Auction order

1. ART CONSULTING BRNO CZ, spol. s r. o. Registered Office at Lerchova 299/7, 602 00 Brno, Co. Reg. No. 60715553

I. Introductory Provisions

These Auction Rules have been issued to organise the sale of art works by the Auction House 1. ART CONSULTING BRNO CZ, spol. s.r.o. through auctions.
Auctions held pursuant to these Auction Rules are organised according to international customs in art and in accordance with the legal rules of the Czech Republic.
Auction House customers and other persons approved by the Auction House may only take part in auctions.
1. ART CONSULTING BRNO CZ, spol. s.r.o., Registered Office at Lerchova 299/7, 602 00 Brno, Co. Reg. No. 60715 553 shall be deemed the Auction House.
Auctions are announced by the Auction House upon its discretion, in a usual manner, e.g. in the auction catalogue, mass media, etc.
These Auction Rules shall be binding upon all persons concerned and persons undertake to observe them by taking part in the auction.

II. Interpretation of Terms

For purposes of these Auction Rules, the Terms shall have the following meaning:

auction – form of sale of a work of art with the item being sold at the highest bid of potential buyers the number of which is not known in advance. The item ownership passes onto the buyer upon payment of the price.
auctioneer - a person appointed by the Auction House to be in charge of the auction process, take all acts connected therewith on behalf of the Auction House, in particular he/she starts the auction and is in charge of it, organises the submission of bids of potential buyers and "knocks down", i.e. finishes the submission of bids and confirms the highest bids,
client – a legal entity or an individual concluding with the Auction House a written contract of selling an item through auction; it may also include the Auction House
auction participant – a legal entity or an individual authorised to take part in the auction. An Auction Participant may only include an Auction House customer; he/she/it must not be the item owner or a person acting in favour of buying for the benefit of the owner. An Auction Participant may only include a person fully legally competent, over 18 years of age, observing the Auction Rules, regulations and customs of good and appropriate behaviour at the auction and a person that has not foiled previous auctions of the Auction House or 1. ART CONSULTING BRNO CZ, spol. s.r.o. It is not allowed to auction on behalf of persons mentioned above. Auction Participants identify themselves by valid identity cards (e.g. certificate of identity/identity book/passport) and if acting on behalf, they provide the Auction House with a power of attorney authorising to represent any other Auction House customer at the auction. The condition to take part in the auction may include paying the auction principal if required by the Auction House. The Auction House shall give the Auction Participant a number under which he/she/it shall take part in the auction. Following an agreement with the Auction House, the Auction House customer may take part in the auction via phone provided the Auction House has been delivered a power of attorney for this type of auction. At this type of auction the Auction House must proceed as much advantageously for the Auction Participant as possible.
auction principal – an amount the Auction House collects in advance from the auction potential buyer (Auction Participant). The Auction Principal amount must be set in advance by the Auction House – when the auction is published and it must also be mentioned in the auction catalogue. The Auction Principal always applies to a specific item of the auction and does not exceed 100% of the item's minimum bid. The Auction Principal may be settled in cash up to EUR 15,000 or remitted to the Auction House account No. 27-0461150247/0100. The Auction Principal is included in the price of the item obtained in the auction; otherwise, it shall be returned to the Auction Participant (depositor) in cash or transferred to an account specified by the Auction Participant (depositor) within two business days after the auction date at the latest. The Auction House shall confirm the Principal payment.
auction catalogue – a list of items that shall be offered to Auction House customers for sale in a specific auction. The Catalogue always includes information on the place, time and conditions of the auction and taking part in it. The Catalogue is usually in a printed form and can also be found at the Auction House address www.acb.cz.
successful bidder – an Auction Participant that has submitted the highest bid confirmed in the auction publicly by the Auctioneer by the so-called knock-down. He/she/it becomes the owner of the given item after paying the price thereof.
auction house customers – potential buyers of works of art through auctions organised by the Auction House that are registered by the Auction House. There is no legal claim for registration; registration lies within the Auction House's full authority and the Auction House may reject the registration request without stating reasons therefore. Auction House Customers may include legal entities or individuals (over 18 years of age) that provide lawful identification of themselves (e.g. Companies Register abstract, identity card and passport). Should the Auction House Customer infringe these Auction Rules, the Auction House may without further notice cancel his/her/its registration, of which he/she/it shall demonstrably be notified by the Auction House.

