
5.6. The Buyer undertakes to cover all losses for the Auction house if the Buyer does not pay the invoice of the Lot.
5.7. If the Buyer has not paid for the Lot, he may be denied further participation in the Auctions.
5.8. Royalty provided to the artist by the Resale Right (EU directive 2001/84/EC) is included in the Hammer price, if any applies.
5.9. The Buyer is obliged to pay the Auction House the Commission fee in the amount of 17% (amount in words: seventeen per cent) of the Hammer price.
5.9.1. For example, Hammer price is 1000 euro, the Commission fee is 170 euro, the final amount to pay is 1170 euro. If the Resale Right royalty applies, it shall be included in the final price - 1170 euro.
5.10. Payment for Lot can be done in the following ways:
5.10.1. Paying the invoice by money transfer to the bank account, indicating the invoice number;
5.10.2. Paying the invoice with cash or a payment card at the Auction House in Riga, on Alberta street 4-9, Rīga, LV-1012.
5.11. Invoices that have not been paid within the term maybe can be transferred to a debt collection company for further administration.
5.12. The Auction House complies with all provisions of Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing
5.13. In accordance with the provisions of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing, Auction House may:
5.13.1. Ask to fulfil the clients questionnaire;
5.13.2. Deny participation in the Auction if the participant does not submit the client's questionnaire or it is not filled correctly.
5.14. In accordance with the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing The Financial Intelligence Service has the right to suspend any transaction with any client of the Auction House
6. Purchase delivery to the Buyer
6.1. The Buyer can collect the Lot from the Auction house located in Riga, on Alberta street 4-9, during working hours - 10:00-18:00.
6.2. The Buyer has the right to collect the Lot after receiving the confirmation of the invoice paid in the e-mail address specified in the ArtPlatz Auction profile.
6.3. The Buyer is obliged to collect the purchase within 20 days after receiving the confirmation.
6.4. If the Buyer pays for the Lot but does not collect it within 20 days, the Auction House arranges the storage of the Lot and the Buyer pays 2 euros per day for the storage of the Lot.
6.5. The Buyer covers all costs for the transportation of the Lot and is aware of the risk of any losses related to the transportation of the Lot.
7. Other terms
7.1. All disputes and disagreements arising from non-compliance with these Terms of Auction shall be resolved through negotiation. If the said disputes or disagreements cannot be resolved through negotiations, they shall be resolved in the courts of the Republic of Latvia in accordance with the laws and regulations in force in the Republic of Latvia.
7.2. The Terms of Auction are available in Latvian and English. The determining text of the Auction rules is in Latvian, but texts in other languages are considered to be translations of the Latvian text.
7.3. The Auction House shall not be held liable for losses incurred as a result of force majeure and other circumstances beyond the control of the Auction House.
7.4. The Auction House has the right to use images of the Lot, descriptions and other materials in its advertising materials without any restrictions, even after selling the Lot to the Buyer.
7.5. The Auction House shall process personal data in accordance with the laws and regulations in force in the Republic of Latvia. The Auction House guarantees confidentiality and undertakes to not disclose any information about the Buyer to third parties, unless such information is requested by the law enforcement authorities.