Terms and conditions

Auction Policies, Purchasing Terms and Conditions and the Conditions for Receiving an Valuation

- hereafter: “Business Terms and Conditions” -

of

ISA Auctionata Auktionen AG
Stutterheimstrasse 16-18/II/3.02
1150 Wien, Österreich [Vienna, Austria],

- hereafter: “Auctionata” –

represented by its Managing Directors: Alexander Zacke, Georg Untersalmberger and Almir Kazazic

Telephone: +43 (0)660 88 55 120
Business Registration No.: FN346362g
VAT ID No.: ATU65789015

This text is a translation from the German language, only. In case of doubt, the German version applies. The contractual language is German.

Bei diesem Text handelt es sich lediglich um eine Übersetzung aus dem Deutschen. Im Zweifel gilt die deutsche Version. Die Vertragssprache ist deutsch.

Definitions

For better comprehension, some terms are defined here in advance which can be found in these Terms and Conditions, in the Privacy Policy, in the Consignor Agreement and in other places.

Consumer:
The consumer refers to a natural person who purchases the goods and services for his own purposes.

Business Person/Company
The business person is a natural or legal person or a partnership which is authorised to undertake legal dealings which/who is acting in the exercising of his/its commercial or independent professional capacity when concluding a business deal.

Verification:
Verification means that Auctionata will examine whether a registered person is actually the person whose identity has been given. For the verification, several options are available which are listed in detail in the Business Terms and Conditions.

Consignor:
The contractual partner delivers used itmes to Auctionata for auction or sale in the sales gallery. The consignor shall remain the owner of the items until transfer of ownership is made to the buyer. A consignment agreement is concluded.

Supplying:
The surrendering of the items to Auctionata for sale. The contractual agreement concluded between the consignor and Auctionata is called the Consignor Agreement. It involves a commission-based transaction.

Auction:
Auctionata regularly holds auctions on its business premises whereby the goods displayed in the online catalogue are publicly auctioned. The auction is broadcast live via streaming technology on the Internet. Thus, it is possible to personally participate in the public auction live via the Internet by entering the virtual auction room. Thus, it is also possible for bidders to also submit bids by telephone during the auction. Moreover, written purchase orders can be issued to Auctionata and indeed by fax, letter or email and up to one hour prior to the start of the auction..

Auctioneer:
The auctioneer is considered to be the person who conducts the auction, announces the items for bidding and declares the acceptance of the winning bids (knock down). The auctioneer is considered to be the master of the proceedings. Auctionata works only with auctioneers who are certified in Austria or Germany.

Fall of Hammer or Knock Down:
Upon acceptance of the winning bid, namely when the auctioneer hits his gavel on the table (knock down), the purchasing agreement shall be considered to have been concluded. The price obtained in this manner shall be considered to be the hammer price.

Hammer Price:
This is the price which the highest bidder offers in order to receive the acceptance of the winning bid, in other words to acquire the goods. The hammer price does not contain the buyer´s premium and additional ancillary costs.

Bidder:
A bidder is a person who submits a bid (regardless of whether it is in writing, via the Internet or by telephone) during an auction or an Internet auction. In cases of doubt, it must always be assumed that a bidder is bidding in his own name.

Highest Bidder:
The highest bidder is the person who submits the final bid at an auction which is knocked down by the auctioneer.

Low Bidder:
A person who has submitted a bid during an auction directly before the winning bid was issued and who was ultimately outbid by the highest bidder.

Account:
Each bidder requires an account in order to be able to participate in the bidding process in the virtual auction room. As the holder of an Auctionata account, one can log in with a password and must upload a profile photo.

Profile Photo:
The photograph which must be uploaded when an account is set up may depict the person holding the account or also a motif which is appropriate to the account holder. Profile photos may not violate third-party rights.

Purchasing from the Curated Sales Gallery:
Auctionata shall display goods in the sales gallery which may be purchased immediately at fixed prices. In some cases, customers themselves may recommend a price. The consignor reserves the right to accept or reject this counter offer. Until a price is accepted, the article will remain in the sales gallery and may thus be acquired by a third party at an official sales price.

Catalogue Descriptions:
These are the binding descriptions of the goods which are auctioned off or sold. As an exception, obvious typing errors shall be considered to be non-binding.

Written Auction Announcements:
Written auction announcements are statements issued by the auction house which can be reviewed in written form before the beginning of an auction and are read aloud by the auctioneer. They carry greater weight than the catalogue descriptions because they may possibly contain new information. Before entering the auction room, the written auction announcements must be approved. They will be read aloud to persons bidding by telephone. Bidders who have already submitted bids before the written auction announcements were available for review and who had no opportunity to receive such information shall be contacted by telephone by the auction house before the auction begins and asked whether they want to keep their bid. If they do not wish to do so, it is possible to withdraw the bid upon a free-of-charge basis.

Written Absentee Bids:
Each prospective purchaser is at liberty to submit written purchase orders for the acquisition of items at auctions. These written bids shall be taken into consideration by the respective auctioneer during the auction and must contain at least a starting price and a purchasing limit. Purchase orders must be received in writing by Auctionata by no later than one hour before the auction begins. Purchase orders which are received later may only then be taken into consideration after the auction is over. The prospective buyer may choose whether the purchase order is implemented by a broker or by an auctioneer.

Purchasing Limit:
With regards to a purchase order, a maximum amount must be stated at which the bidder is prepared to acquire the goods. The purchasing limit must be at least the amount of the starting price and will only be exhausted if there is another bidder.

Broker:
The broker is an employee of Auctionata. He shall render bids for customers who bid by telephone. Likewise, upon the respective prospective buyer’s request, the broker shall forward purchase orders from the written bidders to the auctioneer during the auction.

Bids by Telephone:
Each prospective buyer shall be at liberty to notify Auctionata in writing that he would like to bid by telephone during the auction. Auctionata shall call the prospective buyer at the telephone number he designates and make it possible for him to participate in the auction by telephone. The conversation shall be conducted by a broker.

Representative:
Each prospective buyer shall be at liberty to commission a person who is not affiliated with Auctionata to bid in his name during an Auction. Insofar as the contractual relationship between the representative and the prospective buyer is not already known to Auctionata, then the contractual relationship must be documented in writing by fax or mail.

Notary:
A notary shall be called in if at least two bids are received of the same amount and at the same time and lots are drawn to decide who has the winning bid. Furthermore, it is the notary’s responsibility to review written purchase orders in advance.

Presenter:
The presenter presents the offered item to the auction’s audience and reads aloud the catalogue descriptions. In the event that there are deviations between the presenter’s oral presentation and the catalogue descriptions or the auction’s written announcement, then the written catalogue descriptions shall take precedence. These written catalogue descriptions shall, in turn, be preceded by the auction’s written announcement.

