1. The artworks or collectibles (to be further called “items” or "lots”) auction is handled by Artmark or one of its subsidiaries, as they are listed on Artmark’s website, and takes place at one of Artmark’s salerooms or in other location that will be previously announced, and it is conducted by one or more Artmark representatives (auctioneers).
2. The items usually belong to private consignors, who choose not to have their identity revealed. Whenever the consignors agree to have their identity disclosed, that shall be mentioned in the auction catalogue.
3. By the agreements they sign with Artmark, the consignors guarantee that they are the legal owners of the consigned items and/or they have the right to sell it. The consignor will also be contractually liable to the buyer and in the eventual cancellation of the sale he/she will be bound to repay all debts arising on his account. The consignor will deliver and make available to the auction house all documents he possesses that might prove his right of ownership.
4.1. Prior to the auction, Artmark publishes a catalogue of the lots that are to be sold in auction, either on its web page (www.artmark.ro), or in a printed form. Only the lots listed and briefly described within the catalogue are to be sold in auction. The descriptions and pictures of the lots are indicative and not exhaustive and represent an opinion of Artmark’s experts and specialists regarding the lots on sale. If a lot is given a title by its author and the title is mentioned on the lot or on its label, in original, the catalogue names the lot accordingly. If the lot is not given a title, it will be named in accordance with its composition and theme, taking into account the author’s particularities and stages of creation and his usual naming practice in the art literature or in the art market; it is possible that the same lot will be put up again for auction with a different name, which may reflect the evolution of the research with respect to a more adequate name. The auction catalogue will describe only signatures, hallmarks, and inscriptions visible on the art item/collectible (it will not mention the absence of a signature, apocryphal or incorrect signatures and hallmarks).
4.2. Some art items / collectibles will be attributed, although the signature is missing. Precise attribution is not mentioned as such, when the lot’s author is clearly acknowledged by Artmark’s specialists or, if that was the case, by the experts that were consulted in the process. Only “probable” or “possible” attribution will be mentioned, given their theoretical level of uncertainty. A “possible attribution” shall mean a professional and educated deduction, having a significant level of documentation that, given the objective aspects that define the item (style, brushstroke, color, subject, etc.), leads to the potential disambiguation of the author; A “probable attribution” shall mean a professional and educated deduction, having a high degree of documentation and probability that, given the objective aspects that define the item (style, brushstroke, color, subject, etc.), leads to identifying the most plausible author. The artistic personality’s spectrum of the creator is also expressed by items that are made only partially by the artist, or under the artist’s guidance or strong influence; for such cases, there will be used terms like:
4.3. Concerning the wristwatches, the diameter measurement involves adding the crown’s width to the dial’s diameter, in millimeters.
4.4. Concerning the alcoholic or non-alcoholic beverages, rare or collectible, given the age, the bidder should consider the possibility that the level of the liquid in the bottle might be lower than originally; that some bottle labels might be damaged, unreadable, missing or replaced with updated ones; that the label might mention an expiry date or a date before which the consumption is recommended/a date after which the consumption is not recommended; that the bottle cork might be partially damaged or replaced; that the taste or color quality of the beverage might be influenced in a good or a bad manner, from case to case, because of the passing time, including the possibility that the beverage might not be tasty or healthy for human consumption anymore, the beverage being sold as a collectible.
5.1. All items to be sold will be exhibited for observing/inspecting in the exhibition preceding the auction. All items are sold in the condition in which they are at the time of the sale (“as is”). Buyers are encouraged, prior to the auction, to inspect the items that are up for sale for them to be clarified about the condition, content and compliance with the notes from the auction catalogue of the items to be sold in the auction, both at the exhibition and at the auction, so that they are able to form a personal point of view regarding the item`s qualities/imperfections, including requesting the assistance of a specialist to inspect the item. Any interested person in buying an item may request Artmark, before the auction, a report to clarify the item’s preservation state, by email to auctions@artmark.ro or using the link on the website at “Other information” section from the lot’s description box. Artmark is not responsible for visible defects of the items which were not reported by the buyer prior to the auction, because he had the opportunity to know them beforehand. After the sale, the buyer cannot refuse to pay claiming those defects and Artmark will not be responsible nor will be obliged to repair or put into use any item already sold.
5.2. Concerning the wristwatches, Artmark may offer, directly or through its partners, a warranty of proper functioning of the wristwatch put up for auction and sold. When Artmark offers a warranty of proper functioning, the warranty period is mentioned in the catalogue, specifically for every wristwatch lot. The Artmark warranty is valid from the date the lot is sold. The warranty offered is valid as specified in the Auction Rules upon the presentation of the sale certificate by the buyer, without any other written certificate from Artmark. Only the watch mechanism is covered by the warranty. The warranty does not cover the strap, bracelet, case, dial, crown. To avoid any possible confusion, we state that the warranty does not cover the following situations:
The warranty of proper functioning, as well as any other warranty of authenticity of the watch that would be issued by Artmark, does not include a warranty that all the components are original or that the watch is, from the perspective of its composition, complete, as at the moment of its first purchase; throughout their lives, watches, especially the complex or vintage ones, collectible, undergo numerous revisions and repairs; thus, some watches may lack indicators, keys or other components/parts, as some may be up for auction not functioning or functioning only partially (i.e. not all functions and options which were initially set for a watch). Unless the catalogue states that the sold lot is not functioning (or partially not functioning), the warranty of proper functioning means that Artmark will ensure, through its service partner, the repair of the watch, including, where necessary, according to the service partner’s review, replacement of broken components/parts. The warranty is null and void if: a) the buyer personally tried to repair the watch or resorted to the service of another person; b) the buyer, directly or through other persons, made changes to the watch, including improvements of the appearance or performance of the watch. It is Artmark`s prerogative to ascertain the warranty null and void in these situations, directly or based on its service partner review. Artmark does not provide a warranty of proper functioning for: a) the watches for which the catalogue mentions that they are, at the date of the auction, not functioning (especially the case of decorative watches); b) vintage watches (older than 40 years). Warranty claims are addressed to the relevant Watches office within Artmark (please check the offices of the Auction Department). Artmark will choose which of its service partners is to diagnose and/or repair a certain watch. The warranty claim suspends the warranty period; however, Artmark cannot assume a specific duration for the repairs, including replacement of not functioning components/parts, in particular, but not limited to, cases in which certain repairs must be performed abroad or components/parts should be imported.
