CONTRACTS - TERMS AND CONDITIONS

In order for you to be aware of the Terms and Conditions of our contract, please read carefully through the details of our Conditions of Sale for Auctions.

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Contracts - Terms and Conditions

The art auction house, Kunstauktionshaus Neumeister GmbH & Co. KG (hereinafter referred to as "Neumeister"), acting as an agent in its own name and for the account of the deliverer (hereinafter referred to as "consignor") will undertake to sell by auction the works of art in accordance with the contract conditions printed hereinafter.

The consignor shall herewith affirm that it has title to the objects to be auctioned and/or is authorized to act on behalf of the owner. The contract shall be handled in accordance with the German ordinance on the commercial sale by public auction from April 24, 2003, Federal Law Gazette I p. 547 (VerstV., BGBL I S. 547).

1.            Until the date of conducting the auction, the items to be auctioned will be kept at no charge by Neumeister in safe storage facilities.

2.            The items are stored at the risk of the consignor. Neumeister shall only be liable in the case of an intentional or grossly negligent breach of contract. It is the responsibility of the consignor to provide proof for intentional and gross negligence and to notify the damage immediately. Therefore, Neumeister will take out an insurance against fire, burglary, theft and breakage at the expense of the consignor. The amount of the premium will be stated separately. Upon conclusion of this auction contract, Neumeister shall assign its claims vis-à-vis the insurance company to the consignor. The consignor herewith accepts this assignment.

3.            The items to be auctioned will be knocked down subject to the enclosed conditions of sale for auctions which are an integral part of this auction contract. In the case of limited items, Neumeister may join the bidding on behalf of the consignor up to the stated reserve price. To the extent that the consignor has not specified a minimum price (reserve price), the auctioneer shall knock down the item at its proper discretion. If the item was knocked down subject to confirmation, the bidder shall only be bound to its bid for a period of three weeks. The consignor shall communicate its decision in such a timely manner that the bidder may still be notified in due time during the ordinary conduct of the business. The compensation of reserve prices specified by a consignor for several items shall be permitted. Gold and silver items shall not be knocked down below their metal value by the auctioneer.

4.            The prices listed in the catalogue shall serve as recommended prices and are ascertained at the free discretion of Neumeister according to their estimated value. The consignor waives the right to request any evaluations or opinions by officially appointed and sworn experts or expert opinions referred to by the Chamber of Industry and Commerce, even insofar as gold and silver items are concerned.

5.            Three weeks after the auction, the consignor may leave any unsold items at the disposal of Neumeister for private sale. In such case, the sales price shall be the minimum price (reserve price) specified by the consignor or alternatively, the price determined by Neumeister at its proper discretion.

6.            The consignor shall instruct Neumeister to settle accounts and pay out the proceeds to which it is entitled in accordance with the provisions of this contract. In addition, the applicable statutory VAT will be paid out to consignors who are subject to VAT as soon as they have submitted the tax office confirmation on the duly paid VAT and provided this has been regulated in the contract.

7.            After a period of five weeks following the date of the auction, Neumeister shall be entitled to hand over the unsold items to a forwarding agent to be stored or returned at the expense and risk of the consignor or respectively charge storage fees.

8.            Neumeister shall charge the consignor a commission per catalogue number, the amount of which is based on the rates stipulated in the contract. Images shall be included in the catalogue only upon special agreement and against separate payment. In addition, the consignor shall reimburse Neumeister for any exclusive cash expenses for packaging, postage, transports, as well as costs due to special arrangements regarding repairs carried out and expert opinions obtained. If items to be auctioned are purchased by the consignor itself or by a third party on its behalf, they are deemed sold to third parties.

9.            In the event an item is not sold, Neumeister reserves the right to charge a compensation for expenses at a flat rate of 3% calculated from the reserve price plus any of the costs that are set out in paragraph 8.

10.         The consignor shall fully guarantee the correctness of its statements with respect to the works of art and shall indemnify Neumeister against all claims of third parties that may be asserted within the scope of the auction. In particular, the consignor shall be liable for all defects of quality or title of the items handed over for the auction. Should any material defects appear during the handling of the delivered items, Neumeister shall be entitled to withdraw from the contract. In the event of legal action, the consignor undertakes to advance and bear the costs to the extent they are incurred by Neumeister. Neumeister shall only be liable vis-à-vis the consignor in the case of intentional or grossly negligent breach of duty.

11.         Approximately four weeks after the auction, the consignor shall receive the invoice and payment of the credit balance to which it is entitled, provided that Neumeister has received the purchase price by this time. Offsetting with other receivables of Neumeister vis-à-vis the consignor as well as the deduction of the commission owed to the auction house, other costs and cash expenses (cf. paragraph 8) shall be permitted. If the buyer does not meet its payment obligations, Neumeister shall be entitled to enforce these payments in court on its own behalf but at the cost and with the consent of the consignor and to request direct payment as well as to charge default interest. Only after handing over the delivered works of art to the buyer, shall Neumeister be liable vis-à-vis the consignor up to the amount of the auction proceeds to which it is entitled.

12.         The contract shall remain in force irrevocably until the expiry of one month after the scheduled auction has been completed. Should the contract be cancelled by mutual agreement upon the request of the consignor, it shall pay the above-mentioned compensation with the exception of cash expenses to Neumeister and also the amount of the lost surcharge due from the buyer. Should the contract be cancelled by mutual agreement upon the request of Neumeister, the consignor shall pay the costs and expenses to Neumeister as set out in paragraph 8. The calculation shall be based on the minimum prices (reserve prices) specified by the consignor or alternatively, on the estimated prices ascertained by Neumeister.

13.         The parties are in agreement that the consignor has been informed about the place and time of the auction. Any agreements and alterations of the terms and conditions have to be made in writing. Declarations of Neumeister shall not be binding, unless they are confirmed in writing. The place of performance and jurisdiction, provided it can be agreed upon, shall be Munich. These terms and conditions shall be governed by German law. The UN Convention on Contracts for the International Sale of Goods of April 11, 1980 (Convention on the International Sale of Goods; Federal Law Gazette 89 II) shall not apply.

14.         In the event that copyright claims (droit de suite) are asserted and have to be settled, the principal on whose account the resale was made shall be responsible for reimbursement.

15.         If any provision hereof is held to be invalid in whole or in part, the validity of the remaining provisions shall not be affected. The invalid provision shall be replaced by a valid provision that comes as close as possible to the economic content and purpose of the invalid provision.

The contract in the German language shall be the sole legally binding version.