Estimated Value:
A valuation is made of the items to be auctioned determines the so-called estimated value. This represents an amount in money which, based upon the professional opinion of our experts, should be obtained during the auction assuming a sufficient number of bidders.

Starting Price:
That is the amount at which the auction will begin.

Fixed Price:
That is the gross purchase price which was agreed for a purchase in the sales gallery. It contains the premium and the applicable VAT. It does not contain the shipping and insurance costs. As a rule, the items are offered for the estimated value in the curated sales gallery.

Sales Proceeds:
In the event that an auction is held, the sales proceeds comprise the hammer price less all the fees to be paid by the consignor.

In the case of a sale of goods in the sales gallery, the proceeds comprise the fixed price less the premium which will be retained by Auctionata and all the fees to be paid by the consignor.

Counter Offer:
Customers may be make the recommendation to the consignor to purchase goods from Auctionata‘s sales gallery at a lower fixed price. A contractual agreement shall only then be realised when the consignor has approved the offer. The customer shall be bound to his counter offer for seven days. If a third party acquires the goods at the fixed price during this timeframe, the customer’s counter offer shall cease to be valid and the purchasing agreement with the third party shall be realised.

Droit De Suite/Resale Rights Tax:
A resale rights tax shall be applicable in accordance with the “Urhebergesetz (Copyright Act)” if artistic works from artists or photographers as well as their heirs are resold up to 70 years after their deaths and art brokers, art dealers or auction houses participate in their sale. Information is provided about the amount of the taxes in the Overview of Fees for Consignors.

Shipping Insurance:
Auctionata shall purchase shipping insurance for the shipment of all goods. In the event that an insurance claim is filed, the buyer shall be credited with the actual payments made and paid out from the Insurance Agreement. The buyer may also demand that the claims against Auctionata‘s insurance provider be assigned to him and assert these claims himself.

Overview of Fees:
The fees incurred during the implementation of the business relationship between Auctionata on the one hand and the consignors and the buyers on the other hand shall be regulated respectively in a binding Overview of Fees with an Overview of Fees for Consignors and an Overview of Fees for Buyers.

Premium:
The premium is considered to be that fee specified on the Overview of Fees for Buyers which is added to the hammer price during an auction. Furthermore, it concerns each fee which is contained in the price when goods are purchased from a sales gallery.

Sales Proceeds

English Auction:
With this auction form, the price is successively increased by the submission of at least one bid above the starting price. The starting price is set by Auctionata subject to the consignor’s approval and, as a rule, is substantially lower than the estimated value in order to create an incentive for bidders. Bids which do not correspond to the increments specified by the bidding increments table shall be rounded down to the next lower increment. The tabular list of the increments specified by Auctionata constitutes an integral component of these Business Terms and Conditions.

Valuation:
The value of an item which is offered by Auctionata shall be estimated by experts commissioned by Auctionata. Auctionata offers to valuate five items per person and year upon a free-of-charge basis. Beginning with the 6th item, the valuation shall remain free of charge if the valuated items are, subject to Auctionata’s approval, made available to Auctionata for sale within one year’s time after the date the valuation was made.

Taxation of the Margin:
The purchase price shall be subject to differential taxation for buyers with their commercial residence within the EU. The taxation of the margin concerns a special form of taxation which is intended for the trading of used items for which it is not possible to deduct the input tax.

Standard Taxation:
If the standard taxation (in German language: “Regelbesteuerung”: “RB”) applies, then VAT shall also become payable on the purchase price of the goods and shall be billed. If an artwork is labelled with the term “Regelbesteuerung” or the abbreviation “RB” in the online catalogue, then the sale shall be subject to standard taxation.

1. Preamble

Auctionata is an auction house which offers high-quality goods on the Internet. They are auctioned off or offered for direct sale in the sales gallery. All auctions are transmitted in real time via streaming technology. Auctionata shall act in its own name for the consignor’s account (commission-based transactions) and holds a trade licence in accordance with § 158 of the “Gewerbeordnung” [Austrian Industrial Code] of 1994. Second-hand goods from the fields of art and antiques as well as sculptures, decorative art and design of the 20^th century, jewellery, rugs, memorabilia, collector’s items, oriental artworks, tribal art, textiles, Islamic art, postcards, paintings, works on paper and graphic prints, numismatics, postage stamps, silver, porcelain, glass and ceramics, contemporary art and photography, rare wines and liquors, antique books, autographs, placards, vintage fashion, accessories, musical instruments, watches, vehicles, coins and many other luxury goods.

In addition to the auctions, Auctionata offers direct sale of goods in the sales gallery. For goods which have been purchased during the auction, no right of revocation shall be valid for consumers. For goods which have been acquired in the sales gallery, the right of revocation shall be applicable to consumers, see Section 8 below.). Moreover, Auctionata offers valuations of second-hand art items and luxury goods to consignors.

The consignor receives the buyer’s name and contact data. Otherwise, the bidding in the auction room takes place merely with the use of the bidder’s first name or visitor’s name. The profile photo and residence or commercial residence of the bidder shall be shown, but third parties can not recognise who is bidding on a set of goods and who obtains the winning bid. However, the auctioneer and Auctionata’s Customer Service employees can see who bids or buys.

A sale by auction at Auctionata proceeds like a public auction not on the Internet and based upon the English auction model. With this auction form, the price is successively increased by the submission of at least one bid above the starting price. The starting price is set by the auctioneer subject to the consignor’s approval and, as a rule, is substantially lower than the estimation value in order to create an incentive for the bidders.

At Auctionata, natural persons, legal persons and partnerships may register in order to participate in an auction or to have a valuation made for a set of goods. Our offerings are intended merely for consumers and business persons who have turned 18 years of age, i.e. only for adults. In the event that the customer only then becomes an adult after turning 18 years of age in the country where he resides, then the customer may only then register when he is considered to be an adult in the country where he resides. We supply worldwide if statutory directives do not forbid this (importing bans).

Auctionata reserves the right to exclude customers from an auction or from making a purchase in the sales gallery if their residence/delivery address is located in a country in which the goods that are being offered cannot be imported and Auctionata has knowledge of this and if doubt exists about the customer’s identity or his creditworthiness. Auctionata reserves the right to limit the number of goods which a customer may acquire. Thus, for example, it may be demanded that acquired goods must be paid for before the customer may continue to bid or buy.

Auctionata’s employees themselves are forbidden from bidding on goods. However, Auctionata’s employees may acquire goods for private purposes from the sales gallery. Auctionata’s employees may not supply any goods.

