Conditions of Sale – Hammer auction

1. The Commitment of Stockholms Auktionsverk

Stockholms Auktionsverk undertakes, on the terms stated below, as agent at auction to sell lots submitted by the seller. Stockholms Auktionsverk is, unless otherwise agreed, entitled to sell lots consigned at the time of auction which in the opinion of Stockholms Auktionsverk will give the best result or is most suitable for some other reason.

2. Selling

2.1 The seller is responsible for ensuring that he has full and unrestricted title to lots that he consigns with Stockholms Auktionsverk for sale, or, if the lot is owned by a third party, that he is fully and without restriction entitled to sell and collect payment for this lot.

2.2 If the seller does not own the lot that he consigns for sale, he shall in writing confirm his authority to sell the lot. Stockholms Auktionsverk is not, however, obliged, without special reason, to check the seller¹s authority to sell the lot.

2.3 As soon as Stockholms Auktionsverk has decided to undertake to sell the lot, a special sales contract shall be drawn up between Stockholms Auktionsverk and the seller.

2.4 Stockholms Auktionsverk reserves the right unilaterally and without right to compensation for the seller to waive a sales assignment for a certain lot if doubt arise concerning the authenticity of the lot, title to the lot or other information Stockholms Auktionsverk considers important.

2.5 Items may be consigned throughout the year to Stockholms Auktionsverk in Stockholm, Gothenburg or Malmö. Furthermore, lots may be consigned to our experts and representatives during their visits up and down the country.

2.6 Withdrawal of sales assignments must be made in writing. The seller is not entitled in any case, without the consent of Stockholms Auktionsverk to withdraw the sales assignment later than 10 working days before the first day on which the auction is to be held. If the seller withdraws the sales assignment, he must compensate Stockholms Auktionsverk for costs for handling and valuation of lots by an amount equivalent to a full sales commission according to clause 4.1 which is 15% incl. vat. If the seller withdraws the sales assignment after the lot has been published on the auction website, he must compensate Stockholms Auktionsverk with an additional amount equivalent to full purchase premium based on the estimate.

2.7 All transports of lots to customers, arranged by Stockholms Auktionsverk, take place at the seller’s cost and at the seller’s own risk.

3. Cataloguing, Reproduction

3.1 Stockholms Auktionsverk is fully and without restriction entitled to determine how lots should be illustrated and described at the auction.

3.2 All photographs and reproductions are the property of Stockholms Auktionsverk and may, without separate payment, be used for purpose that are not connected with the sale.

4. Sales Comission

4.1 In connection with the sale a commission of 15% incl. vat of the hammer price is payable for each lot plus a photo fee from sek 350 incl. vat. Regarding charges in case of unsold lots, see clause 6.2.

4.2 For each submitted item an insurancefee of 1.25% including VAT of the hammer price is charged.

5. Storage and Insurance

5.1 Lots consigned are as from receipt insured by Stockholms Auktionsverk against loss in connection with burglary, fire or water damage, and against theft or breakage to a value equivalent to the estimated price unless a separate agreement has been made on another sum insured. If the estimated price is given within a range the lowest price within the range is applied.

5.2 Stockholms Auktionsverk is responsible for ensuring that lots consigned are stored securely.

5.3 Stockholms Auktionsverk cannot be held responsible for damage to the glass or frames of paintings or for changes in natural material such as bleaching of paper and cracking of wood or wear and tear in connection with viewings.

5.4 Stockholms Auktionsverk is not liable to compensate the seller for any loss exceeding the sum insured for lots deposited in accordance with clause 5.1 above.

5.5 The responsibility of Stockholms Auktionsverk for lots consigned is limited to what is stated in these conditions.

6. Reserve

6.1 The seller is entitled to request that a lot is not sold below a certain reserve price. The reserve price must not exceed the estimated price. If the estimated price is given within a range, the reserve price must not exceed the lowest price. The reserve price, which is to be approved by Stockholms Auktionsverk, should be confirmed in the sales agreement or later in writing if agreed by Stockholms Auktionsverk. Stockholms Auktionsverk will attend to the reserve price during the auction.

6.2 If a lot does not reach the reserve price the lot returns to the seller. For Fine Art & Antiques, Modern Art & Works of Art, Contemporary and Rare Books, Maps & Manuscripts there are no commissions or charges besides the insurance fee according to clause 4.2.

6.3 Stockholms Auktionsverk is entitled to sell an object below the reserve price on the condition that the seller will receive the same amount as if the sale would have reached the reserve price.

7. Statement

7.1 The auction result may be obtained on Internet www.auktionsverket.se.

7.2 After the auction, the seller will receive a written preliminary statement of the auction result.

8. Payment

8.1 Payment to the seller takes place 25 working days after the auction on condition that full payment from the purchaser has been received and on condition that no claim for compensation has been made. Payment will be made in sek.

8.2 If the purchaser has not made full payment at the time for payment according to article 8.1, or if the purchaser has made a complaint, the sale is cancelled unless the seller and Stockholms Auktionsverk agree to continue to demand payment. Stockholms Auktionsverk is under no obligation to take action against the purchaser unless a separate agreement has been made with the seller concerning this.

8.3 If the seller has an overdue liability payable to Stockholms Auktionsverk, Stockholms Auktionsverk is entitled to cancel a liability of this nature before payment is made to the seller.

9. Unsold Lots

9.1 If a lot does not achieve the reserve price and returns to the seller, the seller must announce a resell or collect the lot not later than 10 working days after the auction.

9.2 For lots that have not been collected according to clause 9.1 a storage fee will be charged of sek 50 incl. vat per lot and calendar day. For furniture and other bulky lots, a double storage fee will be charged.

9.3 If the seller has a debt to Stockholms Auktionsverk that has fallen due for payment, Stockholms Auktionsverk has the right to retain unsold items as security for the sellers payment of such debt.

9.4 In the event of the seller failing to pay a debt to Stockholms Auktionsverk that has fallen due for payment, or to collect unsold items in accordance with clause 9.1, Stockholms Auktionsverk has the right to take the following steps:
(i) Transfer of lot to warehouse of any forwarding company. All transport and storage costs will be charged to the seller.
(ii) Resale ot the lot on behalf of the seller. Stockholms Auktionsverk has the full and unrestricted right to decide the auction form, the estimate and whether a reserve price is to be set for the lot or not. Stockholms Auktionsverk is entitled to deduct compensation from amounts received for all claims Stockholms Auktionsverk has on the seller.

10. Liability for Defects

If Stockholms Auktionsverk becomes responsible to the purchaser for defects in lots sold, Stockholms Auktionsverk is entitled to demand compensation from the seller equivalent to the compensation Stockholms Auktionsverk may have paid to the purchaser as a result of the defect. The seller agrees with the general terms Stockholms Auktionsverk applies in relation to purchasers at auctions.

11. Force Majeure

Stockholms Auktionsverk is exempt from sanction for failure to meet a certain obligation in accordance with this agreement if the failure is based on a circumstance of the type stated below and the circumstance prevents, or considerably hinders, the obligation being met promptly. Circumstances providing grounds for exemption include act of war, currency restrictions, shortage of transport, fire, measures taken by an authority, change in legislation, industrial conflict, general shortage of goods, restrictions on fuel, accident or equivalent circumstances. If Stockholms Auktionsverks meeting of a certain obligation is delayed more than three months owing to a circumstance providing grounds for exemption, the seller is entitled, without having to pay compensation, to cancel the sales contract in writing.

12. Disputes

Disputes concerning these terms shall be settled in accordance with Swedish law at a court in Sweden.

These conditions of business are valid from 2016-02-15