1. Bidder

A bidder can be a natural person who is over 18 years of age. Neither the bidder nor the person who bids on his or her behalf shall be the owner of the item; the bidder shall also not be a person under the influence of alcohol or drugs, a person that would grossly violate the rules of decent conduct during the auction process, or a person whose capacity to act has been limited or withdrawn by the court. The person acting as the actioneer also shall not bid. The auction house is entitled to check the identity of the bidders, before taking the bidding numbers or prior entering the auction house. The identification of the bidders shall be established through verification of a document that legally proves bidder´s identity. After the verification of the bidding number holder´s identity, a Bidding Number Holder Declaration shall be issued. This declaration is for the holder to properly collect and pay for his/her auction-bought works in terms of the auction procedure. The bidder can only be a person with the bidding number. A person may select a bidding number only after signing the Bidding Number Holder Declaration and making 50 EUR deposit (the deposit is returned when the bidder returns his or her bidding number or when the auction ends).

2 . Auction

The auction is a public event. The auction room shall not be entered by persons under the influence of alcohol, drugs, or grossly infringing the rules of decent conduct. The auction house, in its sole discretion, has the right to refuse the entry of any person into its premises and into the auction house. The viewing of items included in the auction is arranged by the organizer through their website and organized exhibition of works prior to auction. During the exhibition and the auction, it is forbidden to privately sell, exhibit, or exchange any items between the visitors and without the approval of the auction house; it is forbidden to film or photograph the works auctioned in any way. During the exhibition and the auction, all visitors are required to comply with all measures taken to protect the exposed and auctioned works.

3 . Auction Process

The auction takes place when bidders make a higher bid so that the bidder clearly raises the bidding number. With more of such increased offers, the auctioneer counts the increasing bids. The amount of the next higher bid is reserved to be set by the organizer depending on the nature of the item auctioned. The auction house reserves the right to make additional changes to the minimum of the increase of the bidding price.

up to 200,- eur by 10 eur
up to 5 000,- eur by 200 eur
up to 500,- eur by 20 eur
up to 10 000,- eur by 500 eur
up to 1 500,- eur by 50 eur
up to 35 000,- eur by 1000 eur
up to 3 000,- eur by 100 eur
from 35 000,- eur by 2000 eur

4 . Succesful Bidder

In the event that after the second call no one makes an offer (bid), the auctioneer shall again call the last increase and sell the item to the bidder. The bidder who makes the latest increase in the bidding becomes the successful buyer, and any disputes in this regard depend solely on the decision of the auction house owner. Title to issue the item sold at the auction commences for the bidder only after the payment of the total sum of the work. The total sum is a sum of price of the auctioned item plus the auction commission.

5. Method of Payment

The auction takes place without interruption and the auctioneer can include the lots not sold in the auction at any time again, but prior to the last regular item being sold at the latest. The successful bidder who bought the item shall personally pay the purchase price during the auction or afer the last auctioned lot; he can pay personally in cash. The lot which was not paid for shall be considered unsold. Before the auction, upon the agreement of the auction house, the bidder can be offered credit, which is conditioned by advance payment of 20% of the total amount for the work. The auction house is entitled to terminate the contract if the bidder delayed the payment of the total sum of the work, including the auction commission, for more than 10 calendar days. In this case, the 20% deposit is forfeited in favor of the auction house, as consideration for the cost of auctioned work and compendsation of lost profits.

6. Auction Price

The final auction price [the last bid increased] is the purchase price and the auction house shall confirm its payment to the bidder in writing [the receipt]. When paying the price, the auctioneer authority will charge the winning bidder a special auction commission 19% of the auction price. Confirmation of payment of this commission is the part of the sales receipt for payment of the purchase price. After the payment of the purchase price and the auction commission, the auctioned work will be issued to the purchaser. Upon the wish of the bidder, the auctioned item which has been paid for can be left at the place determined by the auction house free of charge for 14 days after the payment. The items not sold at the auction may stay in after sale in the auction house for 30 days. On special request, the auction house issues a written confirmation of the acquisition of the work at auction, which includes the lot cataloque number, the bidding number which was bidding for the item, a brief description of the work, the quantity if the work inludes a set of works, in cases of precious metal works it states the fineness and weight in grams, carats in the diamond, the purchase price, the date of the auction, the stamp and signature of the authorized person. The objections to the highest bid shall be applied by the bidder immediately in the hall in a visible or audible way. Objections applied at the payment shall be disregarded. The claims for the lots auctioned in the auction hall will not be accepted, the description of the exhibited lots declares only their external, perceptible sensory properties, not their origin. Decisions on any disputes concerning the conduct of the auction process which is explicitly not covered within this auction policy are fully up to the auction house or the head of the auction.

7. Participation at the Auction based on the Power of Attorney (Absentee Bids)

The bidder may bid for any lot offered in the auction without his/her personal presence at an auction, after meeting the following conditions:

- he/she shall prepare the power of attorney document for the auction authority to represent him/her at the auction stating the auction date, address and the signature,

- he/she shall identify the works that the auction authority shall bid on his/her behalf for,

- he/she shall set the limit which shall the authority bid up to, separately for each item.

