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Participation rules
  1. GENERAL PROVISIONS
    1. As the Organizer, the Auction House shall act on its own behalf as the Seller and sell the Lots to the Winners of the Auction in accordance with the Public Offer Agreement for the purchase and sale of works of fine art by auction.
    2. The Bidding shall be held to determine the Auction Winner among the Auction Participants and further sale of the Lots put up for Bidding by the Seller to the Auction Winners.
    3. If necessary, the Organizer shall conduct an examination to establish the authenticity and the Author of the Lots.
    4. Upon the request of the Auction Winner/Purchaser of a Lot, additional examinations may be carried out to establish the authenticity and the Author of the Lots, the costs of which shall be paid by the Winner of the Auction/Purchaser.
    5. The Organizer shall provide all persons wishing to participate in the Auction with the opportunity to inspect the Lots at the Pre-Auction Exhibition.
    6. The Auction Participants may not make any claims during the Auction or when paying the invoice issued by the Seller for the purchase of a Lot at the Sale Price relying on the grounds that they did not have the opportunity to personally inspect the Lots before the start of the Auction.
    7. The Organizer may, at its sole discretion, remove any Lot from the Bidding declared for sale to the Winners of the Auction and specified in the Auction Catalogue without giving any reason. Removal from the Auction may be made both before and during the Bidding. The Organizer shall notify the Auction Participants/Auction Winners/Purchasers of this fact as early as possible. The Organizer shall not be liable to the Auction Participants/Auction Winners/Purchasers for the removal of any Lots from the Bidding or the Auction.
    8. The prices for the Lots shall be specified in conventional units (1 c.u. = 1 US dollar). All settlements shall be made in the national currency of Ukraine (UAH) at the average commercial exchange rate of the US dollar on the day of settlement.
    9. The Organizer hereby does not authorize the export of the Lots purchased by the Purchasers at the Auction from Ukraine. The Purchaser shall be solely liable for obtaining the necessary export, import or other permits for a Lot from the competent authorities. The Auction House hereby makes no representations or warranties as to whether there are any import or export restrictions in respect of a Lot. The refusal of the competent authorities to grant a permit or license shall not constitute grounds for the Purchaser to cancel or withdraw from the Public Offer Agreement for the purchase and sale of works of fine art by auction and/or the Accession Agreement or for the Auction Winner to delay payment of the invoice issued by the Seller for the purchase of a Lot at the Sale Price.
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  2. ORGANAZIER AND AUCTION PARTICIPANTS
    1. During the Auction, the Organizer shall act through the Auctioneer (Licitator) and the Secretary, or through its legal representatives at other times.
    2. The Auction Participants, which, upon the results of the Auction, may become the Auction Winners and, subsequently, the Purchasers may be:
      1. Fully capable individuals;
      2. Duly registered legal entities and their authorized representatives.
    3. To participate in the Auction, all persons shall be registered. Persons who have not been registered shall not be allowed to participate in the Auction.
    4. Upon registration, an Auction Participant shall sign and/or submit the Application for Participation in Auction, including the consent to comply with these Rules, the consent to pay the Advance Price, and the consent to the terms and conditions of the Public Offer Agreement for the purchase and sale of works of fine art by auctions. The refusal of the person to sign and/or submit the Application for Participation in Auction shall be the basis for refusal to register the Applicant as an Auction Participant.
    5. The Auctioneer shall have the absolute right, at its sole discretion, to refuse to allow a person to participate in the Auction. Persons wishing to participate in the Auction shall fill in and/or submit the Application for Participation in Auction and provide all information and data required by the Auction House. Persons wishing to participate in the Auction and/or Auction Participant shall act on their own behalf, unless they have received the prior written consent of the Auction House to act as a representative (agent) of a third party. The Auction Participants shall be personally liable for the price bids in the Auction and shall be jointly and severally liable with their authorizing person (principal) if they participate in the Auction as a representative (agent).
    6. The registered Auction Participants shall receive the Auction Catalogue and shall be automatically assigned a registration number or provided with a plate with the registration number under which they participate in the Auction.