5.3. In case of decorative art items and collectibles, such as technical curiosities, which were primarily intended for one or more practical functionalities, beyond the possible decorative aspect, Artmark does not guarantee, at the date of the sale, the full or partial functionality of those items, nor that all the components/parts are the original ones. Interested people are advised, if the functionality aspect is of the most importance in buying, to verify, beforehand, the item, in person, and request Artmark to test the item’s functioning in their presence. Interested people must consider the possibility that some items cannot be tested during the exhibition because of the produced noise, because of the fire prevention rules or related to possible technical or technological incompatibilities (for example, the type of the power supply source). Also, because of the human means of communication evolution, some items, even though, theoretically, functioning, cannot be tested in the absence of technical or technological testing environment (such as analogue systems).
6. The duration, the schedule and the location of the exhibitions of the lots that are up for auction will be announced, beforehand, publicly, on Artmark’s web page, within the auction catalogue, as well as through other means. The auction catalogues are available and may be obtained at Artmark’s headquarters, at the exhibition location, at the auction location or by mail.
7. The registration form must be filled in before (in case of online bidding), during or immediately after the auction (in the saleroom). The registration means the unconditional acceptance of the terms and conditions of these Auction Rules. The same acceptance value has the bidding, in person or by phone or by written bid (as recorded in any electronic correspondence or audio/video recording), followed or not by adjudication. Should one bidder fail to submit or sign or fill in appropriately the registration form, he/she cannot hold such not signing or filling the form against the auction house and for his benefit, but he/she is nevertheless an adjudicator and, as such, subject to the terms and conditions of the current Auction Rules. By registering/participating at the auction, each bidder agrees with any means of proof which Artmark could use for proving the sale, including ascertaining such fact, as provided by the law.
8. Participation at the auction is done by rising the auction paddle, in person or online, which specifies the registration number of the participant in a certain auction, in response to the price asked by the auctioneer. The auctioneer usually asks increments which are increasing with approx. 10% of the previous bid, in a predictable, round value, so: +25, from 1 to 200; +50, from 201 to 500; +100, from 501 to 1.000; + 200, from 1.001 to 2.000; +250, from 2.001 to 5.000; +500, from 5.001 to 10.000; +1.000, from 10.001 to 20.000; +2.000, from 20.001 to 30.000; +2.250, from 30.001 to 50.000; + 5.000, from 50.001 to 100.000; +10.000, from 100.001 to 200.000; +20.000, above 200.001. If offered by a bidder by shouting, another figure bid might be accepted by the auctioneer as valid, whether such is for a superior value than the previously accepted price and if it is followed by explicit showing of the bidding paddle to the auctioneer. When several in personam participants at the auction express their will to bid for the asked price, by raising the auction paddle, the auctioneer shall choose among them and nominate one bidding paddle, preferably following the order in which the participants have raised their paddles (considering also the visibility of the will to bid manifestation). Individuals under 18 years old are prohibited to participate at the auctions of rare or collectible wines (or other alcoholic beverages), or at the auctions of collectible weapons and military accessories (« Military »).
9. The auction catalogue usually provides the estimation range of the item’s value (and not the starting price) in the case of art items, respectively the starting price (without providing an estimation range) in the case of collectibles. With respect to some collectibles types (such as watches, bags, designer objects, collectible cars), alongside the starting price, the auction house may present a listing price; this refers to the price at which other items of the same limited edition may be found for sale at official artist`s/producer`s flagship stores or at second-hand stores of high reference and specialized for that type of collectible. The lots are introduced strictly following their order in the auction catalogue. The auctioneer introduces the lot number and its starting price. The auctioneer has the authority to decide the starting price of each lot and to modify the starting price during the bidding, including when starting prices are provided in the auction catalogue or when an unsold lot is put up again for auction at someone’s request. Exceptionally, for certain important lots, Artmark may agree a reserved price that may lead to a situation where certain lots cannot be sold under the reserved price. A reserved price (a “reserve”) shall be a price higher than the starting price which can exceed the minimum limit of estimation stated in the catalogue. The reserve is confidential at least until the moment the related lot is being bid for. If during the bidding of the lot, such bidding does not reach the reserve, the auctioneer may disclose and publicly demand the reserved price; the auctioneer has full authority to decide whether or not to disclose the value of the reserved price, taking into account the level of bidding interest and the bidding rhythm. If no bidder offers the reserve or a higher price, the lot will not be sold/will be withdrawn; however, it can be reintroduced during the auction by a participant that offers at least the reserve.
10. The lot is sold to the participant that offers the highest price when the following cumulative conditions are met: the auctioneer says “sold/adjudicated” and hits the auction hammer. The highest offer represents an irrevocable offer to buy, subject to the terms and conditions of the present Auction Rules. The price of the irrevocable offer to buy represents a claim that is certain, liquid and exigible.
11. No lot can be sold below the starting price, during or after the auction. The lots which were not sold may be put up again for auction, when a participant explicitly requires so during the auction.
12. The auctioneer may decide to eliminate from the auction any lot among those exhibited and published in the auction catalogue, for reasons to be considered by the parties fair and in connection with the sound and diligent course of the auction.
