Sabiedrība ar ierobežota atbildību Cinka Raita Rīgas firma “BALTARS”, registration number 40003034761 hereinafter referred to as"Auction House", organizes fineartandantiquesauctions,hereinafter referred to as"Auction", and on the basis ofthese ruleshereinafterreferred to as"Rules", whichare developed in accordancewith Latvian legislation.
1. Definition of terms used in auction rules
| Auction House | – a legal entity which organizes Auctions, drafts its rules, performing as a mediator, by adopting and implementing Lots and is paid fee for sale organization. |
| Web site | – Set of data available on the internet with the address https://izsoles.plmm.lv. |
Auction | – voluntary public auction, which is being held in the Auction House's website for selling fine art and antiques by auction. |
| Lot | – any object which is displayed by the Auction House for sale on the auction web site and assigned the Lot number in any document, catalog or website. |
| List of Auction Lots (catalog) | – List of items (of lots) displayed in the auction, published on the website. |
| User | – Private person (resident or non-resident) or legal entity (resident only), that has completed all the necessary information in the given section of the auction house web site and has successfully completed the registration process. |
| Participant | – legally capable private person (resident or non-resident) who has reached the age of majority, as well as any legal person (resident only), who has made user / participant's registration on the Web site, has read the auction terms and conditions and agrees to them. |
| Resident | – private person whose permanent residence and place of work is in the Republic of Latvia or a legal person who is registered in the Commercial Register of the Republic of Latvia and who is a taxpayer of the Republic of Latvia. |
Non-resident | – private person whose permanent residence and place of work is abroad or a legal person who is not registered in the Commercial Register of the Republic of Latvia and who is not a taxpayer of the Republic of Latvia. |
| Seller | – private or legal person supplying or transferring items to the auction house for resale in the auction organized by the auction house and verifies that he has full right to sell the items. Web site does not provide information about the owner of the object. |
| Buyer | – private or legal person registered as a participant in the auction and bided price at an auction for the offered Lot, bidding the highest bid at the very end of the auction. |
| Starting price | – minimum price of Auction Lot indicated in the Auction Lot field, from which the bid of Auction Lot is accepted. The current and final prices of Lot are fixed as a result of processing bid mechanism. |
| Reserve price or Reserve | – the minimum price that a seller is willing to accept for an item to be sold at auction. This amount is never formally disclosed. |
| Bid | – the price of a Lotentered by theAuction participant. |
| Final price | – the amount of the highest bid for the lot, which was approved at the end of the auction. |
Commission | – The fee charged to the seller by the auctioneer for providing services–usually a percentage of the gross selling price of the property. |
| The duration of the auction | – Period of time announced by the Auction house, during which the auction takes place. |
| Forgery | – An item that is similar to the original, is offered as the original, but in reality is a replica, the value of which does not comply with the original value. |
| Appraisal act | – written acknowledgement of Lot expertise result made by an expert stating that Lot is the original work, copy or fake of particular artist. |
| Appraisal of Lot | – methods of Lot research, implementing which the experts may issue Lot Appraisal Act. |
2. Registration
2.1. To become a registered user and Auction Participant, the person must comply with the registration procedure.
2.2. Any registered user must take into account that the user's profile data (name, surname and other information) must be true.
2.3. Each registered user can only have one user profile. One profile must not contain several persons.
2.4. Each registered user is obliged not to divulge their access data. If the activities performed on Auction House web site by a registered User profile (including bidding Lot), using the correct username and password, then it is considered that the activity in the profile were made by a registered user himself.
2.5.Registration of Auction User
2.5.1.To gain access to detailed information concerning the lots of the auction, single Auction User registration must be done on the internet site by filling out the appropriate registration form in the section "Register".
2.5.2.At the time of registration Auction User confirms that he has read the Auction Terms and fully agrees with them.
2.5.3.After completion of registration the validation of e-mail address takes place. To the indicated e-mail address the system sends a link pressing which the User Profile activation occurs.
2.5.4.After registering, to log in to your profile will always be asked to enter the e-mail address and password.
2.6.Registration of Auction Participant.
2.6.1.To participate in the auction as the participant, additionally to user registration it is necessary to perform Participant registration and additional rules confirmation.
2.6.2.Participant registration is possible only after completion of the User Registration.
2.6.3.Participants can register not less than thirty (30) days before the Auction start.
2.6.4.Participant registration can be made in the section "sign up for participation" which can be found in the User menu or in the Auction Lot field.
2.6.5.After completion of the participant’s registration the data processing takes place and in case of positive decision the confirmation of the right to participate in the auction as a participant is sent to the indicated e-mail address.
2.6.6.Confirmation to the residents of Republic of Latvia is sent three (3) hours after the completion of the Participant Registration
2.6.7.Confirmation to Non-residents is sent within 24 (twenty four) hours after the completion of the Participant Registration
2.6.8.As the confirmation e-mail is received the User will be activated as the Participant.