A component of this contractual agreement shall be the Overview of Fees for Consignors and the Overview of Fees for Buyers as respectively amended as well as the tabular listing of the increments specified by Auctionata.

2. Registration, Verification and Credit Check

2.1. Anonymous Information

Each person who visits our web site can receive information anonymously about items being auctioned off for sale.

2.2. Registration

In order to be allowed to enter the auction room and bid, the saving of user data is required so that the bidders can be verified, the sales transaction can be concluded and, after the completion of the commission-based transaction, the personal data of the bidder and/or buyer can be submitted to the consignor.

The option also exists to register directly before entering the auction room or directly before acquiring goods from the sales gallery. However, this can also occur in advance. Registration is free-of-charge and shall not oblige the registrant to purchase or buy goods at an auction.

Auctionata shall request the following data when registration is made which must be provided truthfully:

• Given name and surname
• Email address
• Address (where applicable, different delivery address when checking out)
• Telephone number so that the bidders can be contacted by the Customer Service Division and the personal data can be verified

An account with Auctionata is required only by a party who wishes to bid in the auction room. Customers who would merely like to acquire items in the sales gallery can submit a brief registration and shall be considered to have been verified when the payment has been received and the goods were able to be delivered.

For the account, a password must be selected with which one can log in on Auctionata. The password must be kept secret. Furthermore, a profile photo must be uploaded on Auctionata and a user name must be selected which can be viewed externally. The photo is not required to display the bidder, but may not violate third-party rights. Auctionata reserves the right to reject and delete profile photos.

2.3. Verification, Credit reference and Security

The following customers shall be considered to have been verified by Auctionata:

1. Customers with whom Auctionata has concluded a supply agreement.
2. Customers who have already purchased goods in the sales gallery if they have been paid for and accepted or been picked up subject to the presentation of ID. In this case, we assume that a buyer’s name and address information have been correctly provided.
3. Customers whom, upon their request, we call so that they can participate in the bidding process and who have been verified by means of a copy of an ID, via credit card, via a credit agency or via the provision of security and/or bank information and, as required, also can document their credit reference.
4. Customers who are personally known to the auction house.

Auctionata may make each bidding process dependent upon the provision of security, bank information, information from a credit agency or via the blocking of a certain volume of the credit card limit.

Because it is not possible to attain 100% protection against fraudulent bidding procedures or purchases, Auctionata will always only then ship the goods after having received payment in order to protect itself and the consignor as well.

Furthermore, Auctionata shall demand that the customer once again approve these Business Terms and Conditions as well as also acknowledge the written auction announcements for participation in an auction before entering the auction room, before each purchase in the sales gallery and before each inquiry about a valuation. Customers who have an account must, without this having to be requested, report each change in his name and address data via email, fax, letter or by telephone to Auctionata.

3. Valuation

3.1. Lapsing of the Valuation

Regardless of whether they have already registered at Auctionata, Auctionata’s customers may have valuations prepared for five items within twelve (12) months upon a free-of-charge basis. Beginning with the sixth item within a twelve-month period, inquiries shall likewise be gladly received. However, in this case, a written contractual agreement shall be required for additional valuations. In this case, the Overview of Fees for Consignors shall be valid. In our offer per email, we provide information about the right of revocation for services. A cost-based valuation shall be done only against advance payment. Beginning with the sixth item, the valuation shall remain free-of-charge if, contingent upon Auctionata’s approval, the items subjected to a valuation are provided to Auctionata for sale within one year’s time after the date that the valuation was done. In this case, the consignor shall be reimbursed the costs for the valuation.

There are valuations which are done based upon several photos taken by the customer himself and valuations for which an expert from Auctionata will visit the customer on-site. In some cases, the customers will also be requested to send in the item to Auctionata. In this case, Auctionata shall provide information about how this process will precisely proceed.

For the customer, the submission of the enquiry for a valuation of an item constitutes no contractual obligation to also offer an item via Auctionata. However, Auctionata reserves the right to reject enquiries.

In order to have a valuation done for an item, at least the name and email address of the customer must be disclosed as well as these Business Terms and Conditions and the Privacy Policy must be approved. Of course, inquiries will be treated with the highest level of discretion.

After receipt of the inquiry about a valuation (number of articles: 1-5), the customer shall receive an email in which Auctionata confirms that it will do the valuation or refuses to do the valuation. If Auctionata accepts the order, then an agreement shall be concluded about the free-of-charge service. In this case, as required, the customer shall also receive an email or a telephone call in order to obtain additional information about the item. If a free-of-charge valuation is supposed to be cancelled, Auctionata will request a written notification.

Beginning with the sixth item, the customer shall receive an offer via email for a fee-based valuation. If the offer is accepted, then an approval is required via fax, email or letter. Auctionata shall remain at liberty to also offer individual customers more than five valuations upon a free-of-charge basis.

For each valuation inquiry, a valuation no. shall be assigned by means of which the status of the inquiry can be tracked online. When the results are available, the customer can decide whether he wishes to have the item sold via Auctionata (sale by auction and/or auction and/or sales gallery). In this case, Auctionata shall conclude a supply agreement with the customer. No automatic claim to the conclusion of a supply agreement shall exist.

3.2. Content of the Estimate

Estimates are made by our experts to the best of their knowledge as well as according to the state of the science taking the information provided by the owner of the object as basis. The reliability of the estimate is decisively dependent on this information, particularly if an object to be estimated can only be evaluated by means of photos. In such case, you talk of a remote estimate. It is generally only to be considered as interim solution as it goes without saying that no final estimate can be made on the basis of photos. Thus, every object will be carefully re-examined by the Auctionata experts in case of delivery to the sales gallery or auction. This examination may lead to a subsequent change in the provisional estimated price determined in advance which will, of course, be notified to the offeror as early as possible. Customers making use of the free estimate service are explicitly informed that they should not make far-reaching decisions like gifts, sale to third parties or similar on the basis of a remote estimate as estimates solely on the basis of photos are not only made without any warranty on the part of Auctionata but can also never be absolutely reliable.

4. Catalogue Descriptions, Inspection of the Goods

4.1. Catalogue Descriptions

The experts from Auctionata shall then obtain information about the production techniques, the origin, the preservation condition, materials, design and age of the item based upon published or other generally available research and scientific knowledge to the best of their knowledge and judgment. This information shall be included in the catalogue descriptions. Only such defects, flaws and damage that substantially restrict the value of the goods shall be included in the catalogue descriptions.

4.2. Viewing On-Site or Via the Internet

All goods offered in auctions or in the sales gallery may be viewed and examined by prospective buyers by appointment on Auctionata‘s premises or in exceptional cases at the consignor’s where the article is located. Upon request, the article’s location will be disclosed to interested parties.