13. Whether a lot is not sold during the auction, it will be returned to its consignor in accordance with the consignment certificate. An unsold lot may be sold in the following 5 days (10 days in the case of collectible cars) after the auction, but prior to its return to the consignor, for a value equal to or higher than the minimum estimation range provided in the auction catalogue, in the case of art items, respectively a value equal to or higher than 125% of the provided starting price, in the case of collectibles (to which the buyer’s premium will be added; the buyer’s premium varies according to the buyer’s status in relation to Artmark, see articles 16 and 18 of the Auction Rules).
14.1 People taking an interest in the lots which are up for auction may participate even when they are absent, by using one of the following means:
It is recommended that the absentee bidders, either by prior online bids or by written bids, offer whole increments, and not amounts that are between official increments, which the auctioneer has the liberty to ignore, from case to case (same with the situation where the amounts that are between the bids are shouted in the saleroom or by phone).
14.2 Artmark LIVE® account owners are informed that they have to use the app with caution, respectively that they have to respect the confidentiality of the account’ access data, they must not share the access to the account, they have to make sure that they use the device in complete safety considering that pushing the “bid” button results in submitting a valid bid, without any subsequent confirmation being asked. Artmark LIVE® account owners are personally responsible for all the bids submitted from their account. Artmark LIVE® account owners that participate at the auction understand that given the nature of the auction sale and the inevitable pace of how the auction is conducted, handling the “bid” button, whether it was done by carelessness, enthusiasm, nervousness, error, insufficient forethought, or others of same nature, leads to a valid bid which cannot be withdrawn by transmitting, after the auction, a withdraw message or a counter-offer. The participants can withdraw their bids placed online only before the start of the bidding of the lot, if the bid was placed online prior to the auction and on the condition of receiving an email of the withdrawal confirmation, where such confirmation means that the withdrawal of the bid, placed online before the auction, using the online channel, worked.
14.3 In the situation that more participants that are absent place online written bids or use the written form to place bids for a certain lot for the same (maximum) price, then, as a rule, the first received bid will have priority. Written bids, either offline or online, are maximal; therefore, the system will bid up to the written value, offering all the time the bid which is closest to the increment asked by the auctioneer (and not the maximum written value). Participants are asked to consider that, given the auction system that assigns the bids at a time, consecutively, protecting the maximum value offered by an absent participant, it is possible that the lot may be sold to another participant at the maximum value offered by the absent participant (to whom participant the auctioneer assigned the previous bid, based on its offer priority). Thus, Artmark recommends the participants which register written bids prior to the auction, through the written form or online, to watch, by telephone or online, remotely, the lot that is being bid and for which they made an offer before the auction, in order to decide, knowingly, whether should they continue to bid above the offered value that was offered prior to the auction.
14.4 The general order of priority is, firstly, the expressed or shouted bids in the saleroom, then the bids that are made by the absent participants (online, by phone or by written offers).
15. The State’s representative may participate at the auction, in equal conditions, to exercise the State’s pre-emption right according to the law. In the same way, museums or other public institutions may participate at the auction. The State representative or the representative of a museum holds, usually, the no. 1 bidding paddle.
16. Artmark will add the buyer’s premium to the hammer price. The buyer’s premium usually includes VAT (inclusive VAT) and other taxes related to a transaction, specific on the territory of the sale.
17. All prices are expressed in EUR. Before the auction starts, Artmark will announce the EUR/national currency conventional exchange rate, used for the current auction. If and when Artmark does not announce a conventional exchange rate, the official National Bank exchange rate for the payment date, shall apply.
18. The buyer’s premium represents 20% of the hammer price. For Artmark members holding an ARTMARK Classic membership card, a reduction of the tax to 18% will be applied. All clients that have bought lots totalizing more than 100.000 EUR are entitled to ask for an Artmark classic membership card.
19. The sold lot (art item or collectible) must be paid by the buyer within a week after the sale. The payment is made in the national currency, or may be made in EUR or USD by non-residents. The payment will be done:
20. The lot can be collected as soon as the payment is fully received (within 2 days from the payment date in the case of collectible cars). Payment can be done in cash or by card, during the auction at the auction location, as well as after the auction at the Artmark headquarters. When payment is made by transfer, the invoice can be collected from the auction location or, after the auction, from the Artmark’s headquarters or a copy of the invoice may be sent by fax or email.
21. The right of withdrawal from the contract (to relinquish the purchase of the sold lot) is NOT applicable to the lots which are part of a public auctions organized by Artmark, including the situations where the bid was placed online, as Artmark auction is NOT conducted by an online or electronic platform, but the auctioneer receives and accepts the bids submitted, the auctioneer being present in persona in the saleroom. Likewise, the purchased lots from the public auctions organized by Artmark cannot be returned.
22. Whether the invoiced price is not paid in due term, according to these Auction Rules, Artmark may choose between:
23.1. The transfer of the ownership takes place the moment the possession of the sold lot is transferred from Artmark to the buyer or to the transporter (whichever the case may be first), provided that the payment of the invoiced amount is fully paid by the buyer. Collection and transportation of the sold lot is the buyer’s responsibility and shall be done on buyer’s risk. The buyer shall collect the sold lot within two weeks from the reception of payment by Artmark, from the headquarters of Artmark or from the storage specified by Artmark.
23.2. In the case of collectible cars, the transfer of ownership takes place the moment the payment of the invoiced amount is made by the buyer, but not prior to the completion by the consignor of the formalities for registration clearance of the vehicle with the authorities in charge. The transfer of the possession of the collectible car will be done by handing over the keys of the vehicle. The transfer of the possession of the collectible car and of the documents needed to have the car registered on the buyers’ name, including for tax purposes, shall be done by Artmark within 5 working days from the payment date of the invoiced amount. For firearms (historical, collectibles, panoply or hunting firearms), transfer of ownership takes place the moment the buyer pays the invoiced amounts, provided that the buyer will present proof of the documents (authorization, permit, certificate) the law requires for legal possession of such firearms.