    7. The registration number (hereinafter referred to as the "Registration Number") or a plate with the registration number (hereinafter referred to as the "Plate") of the Auctioneer shall be the evidence certifying the right of a person to participate in the Auction. The Auction Participants shall be liable for the safety of the Plates? confidentiality of the Registration Numbers, and access to them by third parties, as well as for the actions of such third parties taken using the Auction Participants' Registration Numbers or lost Auction Participants' Plates.
    8. The Auction Participants shall immediately notify the Auction Organizer and/or its administration of the loss and/or dissemination or disclosure of the Registration Number or Plate.
  3. OBLIGATIONS OF THE AUCTION PARTICIPANTS AND THE AUCTION HOUSE IN RELATION TO THE LOTS
    1. The Auction House’s awareness of each Lot depends in part on the information provided to the Auction House by the Authors. The Auction House shall not conduct an exhaustive examination of each Lot. The Auction Participants acknowledge this fact and assume the obligation to inspect and examine the Lots to be satisfied as to the Lots in which they are interested.
    2. Each Lot put up for the Auction shall be available for inspection by the Auction Bidders prior to the start of the Auction. The Auction House shall accept price offers (bids) for a Lot if the Auction Participants (and independent experts acting on their behalf, to the extent appropriate, taking into account the nature and value of the Lot and the Auction Participant's own expertise) have fully inspected the Lot before the start of the Auction and have verified the condition of the Lot and the accuracy of its description.
    3. The Auction Participants acknowledge that many of the Lots are of such an age and type that they are not in perfect condition. All Lots shall be put up for sale in the condition they are in at the time of the Auction (regardless of whether the Auction Participants are present at the Auction). The Auction Catalogue may provide for specific defects of a Lot, but the Auction Participants shall bear in mind that the Lots may have other defects not expressly stated in the Auction Catalogue. The illustrations of the Lots are intended for their identification and do not provide complete information about the actual condition of a Lot.
    4. The information provided to the Participants in respect of any Lot, including any estimates, in written or oral form, including information in any Auction Catalogue, remarks, or estimates, shall not be evidence of fact, but shall be an expression of the Auction House's opinion. No estimate may be relied upon as a prediction of the sale price or value of a Lot and such estimate may be revised from time to time at the discretion of the Auction House.
    5. The Auction House makes no representations or warranties as to whether any Lot is protected by copyright or whether the Purchaser acquires copyright in any Lot.
    6. The Auction House shall, subject to the provisions of subparagraph 3.1-3.5 above, exercise reasonable care, skill and diligence in making clear statements in the description contained in the Auction Catalogue consistent with its role as Auction Organizer with respect to the Lots to which these Rules apply and in light of the information provided by the Authors to the Auction House, the awareness and technical knowledge and generally accepted opinions of the relevant experts in each case in making any clear statement.
  4. BIDDING PROCEDURE
    1. Bidding may take place offline in the premises and/or parts of the Organizer's premises and online via the electronic platform posted on the Official Website of the Organizer. If the Bidding takes place offline, the following persons may be present: The Auction Organizers, service personnel, registered individual Auction Participants, representatives of legal entities and individuals, as well as persons invited by the Auction Organizers. The representatives of the Auction Participants shall have a power of attorney: notarized for the representatives of the Auction Participants-individuals or certified by the seal of the enterprise for the representatives of the Auction Participants-legal entities. Powers of attorney of the representatives shall be submitted during the registration of the Auction Participants or before the start of the Bidding. The Auction Participants may attend the Auction accompanied by third parties who shall also be registered. If the Bidding is held online, the presence of the Auction Participants and other persons at the Organizer's premises shall not be required.
    2. Within the Pre-Auction Exhibition, the Auction House may conduct a Silent Auction, during which the Auction Participants shall sign and/or submit an Application for Participation in Auction. Refusal of a person to sign and/or submit such an application shall constitute grounds for refusal to register such a person for participation in the Auction.
    3. The Auction House advises the Auction Participants to participate in the Bidding, but will take all reasonable measures to place the Absentee Bid Application that, at the discretion of the Auction House, shall be deemed clear and received before the sale of a Lot.
    4. An Auction Participant wishing to purchase any Lot at the Auction, but unable to participate in the Auction, may submit the Absentee Bid Application, indicating the Lot numbers and their Absentee Bid. The Absentee Bid Application shall be submitted by the Auction Participants in electronic format on the Official Website of the Organizer, according to the established form.