The goods shall be offered and sold at auction in the condition they are in when the winning bid is accepted. Upon the rendering of a bid, the bidder confirms that he has viewed the auction’s item online and/or on-site.

5. Auction Formats

5.1. Weekly Auctions:

At Auctionata, weekly auctions are held which are often only then announced at short notice. With a weekly auction, the offerings are often quite mixed and diverse. Auctionata endeavours to negotiate particularly low starting prices with the consignors. The time for each weekly auction shall be disclosed on the web site. As a rule, during the weekly auctions, items from quite diverse segments are offered.

5.2. Special Auctions:

Furthermore, there are special auctions at Auctionata in which items from a designated area of 15 main categories are offered by Auctionata. In this case, our experts make a strict selection in order to ensure that only clearly suitable articles are sold by auction. Special auctions are also announced, but only take place infrequently.

6. The Auction Process

6.1. General

Auctionata’s auction room may be entered only by bidders who have already registered and been verified or by visitors which have been directly verified after entering the auction room. A consignor may also bid during the auctions or purchase goods in the sales gallery; this naturally does not apply to his own goods.

The auctioneer shall conduct the auction and is the moderator of the proceedings and shall accept the winning bid at his own discretion. At the beginning of the auction, the auctioneer shall read aloud the written auction announcements. These written auction announcements shall be prevailing over the information provided in the catalogue. The written auction announcements must be approved before entering the auction room.

If the auctioneer makes the decision to end the auction, then he shall count off the following phrase to all persons who have entered the virtual auction room “Highest bid going once…, highest bid going twice…., highest bid going thrice…”. Then the current bid price shall be announced by the auctioneer. The auctioneer may only then announce the acceptance of the winning bid if no higher offer has been submitted after the highest bid is repeated three times.

Because our auctions involve auctions based upon the European distance contract Directive in which no right of revocation and return of return exists for long-distance sales agreements, Auctionata shall grant the consumers no right of revocation if a contractual agreement has been concluded for goods via a winning bid at an auction.

The auctioneer shall be entitled to withdraw items, to conduct the auction in deviation from the order of the catalogue numbers and to offer auction items together and/or to divide up auction items which include multiple items.

Rendered bids are always considered to be binding. Bids which do not correspond to the bidding increments table specified by Auctionata shall be rounded down to the next lower increment. The tabular list of the increments specified by Auctionata shall constitute an integral component of these Business Terms and Conditions.

The auctioneer reserves the right to reject bids which appear to not be legitimate bids or to request that bidders first pay for goods that they have already acquired or make a down payment before they may bid on additional goods.

If several bidders have rendered bids of the same amount for the same item, then the auctioneer shall accept the bid from the first bidder as being the winning bid. Thus, the bidder having made the first bid shall have his bid accepted as being the winning bid if no higher bid is rendered. For bids of the same amount that are received simultaneously, lots shall be drawn. For such cases, a notary shall be available who will monitor the lot-drawing process and ensure that the process is conducted properly.

If an important reason exists, the auctioneer may decide to not auction off an article or to refuse to accept a winning bid. If doubt exists regarding who has rendered the highest bid, then the auctioneer shall have the right to declare the last or purportedly last winning bid to be invalid and to auction off the goods one more time.

The bidder bids and purchases in his own name and on his own account. However, he may be represented by a representative who has been announced in advance in writing (email, fax or letter).

Bids, including written or oral bids, shall always be rendered only in the amount of the winning price; that is to say, the premium, the VAT and any applicable resale rights tax shall not initially be taken into consideration and shall be added to the winning price bid after the winning bid has been accepted. Shipping costs and shipping insurance shall continue to not be taken into consideration.

6.2. The Winning Bid, Rendering the Winning Bid Invalid, Offer to Low Bidders

Auctionata shall conduct genuine auctions. That is to say, the purchasing agreement shall be concluded for the offered goods when a winning bid is accepted. The acceptance of the winning bid shall create an obligation to accept the goods.

The auctioneer shall be entitled to render a winning bid invalid and to again auction off the item, for example, if he has overlooked a purchase order, but only, however, if the highest bidder has not yet paid for the item (receipt of the payment into the account). If, after the conducting of the auction, it turns out that the highest bidder is not able to acquire the item that has been sold by auction or other reasons oppose the acquisition, then it shall be in the auctioneer’s discretion, after rendering the winning bid invalid, to offer the item to the lower bidder in writing via email and indeed at the last price he offered. The auction house is bound to the offer for five days. The acceptance of the bid must be made in writing via fax, email, letter or by telephone.

6.3. Bidding Forms

Bids may be rendered live via the Internet or by telephone. However, there is also the option of rendering bids in advance via letter, email or fax before the auction begins.

6.4. Written Purchasing Orders Before the Auction Begins

If bids are rendered before the auction, then this shall be considered to be the respective bidder’s instructions authorising the auction house to submit the bid on his behalf during the auction. In order to issue purchase orders, customers must completely fill out an order form that Auctionata has made available on its website and send it to Auctionata via letter, fax or email. The written purchase order must contain the auction items, the catalogue numbers and the maximum purchase limit being bid. The purchase limit is understood to exclude the premium and the statutory VAT that is applicable to this premium as well as also excluding the shipping and shipping insurance costs and any required resale rights taxes. The purchasing limit must be at least the amount of the starting price and shall only then be exhausted if there is another bidder. For the classification of the purchase order, only the catalogue number stated by the prospective buyer on the purchase order shall be relevant. The written purchase order may not be used for additional notifications extending beyond the explicit purchase order. Such notifications on written purchase orders shall not be taken into consideration by the auction house and, where applicable, may result in the order being rendered invalid.

Auctionata shall accept purchase orders from customers who are already known and have been verified up to one hour before the auction begins. Written purchase orders shall be implemented, based upon the customer’s request, by either a broker or an auctioneer. The implementation shall be free-of-charge. Auctionata and the auctioneer shall be at liberty to reject written purchase orders. Purchase orders which are received later may only then be taken into consideration after the auction has been completed.

6.5. Bids by Telephone

Customers must fill out a special order form in order to issue purchase orders by telephone. This order form shall be provided by Auctionata on its web site. This must be filled out in full by the bidder and sent to Auctionata via letter, fax or email.

A registration for a bid by telephone for one or more items shall automatically constitute a bid at the estimation value for the corresponding items. That means that, if the broker cannot reach the bidder during the auction, the broker will always bid at the estimation value. If no one else bids on the corresponding goods, then the party bidding by telephone shall automatically receive the winning bid at the starting price.