24. Given the constraints of Artmark’s storage, the buyer authorizes Artmark to transfer the lots, which have not been collected by the buyer within one month, in the case of residents, respectively 45 days in the case of non-residents, calculated starting the auction date, on the account and on behalf of the buyer, to an external storage facility. After one month from the date of the auction, Artmark is no longer liable towards the buyer for the integrity of the sold lots. When the lots are collected, the buyer pays the transportation cost to the external storage and the share of the rental fee for the storage, agreed upon by the parties as equal to the equivalent of 10% of the hammer price/month. If the buyer does not collect the sold lots within 6 months from the date when the lots were transferred to the external storage, Artmark has the right to put (once again) the lots up for sale to recover its costs with transportation, storage and whatever other additional costs. As regards the collectible cars, the buyer shall collect the vehicle within one week from the date of payment. After this term, the buyer authorizes Artmark to transfer the collectible car, on the account and on behalf of the buyer, to an external storage. After one week from the date of the auction, Artmark is no longer liable towards the buyer for the integrity of the sold lot. When the lot is collected, the buyer pays the transportation cost to the external storage and the share of the rental fee for the storage, agreed upon by the parties as equal to the equivalent of 10% of the hammer price/month. In case the buyer does not collect the sold car within one month from the date when the car was transferred to an external storage, Artmark has the right to put (once again) the car up for sale to recover its transportation, storage and whatever other costs as a result of the termination of the contract.
25.1. In all legal hypothesis when the State may exercise its pre-emption right with respect to an item that is put on sale at the auction, according to the law, the hammer price does not represent the sale price, for a definitive transfer of ownership, but a serious purchasing bid, obtained through a bidding contest, made by a serious bidder, which the institution that was empowered by the State must equal by exercising its pre-emption right, excluding the Artmark’s commission (buyer’s premium).
25.2. In case certain items offered for sale are classified as National Cultural Heritage – the treasure category (lots marked in the auction catalogue with the symbol “T”), Artmark will take the necessary steps to inform the Ministry of Culture about those items, according to the law.
25.3. In case the Ministry of Culture has chosen to exercise its pre-emption right prior to the auction date, if the hammer price is below or equal to the price offered by the Ministry of Culture, the ownership will be transferred directly to the Ministry of Culture. If the Ministry of Culture did not exercise its pre-emption right prior to the auction date, the contract with the buyer will be concluded under the condition that the Ministry does not exercise its pre-emption right within the term specified, from time to time, by the relevant cultural patrimony law. If the Ministry of Culture chooses to exercise its pre-emption right, in the legal timeframe, by offering an amount equal to the one offered/paid by the buyer (the invoiced amount, excluding the buyer’s premium), the adjudication will not be effective, the contract with the adjudicator will be terminated and the ownership of the lot is transferred to the Ministry of Culture, at the time when the Ministry of Culture will have paid in full the invoiced amounts.
25.4. The buyers are informed that the purchase of the lots marked with the symbol “C” must legally be communicated to the Ministry of Culture because at the date of the auction they undergo an assessment in order to be (or not) classified as treasure, accompanied, in the case of classification, by the legal obligations in force, including the pre-emption right of the state. Additionally, the buyers are informed that the purchase of the lots which are classified in the National Cultural Heritage must legally be communicated to the Ministry of Culture.
25.5. Some lots are exhibited and sold being under temporary import – or they came from within the European Union and benefit of the free circulation regime, as duly regulated by European legislation. They are marked with the symbol "IT".
26.1 Artmark GUARANTEES THE BUYER THE AUTHENTICITY OF THE ART ITEM SOLD DURING THE AUCTION, for which end it issues a sale certificate, specifying the name of expert, which has been involved in the authentication of the lot. This guarantee clause imposes to Artmark the obligation to guarantee the authenticity of the lot, without limits of time and without asking for any other legal or documentary forms. Artmark does not issue by default a descriptive expert report, this activity being strictly reserved, by law, to those natural persons which are authorized as expert by the Ministry of Culture, each having his own area of expertise, as attested by practice and acknowledged, each one specifically, by the professional community. Artmark may, nevertheless, intermediate, on behalf of the buyer interested in a thorough study of the qualities of the sold lot, the procurement, on the buyer’s own cost, of such technical and stylistic expert report. Likewise, when the auction catalogue states the fact that an expert, specialized in the work of a certain artist, has confirmed the authenticity, it means that Artmark has obtained, by written or verbal correspondence, a confirmation of the authenticity of the lot, by the expert whom the professional community recognizes as leader scholar in the work of a particular artist, without, again, implying that Artmark would deliver a written technical and stylistic expert report to the buyer, describing and demonstrating the authenticity of the lot. Nevertheless Artmark’s liability towards the authenticity of the lot stays fully, materially and financially.
26.2. Artmark’s authenticity guarantee involves each lot’s essential quality, considering each one’s typology, and not secondary characteristics, even though these may be taken into account by the buyer when bidding (for example, in the case of a fine art lot, the guarantee of the authenticity means it belongs to the author to whom the lot is firmly attributed to, but not compliance with all the secondary characteristics, for example, it may happen an error regarding one of the lot’s sizes; or in the case of jewelry lot, the authenticity guarantee means the chemical compliance of the metal and the precious stones with the category in which they are included, and not the compliance of a secondary quality, for instance, it may happen an error regarding the stylistic manner in which the jewelry was made). In the case of a combined lot, which is formed of more components that represent, usually, individual lots (for example, a collection of silver items that are linked by theme or studio), the authenticity guarantee regards the components as a whole unit; in the case that the authenticity is challenged, according to art. 27, and it is proved that a component is not authentic, the termination of the contract regards only that component which was proved not to be authentic, and implies the replacement of that component with a similar one or the refund of the estimated price for that component (for that estimation, the percentage that the component represents in the combined lot price and the market value of that component are taken into account).
