Szalóky Anna Gallery

Art auction

Purchase Agreement >>

1. Szalóky Anna Gallery, as Auctioneers organizes, handles and conducts the Auction on behalf of the vendors and acts as a commercial agent. The lots are called up in the same succession as in the catalogue in a way that the auctioneer announces the catalogue number and starting price of the lot to be auctioned. The buyers then indicate their intention to bid by raising their hand.

2. The buyer offering the highest bid shall acquire the title of the lot. In the case of items marked in the catalogue ”protected – VÉDETT” all Hungarian museums have priority to purchase the lot at the hammer price. (2001 LXIV. TVP on the protection of national heritage.)

3. The Auction House as a commercial agent is authorized by the commissioning party to sign the sale and the purchase agreement of the lot with the highest bidder and receive the purchase price on behalf of and to the benefit of the commissioning party. Under this arrangement the sale and purchase agreement shall be settled by the commissioning party (owner oft the buyer.)

4. The buyers shall pay a deposit of 20% of the hammer price in cash upon the successful bid. In case the fill purchase the price is paid in one amount after the auction the buyer can take immediate possession of the object. The Auctioneers organizes allows a seven day period from the date of the auction for the payment of the balance amount between the deposit and the full purchase price. The purchase price includes the amount of the deposit provided the deadline set for the balance payment has been met. The Auctioneers organizes reserves the right to terminate the sale and purchase agreement unilaterally if the purchase price has not been paid in full by the set deadline. In this case the paid up deposit shall not be refunded to the buyer.

5. The buyer shall pay an agency fee equaling 20% of the hammer price to the Auctioneers organizes. The agency fee includes VAT. Furthermore, in terms of the 1996. XXIX. Law the buyer has to pay a cultural allowance commission, an amount of 1%.

6. The buyer is responsible for the transport of the purchased item at his own cost and risk the full purchase price has been paid. Failure to do so on the part of the buyer shall release the Auctioneers organizes from any responsibility for any loss of or damage to the purchased item. If the buyer fails to take possession of the purchased item within 15 day of the Auction date, the Auctioneers organizes will charge a monthly storage fee of 5% of the purchase price on the item. In case the buyer fails to take possession of the item within 6 months of the Auction date despite having received notice to do so, the Auctioneers organizes will be free to sell the item and deduct it’s expenses from the received purchase price. The amount remaining after the deduction of the expenses of the Auctioneers organizes will be deposited in an account for the buyer.

7. Once awarded to the highest bidder, the item may not be repurchased and auctioned again, unless the identity of the buyer cannot be established. In this case the Auctioneer is entitled to re-auction the item.

8. All collusion or conspiracy on behalf of any part planning to force a third party to make an unreasonably high bid, and thus inflict any loss on the third party is strictly forbidden.

9. All lots shall be on display at the exhibition prior to the auctions /and at the Auction/. All descriptions and illustration in the catalogue are for identification purposes only. The bidder is responsible for inspecting the condition of the auction lots - prior to the auction - and for deciding whether this in accordance with the catalogue description.

10. Szalóky Anna Gallery guarantees that all items in the Auction are genuine. All items are sold with the defects and imperfections they may have at the time of the Auction. Once awarded to the Buyer, no objections to the physical condition of the item will be considered, unless the item is fake though marked genuine in the catalogue. In this case the buyer may contest the sale in writing within 3 months of the initial doubt to the provenance or genuineness of the item, but no later than 1 year from the Auction. The Commercial Agent undertakes to re-purchase the item from the Buyer for a price including the hammer price and the agency fee within 1 year from the Auction date if an independent expert establishes that the item is not genuine.

11. Auction items may not be purchased below the estimate price. The Auctioneers organizes shall bear no responsibility with respect to the estimate price or the hammer price. The Auctioneers organizes cannot be compelled to reenter the same item in another auction at the same estimate price or market same at a later date.

12. Items marked “VÉDETT – Protected” in the catalogue cannot be exported from Hungary. Owners of protected items are registered by the Office for Hungarian Heritage and any change in ownership must be reported to the relevant authorities.

13. Unsold items may be re-auctioned at the end of the Auction upon request to the Commercial Agent. The EUR prices indicated in the catalogue are published only for information purposes. The valid daily changing rates are used on the day of the actual payment.

14. The Civil Code shall govern in any matter unregulated in the present Conditions of the Sale. Should any dispute arise, the Parties accept the competence of the Municipal Court of Budapest.

Technical information for bidders

Bids can be made in person, through the commercial agent or over the phone. The following rules shall apply:
1. All bidders are requested to use their paddle when bidding in order to help make the auction process more effective. The use of numbered paddles will help the auctioneer to identify one’s bid. In case one’s bid has been accepted, please ascertain that your paddle number has been registered. In case of any problems, please notify the auctioneer immediately. Bidders can have their paddle numbers registered for their convenience. All items awarded to the bidder will then be collected under the registered paddle number and the bidder will have the right to settle payment for all items in one amount at the end of the bidding.

2. Absentee bids will be made on the bidder’s behalf by the commercial agent in accordance with the authorization given by the bidder to agent. Such bids can be submitted to the Szalóky Anna Gallery, during the exhibition, in a postal letter or through fax (fax no.: 00361 – 302 90 20). Such bids must be received by the auctioneer no later than 24 hours before the auction date. The Commercial agent will make every effort to secure the item at the lowest price to the absentee bidder. In case two absentee bids of the same price indication are submitted for one auction lot, the one submitted first will take precedence. Please always indicate your price limit where you would stop bidding for the item if you participated in person at the auction. Absentee bids submitted without a price limit indicated will not be accepted.

3. For absentee bids, 20% of the indicated limit price amount will be paid in cash as a deposit, for which a receipt will be given to bidder. If another absentee bid with a higher price limit indicated is submitted for the same lot, or higher bids are placed during the auction, the paid deposit will be returned to the bidder against the issued receipt without any deduction after the auction. If the absentee bid is successful, the deposit will be included in the purchase price.

4. If the buyer wishes to export the item, 1% of the purchase price will be charged by the agent for procuring the necessary export license(s). The buyer shall bear all other costs incurred through the export: transport, packaging, insurance, etc.

5. The purchase price shall be settled in cash in accordance with points 4 and 5 of the Conditions of Sale.

6. The purchase price can also be settled by credit card. Such purchases are subject to an additional 2% card charge. We also offer the possibility of mail order payment. In this case please indicate the following data:
Name:
Address:
Type of the card:
Card number:
Valid:
Bank:
CVV2 code: (The last 3 number on the back side of the card in the signature part)
In case of wiring please indicate the amount in HUF in order to avoid changing rate differences.
Name: Szalóky Anna Galéria
Address:1054 Budapest
Szabadság tér 7.
Hungary
Bank account number:11786001-20170514-00000000
SWIFT (BIC): OTPVHUHB
IBAN: HU86
Bank: OTP Bank Rt.
Bank address: 1051 Budapest; Bajcsi Zs. U 24.

7.Buyers can take possession of purchased items at the auction venue on the day of the auction or in the Szalóky Anna Gallery ( 7. Szabadság tér, Budapest between 10:00 a.m. and 6:00 p.m. )