If the bidder is already known to Auctionata, no additional verification is done. Parties bidding by telephone who are not yet known to Auctionata must present an ID in advance to the auction house (verification). The verified bidder will then be contacted during the auction by a broker at the designated telephone number in order to make it possible for him to bid. The broker will accept the caller’s bids and forward them to the auctioneer.

During the telephone call, the party bidding by telephone must state that he acknowledges these Business Terms and Conditions and the written auction announcements and approves them. The conversation may be recorded by Auctionata for documentation purposes which will be announced to the caller in advance. The auctioneer is at liberty not to accept bids by telephone or to make the consideration of a bid dependent upon the rendering of a down payment or a credit check.

6.6. Equal Treatment of Live Bids and Purchase Orders

The auctioneer shall, on the one hand, consider the bids rendered by the bidders who are present via the Internet and, on the other hand, also the written purchase orders and the bids received by the broker via the telephone so that, for example, there can be an increase in the prices bid between the Internet bids and the written purchase orders, but also between two written purchase orders or a bid by telephone.

The auctioneer is at liberty not to accept purchase orders, live bids or bids by telephone or to make the consideration of a bid dependent upon a down payment and/or the provision of security or credit report information.

6.7. Withdrawal of a Purchase Order Which Was Issued Before an Auction

If a bidder declares that, despite the rendering of a purchase order, he would like to participate live in the auction on the Internet, then he may withdraw his purchase order by written notification (fax, letter) to the auction house up to 24 hours before the auction begins (receipt by the auction house) and participate in the bidding process live himself. The withdrawal of the purchase order only then becomes valid if the bidder also actually participates live in the auction and renders bids which correspond to the purchase order which he already previously issued in writing.

A bidder may withdraw his bid up to 72 hours before the auction begins. In this case, the cancellation fee specified on the Overview of Fees for Buyers shall become payable as a lump-sum expenditure amount and per item.

6.8. Withdrawal Shortly Before the Auction Begins

In principle, it is not possible to withdraw a bid later than 72 hours before the auction begins or during the auction. Solely the auctioneer shall, in his own discretion, decide what exceptions will be granted. In this case, a lump-sum expenditure amount per item shall become payable whose amount is stated on the valid Overview of Fees for Buyers.

6.9. Lump-Sum Expenditure Amount

If a bidder declares that he wishes to withdraw his bid, then he must pay the lump-sum expenditure amount against documentation before the auction begins. The documentation may be provided via a bank statement which Auctionata receives via email, fax or letter or via an instant transfer. Otherwise, the bid shall continue to be considered to be valid.

6.10. Withdrawal of Goods by the Consignor

Each consignor may again withdraw his goods before the auction begins and for a fee. Thus, no claim exists upon the part of our customers to be able to bid on a certain item.

7. Purchasing from the Curated Sales Gallery

7.1. Fixed Price

At Auctionata, some goods may also be purchased directly in the sales gallery. These goods can be acquired at a fixed price.

7.2 Conclusion of the Purchase Agreement

The presentation of the offering of goods in Auctionata’s catalogue is done subject to the proviso that a consignor will not once again withdraw his goods. These offers can be accepted at the conditions stated in the description. By clicking on the “Now Make a Binding Order and Pay the Costs” button on the shipping basket page, a binding purchasing agreement shall be considered to have been concluded between the buyer and Auctionata.

After the order is received, the buyer shall receive an order confirmation by email and an invoice in PDF format. All fees and costs incurred may be reviewed in the Overview of Fees for Buyers. Of course, they will also be displayed before the purchase is made. For deliveries abroad, additional costs may be incurred which the buyer himself must assume, particularly customs duties and importing taxes.

In some cases, Auctionata shall make it possible for the customer to submit a counter offer (bid) which may lie below the fixed price. In this case, the customer shall be bound to his bid for seven days’ time. Legitimate counter offers shall be passed on to the Consignor. If multiple counter offers are received, only the highest counter offer will be passed on. If the consignor does not respond within seven days, the bid shall be considered not to have been accepted. If he expressly accepts the bid within seven days’ time, then a purchase agreement shall be concluded for the recommended amount. When the consignor’s approval has been received by Auctionata, then the item shall be immediately marked as sold and the buyer shall receive a corresponding notification.

The counter offer shall become invalid if a third party selects the item at the stated fixed price by clicking on the “Now Make a Binding Order and Pay the Costs” button before we have received the consignor’s approval. In this case, the purchase agreement shall be concluded with the buyer who is willing to pay the full price.

The consignor shall have the right to withdraw items which are being offered in the sales gallery until a purchase agreement for the respective item has indeed been concluded. This is the case if the buyer has clicked on the “Now Make a Binding Order and Pay the Costs” button in the shopping basket. Thereafter, it is not possible to withdraw the respective goods.

Reference is made below to the issues of purchase price and payment for purchases in the sales gallery, resale rights, shipping costs, payment options, reservation of ownership, liens, default, revocation of the contractual agreement, delivery or pick-up, liability for catalogue descriptions and authenticity guarantees, liability exclusions, maintenance work on the web site, data protection, deletion of the account, amendment of the Business Terms and Conditions and final provisions because these areas are handled equally when making purchases in the sales gallery and at an auction of Auctionata.

8. Right of Revocation for Purchases Made in the Sales Gallery by Consumers

Natural persons shall be entitled to the statutory right of revocation that is described in more detail in the following if they conclude agreements for the delivery of goods or the rendering of services for a purpose which is neither attributable to commercial or independent professional activities (= consumer in accordance with § 13 BGB [German Commercial Code] and § 1 Konsumentenschutzgesetz [Austrian Consumer Protection Act]).

