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Consignment rules

1. Artmark receives in consignment works of art with the purpose of public sale. The reception of the works in custody, the expertise and the valuation take place at the Artmark office.

2. The reception of the works can only be done during the working hours of the Consignment and Valuation Bureau, which are as follows: Tuesday, between 11:00 and 18.00, Thursday, between 14.00 and 18.00 and Saturday between 11.00 and 14.00. For added discretion and in order to avoid crowding, we recommend making an appointment at; telephone 021 210 30 16; 0756 066 302; 0756 163 400; 0758 056 115. In order to shorten the waiting time, we recommend that persons interested in the valuation of a work of art send a clear photograph of the work in question, its reverse and the signature, as well as relevant data related to a) the dimensions of the work and its provenance and b) the contact information of the consignor, who will receive in the shortest possible time, by telephone or e-mail, a preliminary opinion concerning the market value and the level of acceptability in an Artmark sale of the work of art.

3. The valuation and expertise in view of public sale are free of charge. A copy of the custody/consignment certificate is given to the consignor.

4. The Artmark Valuation and Custody Bureau establishes the estimate minimum and maximum market value of the object (not negotiable) and recommends a starting price (negotiable), significantly lower than the minimum estimated market value.

5. The works selected for public sale must be consigned to Artmark at least 6 weeks prior to the established date of the sale (for reasons pertaining to editing and distributing the sale catalogue and promotional materials). Exceptions to this are the documents that are part of the National Archives where to meet the priority to purchase belonging to the National Archives (which have a term of 60 days to exercise their preference) the consignment contract will be signed at least 10 weeks before (unless the depositor proves to have previouslyr notified the National Archives). The collecting sessions for consignment purposes follow the theme of each sale and they are published on the Artmark website under the heading collecting/consignment.

6. Artmark establishes the bidding order of the consigned works.

7. If the works are sold at auction, the consignor will receive the sale price minus the public sale commission due by the consignor, as soon as the successful bidder pays the entire sale price. The price is paid to the consignor in lei, at the official EUR/RON exchange rate announced and published by Artmark for the respective auction. If the non-resident consignor requires for the payment to be done in a different currency, then, at the written instructions of the consignor, Artmark will process to exchanging the sum in lei, which is payable to the consignor, to the currency indicated by him at the BNR exchange rate valid for the payment date. Following that, the consignor will receive the foreign currency amount resulted from the currency exchange.

8. The public sale commission varies according to the number and the value of the consigned works and the performance of the artworks in the sale, by relating the sale price to the starting price, respectively to the estimate of the market value of the work. Artmark will retain from the sale price any potential costs of restoring/cleaning, respectively framing the work- as previously agreed with the consignor.

9. Prepayments of a lot consigned or adjudicated, property of the consignor, as well as any other prior debt of the consignor to Artmark (i.e., as appropriate: the price of lots adjudicated by the consignor, the penalty fee for auto-adjudication as per art. 17, wrong payments made by Artmark etc.) shall be withheld from the purchase price. In the event that the consignor has prior debt to Artmark, items consigned by him can be put up for sale at a price that would cover the consignor’s debt.

10. For reasons related to the final editing of the sale catalogue and other promotional materials, if the consignor retrieves the object from consignment before the due date of consignment, he/she is contractually bound to pay the Artmark commission, which will be calculated in relation to the maximum limit of the market price estimate of the object or, in case of no estimate interval, to 16% of the double of the starting price. The commission is also due if Artmark is forced to withdraw the consigned object as a result of a written opposition submitted by a third party and accompanied by documents that together with the evidences produced by Artmark prior to the auction lead to the conclusion that are serious grounds for Artmark to consider that the consignor is not the owner of the consigned object or he has not the right to sell it.

11. Artmark will keep in its storage the un-sold works for 2 weeks after the auction, having been mandated by the consignor to continue marketing the objects, collecting offers (situated at least at the minimum limit of the estimated value, as mentioned in the sale catalogue) and consequently sell them. In the case of any post-auction sale, under the conditions stipulated in this article, the consignor owes Artmark the same commission as in the case of a public sale, according to the consignment certificate.

12. The consignor has the obligation to pick up the unsold works–either from private or public sales- from the Artmark office within a month from the sale (conversely in 2 weeks since the denial of consignation in the case of works taken into custody but refused for consignment).