      1. The Organizer shall purchase the indicated Lots at the lowest possible price. This service shall be confidential and free of charge.
      2. If the prices in the Absentee Bid Application for the same Lot are equal, a Bidder submitting the bid first shall prevail.
    5. If available, the Absentee Bid Applications and telephone bid applications may be submitted as additional services at no additional charge at the risk of the Auction House and shall be accepted with due care and diligence as to the other duties of the Auction House during the Auction. Therefore, the Auction House shall not be held liable for failure to participate in the Bidding and for failure to place such Absentee Bid Application. The Absentee Bid Application may be registered by phone.
    6. The beginning of the Bidding shall be determined by the announcement of the first Lot, and the end shall be determined by the Auctioneer's announcement after determining the Auction Winner for the last Lot.
    7. If the Bidding takes place offline (in the premises or parts of the Organizer's premises), the Auctioneer shall announce the number of each Lot, its Starting Price and Auction Step. Further price increases shall be made with the Auction Step announced by the Auctioneer until the next announcement of the new Auction Step. If the Bidding takes place online on the electronic platform of the Auction Organizer, which is published in the Auction Catalogue on the Official Website of the Organizer, the Auction shall start on the date and time specified therein. The Starting Price and the Auction Step for each Lot shall be indicated on the Official Website of the Organizer. Further price increase shall be made with the Auction Step, within the time limit set by the Organizer and until its expiration and automatic transition to the amount of the new Auction Step with the corresponding countdown (time limit) for its implementation.
    8. The Organizer, represented by the Auctioneer, may, at its discretion, set the Starting Price and the Auction Step as it deems appropriate.
    9. The Auctioneer may, at their sole discretion, reject any bid, remove any Lot from the Auction, re-enter the Lot for the Auction, including after the fall of the hammer and/or after the expiration of the time for the online Auction on the Official Website of the Organizer if they believe that an error or dispute may arise, and take such other reasonable actions as they deem necessary.
    10. Bidding shall be conducted with increasing the price. The highest price of the respective Lot, which is named by the Auctioneer and/or specified on the Official Website of the Organizer, as indicated by any of the Auction Participants, shall be the Auction Price of this Lot.
    11. The Auction Participants shall increase the prices of the Lots by raising their Plates or by placing a bid for the Lot on the Official Website of the Organizer under the Registration Numbers assigned to them by the Organizer during registration.
    12. An Auction Participant may offer the price of the Lot exceeding the price announced by the Auctioneer by no more than one Auction Step. The Auctioneer shall further increase the price from the named price, but with the same Auction Step.
    13. An Auction Participant naming the Auction Price of the Lot shall be deemed the Auction Winner for a particular Lot. The Lot shall be deemed sold after acceding the Accession Agreement to the Public Offer Agreement for the purchase and sale of works of fine art by auction with the Purchaser and making final payment for the purchased Lot.
    14. The Organizers may require the Auction Winner to promptly, immediately after the end of the Auction, perform actions indicating the conclusion of the Accession Agreement to the Public Offer Agreement for the purchase and sale of works of fine art by auction.
    15. Video, film and photo shooting, as well as audio recording in the premises where the Auction is held, shall not be allowed without the prior written consent of the Organizer.
    16. The Auction Participants and other persons shall observe silence during the Bidding, refrain from gestures that may be considered by the Auctioneer as an increase in the price of a Lot, unless the Bidder intends to increase the price of the Lot.
    17. If the persons present violate the order and silence in the premises where the Auction is held, the Organizer may demand that the breaching persons leave the Auction premises.
    18. These Rules shall apply to any post-auction sale of the Lots offered for sale at the Auction as if such Lots had been sold at the Auction.
  5. LOT PAYMENT
    1. In accordance with the Public Offer Agreement for the purchase and sale of works of art by auction, the Auction Winner shall make settlements with the Auction Organizer, i.e. to pay the Sale Price of the Lot(s) specified in the invoice and/or the Protocol of the Auction Commission and pay a certain amount of taxes in accordance with the effective legislation of Ukraine (the amount shall be deducted from the Sale Price of the Lot(s) and indicated in an invoice issued by the Seller).
    2. Unless otherwise agreed, the Sale Price for a Lot shall be paid by the Auction Winner immediately upon completion of the Auction.
