Rules and regulations

Extract from the rules and regulations

Download the rules and regulations as a PDF, here

Rules of business:
Auctions are conducted according to our conditions of sale. The rules of business are available at the Auction House, and can be requested by post or email (office@ imkinsky.com).

Estimates:
In the catalogues the lower and upper estimated values are indicated and represent the approximate bid expectations of the responsible experts.

Guarantee of authenticity:
The valuation, expert opinion and description of the art piece are carried out by the auction house experts. The auction house gives the buyer a three-year guarantee of the authenticity of the art piece, and therefore that it was in fact produced by the artist named in the catalogue.

Catalogue descriptions:
Catalogue information concerning techniques, signatures, materials, condition, provenance, period of origin or manufacture etc. are based on the current knowledge determined by the experts. Auktionshaus im Kinsky does not warrant for the correctness of these descriptions.

Insurance:
All art objects are insured. The insurance value is the arithmetic average of the two estimates. The responsibility of the Auction House lasts until the eighth day after the auction. After that, each art object is only insured if the purchaser is not in delay.

Starting price and hammer price:
The starting price is determined by the auctioneer. The bidding rises in approximate increments of 10% from the last bid. The highest bidder acknowledged by the auctioneer will be the purchaser as long as it has reached the minimum price (reserve).

Buyer’s Premium:
For art objects which require ‘difference’ taxation the purchase price consist of the hammer price plus the sales commission of 26%. For art objects which require ‘normal’ taxation (marked with ▲), the price consists of the hammer price plus commission of 22%, plus VAT (13% for paintings, 20% for antiques). For hammer price in excess of €300,000 we will charge a commission of 17% (margin taxation) or 14% (normal taxation) for the exceeding amount.

Droit de suite:
Objects marked with an asterisk * in the catalogue are subject to droit de suite in addition to the purchase price. Droit de suite is calculated as a percentage of the highest bid as follows: 4% of the first €50,000, 3% of the next €150,000, 1% of the next €150,000, 0.5% of the next €150,000 and 0.25% of the remaining amount (i.e. over €500,000), but not exceeding a total sum of €12,500. Droit de suite does not apply to highest bids below €2,500.

Absentee bids:
Clients can also submit written absentee bids or bid themselves over the phone, or give an order to the broker. To do so Auktionshaus im Kinsky must have received signed order forms (available in the catalogues), in due time.

Telephone bids:
We will do our best to establish a telephone link, but we cannot warrant for such a telephone connection.

Online Bidding:
Interested parties can participate in the auction also via the Internet. Bidders are subject to the terms and conditions of sale for bidding in person. Auktionshaus im Kinsky assumes no liability for any breakdown or loss of the Internet connection.

Governing Law and jurisdiction:
The site for the dealings between Auktionshaus im Kinsky and the purchaser is the address of Auctionshaus im Kinsky. All legal dealings or conflicts between persons involved in the auctions are governed by Austrian Law, place of jurisdiction shall be the Courts for the First District of Vienna.