13. Taking into account the physical limitations of the Artmark storage, the consignor authorizes Artmark to transfer in one month after the sale all objects that were not picked up by the consignor to an external storage, all storage related expenses being paid by the consignor. Starting with one month after the sale, Artmark is no longer patrimonially responsible for the integrity of the consigned work, lest stated otherwise in the consignment certificate (conversely in 2 weeks since the denial of consignation in the case of works taken into custody but refused for consignment). When picking up unsold (or un-consigned) objects which have surpassed the one month limit for consigned and unsold objects, respectively the 2 week limit for works denied consignation, the consignor will pay the transportation costs and his/her due from the rent of the storage, previously agreed as being equal to 10% of the minimum limit of the estimated market value of the object / month. In case the consignor does not pick up the unsold (or un-consigned) objects in 6 months after them being transferred to an external storage, Artmark has the right to put the object on sale (again) in order to recover its transportation, storage and other related costs.

14. In case the authenticity of the sold object is successfully contested by the buyer, Artmark will return the buyer the amount paid and will demand and cash in from the consignor the sale price, returning the contested object to the consignor.

15. According to Law no. 8/1996 concerning copyright and other related rights, Artmark has the obligation to calculate, retain and pay from the adjudication price, as stipulated in the law and under the condition that it falls as attribution, support and dating under the incidence of the above mentioned Law, the artist’s resale royalty right granted to artists or their heirs, in the percentage established by the law, applied to the sale price (the sum obtained at adjudication during a public sale): a) from EUR 300 to 3.000 - 5%; b) from EUR 3.000,01 to 50.000 - 4%; c) from EUR 50.000,01 to 200.000 - 3%; d) from EUR 200.000,01 to 350.000 - 1%; e) from EUR 350.000,01 to 500.000 - 0,5%; f) from EUR 500.000 - 0,25%. No artist’s resale royalty right is owed in case the re-sale price is under EUR 300. Similarly, in no situation will the artist’s resale right surpass the value of EUR 12.500.

16. In case the consignor is also the author of the consigned work, Artmark will calculate, retain and transfer the income tax, applying a percentage of 16% to the gross income (the price minus the consignor’s commission), minus the lump sum contribution of 40% in accordance with art. 73 of the Tax Code (Law no. 227/2015) and the mandatory social contributions deducted at source, composed of the contribution to social security (CAS) - 9, 5% and the contribution to the unemployment fund - 0, 5%.

17. Artmark will keep the discretion of the identity of consignors and buyers, with the exception of the case in which they opt for revealing their identity. The consignors have the right to attend the auction at which their consigned good is offered for sale. The consignors do not have the right to bid, directly or through a middleman, for the consigned lot, such a bidding being voided, bearing the consequences of a) cease of future consignment by the seller, respectively b) imposed payment of the house commissions, should he adjudicate the lot, or should the adjudicator refuse to pay, irrespective of the reason. The auction house reserves the ultimate right to acknowledge the participation in the auction of the consignor, based on reasoning that might include software/audio/video recordings of the auction process.

18. Artmark keeps the right to publish images and descriptions of the works of art received into custody or consignment in any promotional materials.

19. The Consignor guarantees that he/ she has the legitimate possession of the object, and he/she is the sole owner of the consigned object and/ or has the right to dispose of it through selling, that he/ she has the necessary authority, that has undertaken all the necessary actions required by the Romanian laws and regulations in order to validly conclude this contract, and to meet and/ or properly comply to the obligations under this contract, and that there is no longer required any other approval for the conclusion of this contract. To the extent that in advance of the auction, we are confronted with written documents that contain apparently justifiable oppositions concerning the sale of the consigned object from third parties that plausibly exhibit rights over the consigned object (already existing disputes over property, partition, judicial executors notifications etc.), the consigned object will be withdrawn from auction by Artmark Auction House having the costs supported by the Consignor. In addition, the consignor shall be contractually liable, directly to adjudicator in any situation that leads to subsequent dissolution of the sale, and shall indemnify it for the produced damage. The Consignor will do the best efforts to make available to Artmark all the documents that legally confer the Consignor the juridical title on the consigned object.