ATARAXIA’S TERMS AND CONDITIONS OF PARTICIPATION IN AUCTION
These Terms and Conditions and the Sale at Auction Contract constitute the legal terms governing the relationship between the Buyer and the Seller through the auction organized from Ataraxia acting as an Agent for the Seller.
I. Ethical policy
Ataraxia follows an ethical policy that excludes from the marketing any firearms or alcohol.
II. Catalogue
a. The practice
Our cataloguing practice is based on a careful selecting process organized under the auspices of a highly professional staff made of curators and international experts.
Any statements concerning attribution to an artist, origin, history, periods or dates represent an opinion of Ataraxia Auction House which is formed honestly and in accordance with a due standard of care. Such opinions, although provided by renown experts, serve for informative purposes only and do not constitute a historic or academic scholarship on the works, and do not aim to substitute or contradicts such scholarship.
b. Originality
The catalogue includes only original works. In addition to any guarantees provided by the Author/Seller, Ataraxia’s experts inspect the work in order to verify the authenticity of the work. These experts provide also a description of the work for informative purposes only.
The contemporary works are mainly equipped with official certificates prepared from their authors. Older works, whose authors are not alive, may not be equipped with certificates, but nevertheless, have a verified ownership guarantee.
Suspicious items presented for sale at Ataraxia Auction House are scanned and certified by international companies authorized for search and recovery of lost and stolen art and collectibles.
Ataraxia shall not take any responsibility at any case and will be at the Sellers sole responsibility if the item delivered by the Seller will be found to be lost or stolen or in case of any false statement, declarations or documents released by the Seller as proof of ownership. In such cases, Ataraxia undertakes to defend the interests of the Buyers and report to authorities any criminal offences related with the art or collectibles.
c. Condition
The condition of the work is subject to the expert’s evaluation and made available in the catalogue as well as upon request of the buyer.
Usually, contemporary works are in good or excellent conditions. Collectibles could rarely be in perfect conditions due to their age or nature. As such, they may show signs of wear or damages, restorations or repairs.
d. Estimates
Our experts provide an estimated market value of the work/collectible. Such estimates are indicative, and do not necessarily represent the selling price of the work/collectible.
III. At the Auction
a. The registration
The perspective Buyer has to fill a registration online form before participating in Auction, by providing the full identity, permanent address, bank details for performing the transaction of sale, or other financial references if required by the Auctioneer. The information provided therein should be true and supported with documents. Ataraxia reserves the right to verify such information with any official authorities. Lots offered for sale may be subject to a reserve, which is a confidential minimum price below which a lot will not be sold. If bids on a lot fail to reach the reserve, the lot will be “bought-in”.
b. Acceptance of these Terms and Conditions
With the successful performance of the Registration, the Buyer accepts these Terms and Conditions and undertake to conclude the Sale at Auction Contract after the Auction if notified as a winner.
c. Bidding at Auction
Bidders accept personal liability to pay the purchase price for which they have offered a bid, including the Buyer’s premium and all the taxes, import/export tariffs, and transport/insurance expenses. If otherwise agreed in the course of registration, the Auctioneer will request the bidding price and all the related payment described above to the Principal Buyer being represented by an Agent during the Sale at Auction.
Terms at the auction and their definition:
Auction: A sale event.
Auctioneer : The firm Ataraxia Auction house or its authorized auctioneer organizing the sale event.
Agent: A person acting on behalf of another.
Lot: The goods presented for sale.
Bid: A sum offered by a Bidder to purchase the Lot.
Bidder: The person offering a Bid.
Buyer: The person who the Lot is knocked down to.
Knocked Down: The act of the Auctioneer in bringing the Hammer down to complete the sale of the Lot to the Buyer submitting the highest bid.
Hammer Price: The amount of the winning bid when knocked down by the auctioneer to a Bidder.
Buyers Premium: The percentage of the Hammer Price payable in addition by the Buyer.
Date of Sale : The date on which the Auctioneer knocks down the Lot.
Reserve: Is a confidential minimum price below which a lot will not be sold. If bids on a lot fail to reach the reserve, the lot will be “bought-in” meaning it is left unsold and remains the property of the owner.
Meaning of terms used in lot descriptions:
Signed : An artwork bearing the signature of the named artist.
Dated: An artwork bearing the date next to artists signature.
Attributed to: A work of the period of the artist which may be in whole or in part the work of the artist.
