Auction terms and conditions

Sale

Purchase

CONDITION OF BUSINESS FOR BUYERS AT AUCTION

Nagyházi Gallery, as an auction house, organizes, conducts, and manages the auction on behalf of the auctioneers as a commercial representative. The items provided by the auctioneers will be announced in the order of the catalog, so that the auctioneer announces the catalog number of the item and its starting price verbally, to which potential buyers place their bids by raising their bidding paddles. Bidding can only take place before the auction starts, registered under a customer card, or by name and address, with a bidding paddle. By receiving the paddle, buyers express their agreement to be bound by the auction terms.
The ownership of the item is acquired from the auctioneer by the auction buyer who makes the highest bid, except in case of PROTECTED items indicated in the catalog, for which the Hungarian state can exercise its preemptive right as stipulated in Act LXIV of 2001.
The auction house acts on behalf of and as a representative of the auctioneer – the client – based on full authorization from the client, and is entitled, based on this authorization, to conclude the sales contract with the buyer offering the highest bid during the auction and to collect the purchase price. The auction house reserves the right to omit the auctioning of certain items listed in the catalog.

Bid Increments:

Under 20,000 HUF: 1,000 HUF
Between 20,000 and 50,000 HUF: 2,000 HUF
Between 50,000 and 100,000 HUF: 5,000 HUF
Between 100,000 and 200,000 HUF: 10,000 HUF
Between 200,000 and 500,000 HUF: 20,000 HUF
Between 500,000 and 1,000,000 HUF: 50,000 HUF
Between 1,000,000 and 2,000,000 HUF: 100,000 HUF

The buyer is immediately required to pay either the purchase price or 20% of it as a deposit during the auction. If the entire purchase price is paid in one sum at the auction, the item can be picked up on site. The commercial representative ensures that the auction buyer can settle the remaining purchase amount exceeding the deposit within 14 days from the date of the auction. The deposit amount will be credited towards the purchase price if settled within the deadline. If the auction buyer fails to settle the full purchase price with the auctioneer by the specified deadline, then in this case, the commercial representative (the auction house) considers the auction buyer’s bid invalid. In this case, the deposit given by the buyer will not be refunded.
The buyer is required to pay a 25% agency fee to the commercial representative.
Once the purchase price is settled, the buyer must ensure the transportation of the purchased item at their own cost and responsibility. In case of failure to do so, the commercial representative will not be liable for any damage to the item, and starting from the 15th day after the auction, a storage fee of 5% of the purchase price will be charged monthly. If the auction buyer does not remove the item even after being prompted following the auction, then after 6 months, the commercial representative may freely sell the item – after deducting its costs – and shall keep the remaining amount as a deposit for the benefit of the buyer.
Any collusion or enterprise aimed at inducing third parties to offer excessively high prices is prohibited and will be punished.
All items can be viewed exhibition before the auction and at the auction.
Descriptions and illustrations in the catalog serve solely for identification, thus buyers must verify the condition of the auction items prior to the auction and ensure they match the catalog descriptions. After the hammer falls, no objections or claims will be accepted except in cases where the item is falsely identified as original in the catalog. In this case, the auction buyer may make a claim in writing within 3 months from the first doubt regarding the origin or authenticity of the item, but no later than 5 years from the date of the auction. The auction house will buy back the sold item from the claimant within 5 years of the conclusion of the sales contract, against the hammer price and the auction commission, provided that an independent expert confirms that it is not original.
The items are sold without warranty, in whatever condition they may be, with all their defects and shortcomings, exactly as they are at the time of the auction.
Items for sale cannot be purchased below the starting price. The commercial representative is not responsible for the bid made by the auctioneer and is not obliged to offer the item again at the same price in a future auction or market it.
ABSENTEE BID: If the buyer does not wish to attend the auction in person, the commercial representative may auction on their behalf according to the buying instruction, or bid via phone. We do not accept phone bidding below 250 euros or 100,000 HUF. In case of phone bidding – if the phone connection cannot be established (when the client is unavailable no matter what the reason may be) – the lot will automatically be sold for the phone bidder at the starting price. We do not accept responsibility for any telecommunication issues that may arise. 20% of the amount specified in the phone bidding must be paid as a deposit, for which the client will receive a receipt. If a third party gives a higher bid for the same item or the participants of the auction make a higher offer, the deposit will be returned to the phone bidder in full without any deductions after the auction once the receipt of the phone bid is presented. If the phone bidding is successful, the deposit will be considered as a reservation fee.
PROTECTED STATUS: Items marked with “PROTECTED” in the auction catalog cannot be exported from Hungary. The owners of “PROTECTED” items will be registered by museums, and any change of ownership must be reported.
EXPORT PERMIT: The export of cultural goods is regulated by Act LXIV of 2001. For the temporary or permanent export of cultural goods that require an export permit from Hungary, the appropriate permit from the Prime Minister’s Office, Art Supervision Authority Department (1077 Budapest, Kéthly Anna tér 1.) is required. More information can be found at www.oroksegvedelem.kormany.hu. The expert company working with Nagyházi Gallery regarding the export of cultural goods (permit application, packaging, customs clearance, transportation) is FOR-ANT-EX Bt. (www.forantex.hu)
RE-AUCTION: At the end of the auction, a request can be made to the commercial representative for the re-auction of unsold items. The Euro prices indicated in the catalog are for informational purposes only. The basis for settlement is always the exchange rate valid on the day of payment.
TRANSPORTATION: The transportation of items is at the buyer’s expense and risk. Nagyházi Gallery and Auction House acts as the commercial representative.