    3. As to the Lots for which the Auction Winner offers the highest price and which will be purchased by the Auction Winner at the Auction, the Purchaser's Interest shall be additionally paid to the Auction Organizer.
    4. The Auction Winner shall pay for the Lots by making a bank transfer of the Sale Price to the Organizer's bank details, in accordance with the Public Offer Agreement and the invoice issued by the Organizer.
    5. If an Auction Winner for a particular Lot(s) fails to make settlements immediately after the Auction, the Auction Winner shall deposit a security in the amount of 30 (thirty) percent of the Auction Price of the purchased Lots and the Purchaser's Interest to the Auction Organizer and pay the Sale Price in full within the period specified by the Organizers up to 2 (two) days, or such other period as may be specified by the Seller in the invoice. The right to purchase the Lots shall be reserved to the Auction Winner within 2 (two) days starting from the day of the Auction.
    6. If the Auction Winner fails to pay the entire amount in full within the time limits specified in paragraph 5.5. of these Rules, the term, the deposit, and the Purchaser's Interest shall not be refunded to such an Auction Winner, and the Lot(s) shall be transferred to the Organizer.
    7. In case of refusal to enter into the Accession Agreement to the Public Offer Agreement for the purchase and sale of the Lot(s) before the expiration of the period specified in paragraph 5.5 of these Terms, the Auction Winner shall not be refunded the security of 30 (thirty) percent of the Auction Price and the Purchaser's Interest paid by the Auction Winner.
    8. In case of late payment by the Auction Winner for the Lot(s), the Auctioneer shall cancel the result of the Auction for this/these Lot(s).
    9. The lot purchased by the Auction may be stored free of charge with the Organizer (upon the request of the Auction Winner/Purchaser) within 2 (two) days from the date of the Auction, unless otherwise agreed with the Auction Organizer.
    10. The purchased Lots shall not be returned to the Auction Organizer or exchanged.
    11. The ownership of the Lot shall be transferred to the Purchaser upon receipt of the Sale Price for this Lot by the Auction House.
    12. The Purchasers of the Lots shall remove the Lots from the Auction premises or another place determined by the Auction Organizer independently and at their own expense within 2 (two) days from the date of the Auction.
    13. All packaging and transportation shall be made at the Purchaser's risk. The Auction House shall not be liable for any actions or failure to act of third parties, packers and shippers.
  6. EXCLUSIONS AND LIMITATION OF LIABILITY TO AUCTION PARTICIPANTS, AUCTION WINNERS AND PURCHASERS
    1. The Auction House/Organizer/Seller shall:
      1. not be liable for any error or omission in the information provided to the Auction Participants/Auction Winners/Purchasers by the Auction House orally or in writing, inattentively or otherwise, except as provided in paragraph 3.6. of these Rules.
      2. not provide any representations or warranties to the Auction Participants/Auction Winners/Purchasers and shall exclude any representations and warranties or terms and conditions implied (except for such obligations that cannot be excluded by law), except for the representations and warranties expressly provided by the Seller to the Purchaser.
      3. not assume any liability to any Auction Participant/Auction Winner/Purchaser in terms of the actions and failure to act (due to negligence or otherwise) of the Auction House in relation to the Auction or any issue regarding the sale of any Lot.
    2. The Organizer may apply other terms and conditions to the Auctions by specifying additional terms and conditions on the Auction House's website (www.gs-art.com).
  7. MISCELLANEOUS
    1. The Auction Organizers shall keep the names of the Auction Participants, the Auction Winners, and the Purchasers, as well as the facts of purchase of the Lots by them, including the number and prices of the purchased Lots, confidential.
    2. These Auction Rules shall be binding on all persons participating in the Auction.
    3. Any references of persons violating these Rules to ignorance of these Rules shall not be taken into account.
    4. If any of the provisions of these Rules are invalidated for any reason, the other provisions shall not be affected.
  8. APPLICABLE LAW AND JURISDICTION
    1. These Rules and all matters, transactions, or disputes to which they relate or to which they apply shall be governed by and construed in accordance with the applicable laws of Ukraine.
    2. All disputes arising out of or in connection with these Rules shall be resolved primarily through amicable negotiations.
    3. If the parties fail to reach an agreement through such negotiations, any disputes, controversies or claims arising out of or in connection with these Rules, their non-fulfillment, termination, or invalidation shall be settled by court in accordance with the laws of Ukraine.
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DEFINITIONS USED IN THESE RULES
  • In these Rules, the following terms shall have the following definitions, unless otherwise defined in the text:

