Belvedere Salon

graphic auction

Rules of sale
1 The auction is organized, handled and conducted by the auctioneer, Belvedere Szalon, Galéria és Aukciósház (1051, Budapest, Szent István tér 12.), acting as an agent on behalf of the vendor.
2. The Belvedere Szalon, Galéria és Aukciósház (Belvedere Salon, Gallery and Auction House) issues a catalogue of the lots and all the lots are available for inspection prior to the sale. The descriptions and illustrations of the catalogue serve exclusively for the purposes of identification and, accordingly, the buyers have to make sure prior to the auction that the lots are in perfect state and that they are in conformity with the description of the catalogue. The Belvedere Szalon, Galéria és Aukciósház reserves the right to refrain from submission for bid of particular items included in the catalogue.
3. The auction may exclusively be conducted with the bidding paddle registered according to name and address of residence. The buyers express by their appropriate action, i.e. by collecting the paddle that they agree to accept and to abide by the Rules of Sale.
4. The lots will be briefly presented in the succession of the catalogue and the reserve price announced while the buyers make their purchase bids by raising the numbered paddle. If more purchase bids are made for the reserve price, the auctioneer shall raise the price according to the bidding grades as long as a single bidder will remain and the sale is made.
5. The first bid refers to the reserve price and all further bids refer to the bids increased by the amount as shown below:

Last bid (HUF): Amount increased (HUF):

• From 10,000 to 20,000 1,000
• From 20,000 to 50,000 2,000
• From 50,000 to 100,000 5,000
• From 100,000 to 200,000 10,000
• From 200,000 to 500,000 20,000
• From 500,000 to 1,000,000 50,000
• From 1,000,000 to 2,000,000 100,000
• From 2,000,000 to 5,000,000 200,000
• From 5,000,000 to 10,000,000 500,000
• From 10,000,000 to 20,000,000 1,000,000
• From 20,000,000 to 50,000,000 2,000,000

6. If the buyer cannot be identified for any reason during the auction, sale of the given lot will have to be repeated. No lots may be purchased below the reserve price.
7. The hammered object may not be returned by the buyer or taken back and offered for re-auction by the Belvedere Szalon, Galéria és Aukciósház. Unsold goods may be asked by the buyers to be re-auctioned at the end of the sale.

How to make the sale :
1. The sale is made by hammering between the highest bidder and the auction house – unless the Hungarian State exercises her right of pre-emption in relation to cultural assets that are acknowledged protected and provided for by Law No LXIV item 51 paragraph (4) of 2001. The buyer will acquire the ownership rights of the lot when he/she had paid the full purchase price and taken over the lot from the Belvedere Szalon, Galéria és Aukciósház.

Paying the purchase price:
1. The amount of the purchase price is made of the hammer price, the buyer’s premium, the artist’s royalty as well as the cultural tax.
2. The buyer, at his/her discretion, shall pay at the auction the full purchase price or at least 20 per cent of the purchase price as a deposit immediately in cash or with credit card. The buyer should pay the part of the purchase price exceeding the deposit within 5 working days from the date of the sale. The amount of the deposit – in case the payment is made within term – has to be included in the purchase price. If the buyer fails to pay the full purchase price up to the specified term, the Belvedere Szalon, Galéria és Aukciósház has the right to cancel the sales. In this case the deposit paid by the buyer should not be repaid to him/her.
3. The buyer shall pay a buyer’s premium in the amount of 15% of the hammer price.
4. The buyer shall pay, in case of a genuine fine art or decorative art item (painting, drawing, multiplicated graphic work of art or work of decorative arts, sculpture or tapestry) having a serial number and bearing the artist’s signature, a 4% artists’ royalty added to the hammer price and the buyer’s premium (Law LXXVI item 70 of 1999).
5. In case of paying with credit card, an additional 2% of credit card fee will be charged.