2.6.9.The Participant status approval is notified by sending an e-mail confirmation letter. Participant status is active until the end of the auction. In the following auctions the Participant registration must be repeated.
2.6.10.When registering as Auction Participant, the Auction house has the right to request copies of personal identification documents. It is reported to Auction Participant during the Registration process.
2.6.11.. Hour before the auction ends new Participants’ Registration is stopped.
3. Participation in the auction
3.1.Participation in the auction online.
3.1.1.Organized Auctions are available on the Auction House internet site https://izsoles.plmm.lv.
3.1.2.Participation online is possible completing participant registration online and receiving confirmation to the indicated e-mail.
3.1.3.Details can be found in the section "Help".
3.2.Remote participation in the auction.
3.2.2.In case the bidder is not able to participate in the auction directly in auction house internet site, he is given the opportunity to participate remotely.
3.2.3.Participation in the auction remotely is denominated in the way, that before the beginning of the auction, the Participant shall draw up an application form developed by the auction house, which contains the Participant's personal data, Auction Lot number and maximum price - limit, which he undertakes to pay for the Lot.
3.2.4.In case of remote bid the auction house has no rights to exceed the maximum price set by the Participant.
3.2.5.In case there is no bidder for a Lot, a Participant who participates in the auction remotely for a certain Lot gets it at a starting price. If in case of remote bidding the identical bids for Lot occur, preference is given to a bidder, whose written registration form according to the original time and date is submitted first.
4. Entering bids
4.1.Auction Participant has to get acquainted with the stages of Auction bids.
4.2.At the first stage it is possible to confirm the bid with the starting price.
4.3.Auction stages:
1 – 20 = 1, 00 EUR
21 – 50 = 2, 00 EUR
51 – 100 = 3, 00 EUR
101 – 200 = 5, 00 EUR
201 – 500 = 10, 00 EUR
501 – 1000 = 25, 00 EUR
1001 – 2000 = 50, 00 EUR
2001 – 5000 = 100, 00 EUR
5001 – 10 000 = 200, 00 EUR
10 001 – 20 000 = 250, 00 EUR
20 001 – 50 000 = 500, 00 EUR
from 50 000 = 1000,00 EUR
4.4.Entering bids in stages allows bidding based on the set of steps range.
4.5.Auto bid tactic enables to enter the maximum bid. Entering auto bid the system will automatically answer on behalf of the Participant to the bid indicated by opponent.
4.6.Entering automatic bid, the system will increase the bid not exceeding the bid specified by the Participant.
4.7.A certain auto bid ofParticipant is not published.
4.8.Bids coinciding, Auctions leader is a participant who entered the bid before the opponent.
4.9In case of leadership change in the last ten (10) minutes before the end of auction notifications, the system activates Auctions extension of ten (10) minutes from the moment of leader change and so on at each subsequent auctions leadership change. Auction is considered complete when the last ten (10) minutes there was no change in leadership. On the other hand, if the current price of Auction Lot is changing, but the leader does not change, auction time is not extended.
4.10.Confirmation of auto bid means the absolute and irrevocable consent of the Participant to buy Lot for the acquired Auction Lot price.
4.11.If until the end of the auction there was no bid for the Auction Lot and there is no remote task, it is removed from the Auction, and Lot can be sold after Auction, according to the sales order.
5. Rights and liability
5.1. Rights and liability of the Auction House
5.1.1. Auction House auction is held in accordance with the Auction Rules.
5.1.2. The Auction House has the right at any time to amend and supplement the rules. Such changes come into force after its publication in the auction house's website.
5.1.3. The Auction House undertakes to display all Lots for viewing at least one (1) week prior to the start of the current auctions in the auction house website.
5.1.4. The Auction House has the right, without giving reasons for the decision:
a) request a copy of the identity document;
b) request to sign a bilateral agreement on the participation in the auction;
c) charge a security deposit and guarantee money;
d) permit or deny participation in the auction;
e) refuse to display items at the auction;
f) to remove any Lot from the Auction until the assigned start of the Auction;
g) to cancel bids during the Auction and
h) to close User profile.
5.1.5. Auction house has the right to postpone the final auction date if during the end of auction the internet disorder occurred. In this case, the Auction House undertakes to notify all Participants of the auction transfer date electronically to the participants indicated e-mail addresses, as well as post information on the Internet site.
5.1.6. After Auctions the Auction House does not accept complaints about the Lot, does not change Lot and does not accept back.
5.1.7. The Auction House is entitled to use Lot picture, description and price in their promotional material without any restrictions and fee.
5.1.8. The Auction House is obliged after the full payment of purchased Lot, at the participant's request to pass paid Lot / Lots, which is written in the act, and is signed by both parties.
