7. Formation of the purchase agreement

7. Formation of the purchase agreement

7.1 Each bid relating to an item constitutes an offer to enter into a purchase agreement and is therefore legally binding. The purchase agreement concerning an item offered shall be formed and binding when the winning bid is accepted. Placing the winning bid shall oblige the customer to pay the purchase price and to accept the item.

7.2 In order to be effective, bids must correspond with the bidding increments stipulated by Auctionata. The increments specified by Auctionata in the bidding increments table shall form an integral part of these General Terms and Conditions. If a bid does not correspond with the increments specified by Auctionata in the bidding increments table, Auctionata shall be entitled to round down the bid to the next lowest bidding increment for it to be effective.

7.3 The priority principle shall apply when considering bids, i.e. if there are two bids of equal value, the earlier bid will always be considered. If two bids of equal value are placed at the same time, lots will be drawn to decide which bid has priority.

7.4 Auctionata shall be entitled to overturn a winning bid after it has been accepted and to continue the auction of the item if there is doubt as to the identity of the offer or, or other doubt concerning the winning bid. If it is established after the winning bid has been accepted that the purchase agreement with the highest bidder is to be rescinded because he or she is not able to pay for the auctioned item, Auctionata shall be entitled at its own discretion to offer the goods to the underbidder in writing at the last price offered by him or her (email shall suffice). Auctionata shall be bound by the offer for five days. The offer must be accepted in writing by fax, email, letter or by telephone.

7.5 The winning bid will be accepted after the auctioneer has said: “Going once for …, going twice for …, going three times for …, sold!” The auctioneer will state the current purchase price each time. The auctioneer will accept the winning bid if no higher bid has been placed after the highest bid has been announced three times.

7.6 Auctionata is entitled at its own discretion to reject bids from a bidder during the auction where it has reasons to presume a lack of seriousness, and to ask bidders to pay for the items they have already purchased or to pay a deposit before allowing them to bid on other items.

7.7 The bidder bids and purchases in his own name and for his own account. He or she may be represented by a representative, however, after giving notice in writing (email, fax or letter).

7.8 The items will be offered and auctioned in their condition when the winning bid is accepted.

7.9 Auctionata may knock down an item as a "Conditional Knockdown" when the highest bid for an item is below any minimum selling price set by the consignor ("Reserve"). A "Conditional Knockdown" item does not constitute a knockdown under section 7.1 of the general terms and conditions, but the sale is subject to the approval of the consignor within 8 (eight) days after the auction. During this approval period, the bidder is bound to his bid; if the consignor agrees within the approval period, a purchase contract is concluded for the hammer price. If the consignor does not consent to the sale at the hammer price within the approval period, no purchase contract will be concluded. Where a minimum selling price for a lot was set by the consignor, the lot is designated with the text message "Reserve".