  • AUCTION

    shall mean a method of alienation of a Lot, whereby an Auction Participant offering the highest selling price for the Lot during the Auction becomes an Auction Winner.

  • AUCTIONEER or LICITATOR

    shall mean a person who has entered into an agreement with the Organizer under which he/she is authorized to carry out the procedure of bidding regarding the Lots and for the purpose of their further sale through the Auction.

  • APPLICATION FOR PARTICIPATION IN AUCTION

    shall mean a document in paper or electronic form (according to the established online registration form posted on the Organizer's Official Website) signed and submitted by a legally capable individual or legal entity personally appeared before the Organizer or in online format on the Organizer's Official Website, which is the basis for the registration as a Participant of the Auction and requiring from such a person to provide the Organizer with all data and information required for participation in the Auction, consent to comply with these Rules, consent to pay the Advance Price and consent to the terms and conditions of the Public Offer Agreement for the sale of works of fine art at auctions.

  • BIDDER or AUCTION PARTICIPANT

    shall mean a legally capable individual or legal entity represented at the Auction independently or by an authorized representative (proxy), who has filled in and submitted the Application for participation in the Auction (i.e. is registered) and intending to offer and/or offers, and/or attempts to offer the sale price of a Lot put for the Auction/Bidding, within all meanings, and who, as a result of offering the highest price of the Lot, may be the Winner of the Auction and the Purchaser.

  • PUBLIC OFFER AGREEMENT FOR THE PURCHASE AND SALE OF WORKS OF FINE ART BY AUCTIONS or PUBLIC OFFER AGREEMENT

    shall mean an agreement under which a Seller shall sell the Auction Lots contained in the Auction Catalogues and available to the Seller (not sold or alienated to anyone else) to any Auction Winner. The Seller may not refuse to enter into this Public Offer Agreement if the Seller is able to sell the respective Lots to an Auction Winner.

  • ACCESSION AGREEMENT

    shall mean an agreement, the terms and conditions of which are set by the Seller in the Public Offer Agreement for the sale and purchase of works of fine art by auctions, which can be entered into only by an Auction Winner acceding the proposed Public Offer Agreement as a whole if the Auction Winner performs actions that indicate its acceptance, namely by paying the invoice issued by the Seller for the purchase of a Lot at the Sale Price. The Auction Winner may not offer its own terms and conditions of the Agreement.

  • AUCTION WINNER

    shall mean a Bidder or Auction Participant offering the highest sale price of a Lot (the Auction Price), which indicates his/her will to accede to the Public Offer Agreement for the purchase and sale of works of fine art by auctions.