Power of attorney to represent a person at the auction shall be concluded no later than 24 hours prior to the auction, and the participation in the auction by proxy is subject to a deposit of 20% of the minimum bid for each work on which the proxy will bid; the bidder must pay the deposit when signing the power of attorney. The contracting authority receives the power of attorney in confidence. It is not permissible to make conditions representing a success or failure of individual items or to determine alternatives in bidding. In exercising the full power, the representing authority shall proceed in order to get the most advantageous bid for the person represented e.g. the authority always makes only one increased bid against the offer of the highest bidders attending the auction in person. If the highest offer of bidders present at an auction meets the limit set by power of attorney, the auctioneer takes precedence of the offer of the personally present bidder, otherwise the lot will be assigned by the say-so to the represented person who sets higher limit, for the price increased by one increment than the highest bid at the auction. If there are two represented bidders and the highest bid does not reach the limit of any of them, the say-so will be assign the lot to the represented person who set a higher limit for the price of one increment higher than the lower limit of the other person. In case there are two identical representations of the limit, the say-so wiil go to the person whose limit was received by the auction house earlier for the price increased by one bid to the highest bid at the auction. If both power of attorney bidders come in the same day, the procedure shall be taken in alphabetical order. If the successful bidder is delayed in paying the full amount for such work auctioned for more than 14 days, the 20% deposit shall be forfeited in favor of the auction house as compensation for the cost for auctioning the works and lost profits.

The bidder is obliged to prove his/her serious interest and intention to participate in the auction, and bid for the offered item/s. He/she shall properly and timely pay for the item including the commission to Art Invest Gallery and take over the item. The bidder is also obliged to pay the auction principal of 1000 EUR / in words: one thousand euros / to the account number of Art Invest IBAN: SK 4102000000002517632851, SWIFT: SUBASKBX together with the Bidder registration. In case of failure to pay for the items auctioned, for any reason or without giving any reason, this principal shall be taken by Art Invest as the contractual fine within 14 day period from the bidding. In case of his/her unsuccessful bidding for the item/s, the principal shall be returned to the bidder. The bidder expressly agrees with the unquestionable right of the Art Invest gallery to this contractual fine in the above amount. He/she proves his/her irrevocable consent by paying the principal of EUR 1.000 EUR to the Art Invest account. The above arrangement does not apply to the bidders who had duly paid for and took over at least one auctioned item in the past.

8. Participation in the Auction via the Phone (Telephone Bidding)

On the basis of a written agreement with the auction house, the bidder may participate in the auction via the dial-up with the auction house. The mutually signed agreement includes the basic personal information of the bidder, bidding number and the phone number of the bidder. The telephone bidding agreement can be concluded no later than 24 hours prior to the auction. Participation in the telephone auction is the limited by the capacity of the telephone lines set up. Telephone bidding is only possible for items with a starting price of over 300 EUR. Lots with starting prices of less than 300 EUR are exempt from telephone bidding; only written (absentee) bids or bids from participants present in the auction hall are accepted.

If anything prevents the telephone bidder from bidding by telephone and the bidder does not pick up the phone, the auction house shall, as its exceptional service, bid on behalf of the bidder up to the first price increase over the starting price and, if the lot is sold to the bidder, he/she becomes the successful buyer.

9. Final Provisions

Auctioned items are primaryly old. All lots are auctioned regardless of defects and erroneous descriptions. Pictures in the catalogue are used only to identify the lots. The bidder gets familiar with the state of each lot prior the auction during the viewing and it is solely up to his/her consideration, whether it corresponds to the description. With the exception of the commitments following from these terms and conditions, no seller, the auction house or its employees are responsible for the erroneous description or identity or authenticity of any auctioned item and do not provide any warranty for the lots sold.

Any expressed or implied warranties are hereby excluded.

If within 30 days after the auction, the successful buyer submits a written statement giving the lot bidding number, the date of the auction, and relevant expert opinion that the auctioned item is a falsification and then returns the work back to the auction house in the state in which it was at the time of the auction, the auction house verifies the authenticity of the work and; the sale of any lot confirmed by the auction house to contain a falisfied or fraudulent work is cancelled, and the aution house returns all the amounts paid for it. This does not apply in the following situations:

- the lot is listed in the catalog with a specification the work in question is non-returnable

- the work in question is part of a set

- the defect in question is listed in the description of the lot in the catalog

Only a successful buyer can claim the lot up to the amount not exceeding the amount paid for this item. All data and statements in the auction catalog concerning the authorship, attributed qualities, authenticity, origin, date, age, provenance, condition, lowest starting price and the estimated final price express the opinion of the auction house only. To create this opinion, the auction house retains the right to consult any experts or official places and follow their statements. In such matters, any interested party must manage their own opinion, and neither the auction house nor its employees can be responsible for the correctness of this opinion.

This auction policy was prepared in accordance with Slovak Law and relevant regulations of the Slovak Law. All the transactions amended by or arising out of this auction policy, as well as all pertinent facts shall be governed by Slovak Law.

This auction policy enters in force on 1 Januarry 1999.