Right of Revocation Instructions

8.1 Right of Revocation

You can revoke your contractual declaration within 14 days in text form (e.g. letter, fax or email) without being required to state reasons for so doing – or if the item has already been supplied to you before this timeframe lapses – also by means of return shipment of the goods. The timeframe shall begin to run upon the receipt of these instructions in text form, but nonetheless not before the receipt of the goods by the recipient and also not before the fulfilment of our reporting obligations in accordance with Article 246 § 2 in conjunction with EGBGB. In order to meet the revocation deadline, the prompt sending of the revocation suffices. The revocation must be sent to:

Auctionata AG

c/o Erento GmbH

Joachimstaler Strasse 31-32
10719 Berlin

Deutschland [Germany]

or by email to: info@auctionata.com

8.2 Consequences of the Revocation

In the event of a valid revocation, the performances received reciprocally by both parties must be restored and, where applicable, any benefits obtained (e.g. interest) must be returned. If you cannot restore to us the benefit which has been received, in whole or in part, or return or restore it only in a deteriorated condition, they you must provide us with compensation in this regard. You must pay us compensation for the deterioration of the goods and for the benefits that have been obtained only insofar as the benefits received or the deterioration is attributable to the handling of the goods which extend beyond the examination of the quality features and the functionality. “Testing of the quality features and the functionality” refers to the testing and trying-out of the respective goods as is possible and customary in a retail shop. Goods that can be packaged shall be sent back at our risk. You must pay the regular costs of the return shipment if the supplied goods correspond to the goods that were ordered and if the price of the goods to be returned do not exceed an amount of 40 euros or if you have not yet rendered the counter performance or a contractually agreed partial payment for higher-priced goods by the point in time that revocation is made. Otherwise, the return shipment shall be free-of-charge for you. Goods that cannot be packaged shall be picked up from your residence. Obligations to reimburse payments must be fulfilled within 30 days. The timeframe shall begin to run for you upon the sending of your declaration of revocation or the return of the goods; for us, upon its/their receipt.

End of the Revocation Instructions

The following paragraphs 9-16 shall be valid both for the sales gallery as well as also for the Auction:

9. Purchase Price and Payment, Resale Rights, Shipping Costs and Payment Options

9.1. Purchase Price, VAT and Supplemental Costs

The purchase price for the acquired goods shall become payable immediately upon the receipt of the invoice in PDF format. The invoice shall be sent after the winning bid has been accepted and, upon request, also by letter.

At auctions, the purchase price shall be comprised of the hammer price as well as the premium and the VAT in the amount of the VAT which applies in Austria and that is applicable to the premium as well as any applicable resale rights tax and the shipping and shipping insurance costs. In some cases, owing to tax law reasons, VAT may also apply to the purchase price (standard taxation). The Overview of Fees for Buyers shall apply to the aforementioned supplemental costs.

For purchases of goods from the sales gallery, the purchase price shall be comprised of the estimation value and the premium to which the VAT is applicable. All three postings shall be indicated as the fixed price. Supplemental costs may include a resale rights tax and the shipping and shipping insurance costs. In some cases, owing to tax law reasons, VAT may also be applicable to the purchase price (standard taxation). The Overview of Fees for Buyers shall apply to the aforementioned supplemental costs.

9.2. The Non-Applicability of the VAT to the Premium

VAT shall not be charged on the premium if the auction services have been rendered for customers within the EU, but outside of Germany and the customer is a business person. The same shall be valid for business persons outside of the EU. Business persons within the EU can enter their VAT ID No. during check-out.

9.3. Differential Taxation

For buyers with their residence within the EU, the purchase price shall be subject to taxation of the margin. Differential taxation involves a special taxation which is prescribed for the trading of used items in which it is not possible to deduct the input tax. Upon request, during the check-out process, the invoice based upon standard taxation can be displayed to the buyer. The requirement for this is that the buyer is entitled to deduct the input tax.

9.4. Standard Taxation

If the standard taxation (in German: “Regelbesteuerung”: RB) applies, then VAT shall also become payable upon the purchase price of the goods and shall be billed. If an artwork is labelled with the abbreviation RB in the online catalogue, then the sale shall be subject to standard taxation.

9.5. Exceptions to Standard Taxation

In the event that standard taxation is legally prescribed for an item, then the VAT may nonetheless not apply to the purchase price in the following cases:

From a tax perspective, all countries outside of the EU are considered third-party countries; in this case, no VAT shall be applicable. Where applicable, buyers from third-party countries must then pay customs duties and taxes on the supplied goods on-site. There are also exceptions in this regard. Among others, the Canary Islands are considered to be a third-party country known as the EU Special Zone.

For business persons who have purchased from Auctionata for commercial purposes, the VAT exemption shall likewise apply to deliveries within the EU if the buyer can document by means of his VAT ID No. that he will pay the VAT for the purchase of the item in his home country.

9.6 Resale Rights

If a fine art work is subject to resale rights in accordance with the “Urhebergesetz”, then a resale rights tax must be collected if the hammer price exceeds 2,500.00 euros whereby this resale rights tax shall amount to a maximum of 4% of the hammer price. The corresponding item shall be labelled in German with the German term “Folgerechtsabgabe” or the abbreviation “FA” for resale rights. The Overview of Fees for Buyers shall be valid.

9.7 Shipping Costs

The shipping costs and shipping insurance costs shall be added which are indicated on the Overview of Fees for Buyers. These costs shall not be applicable if, in an exceptional case, it has been agreed with Auctionata that the goods will be picked-up.

9.8. Payment Options

A bank transfer is possible. A payment via PayPal or via credit card (VISA, Mastercard, Diners Club, American Express) is likewise possible. Auctionata shall pass on no fees.

10. Reservation of Ownership, Liens, Default, Revocation of the Contractual Agreement, Repeated Auction

10.1. Reservation of Ownership

The goods shall remain the property of the respective consignor until payment in full is made. The shipment of the goods shall always only then be made after payment in full has been made (receipt into the account) for the consignor’s protection.

10.2. Default, Revocation of the Contractual Agreement, Repeated Auction

The buyer shall enter into payment default if he has not yet made payment within 30 days after the payment due date (receipt of the funds into the account). The issuance of a warning letter shall not be required. If payment default takes place, then the purchase price for consumers shall accrue interest during the payment default in the amount of 4% points above the respectively valid base lending rate (as prescribed by the Austrian National Bank). For an business person, the payment default interest is agreed to be 8% points above the base lending rate.

If the buyer enters into default in the rendering of payment for the goods, then Auctionata may, after the setting of a notice period of seven days, rescind the contractual agreement in whole or in part. In this case, Auctionata may demand damage compensation from the buyer for all costs incurred up to that point in time (among others: shipping/insurance and storage costs) as well as the premium.

The buyer shall enter into delivery acceptance default if he does not make acceptance of the goods after two attempts have been made to deliver them to him or if he fails to pick up the goods from the supplier after they have become available for pick-up within the notice period set by the supplier or he does not pick up the goods twice in succession from Auctionata’s premises or the consignor’s premises by the agreed date.

In this case, Auctionata may, in whole or in part, rescind the contractual agreement.

This shall have the result that the highest bidder may be treated like a consignor. That is to say if the goods are again auctioned off by Auctionata, then the highest bidder, who pays for the goods but has not made delivery acceptance of them, shall be credited with the amount of the highest bid obtained and the costs incurred through the default less the fees incurred through the repeated auction. The original highest bidder who enters into default must provide Auctionata with his valid account data; if he does not do this, the money to which he is entitled through the repeated sale of the goods shall be kept in escrow at his own expense after the passage of 90 days.