III. Auction Organisation

Items included in the auction shall be exhibited for at least 5 days in order to be seen. The place and time of exhibiting the items for the auction is published in the Catalogue or in any other appropriate manner. Items that cannot be exhibited as usual due to their weight, dimensions or state shall be shown in a photo and the Auction House shall enable inspection thereof after agreement with the potential buyer. Those that want to see the exhibited items shall be obliged to respect the Auction House measures to provide protection of the exhibited items. Seeing the items to be sold in the auction is free of charge.
The auction may only be joined by Auction House Customers and Auction House workers; other persons are allowed to take part only after being approved by the Auction House; the auction is not open to public. No photos, films or other records are allowed during the auction without the consent of the Auction House.
Auction Participants shall be obliged to follow instructions of the organisers and not to disturb the auction in any way.
The auction is started by the Auction House representative who may inform that some Catalogue information has changed, announce changes and correction of the Auction Rules and notify of instructions for the auction organisation arising therefrom.
The Auctioneer shall be in charge of the auction of individual items. The subject of the auction (sale) must always be clearly marked, usually at least by providing reference to the Catalogue. The Auctioneer shall announce the so-called starting bid, which is a price (amount) for which the item may be bought. Should no Auction House Customer be interested in buying the item, the auction of the given item is ended by the Auctioneer by saying "not sold or the item stays on". The item may be included in an auction several times as decided by the Auction House.
After the Auctioneer announces (calls) the item amount, potential buyers of the item bid by raising the auction number or raising the auction number along with the bid that must always be higher than the previous amount called by the Auctioneer.
Increments, i.e. the smallest amounts possible by which the price offered by the Auctioneer is increased, are as follows
1. CZK 10,000 if the current auction price is at least CZK 100,000 but less than CZK 500,000
2. CZK 50,000 if the current auction price is CZK 500,000 and more.
3. CZK 100,000 if the current auction price is CZK 5,000,000 and more.
4. CZK 250,000 if the current auction price is CZK 10,000,000 and more.
The increments orders shall be decided on by a person that is in charge of the auction.
Should no Auction Participant bid a higher price, the Auctioneer shall repeat the amount of the last bid with the words…first time,… second time,... third time for the number… and ends the auction by knocking down with the Auction Participant with the final bid being authorised to buy the item at that amount (the so-called Auctioneer's commission is added to the amount). Participants shall be bound by their bids in the auction (increments), which means an irrevocable bid to buy the item at the given amount. The price achieved in the auction cannot be reduced.
Any objections, protests or comments to the auction process shall definitely be handled by the Auction House pursuant to fair dealing principles and international auction practice. Any objections, protests, comments or notices must be announced directly in the Auction House in a visible and loud manner, otherwise they are not considered.

IV. Payment Method

The auctioned items must be paid for within ten days after the auction date unless agreed otherwise with the Auction House. As far as bank transfer payments are concerned, they shall be made to the Auction House account No. 27-0461150247/0100.
The successful bidder is obliged to pay the final price immediately after bidding, but no later than at the end of the auction. To the buyer are charged the auctioned price and the auction fee. hammer price the amount of auction fee to 1 000 000 CZK 20 % to 1 000 001 to 10 000 000 CZK 18 % up to 10 000 001 CZK 16 %

V. Other Provisions

The Successful Bidder shall be obliged to take over the paid item obtained through the auction within twenty-two business days following the auction at the latest unless arranged otherwise with the Auction House. After this period, he/she/it shall be obliged to pay the storage costs amounting to 0.5% of the paid amount a day, with being authorised to take the item only after meeting those costs.
The Auction House shall provide transport of items obtained through the auction only if arranged so with the Successful Bidder. The Auction House shall only provide item packing that is usual for the item handover, no special packing, e.g. for transport purposes.
Complaints received at things in the auction shall be governed by rules of the Czech Republic. The Catalogue only includes their visual description, other details are given in compliance with the best knowledge and conscience of the Auction House in order to inform the potential buyer as much impartially as possible.
After payment is made by the Successful Bidder, the Auction House shall issue a tax document confirming the payment and written confirmation of acquiring the item through the auction for the Successful Bidder.
Items subject to Act No. 20/1987 Coll. on the state monument preservation as amended and as amended by implementing regulations and Act No. 71/1997 Coll. on the sale and export of cultural-value items as amended and as amended by implementing regulations must be marked so in all auction documents, especially in the Catalogue, be announced when the item is called and in the confirmation of acquiring the item for the Successful Bidder.
All legal acts according to these Auction Rules shall be governed by the legal rules of the Czech Republic.

1. ART CONSULTING Brno CZ, s.r.o.
Jiří Rybář, Director