Circle of : a work of the period of the artist and showing his influence.
Follower of : a contemporary or nearly so work executed in the style of the artist
Manner of : a work executed in the style of the artist but of a later date.
After : a copy of any date of a work of the artist.
Style – an item made in the style of an earlier age but thought to be probably of later date.
BID INCREMENTS
Price Bid Increment:
$0.00 $50.00
$100.00 $50.00
$500.00 $50.00
$600.00 $60.00
$800.00 $80.00
$1,000.00 $100.00
$5,000. 00 $500.00
$10,000.00 $1,000.00
$50,000.00 $5,000.00
$100,000.00 $10,000.00
$250,000.00 $25,000.00
d. Exclusive control over the Auction and transparency issues
This Auction shall be exclusively controlled by Ataraxia Auction House. The participants should be guaranteed that no illegal methods have been applied.
For the sake of transparency, the Buyers may request, at their own costs, a legal opinion from a law firm on the capacity of Ataraxia or Sellers and the enforcement of their transaction as well as any other issues of concern.
e. Digital errors
Ataraxia reserves its right to limit any liabilities due to digital errors, power/network blackouts, cybernetic attacks, or any kind of technical defaults arising for reasons beyond the reasonable control, that either hinder the Auction or prevent the Auctioneer to temporary or permanently control the conduct of the Auction. In such cases, the Auction shall be cancelled, and no binding offers shall be accepted.
f. Currency at Auction
The Auction on a work/collectible or lot shall be anchored with a single currency, which shall be indicated in the catalogue. Ataraxia is not responsible for any differences in pricing caused by fluctuation of exchange rates over the course of the Auction or thereafter.
g. Malpractice and abusive behavior
Ataraxia has mandated a team of lawyers to track and address any malpractice or abusive behavior before, during or after the Auction. In order to track such behaviors, we apply software as well as other methods of legal investigation that aim only to guarantee the successful conduct of Auctions. Such behaviors, if observed, shall be referred to responsible authorities, and the authors shall hold criminal and/or civil responsibility towards Ataraxia, the Buyers or Sellers.
h. Refusal of admissions or bids
Ataraxia reserves the right to refuse at its own discretion any admission at the online Auction or reject any bids of the registered Buyers that could harm the free competition of bids or that could be deemed a bidding malpractice. Such a discretion, which shall not be exercised unreasonably by the Auctioneer, includes but is not limited to the right of the Auctioneer to refuse any bid, advance the bidding in such a manner as he may decide, divide any lots or withdraw any works/collectibles. In cases of errors or disputes, the Auctioneer may decide to continue the bidding, cancel the sale, reoffer or resell the item in dispute and after the bidding is concluded, determine the highest bidder.
i. Reserves
Any works or collectibles shall not be sold lower than the starting price of the Auction.
j. Determining the successful bid
The bidding procedure shall be opened for a determined amount of time, which may be prolonged subject to the reasonable discretion of the Auctioneer. Such a case shall be the bidding during the last three minutes of the Auction, which entitles the Auctioneer to prolong the bidding period with further five minutes timeframes.
With the termination of the bidding period or additional timeframes as the case may be, the bidding process is terminated, and the Auction shall be officially closed.
The Auctioneer, after the conclusion of the bidding procedure, shall determine the successful bid. The successful bid shall be the highest bidder accepted or authorized by the Auctioneer during the valid bidding period.
The statement of the successful bid from the Auctioneer confirms the conclusion of the Sale at Auction Contract between the Buyer and Seller represented by Ataraxia acting as the Seller’s Agent.
The successful bidder shall be duly informed via email and shall be invited to formally sign the Sale at Auction Contract as a sign of formality.
IV. After the Sale
a. Obligations of the Parties
With the conclusion of the Sale at Auction Contract the Buyer has the duty to pay the full amount including the Buyer’s Premium, taxes, duties, charges and tariffs related with the transaction, including the transport/insurance of the item. The Seller/Auctioneer is obliged to deliver the work/collectible within three working days after the payment of the price invoiced to the Buyer shall reach the Bank account of the Auctioneer.
b. Nonpayment remedies
In case that the Buyer fails to formally sign the Sale at Auction Contract and fails to pay the full invoiced amount in due time, the Auctioneer may apply one or a combination of the following remedies:
1. Cancel the sale and apply a penalty of 20 % of the value of the bid shall be applied. The relevant invoice shall be mailed to the Buyer and shall be due within 14 calendar days from receipt.