After revocation of the contractual agreement has been declared in writing for the aforementioned reasons, Auctionata shall be entitled to write to the low bidder and offer him the goods at the bid he submitted or to have the item auctioned off again and/or offered in the sales gallery at the hammer price plus the premium.

11. Delivery or Pick-Up, Delivery Timeframes, Damage during Shipping

As a rule, Auctionata shall ship the goods to the buyer which have been auctioned off or sold. In exceptional cases, the buyer may also, upon request and by appointment, pick up the goods from Auctionata’s premises in Berlin or from the consignor’s premises.

Pick-up is possible only if the goods have been paid for in advance. The date that the payment is received into Auctionata’s account shall be relevant. It is not possible to pay with cash when pick-up is made. When picking up the goods, the buyer must identify himself by presenting his ID, which will be photocopied. If the buyer sends a representative to pick up the goods, then he must announce this via letter, fax or email. In this case, the representative must likewise present his ID on-site.

The goods must be picked up at the agreed time. If the goods are not picked up at the agreed time without there being an important reason for the failure to do so, the buyer shall be considered to be in delivery default. In this case, Auctionata shall charge fees for the storage and insuring of the goods in accordance with the Overview of Fees for Buyers.

For the shipping of goods, the applicable policy shall be that Auctionata shall only then ship the goods if they have been paid for in full (receipt of the payment into the account). The delivery timeframe shall be 14 days after the payment has been received into the account for deliveries within the EU. For deliveries to countries outside of the EU, the delivery timeframe shall be 21 days.

The Overview of Fees for Buyers as amended shall be valid for the shipping of the goods and the related shipping insurance as well as packaging. If the buyer is an business person, then shipping shall be done at his risk.

If, immediately after the receipt of the goods, it is discovered that the item has suffered substantial damage during shipping, then the customer must retain the packaging for documentation purposes. Please contact us promptly in such a case. In such a case, the disposal of the packaging materials may make documentation more difficult and may have the result that the shipping insurance provider will not pay for the damage claim.

12. Liability for Catalogue Descriptions, Authenticity Guarantees and Liability Exclusions

12.1. General

The herein agreed liability exclusions shall not be valid in the event that express guarantees are provided (see under 12.4) by Auctionata and for damage arising from the loss of life, physical injury or damage to health as well as in the case of mandatory statutory provisions.

In dealings with business persons, except in the event of the violation of essential contractual obligations, Auctionata shall be liable for damages only if and insofar as Auctionata, its legal representatives, managerial personnel or other vicarious agents have committed intentional wrongdoing or gross negligence. In the event of the violation of essential contractual obligations, Auctionata shall be liable for each culpable violation of its legal representatives, managerial personnel or other vicarious agents.

In its dealings with consumers, Auctionata shall be liable only for intentional wrongdoing and gross negligence. In the event of the violation of essential contractual obligations, debtor’s payment default or the impossibility of the provision of services for which Auctionata is responsible, Auctionata shall nonetheless be liable for each culpable violation of its employees and vicarious agents.

Any liability to pay compensation for indirect damage, particularly for lost profits, shall exist only in the event that intentional wrongdoing or gross negligence has been committed by legal representatives, managerial personnel or other vicarious agents of Auctionata.

Auctionata’s liability shall, based upon the amount, be limited to damage that was typically foreseeable when the agreement was concluded except in the event that intentional wrongdoing or gross negligence was committed by legal representatives, managerial personnel or other vicarious agents of Auctionata.

Claims of the buyer must be paid to the auction house.

12.2. Agreed Quality Features

The buyer shall acquire the goods in a state that corresponds to their age and their provenance. All data about the production techniques, materials, origin, design and state of preservation of an item is based upon public or other generally available scientific knowledge which has been compiled and substantiated by Auctionata’s experts with the required due care and precision. The actual state of preservation of the item – as depicted and described in the online catalogue, and indeed at the point in time that the winning bid for it has been accepted, shall be considered to be the agreed quality feature in accordance with the statutory provisions. An exception in this regard shall be written auction announcements, which can be reviewed in writing and are read aloud by the auctioneer before the auction begins. They shall prevail over the catalogue description because they may possibly contain new information. The written auction announcements must be approved before entering the auction room.

The written auction announcements shall be read aloud to the parties bidding by telephone; however, where applicable, only in excerpt form which refers to the goods in which the caller is interested. For bidders who have already bid before the written auction announcements were available for reviewing and who had no opportunity to review such written auction announcements, the policy shall be that these persons shall be contacted by telephone by the auction house before the auction begins and they shall be asked whether they wish to retain their bid. If they do not wish to do this, it is possible to withdraw the bid upon a free-of-charge basis.

An exception to the agreed quality feature provision shall be the precise colour of the goods because there may be minor colour discrepancies, which are related to the displaying technique (photos in the catalogue and/or view of the goods during an auction conducted via live stream). Furthermore, only flaws, damage and defects affecting the value of the goods shall be listed in the catalogue.

Statements made by presenters are binding only insofar as they repeat what is in the catalogue or the written auction announcements. In the case of a conflict, the catalogue description and written auction announcements shall be valid.

12.3. Warranty for Defects

In the event of deviations from the information provided in the catalogue or in the written auction announcement which substantially reduce the value or the suitability of the acquired goods and which have been documented to us in writing and transparently by business persons within one year, and by consumers within two years after the goods were surrendered, Auctionata shall repay the buyer – subject to the return of the art work in unaltered condition – the purchase price plus the premium and the ancillary costs (e.g. shipping costs).

Customary signs of usage shall not be considered to be changes in condition; a change in condition shall only then be considered to exist if the value of the item has been substantially reduced. Furthermore, the statutory warranty provisions shall apply; this means that the buyer may, for example, also demand the reduction of the purchase price. Naturally, a replacement will be impossible in most cases.

For goods in which it is discovered after the goods are surrendered that they are counterfeit goods or the artist named is not the actual creator of the work, Sub-Paragraph 12.4 shall apply.

12.4. Non-transferable Guarantee of Authenticity

As a supplement to Sub-Paragraph 12.3., Auctionata shall guarantee the authenticity of the goods offered to the buyer in an auction or in the sales gallery and shall be responsible for this guarantee in such a manner that goods whose lack of authenticity was documented by the buyer of the goods during arbitration proceedings may be returned to the auction house for a reimbursement of the purchase price (including the premium and the shipping and shipping insurance costs as well as any resale rights tax that has been paid) if the goods have not been damaged by the buyer beyond the normal signs of usage. The buyer may assert the claim in writing against ISA Auctionata Auktionen AG (address as specified in the Imprint) of the lack of authenticity of the goods up to 25 years after the goods have been surrendered to him. The guarantee shall be bound to the item acquired in the auction or sales gallery and to the buyer’s person. Any assignment of the guarantee to third parties shall be excluded. The requirements specified in 12.4.1 and 12.4.2 shall be valid.