27. The buyer may challenge the authenticity of the sold art item by a written motivated complaint, accompanied by a written opinion issued by an art expert authorized, in accordance with the local law, by the Ministry of Culture, generally recognized by the professional community for his competence with respect to the artwork of the artist whose authorship is under question, and enjoying a generally accepted good reputation. Artmark has the right to bring, within three months after receiving the complaint, a counter-expert report produced by an expert enjoying the same level of competence and reputation. To avoid any attempt of fraud, Artmark marks all the delivered lots with at least one element of security (a stamp with an alphanumeric code, which cannot be reproduced and is self-destructive if one tries to disengage it; the stamp is placed on the back of the lot or on the sale certificate of that lot), while a second copy of the stamp acts as proof, as well as compares the lot with the photo of it, as in the sale certificate and in the photographic archive of the same lot.
28. The sale of the art items (or collectibles) is governed by the local law. A sale certificate will be issued to the buyer of an art item and it will be printed on special paper which has a specific embossed stamp. In the case of alcoholic or non-alcoholic beverages sales, Artmark guarantees for the authenticity of the collectible beverages put up for sale, issuing to the buyer a sale certificate, as well as, if it exists and is made by the consignor available to Artmark, the provenance/production certificate of the manufacturer.
29. Artmark reserves the right to publish images and descriptions of the art items (or collectibles) which are sold, in any materials (documentary, journalistic, scientific, specialty literature, or for promotional purposes).
30. Artmark may request the person causing damage to one of the items put up for sale, during the exhibition or during the auction process, to cover the damage by acquiring the lot and paying a price equivalent to the maximum limit of the estimated value of the lot as provided in the auction catalogue, in the case of art items, respectively equivalent to five times the specified starting price, in the case of collectibles.
31. Artmark informs the buyers that exporting movable cultural goods without obtaining a temporary or permanent export license issued by the local authorities represents an illegal export operation. If the buyer wishes to export the purchased art item (if it is not restricted by law – as are lots marked with “T”), the buyer may contract, to obtain the export license, the representation services of Artmark. The fee for this service is 150 EUR+VAT, separately of any other eventual taxes or costs asked by the issuer of the export license.
32. Likewise, Artmark informs the buyers, residents of a state which is not member of the customs territory of the European Union, that the transfer (definitive import) to their states of residence, according to the law governing in each case, may be subject to import duties (custom duties, VAT and/or excise duties etc.), if the conditions provided by the law are met and if the buyer does not obtain an exemption from these duties.
33. According to the local law, the contemporary cultural goods can be exported permanently or temporarily without an export license, if it is properly declared to the customs that those goods are created by their authors.
34. Sometimes, general auctions organized by Artmark may host one or more lots which are up for auction for a charitable purpose. Usually, these Auction Rules are applicable to such sales as well. The charitable lots part of a the general auction will be, usually, marked with a distinctive logo (a red heart). If an auction has an entire charity section, or if the entire auction is for charity purposes, the Special Auction Rules for Charity Sales are applicable to that auction or to that charity section of the auction.
35. Should there be any difference between the online version of the Artmark Auction Rules and the version included in the printed auction catalogue, the online version prevails, as presumed to be more up to date at the time of the auction. Similarly, as far as the auction catalogue, there might be modifications of the printed version and corrections of the lot descriptions and bidding conditions that may occur in the online version, which are to prevail. Also, prior to the auction, the auctioneer might announce, in the saleroom (and live on Artmark LIVE®), changes and corrections to the lot descriptions and bidding conditions, which prevail over those in the auction catalogue.
1. The auction "Hanul cu Tei 1833 by ARTMARK" is organized by A10 BY ARTMARK S.R.L., headquartered in Bucharest, C.A. Rosetti Street, no. 5, body A, registered at the Trade Register Office of the Bucharest Court under no. J40/17654/2018, SRC 40284718 ("A10" or "the Organizer"), alone or in association with other galleries, and takes place at the location displayed in advance on the website and in the auction catalogue.
2. The auction "Hanul cu Tei 1833 by ARTMARK" is a liquidation auction, which means that it is subject to some Special rules, derogating from the Organizer's Auction Rules, namely the "A10 Auction Rules".
3. The lots put up for sale in the auction "Hanul cu Tei 1833 by ARTMARK" are presented in the auction catalogue, both in the online one, posted on the website www.artmark.ro, and, if one is printed for this purpose, in the printed one, and are displayed at the auction location, on the days and at the times specified on the website and in the auction catalogue.
4. The auction catalogue shall state for each lot the starting price only and the type of auction by which the lot is to be sold (if the catalogue does not state the type of auction, it shall be the common/English auction, which increases from an announced starting price). Unlike the English auction, in which case the auctioneer will ask for ascending bids, in the Dutch/descending auction, the auctioneer will be able to ask the participants for descending bids. Specifically, in the Dutch/descending auction, the auctioneer will ask the participants to bid the starting price. If at least one participant bids the listed starting price, the auctioneer will request ascending bids, thus, the lot will be sold to the bidder offering the highest bid shouted by the auctioneer. If no participant bids the starting price, the auctioneer will ask for descending prices equal to the lower bids, until a participant offers the lower bid requested by the auctioneer, at which point the lot is sold at the price equal to the lower bid offered, which becomes the hammer price. To avoid any doubt, it should be noted that in the case of Dutch/descending auction, the auctioneer cannot sell the lot for a higher bid than the first bid (lower than the starting price) offered by a participant. The auctioneer will alone decide the ascending/higher or descending/lower bids.
