Conditions of Auction
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Extract from the rules of procedure
Rules of Business: Auctions are conducted
according to the conditions of sale as set down
by Im Kinsky Kunst Auktionen GmbH. The
rules of business are available for viewing at
the Auction House, and can be requested by
post or email, they can
also be called up on the internet under
www.imkinsky.com.
Estimates: In the catalogues the lower and
upper estimated values are indicated in Euros
and represent the approximate bid expectations
of our experts the reserve price as a rule
does not exceed the lower estimate.
Guarantee of Authenticity: The valuation, as
well as technical classification and description of
the art objects is carried out by the specialists of
im Kinsky Kunst Auktionen. im Kinsky Kunst
Auktionen guarantees the purchaser the authenticity
for three years – i.e. that the authorship of
the art object is as set out in the catalogue.
Catalogue Descriptions: Catalogue information
concerning techniques, signatures, materials, condition,
provenance, period of origin or manufacture
etc. are based on the generally accessible accumulated
knowledge determined by the experts. im
Kinsky Kunst Auktionen cannot be held responsible
for the verification of these descriptions to the
purchaser. It also retains the right to correct catalogue
descriptions during the auction.
Insurance: All the art objects are insured. The insurance value is the purchase price. The responsibility of the Auction House lasts until the eighth day after the auction. After that, each art object is only insured if there is an order from the purchaser to do so.
Starting price & Hammer price: The starting
price is determined by the auctioneer. The bidding
rises in approximate increments of 10%
from the starting price, or 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).
Buyers Premium: For art objects which require‘difference’ taxation the purchase price consists
of the hammer price plus the sales commission
of 24%. For art objects which require
‘normal’ taxation (pointed out in the catalogue),
the price consists of the hammer price
plus commission of 20%, plus VAT (10% for
paintings , 20% for antiques). The buyer is
obliged to pay the purchase price within 8
days of the fall of the hammer.
Artist's Resale Right: A resale royalty is added to the purchase price of artworks which are marked with a * in the catalogue. It consists of 4% of the first 50.000 EUR of the hammer price, 3% of the next 150.000 EUR, 1% of the next 150.000 EUR, 0.5% of the next 150,000 EUR and 0.25 % of all further amounts, that is prices which exceed 500,000 EUR. However, in total the resale royalty never exceeds 12.500 EUR. The resale royalty doesn't apply to purchase prices which are lower than 3.000 EUR.
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 im Kinsky Kunst Auktionen must have
received signed order forms, (available in the
catalogues), in due time.
Telephone bids: Telephone bids will only be
accepted by im Kinsky Kunst Auktionen if
the telephone bidder agrees to offer at least the
minimum estimate. If at the time the appropriate
lot comes up it is impossible to establish a
telephone link, the purchase order will automatically
start with the lower estimate to that
absentee bidder.
Governing Law and iurisdiction: The site for
the dealings between im Kinsky Kunst
Auktionen and the purchaser is the business
address of im Kinsky Kunst Auktionen. All
legal dealings or conflicts between persons
involved in the auctions are governed by
Austrian Law, and the place of jurisdiction
shall be the Courts for the First District of
Vienna.