5.2. Rights and liability of Auction participant.
5.2.1. Auction participant is eligible to participate in the auction in accordance with the Auction Rules.
5.2.2. The Auction Participant confirms that he has read the auction terms and agrees to them.
5.2.3. If the Auction Participant performs any action in the Auction House Web site, it is deemed that the participant is familiar with the existing rules and will follow them.
5.2.4. Each Participant is responsible for reading rules to be timely aware of its changes. If a Participant does not agree to Terms, then the Participant is prohibited to participate in the auction.
5.2.5. Before the auction participant has the right and liability to get acquainted with Loti, its quality and condition.
5.2.6. Entering a bid the Auction participant confirms that he has got acquainted with the Lot, its quality and condition, and he has no claim for this Lot.
5.2.7. Auction participant, becoming the buyer, is obliged to pay for the Auction Lot in accordance with the payment order set in the Auction Rules.
5.2.8. Auction participant, becoming the buyer, is obliged to contact the auction house and to agree on the terms of delivery if delivery is required.
5.2.9. If the buyer within 6 (six) months from the auction date proves that purchased Lot is a forgery, the Buyer has the right to request cancellation of the transaction. In this case, the Seller is obliged to pay the purchase price paid by the Buyer.
6. Purchase payment procedures and delivery conditions
6.1. After the Auction an invoice is sent to the buyer via e-mail. Payment is made to the Auction House account.
6.2. Buyer performs payment on the Auctions day or ten (10) calendar days after the Auction held.
6.3. The buyer and the seller are obliged to pay the auction house Commissions of the final price in the following amount: the Commission receivable from to the buyer is additional 20% off of the Lot final price. Commission receivable from the Seller is 20% of the Lot final price or is determined by agreement with the Seller. Fee is included in the final invoice.
6.4. Lot can not be transferred to the Buyer until payment is received in full amount.
6.5. If after ten (10) calendar days after the auction, payment is not made in full amount , the Buyer loses the right to get the Lot and the Buyer pays a penalty of 30% (thirty percent) of the winning bid – in the amount of the final price.
6.6. If the buyer refuses to purchase the Auction Lot, a penalty of 30% (thirty percent) of the winning bid is applied – in the amount of the final price.
6.7. If the Buyer refuses to pay for the Lot, he is prevented from further participation in the auction and the auction house reserves the right to close the profile.
6.8. The Auction House has the right to collect the security and guarantee money. The Buyer loses the security and guarantee money if full payment is not made within 10 (ten) calendar days of the auction. The security and guarantee money remains available to the Auction House.
6.9. If the buyer purchases Lot, pays the invoice, but does not take the Lot for thirty (30) calendar days after the Auction held, the Auction House at the expense of the Buyer organizes Lot’s storage and insurance, and in written or in electronic form sends the e-mail to the Buyer to ask to take the Lot 30 (thirty) days from the day of notification. On the other hand, if the Lot is not taken within 90 (ninety) calendar days from the notification date, it is decided to sell Lot to pay insurance and storage expenses. If a Lot is sold, the auction house, determining all expenses and 20% of the sales price, makes a transaction of the obtained amount to the buyer indicated bank account.
6.10. All expenses for the Lot transportation and the risk of any losses in connection with the Lot transportation from the Lot purchase date is assumed by the Buyer.
6.11. Auction House on the Buyer's request organizes Lot delivery and insurance. All costs associated with the delivery of Lot and insurance are paid by the Buyer.
6.12. The Buyer is obliged to contact the Auction house and to agree on the terms of delivery, if required.
7. Dispute settlement procedures and other terms
7.1. All disputes arising according to these Terms compliance or non-compliance shall be resolved by negotiation. If the disputes are not managed to be resolved by negotiation, they are addressed to court of Republic of Latvia in accordance with Latvian legislation.
7.1. Auction Rules are binding and are applied not only to the Participants or Purchaser, but also to any Participant or Purchaser authorized persons and legal successor.
7.2. Auction rules may be amended at the discretion of the Auction House.
7.3. The Auction House is entitled to perform the Participant and the Buyer submitted data. Auction House guarantees the Participant and the Buyer confidentiality and under no circumstances undertakes not to disclose any kind of information about the Participant and the Buyer, except in cases where such information is requested by law enforcement agencies.
7.4. Participant prior to the auction must read the Auction terms.
7.5. After the auction, the Auction House does not accept complaints about Lot.
7.6. The Auction House is not liable for damages resulting from force majeure or other conditions which are not dependant on the Auction House.
7.7. The Auction House is entitled to use Lot’s picture, description and price in its materials without any restriction.
7.8. If the auction rules are translated into different languages, then the text in Latvian is considered to be the major, but its translations into other languages are considered to be only Latvian text translations.