D. Glossary

D. Glossary

(as of October 2015)

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 Consignment Agreement and in other places. The aforementioned regulations shall always take precedence over the following definitions.

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.

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.

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.

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.

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.

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.

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.

Conditional knockdown
"Conditional Knockdown" lot does not constitute a supplement under section 7.1 of the general Terms and Conditions, but the sale is subject to the approval of the consignor at the hammer price within 8 (eight) days after the auction.

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

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

Contribution to the Resale Royalty Right
Due to the legal obligation for the resale royalty according to Sec. 26 German Copyright Law (UrhG) applies, that Auctionata remits the resale royalty because of her membership in the AV Kunst for the Consignor. Through this the Consignor gets relieved from his obligation to pay the resale royalty. Auctionata charges the lump-sum contribution according to the membership in the AV Kunst pro rata as a part of the sales price towards the buyer. Auctionata will hold the charged amounts in escrow and properly remit them to the AV Kunst.

Counter Offer
Customers may be make the recommendation to the consignor to purchase goods from Auctionata‘s Online Shop 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.

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 theincrements 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.

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.

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.

Fixed Price
That is the gross purchase price which was agreed for a purchase in the Online Shop. 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 Online Shop.

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.

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.

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.

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 Onlineshop.

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.

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 Online Shop
Auctionata shall display goods in the Online Shop 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 Online Shop and may thus be acquired by a third party at an official sales price.

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.

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.

Reserve
Reserve indicates a minimum selling price set by the consignor.

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

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 Online Shop, 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.

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.

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.

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.

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.

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.

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.

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.

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.