Takeover of the lot:
1. If the buyer has fully paid the purchase price, the lot may be taken over at the site of the Belvedere Szalon, Galéria és Aukciósház.
2. The buyer has the obligation to make provisions for the dispatch of the purchased item, at his/her own cost and risk. In failing to do so, the Belvedere Szalon, Galéria és Aukciósház assumes no responsibility for any damage or loss to the object and will charge 5% of storage fee from the 5th day of the sale. If the buyer in spite of the call fails to transport the lot following the auction, in this case the Belvedere Szalon, Galéria és Aukciósház is free to sell (also outside the auction) the item after 6 months and will handle as a deposit the remaining amount after deducting in favor of the buyer – until the expiration of the term of limitation.

Lots marked “PROTECTED”:
1. The lots marked “PROTECTED” in the auction catalogue may not be taken abroad from Hungary for ever (Law LXIV item 59 section (1) point b of 2001). The owner of the objects marked “PROTECTED” will be recorded by the Authorities for Protection of Cultural Heritage and the change of ownership should be notified (Law LXIV item 52 section (3) of 2001).

Conditions of purchase order:
1. If the buyer does not intend to be present at the auction in person, the purchase offers will be made by the Belvedere Szalon, Galéria és Aukciósház based on the purchase offer on behalf of the absentee buyer (commissioner). The commissioner should pay 30% of the sum determined in the purchase offer as advance payment personally or to the bank account of the Belvedere Szalon, Galéria és Aukciósház. If the purchase offer is successful, the total amount of the advance payment should be considered deposit and in all the other matter (deadline of paying the purchase price, delivery of the lot, etc.) the rules concerning the personally attending buyer are applicable. If a third person gives an order of a higher sum on the same lot or the buyers in the saleroom make a higher purchase bid the absentee buyer will be repaid the deposit without any deduction. If the bidding grade coincides with the limit of the commissioner, the absentee buyer’s bid counts.
2. The Belvedere Szalon, Galéria és Aukciósház accepts also bids by telephone – along the same lines. Bids by phone should be presented up to 2 p.m. on the day of the auction at the latest.
If the items are not collected by the bidder within 5 days, the Belvedere Szalon, Galéria és Aukciósház reserves the right to annulate the bidder’s offer and to keep the deposit.

Limitations:
1. The purchase price is created by the public buyer’s offers and therefore the Belvedere Szalon, Galéria és Aukciósház does not assume any responsibility for the purchase price of the given lot and it cannot be committed to submit the same lot for re-auctioning at the same price.
2. All goods are sold with all faults and imperfections they have at the time of the sale without any warranty.
3. After hammering no objections or complaints are considered, unless the lot specified as a genuine one in the catalogue proves to be a falsification.

Prohibited action:
1. Prohibited are all kinds of action leading to fraudulence during the auction, bidding or in the hammer price (i.e. plotting) or to the evasion of the Rules of Sale. The auctioneer will exclude buyers from the auction who exhibit prohibited behavior.

Data protection:
1. The Belvedere Szalon, Galéria és Aukciósház is entitled to use the registered personal data (name and address) exclusively for the purposes of marketing (sending information matter, invitations, etc.), unless the buyer prohibits it following the auction. The Belvedere Szalon, Galéria és Aukciósház as the data handling entity, shall not make the personal data available for third parties and must not publish them.

Other provisions:
1. All matter not regulated in this Rules of Sale, is governed by the rules of the Civil Code. In the instances of legal disputes the parties stipulate the exclusive jurisdiction – depending on the value range – of the Metropolitan Court of Justice or that of the Central District Court of Jurisdiction of Pest.

To the attention of foreign (overseas) buyers:
The Law LXIV of 2001 provides for the exportation of cultural goods. Cultural goods may only be taken out for ever from the country (Hungary) under the written consent of the Authorities for Protection of Cultural Heritage. A special expert company – in cooperation with the Belvedere Szalon, Galéria és Aukciósház – is dealing with the exportation of cultural goods to be exported without license or with a final exportation license (licensing, packaging, customs clearance, transportation).