5. Participants at the auction have the obligation to study, in advance, the content of the Special Auction Rules – “Hanul cu Tei 1833 by ARTMARK”, the A10 Auction Rules, the Registration Contract, the award form, all of which are made available to participants by displaying them on the website www.artmark.ro, in the auction catalogues, at the auction reception and in the room where the auction is being held.
6. Participation and bidding at the Auction "Hanul cu Tei 1833 by ARTMARK" constitutes express acceptance of the Special Auction Rules – “Hanul cu Tei 1833 by ARTMARK”, the A10 Auction Rules, the Registration Contract and the award form. Only the person who signs a Registration contract and receives a bidding paddle may participate at the auction. If the Organizer is requesting it, during the auction, the buyer is obliged to sign an award form for each sold lot (which comes in addition to the data from the Registration contract).
7. The buyer’s premium is 25% of the hammer price; due to the nature of the auction, the benefits of the ARTMARK membership card do not apply to the Auction "Hanul cu tei 1833 by ARTMARK".
8. Payment for the sold lots will be made within 2 days of the date of the auction.
9. If a lot is not sold at the auction, it may be purchased within 5 days after the auction (unless the lot is returned to the Consignor after the auction): a) in the common case of the English auction, at a price equal to 5 times the starting price or at the reserve price, if the reserve price is higher than the amount of 5 times the starting price, or b) in the case of the Dutch auction, at the starting price.
10. Special Auction Rules – “Hanul cu Tei 1833 by ARTMARK” are supplemented by the provisions of the A10 Auction Rules (rules posted at the location of the Auction "Hanul cu Tei 1833 by ARTMARK", on the website www.artmark.ro, as well as in the auction catalogues). In the event of a disagreement between the Special Auction Rules – “Hanul cu Tei 1833 by ARTMARK” and the A10 Auction Rules, the Special Auction Rules – “Hanul cu Tei 1833 by ARTMARK” shall apply with priority.
1. The Charity Auction is organized by the Auction House, A10 BY ARTMARK S.R.L. (“A10”), and the non-governmental organization, association, foundation or patron ("NGO") supporting the charitable cause, in order to support the cause, funds are being raised, the project and its purpose are popularized. The auction will be conducted by one or more representatives of A10; where appropriate, representatives of the co-organizing NGO as well as ambassadors of the NGO cause and/or guests of the NGO may be co-opted to conduct the auction.
2. In the case of a collective conducting formula, the requests, shouts and sold lots pronounced by the A10 representatives (auctioneers) are sovereign.
3.1 The auction catalogue, in a physical and/or online form, provides starting prices for the lots that are put up for auction. Prior to the actual auction, participants may submit bids (online, in the online catalogue, by those with an ARTMARK LIVE account; by written bid) at least equal to the starting price. The online auction catalogue will automatically display the number of bids submitted online or in writing and entered into the system, as well as the current pre-bid price; the current price is the highest bid offered, above the starting price, and above the previous bids and previous current prices. The bidding for each lot in the actual auction, which takes place on the date and at the time communicated in the auction catalogue, will start from the current price obtained for each lot. The amount of the current price shall be checked immediately prior to the starting time of the actual auction. However, it is recommended that bids higher than the current price be communicated at least 6 (six) hours (pre-bid deadline) before the announced start time of the auction; the organizers cannot be held responsible for the failure of bids communication after the pre-bid deadline.
3.2. Lots bearing the symbol "PC" are in the special situation of the cumulative hammer price. In special charitable situations, usually for serious humanitarian causes, where the purpose of bidding a material or symbolic lot is to raise a specific or minimum amount, the "PC" symbol indicates the cumulative nature of the collection, in the sense that each bidder, regardless of its bid, is considered, in relation to the purpose of the bidding, as the buyer. The material lot is provided to the bidder who has bid the highest amount, but each participant is issued with a material expression attesting participation at the bidding of the humanitarian charity lot (e.g., a diploma, a certificate); on the other hand, all bids of the participants are firm and binding and oblige the participant to pay the amount bid, even if the amount offered is an intermediate bid and not the hammer price. So, for clarity, each participant will pay the highest amount they bid for the humanitarian charitable lot, and the collected amounts, in the case of cumulative hammer price, will be paid to the person of the charitable cause.
4. If a lot is not sold in the actual auction process, it shall be sold at the current price to the highest bidder who has previously submitted the current price. If a lot is not pre-bid and not bid and sold at the auction, it may be bought within two weeks after the day of the auction (or another period of time publicly announced for a specific auction) at a price at least equal to the starting price.
5. The sold lot shall be paid to A10, based on the invoice issued by A10. The sponsorship, of an amount equivalent to the amount mentioned in the pro-forma invoice, to the co-organizing NGO account, based on a sponsorship contract concluded between the buyer (or the legal entity it represents) and the NGO is also considered as payment of the lot, made under the auction procedure.
6. The buyer will collect the sold lot that has been paid from the exhibition location (which may differ from the A10’s headquarters), as announced in the auction catalogue (in a physical and/or online format).
7. The sale certificate, provided in Article 28 of the A10 Auction Rules, shall be issued only for lots representing works of fine or decorative art, historical or bibliophilic lots or collectibles (and not for design, clothing or office accessories or memorabilia lots).
8. Sometimes, general auctions organised by the Auction House, A10 BY ARTMARK S.R.L., have one or more lots which are up for auction for a charitable purpose or have a distinctive charitable section. Usually, the A10 Auction Rules are applicable to these situations. The charitable lots from the general auctions can be, regularly, marked with a distinctive logo that represents a red heart. The Special Auction Rules – Charity auctions will be applicable if only it is expressly provided in the auction catalogue (and in the public announcements that are made by the auctioneer before the auction).