2. In addition to the full invoiced amount, charge an interest at an annual rate equal to 8% above the European Central Bank base interest rate.
3. Hold liable the Buyer for the total amount of the transaction and commence legal proceedings for the collection of due amounts together with the due interests, legal fees and costs to the full extent permitted under applicable law.
4. Execute any guarantees, securities, mortgages, or deposits received in advance of the Auction as a guarantee for the transaction.
5. Reject any future participation of the Buyer in Auctions.
6. Resell the item in auction or privately as it may be convenient and charge the difference between the accrued amounts and the due amount to the default Buyer.
7. To set off against any amounts due to the Buyer from previous sales.
8. Other remedies as may be deemed appropriate from the Auctioneer.
c. Property title
The ownership title shall remain with the Seller until the payment processed from the Buyer has reached the Bank account of Ataraxia Auction House.
With the completion of the payment, the ownership over the purchased item shall immediately pass to the Buyer. The Buyer has then the right and responsibility to retrieve the item from the store of the Ataraxia Auction House pursuant to Delivery conditions set out in the Sale at Auction Contract.
d. Buyer’s Premium
In addition to the price of sale (corresponding to the highest bid), the Buyer agrees to pay the Auctioneer the Buyer’s Premium together with a VAT. The Buyer’s Premium amounts to 10 – 20% of the price of sale, as specified in the terms and conditions in the catalog.
e. Taxes, duties, charges and tariffs
In addition to the price of sale and the Buyer’s Premium, the Buyer shall be responsible to pay any taxes, duties, charges and tariffs associated with the completion of the transaction, including but not limited to import/export tariffs or duties, transport/insurance tariffs, export licenses, Bank (money) transfer costs, transactions costs, legal opinions costs, or any taxes or charges if applicable.
f. Delivery of item
The items are delivered at the store (gallery) of Ataraxia Auction House. The Buyers are fully responsible to arrange themselves the delivery of items upon the transfer of ownership title to the Buyer. The Buyer is responsible to inform the Auctioneer in due time upon any arrangements of delivery.
The Auctioneer may retain the sold items until all amounts due are paid to the Auctioneer’s bank account in due time or until entire obligations of the Buyer, including any anti-money laundering or anti-terrorism financing checks have been completed.
For delays in delivery longer than one month after the transfer of title, the Auctioneer may charge the Buyer with a maintenance fee which varies up to 5% of the value per monthly delay.
g. The transfer of risk
With the transfer of the title, the purchased items are free to be delivered to the Buyer or its authorized courier. The risk for loss or damages shall be transferred to the Buyer upon the delivery of items to the Buyer or its authorized Courier.
h. Packing and shipping
The Auctioneer has not liability for damages to the purchased item conducted during the packing, shipping or other delivery procedures conducted by third parties or the Buyer.
V. Limited Warranty
The Auctioneer warrants for a period of five years after the transfer of title that the work sold in Auction is authentic and does not constitute a forgery.
The Auctioneer guarantees that, in case of works with multiple copies, the item is identified with a unique identification number.
The Auctioneer hereby guarantees the Buyer (including any third parties that shall be influenced from the effects of this Agreement) about the ownership of the title and the rights on the Product, and that the Product is excluded from any condominiums (legal community property).
The Auctioneer hereby guarantees the Buyer about any claim of the third parties in relation with the ownership of the Product.
The Auctioneer is not liable for the opinions of scholars or any estimates provided in the catalogue.
VI. Copyright
Ataraxia shall own the copyright on all online catalogues, illustrations and written material produced by or for Ataraxia. Such copyright shall always remain the property of Ataraxia. Neither the Buyer nor anyone else shall use the abovementioned materials without the prior written consent of Ataraxia.
VII. Privacy
Ataraxia is subject to all privacy requirements provided in the Albanian Law on privacy and the Laws of the State of Utah, USA, the latter being applicable by virtue of the state hosting the servers of the Company.
VIII. Law and jurisdiction
This Contract shall be governed in all respects by the laws of Albania, specifically the Albanian Civil Code.
If there is a dispute between the Parties arising out of or otherwise relating to this Contract, the Parties shall negotiate in good faith to attempt to resolve the dispute. If the Parties are unable to resolve the dispute through direct negotiations, then, except as otherwise provided herein, either party must submit the issue to the Tirana District Court.