In the event that a guaranteed case applies, in addition to the claim from the guarantee, the statutory warranty rights shall be valid; that is to say, they shall not be limited by the guarantee.

A liability for lost profits shall not be a component of this guarantee; see also Sub-Paragraph 13.1.

12.4.1. Lack of Authenticity

Based upon the state of knowledge that was valid at the point in time of the auction or the sale in the sales gallery, any item shall be considered to be inauthentic that represents a copy that was produced with a fraudulent intent which is supposed to serve to deceive a potential buyer about the creator, the date of creation, the materials or the age of the goods.

An exception to this definition shall be copies, which have been expressly labelled by Auctionata as being such. One example is museum copies, as they are known. In these exceptional cases, no falsification shall be considered to exist in the sense of the definition.

An art item or any other item such as, for example, a historical document or a classic car can in particular be unauthentic if it involves the mere copying of an item and this was not explicitly mentioned in the catalogue description or if the item does not originate from the artist from whom it is supposed to originate according to the catalogue description or signature.

Furthermore, a lack of authenticity can exist if an item originates from another time period than is stated in the catalogue description unless it is stated that the production timeframe is unknown or no information whatsoever is provided about the production timeframe.

12.4.2. The Arbitrator´s Expert Opinion

If, after acquiring an item, the customer expresses doubt on the authenticity of the acquired item, then the validity of this complaint must be clarified in arbitration proceedings. Auctionata shall provide the buyer with a list of three certified independent experts from the respective technical area from whom the buyer may choose one. The selected expert shall be commissioned by the auction house to draft an expert report about the authenticity of the item after a cost estimate for the drafting of the expert report has been obtained in advance. The content of the expert report shall be binding for all parties involved in the sales transaction including the Consignor.

If the result of the arbitrator´s report is that the customer’s complaints are unjustified, then this customer shall be obliged to pay the costs for the drafting of the expert’s report. Auctionata shall pay the costs for the drafting of the expert’s report if it should turn out that this customer’s complaints were justified.

If the result of the expert’s report is that the complaints of this customer are justified, then the purchase shall be cancelled. Thus, the customer must be reimbursed the purchase price paid within 28 days after the submission of the expert’s report subject to the return of the purchased item.

12.5. Liability Exclusions

The auction house shall not be liable for the prompt and correct transmission of purchase orders and shall assume no liability for the provision of a free telephone line as well as for a functioning fax transmission.

Auctionata assumes no liability if the Internet platform is compromised or destroyed as the result of force majeure, strikes, operational disruptions or other restrictions in their functioning which originate externally. Auctionata shall not be liable for damage owing to the non-usability or the inaccessibility of the Auctionata web site.

Auctionata shall assume no liability for third party accessing of the personal data of customers and consignors (e.g. by hackers) unless Auctionata has not protected the data against attacks as the result of gross negligence or intentional wrongdoing.

13. Maintenance Work on the Website

Auctionata must occasionally restrict services in order to do maintenance work on the system or if this is required for the implementation of technical security measures. During this time, it may be possible that Auctionata’s catalogue pages or other Internet pages cannot be retrieved.

If technical problems arise during the middle of an auction, which prevent the continuation of the auction, the following shall apply:

• All winning bids that were made before the arising of the technical problems shall remain valid.
• All articles from a weekly auction which have not yet been auctioned off shall be auctioned off at a later point in time, often during the following week.
• If a special auction is involved, the auction shall be suspended when a technical problem arises and the auction shall be continued at a later point in time, at the earliest a week after the original time for the auction. All persons who were in the virtual auction room at the time that the auction was suspended and all parties bidding in writing and by telephone shall be notified of the new time for the auction in writing via email and the time for the new auction shall be published one week in advance on the auction’s web page.

14. Data Protection

If customers buy goods from Auctionata at an auction, directly buy from the sales gallery, have a valuation conducted by it or set up an account with it in order to be able to enter the auction room, they must approve the collection, processing and use of their personal data for the purpose of the substantiation, implementation and realisation of all purchasing and auction-related processes. Our Privacy Policy shall apply.

15. Deletion of an Account

If customers have set up a password-protected account with Auctionata, they may have it deleted at any time by asking Auctionata’s Customer Service Division to delete the account. The Customer Service Division shall delete the data within three working days.

Auctionata reserves the right to close the accounts of customers who have not fulfilled their contractual obligations. In this case, it is not permitted to register again.

16. Amendments to Business Terms and Conditions and Final Provisions

16.1. Amendment to the Business Terms and Conditions, Re-Approval

Auctionata reserves the right to amend these Business Terms and Conditions at any time without being required to state reasons for so doing unless this is not reasonable for our customers. Auctionata shall resubmit these Business Terms and Conditions to each customer for his approval before each auction and/or each immediate purchase and each inquiry about a valuation so that amendments can be taken into consideration before the contractual agreement is concluded.

16.2. Vicarious Agents

Auctionata may commission third parties as vicarious agents in order to fulfil the contractual agreement.

16.3. Entry of Third Parties into This Agreement in Place of Auctionata

Third parties may enter into this agreement instead of Auctionata and assume the related rights and obligations, in whole or in part, while providing six weeks’ notice. In this case, the customer shall also have the right at any time to have his account with Auctionata deleted.

16.4. Place of Performance

The place of performance for all of Auctionata’s performance obligations that are derived from the contractual relationships between the contractual parties shall be the commercial residence of ISA Auctionata Auktionen AG in Vienna (Austria) if the contractual partner is an business person. The statutory provisions of the place of performance shall apply to consumers.

16.5. Legal Venue

The legal venue for all claims arising from the disputes from the contractual relationships between the contractual parties shall be – insofar as the contractual parties are business persons, legal persons under public law or special foundations under public law – the commercial residence of Auctionata in Vienna (Austria). However, Auctionata may also alternatively take legal action against the contractual partner at his general or any other permissible legal venue. This shall not be valid if mandatory legal directives prescribe another legal venue.

16.6. Applicable Law

The law of the Republic of Austria shall apply exclusively, with the exclusion of the United Nations Convention on Contracts for the International Sale of Goods (see also Article 2b CISC regarding auctions) for the contractual agreement and the resulting claims, regardless of the type and against whom they are asserted. This shall also apply to transactions against national borders.

Version of the Business Terms and Conditions of 31/01/2012