9. The Special Auction Rules – Charity auctions that are applicable to the charity auctions shall be supplemented by the provisions of the A10 Auction Rules. In the event of a disagreement between The Special Auction Rules – Charity auctions and the A10 Auction Rules, The Special Auction Rules – Charity auctions shall prevail.
1. The art auction is organized by the Gallery named in the title of the auction event, with the organizational support of A10 by Artmark S.R.L., on the online auction platform Artmark LIVE.
2. In this type of auction, where the Artmark LIVE auction platform is made available to a Gallery outside the Artmark group of companies, the Gallery promotes the artists represented by the Gallery, independently selecting the portfolio of artists it decides to promote using the online auction platform and targeting the users of the platform's services through approved online accounts and through marketing mechanisms related to the Artmark LIVE platform.
3. The Gallery shall independently establish and formulate: a) the lot descriptions, including, where applicable, the method of signing the artwork; b) the condition/status of the lot, both in the auction catalogue and, additionally, if requested, in the condition report; c) the starting prices and, exceptionally, any reserve values.
4. The artworks promoted by the Gallery on the Artmark LIVE platform are the property of the Gallery or the artists represented by the Gallery, and the Gallery guarantees the users of the online auction platform that it has the right to put the works up for sale under the terms presented in the auction catalogue.
5. Participants at the auction, by any of the means of participation accepted by the A10 Auction Rules, including by telephone, prior written bid, prior bid made using the online account, online bid during the auction, whether they win or not, benefit from A10 confidentiality with regard to their identity, participation and eventual purchase, including in relation to the organising Gallery. Correspondence and communication regarding the participation, billing, collection, guarantees, certification of sale, delivery etc. shall be between A10 and the participants, respectively, the buyers.
1.1. Among the lots of contemporary art put up for auction, works of digital art may also be found, existing and/or presented only in digital format or, where if it is the case, also printed on material support.
1.2. Some works of digital art may be offered for sale in NFT (non-fungible token) format, which is sold with the unique NFT that represents and encrypts access to the blockchain network to the original digital art file, which bears the artist's signature and secures ownership of the digital artwork.
1.3. Works of digital art, including those sold in NFT format, may be accompanied by other related objects or physical expressions of the digital artwork, which, together with those works of digital art, form a combined lot. Digital artworks may consist of still images or a kinetic sequence of images and may include a mixture of media, including film and audio.
1.4. Usually, in the exhibition, the digital art lot is displayed on a screen, either singularly or alternately with other digital art lots put up for auction. The digital art lot put up for auction shall not be sold together with the screen and the electronic accessories used in the exhibition, the buyer shall use his own electronic devices for possible display after the auction.
2. The “NFT” concept ensures the uniqueness of access to the digital art file and the originality of the digital artwork in relation to the artist as a direct emanation of the artist. Some digital artworks, irrespective of the format or medium in which they are put up for sale, may exist, in their original form, in multiple copies or variants. Some lots of art may recreate in a digital, photographic or creative medium, by means specific to the digital medium, works of art originally produced in physical format and using traditional techniques. Certain combined lots may consist of the sum of the physical artwork and its expression in digital format, which may vary compositionally, chromatically or as a format from the physical artwork.
3. The digital art lots in NFT format (or those including NFT digital artworks) will be described in the auction catalogue by parameters that are specific to the encryption, storage and transfer environment and format (token ID, storage electronic wallet address, the address of the blockchain contract (smart contract), graphic format and, where applicable, pixel size and encryption date).
4.1. Usually, the digital art lots in NFT format can be paid by the buyer both by traditional means of payment regulated in the General Auction Rules and by cryptocurrency, as the natural currency of the blockchain storage network environment, subject to compliance with the following terms and conditions.
4.2. Lots that can be paid in cryptocurrency will be designated by the symbol "CC" (cryptocurrency). Lots bearing this symbol can be paid both by traditional means of payment (regulated in the General Auction Rules) and by agreed cryptocurrencies. Ethereum is, at the time of these Rules, an approved cryptocurrency; alternative cryptocurrencies may be added, and will be specified if it is the case in the "Additional Information" section of the digital art lot. The payment includes payment of the hammer price, the buyer’s premium and any other amounts regulated by the General Auction Rules and invoiced.
4.3. The Payment in Ethereum and/or other agreed cryptocurrency shall be made by transfer from the buyer's digital wallet to the A10’s digital wallet, within the payment term regulated in the General Auction Rules. The exchange rate for Ethereum and/or other agreed cryptocurrency to EURO, which is the used currency in A10’s auctions, will be the one of the payment date, as indicated for the payment date by one of the internationally recognised exchange offices.
4.4. The buyer who pays the digital art lot in Ethereum and/or other agreed cryptocurrency states to A10 and guarantees that the source of the payment is not a suspicious activity, according to the Romanian law on the prevention and combating of money laundering and terrorism financing, and it is not an activity carried out in a geographical area where, according to the law applicable to the buyer, it is forbidden for them to carry out that type of activity (e.g. embargo established by the European Union).
5.1. The transfer of ownership of the sold digital art lot to the buyer shall be conducted in accordance with the General Auction Rules, with the remark that the transfer is conditioned by actual receiving the invoiced price, including, in the case of payment in cryptocurrency, the actual receiving of the value of the invoiced price in the digital wallet indicated by A10.
5.2. Ownership of the digital art lot in NFT format will be transferred by A10 (or, if it is the case, directly by the artist) to the buyer, by debiting the A10’s electronic wallet (or the artist’s electronic wallet) to the buyer’s electronic wallet. For this purpose, the buyer must specify A10 the relevant data for the transfer of the lot.