Absentee Bid

We can complete purchases based on your order. Our service is free of charge. We provide the item at the lowest possible price depending on the other bids. In the case of orders for the same amount, the earlier one will be given preference. Please always specify the upper limit, the amount that you would be willing to pay for the item if you participate in the auction. Without this, we do not accept purchase orders or unlimited limits. We only accept telephone orders at the risk of the client and based on written confirmation (with a letter or fax bank guarantee). Our fax number for purchase orders is: Nagyházi Galéria (06-1) 475-6005. To ensure successful bidding, we strongly urge you to send your order no later than 24 hours before the auction.

Auction Bidding with Paddle

To facilitate the auction, we kindly ask our dear customers to bid with a paddle. The numbered paddles help the auctioneer identify your bid. In the event that you are the successful bidder, please make sure that the auctioneer has knocked down the item with your number. If there are any issues, please notify the auctioneer immediately. For your convenience, there is an option for registration. In this case, we will collect the items knocked down to you with your paddle number, which you can settle in one go after completing your bidding.

METHOD OF PAYMENT

The method of payment is made in cash according to points 4 and 5 of the auction terms. The starting prices have been calculated based on the exchange rate in effect at the time of the catalog’s closure. A different exchange rate may apply during the auction. In the case of phone bidding or absentee bids, please transfer the purchase price to Nagyházi Gallery’s account number.

IBAN HU55 11710002-24150288 (HUF)
(OTP Bank Nyrt.)

IBAN HU56 10300002-20110565-00003285 (HUF)
IBAN HU38 10300002-51200042-26304883 (EUR)
IBAN HU66 50431245-10004672-00000000 (HUF)
(Magyar Bankholding Zrt.)

(OTP)
For information regarding bank account numbers, please call +36 1 475 6000 or +36 1 475 6003.

Glossary of auction terms

1. The painting that appears in the catalog under the name of the painter is, in our opinion, a work by that painter. For example, Steen Jan H. (1626-1679).
2. The painting that is listed in the catalog as a work “attributed to…” is, in our opinion, probably a work by that painter.
3. The painting marked with the term “studio” is, in our opinion, a work created in the workshop of the respective artist, possibly with their personal involvement.
4. The painting that we marked with “circle” is, in our opinion, a work by another artist who worked under the influence of the painter at that time.
5. The painting that we marked with “follower of…” is, in our opinion, a work created in the style of the specified artist, but by a later artist.
6. The painting that we labeled with “school of…” along with the mention of place or region and/or date is, in our opinion, a work that was created in that time and place, e.g., Neapolitan school, 17th century.
7. The “mark” indicates, in our opinion, that the author cannot be identified with complete certainty, or that the mark was added to the painting later, from another hand.
8. The dimensions of the paintings are provided in cm (height, width).