  • SELLER

    shall mean the Auction House selling a Lot through a Bidding/Auction and offering the Bidders or Auction Participants to accede to the Public Offer Agreement for the purchase and sale of works of fine art by auctions by announcing the highest price of the Lot. Purchaser shall mean a legally capable individual or legal entity represented at the Auction by itself or by an authorized representative (proxy) offering the highest sale price of a Lot (the Auction Price) accepted by the Auctioneer, thereby expressing its will to accede to the Public Offer Agreement for the purchase and sale of works of fine art by auctions and paying the invoice issued by the Seller for the purchase of the Lot(s) at the Sale Price.

  • PURCHASER

    shall mean a legally capable individual or legal entity represented at the Auction by itself or by an authorized representative (proxy) offering the highest sale price of a Lot (the Auction Price) accepted by the Auctioneer, thereby expressing its will to accede to the Public Offer Agreement for the purchase and sale of works of fine art by auctions and paying the invoice issued by the Seller for the purchase of the Lot(s) at the Sale Price.

  • AUTHOR

    shall mean an individual who has created a work of fine art (a Lot) by his/her creative work and owning personal non-property rights to the work of fine art (the Lot).

  • LOT

    shall mean a work of fine art, which is a piece of property put up by the Organizer for sale by the Auction.

  • BIDDING

    shall mean the procedure for determining the Auction and Sale Price of a Lot and the specific Winner of the Auction.

  • PRE-AUCTION EXHIBITION or AUCTION CATALOGUE

    shall mean the places of public display or publication of the Lots in the premises and/or parts of the premises of the Auction House owned or used by the Auction House, or in the printed catalogues of the Organizer, or on the Official Website of the Organizer at https://ua.gs-art.com/, with a detailed description, date of creation, specifications and Starting/Catalogue Prices of the Lots, for the purpose of their further sale at the Auction.

  • AUCTION STEP

    shall mean the amount by which the Auctioneer increases the Starting Price and each subsequent price of a Lot announced by the Licitator. Its amount shall be set by the Auction Organizer for each Lot.

  • SILENT AUCTION

    shall mean Bidding between the Auction Participants during the Pre-Auction Exhibition and/or within the Auction Catalogue.

  • CATALOGUE PRICE (ESTIMATE)

    shall mean the estimated market price of a Lot according to the Auction House's estimate, which is specified in the Auction Catalogue.

  • STARTING PRICE

    shall mean the initial price of a Lot with which the Auctioneer starts the Bidding.

  • ABSENTEE BID

    shall mean the maximum price that a Bidder or Auction Participant offers for a Lot and indicates in the Absentee Bid Application, but not lower than the Starting Price.

  • AUCTION PRICE

    shall mean the winning bid price for a Lot announced by the Auctioneer after the third round of the Bidding, which determines the sale price of the Lot, but shall not include the Purchaser's Interest.

  • PURCHASER'S INTEREST

    shall mean a fee of the Auction House paid by the Purchaser of a Lot in addition to the Auction Price and amounting to 10 (ten) percent (or another interest rate if specified on the Organizer's website) of the Auction Price.

  • SALE PRICE

    shall mean a price at which a Lot is sold to the Purchaser, including the Auction Price offered by the Purchaser for the respective Lot and the Purchaser's Interest.

  • ADVANCE PRICE

    shall mean a price paid by a Bidder or Auction Participant during the registration for participation in the Auction before the start of the Auction, and which shall be deducted from the Auction Price in case the Auction Participant becomes the Auction Winner and the Purchaser. The Advance Payment shall be 10 (ten) percent of the Starting Price of a Lot.

  • OFFICIAL WEBSITE OF THE ORGANIZER

    shall mean https://gs-art.com/.

  • The terms used in the above paragraphs may be used in the singular or plural.


Goldens
вул. Первомайського, 4 01133 Київ
+380 44 240 95 32 [email protected]