Polgar Auctionhouse

79th Christmas art auction - silver

1. The auction is organized, handled and conducted by the auctioneer, Polgár Gallery and Auction House, acting as an agent on behalf of the vendor. The lots called up are in the succession as in the catalogue. The auctioneer announces the catalogue number and the starting price of the lot in question and buyers indicate their wish 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 or announced on the auction "Protected" or "Védett" all Hungarian museums have priority right to purchase the lot at the hammer price based on the CXL law of 1997 on the protection of national heritage.

3. The Auction House as an agent is authorised by the commisioning 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 commisioning party.

4. The buyer is obliged to pay the complete purchase price or a deposit of 20 % of the hammer price in cash on the auction.Credit cards (Visa, Master and Amex) are welcome subject to an additional 3 % charge over the complete purchase price. Should the full purchase price is paid in one amount during the auction, then the buyer can take the immediate possession of the object. The Auction House allows a three 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 balence payment has been met. The buyer shall take the possession of the lot subject to the payment of the full purchase price due to the Auction House. The Auction House reserves the right to terminate the sale and the purchase agreement unilaterally if the full purchase price has not been paid in full by the set deadline. In this case the deposit shall not be refunded to the buyer.

5. The buyer is obliged to pay a fee for the Auction House per item. The fee due to the Auction House is 18 % up to 3.000.000. HUF / item and 15 % over 3.000.0001. HUF / item. In terms of the LXXVI law of 1999 the buyer is obliged to pay an extra 5 % artist royalty of the hammer price on the objects of fine and applied art. (e.g. paintings, graphics, statues, gobelins, etc.) In terms of CXL law of 2000 the buyer is obliged to pay an extra 1 % cultural contribution of the hammer price on the objects of fine and applied art. The Auction House is obliged to collect and transfer the artist royalty and the cultural contribution to the competent authorities.

. 6. Immediately after the payment the buyer assumes all the responsibilities for the lot, including any loss or damage during the transportation. If the buyer fails to ship the item purchased, then the auctioneer has the right to charge 5 % of the hammer price as storage price per month. The storage price is counted from the 7th day after the auction.

7. Once awarded to the highest bidder, the item may not be repurchased and reauctioned again, unless the buyer cannot be identified. In this case the auctioneer is entitled to reauction the item.

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

9. All the lots are exhibited for inspection prior to the auction. All the lots are sold without warranty with all the faults and imperfections they may have at the time of the auction. Descriptions and illustrations in the catalogue are for identification only. Buyers should satisfy themselves prior to the auction as to the condition of each lot and shall rely on their own judgement as to whether the lot accords with its own description. The Auction House shall not accept any complaints after knocking down on the auction, except if the item is not genuine despite being so marked in the catalogue. In such case the buyer is entitled to file his claim in a way and within a period of time stipulated in the Civil Code of Hungary.

10. The item auctioned shall not be sold below its started price indicated in the catalogue. The Auction House shall not bear any liability in respect of the bid or the purchase price paid. The Auction House may not be compelled to reoffer the same item or market it on the hammer price at any time in the future.

11. In case the buyer does not wish to participate on the auction personally, the Auction House may represent him in accordance with a written purchase assignment signed by the buyer. The buyer is obliged to deposit 50 % of the amount written in the purchase assignment as a down payment against a certificate of receipt. In case a third party issued a purchase assignment of a higher amount for the same article or an auction bidder offers a higher price, then the down payment shall be returned any time after the auction without any deductions against the original certification of receipt. If the purchase assigment succeed for the lot, then 20 % of the hammer price is considered to become deposit from the amount of down payment. The Auction House shall not bear any liability in respect of the bid made by the means of purchase assignment. No item marked "Védett" ("Protected") or "No export" may be delivered or taken outside of Hungary.

12. Owners of "Védett" ("Protected") items are registerd by museums. The museums should be notified in the case of any change in ownership.

13. Unsold items may be reauctioned at the end of the auction upon verbal request to the Auction House. .

14. The Polgár Gallery garanties that all the sold lots are genuine. To assist the sale all prospective buyers are kindly requested to use their registered bidding paddle.

For the attention of foreign buyers: The export of cultural goods is governed by Act LXIV 2001. Cultural goods may only be finally exported in the possession of a licence issued Directorate of Cultural Heritage.

POLGÁR GALLERY & AUCTION HOUSE