5.3. It is the buyer’s responsibility to: open an electronic wallet which A10 will credit with the digital art lot in NFT format; maintain and know how to operate the electronic wallet; memorize the keys/passwords of access required to operate the electronic wallet. The risk of ownership of the lot is transferred to the buyer by debiting and at the moment the lot in NFT format is credited to the electronic wallet indicated by the buyer.
6. The buyer of the NFT digital art lot states and guarantees to A10 that: understands and takes any possible risk associated with trading NFT and cryptocurrency and storing them in an electronic wallet, including the risk of cryptocurrency exchange rate volatility, the risk of not remembering/losing keys/passwords of access to the electronic wallet, the risk of hacking that is inherent in electronic systems, the risk of taxation or increasing taxation for NFT transactions, or the risk of unfavourable regulation of such transactions subsequent to the moment when the lot in NFT format is sold, and any other unforeseen risk that is specific to the emerging investment markets.
A10 By Artmark, art and history auction house, both as a platform for cultural promotion and as a member of ACOAR (www.acoar.ro) and a member professionally of CINOA (www.cinoa.org), understanding the wider responsibility that derives from its position as a leader in the Romanian art market, made possible by its love of art and support of Romanian and foreign collectors, expresses its concern about the integrity of the profession of art dealer ("economic operator in the cultural market") and its daily and pattern-creating exercise, and about justifying legitimate expectations of collectors and confirming their trust, committing itself to observe in its activity a set of principles and working methods, as follows.
1. The profession of art and history items dealer is not only a commercial but also a vocational endeavour, based on intimate personal choices and convictions about the conduct of professional life more exactly in relation to values such as art and cultural identity, and about the role of putting into circulation the cultural values and goods in the space of interaction that we synthetically call “the art market”. As an art dealer, A10 By Artmark is an agent of cultural promotion and facilitation of cultural exchanges - between generations, between educational tastes/backgrounds, between nationalities etc. - being honoured to play, in this capacity, an important role in the propagation of culture in the Romanian society. Without trade, the dissemination of culture, as well as knowledge as a genre, would be severely limited, just as museums' patrimony cannot be made up solely by donations (or, in the case of totalitarian states or states with a totalitarian past, solely by expropriation and confiscation from patrons and collectors). As a consequence of this role, A10 believes that having high ethical standards in conducting its commercial activity leads not to limiting the profession but, on the contrary, defending the profession, by building a professional reputation deserved for the self-regulated dealership, and by protecting the art trade from over-regulation, helping to maintain the current legal principles of freedom of the art trade, the only one capable of ensuring the wide circulation of cultural values and the effectiveness of their educational message.
2. A10 undertakes to put up for sale by auction only objects of art and history
whose authenticity and correct general description is diligently verified in
advance, relying on the opinion of specialists and experts contracted or, as the
case may be, consulted by A10. To this end, A10 will guarantee the authenticity of
all sold lots according to the A10 Auction Rules, without any time limit, and will
clearly stipulate the terms and conditions under which the buyer of a lot in the
auction, who suspects the non-authenticity of the purchased lot, may request a
refund of the amounts paid. It should be stated, however, that the level of
guarantee of authenticity by A10 will depend on the level of professionalism of the
experts accredited by the Ministry of Culture, specialised in the
nature/period/culture/author of the lot put up for sale, at the time of the sale.
Interested parties may notify A10 of any eventual inaccuracies at auctions@artmark.ro.
For the same purpose, with regard to the requests that A10 receives to put lots of
art or history, whose quality is questionable from the point of view of
authenticity, up for sale by auction, we would like to clarify that the A10’s
practice is to refuse to consign/receive these lots for sale, without providing the
applicants a written explanation regarding the lack of authenticity, including
expert reports proving the lack of authenticity. A10 will also refuse any appraisal,
cataloguing or certification of the same lots, including the appraisal of "value if
the lot was authentic".
3. A10 owes respect to collectors for their selflessness in preserving, conserving and safeguarding Romanian art and history, including passing them on from generation to generation, and wishes to protect the integrity of their heritages. Thus, A10 will refuse to put into circulation objects of art or history for that it has or acquires reason to suspect as having been illicitly obtained, whether by theft, illegal import, destructive dismemberment or illegal excavation. A10 provides in its internal procedure a stage of due diligence to be conducted in order to verify, when the objects belong to special typologies, which are prone to illicit circulation, in publicly accessible databases, whether there are clear claims to such objects, before they are put up for public auction. Interested persons may report to A10 any suspicions of illegal provenance, accompanied by arguments and, if available, supporting documents, at auctions@artmark.ro. As a rule, A10 asks people, who consign objects for sale by auction, for ownership documents and any other provenance documents; however, A10 understands the context of the special history of the Romanian art market, which could not have evolved differently from our recent communist history, in which the regime was afraid of the ownership of art or national history by collectors, discouraging ownership, exhibition, exchanges, so that the circulation of art and history objects was not accompanied by documents, even between generations. However, A10 encourages collectors who offer lots for sale by auction to provide A10 with as much information as possible about the provenance and history of the offered lots.
4. Similarly, A10 promotes equal opportunities, both artistically and professionally. As a reasonable reflection of this concern, A10 will act responsibly, in view of its moral duty not to encourage discrimination, in the selection of the lots that make up the themes of the auctions A10 organises or hosts, where its contribution is legally possible and relevant from an organizational point of view, and will act responsively if it is made aware of this sensitive issue in good time and effectively (at auctions@artmark.ro ).
5. A10, a believer in the principles of sustainable development, is concerned about the issue of environmental greening and working procedures and has adopted internal procedures to reduce the consumption of primary resources such as paper, water and electricity; A10 is therefore working to convert all its correspondence with customers and the authorities (including contracting, invoicing and certification) into electronic media, as well as policies to reduce the consumption of fossil fuels.