Buyer terms & conditions
Participation in Cypria Auctions (“Cypria K. Auctions Limited”) means the unreserved acceptance of the following
- The auctioneer always acts as the agent of the vendor. He directs the auction and decides on the consecutive bids of each lot. At his discretion, he can refuse higher or lower bids than those proposed by him.
- The auctioneer reserves the right to refuse entry to or participation by any individual in the sale-room, as well as to withdraw any lot from the sale at any time.
- A buyer is considered the bidder who accepted the highest bid proposed by the auctioneer and to whom the lot was finally sold. Absentee bids are accepted by the auctioneer in writing 24 hours before the sale or on the telephone during the sale, provided personal details of the bidder have been submitted 24 hours before the auction. Online bids are also accepted during the live broadcast of the auction through Invaluable.com
(Please note that prospective buyers must register with Invaluable.com beforehand in order to be able to bid live at the Cypria auction.)
- Every work is sold ‘in its present state’. Cypria Auctions is not responsible for possible defects, damages or imperfections of a work or errors or misrepresentations in the description contained in the catalogue. All statements included in the auction catalogue relating to the provenance, dating, authenticity and estimate of a lot, are made to the best of its knowledge and do not imply or create ultimate responsibility or liability on the part of Cypria, its associates or employees to any third party.
- A buyer can return a work within two (2) years of its purchase if it can be reasonably proved that it is a counterfeit. In such a case the buyer will be fully refunded (Hammer price plus commission but not interest). The sale will be set aside on condition that the buyer has not resold the work, it has been kept in the same condition as at the time of purchase and most importantly there was no mention in the catalogue of disputed authenticity.
- Every work on sale is considered by Cypria Auctions as the bona fide property of the vendor who gives assurances that it is free of any legal or any other impediment, claim or demand by any third party.
- A commission of 18% plus VAT is added to the hammer price.
Artist’s Resale Rights: On lots sold over €3 000 an up to €50 000 4% plus VAT is added to the price of the final bid, which is the artist’s resale right applicable if the artist is alive or has died in the last 70 years. (For lots sold above €50 000 the Artist’s Resale Right is reduced to 3%)
VAT (Value Added Tax) currently at 19% is only applicable on the buyer’s premium and the Artist’s Resale Rights but not on the hammer price.
All lots can be collected once the account has been settled from the sale room after the sale or thereafter from the Cypria Auctions premises. Evrou, 14, Strovolos 2003, Nicosia, Cyprus. The buyer should collect all purchased lots within 7 days from the date of the auction and settle the respective invoice in full.
- In case of refusal or inability on the part of the buyer to settle his/her account and collect the work(s) as stated above, 30 days having elapsed from the day of the auction, Cypria Auctions is entitled a) To initiate legal action demanding the full settlement of the account. b) To dispose of the work(s) to a third party privately or through an auction sale. c) To demand compensation for any financial or other damages suffered as a result of the buyer’s refusal to fulfil his/her obligations.
Seller terms & conditions
The following auction terms specify the legal rights and obligations of the seller
- Cypria K Auctions Limited (hereinafter referred to as the House) will sell as the exclusive agent of the consignor the works listed on the attached list. The sale will be executed by auction (unless otherwise agreed) and is subject to the “Conditions of Sale”, which are printed on the last pages of the auction catalogue. This agreement will prevail in case of conflict with the “Conditions of Sale”. The estimates and reserves will be negotiated and agreed with the consignor before the auction.
- The House will deduct commission from the Hammer Price as follows:
Hammer Price up to €50,000 | commission: 10%
Over €50,000 | commission: by agreement
The existing rate of VAT will be added to the commission. The House will also charge the buyer commission of 18% plus VAT on the Hammer Price.
- The consignor agrees to pay all expenditure relating to:
- Any import taxes if the works are imported from a country outside the E.U.
- Any restoration of the work agreed with the consignor.
- Any framing.
- VAT on all the above charges
- All the works are automatically insured from the moment they are collected by or delivered to the House, unless otherwise agreed. The insurance cover is arranged in accordance with the valuation of the House. This can be reviewed at a later stage but it does not constitute a representation or guarantee by the House that the works will be sold at such price. The works will continue to be insured thirty days after the auction has taken place. If a work does not sell by the time this period has elapsed the responsibility for the work(s) will revert to the consignor.
- The consignor states that he/she is the sole proprietor of the work(s) and guarantees that they are free from any legal or real encumbrance, claim or demand by any third party.
- The consignor confirms that he/she has complied with all or any legal or other requirements and restrictions relating to the import or export of the works.
- The consignor has informed the House in writing of any interference with the works which have come to his/her knowledge, as well as of any doubts expressed by third parties relating to the proprietary status, the condition or the authenticity of the works.
- In the event that the consignor is in breach of I, II, or III above then he/she is obliged to compensate the House or the Buyer or both in full for any damages suffered.
- The House will have absolute discretion in the following matters:
- The listing, description and illustration of the works in the auction catalogue.
- The time, place and conduct of the auction.
- The choice of individuals who will be invited to attend the auction and the acceptable method of bidding.
- Obtaining expert opinion from outside specialists, where it considers it necessary.
- The inclusion of more than one work in a lot or the distribution of the works in more than one lot.
- Any estimate given by the House amounts to an opinion and does not constitute a representation or a guarantee of the eventual price that will be realized at auction.
- The consignor is not entitled to withdraw any works without the consent of the House. The House nevertheless retains the right to withdraw any works at any time if:
- It has doubts concerning the authenticity, ownership, or accuracy of assurances by the consignor (see para.5 above).
- There is a breach of this agreement
- The House considers it improper to offer the work for sale for any reason.
- In case the work is withdrawn by the consignor by his own volition, he/she will be liable for payment of 10% commission on the reserve price as well as any other costs incurred by the House.
- Every work will be auctioned taking into consideration the reserve (the price agreed between the House and the consignor as the lowest acceptable for its sale). If for any work there is no agreed written reserve before the auction then the House in its absolute discretion will fix one.
- The consignor shall not bid or appoint a representative to do the bidding on his/her behalf for a work belonging to him/her.
- Following the auction the consignor will receive from the House in respect of every work an amount equal to the hammer price minus the commission and any other relevant cost (see para.3 above).The settlement of the account will take place 45 days after the auction, provided that:
- The works have been fully paid for by the buyer
- There is no written objection by the buyer alleging that the work is counterfeit.
- If the buyer delays the settlement of the account then the payment will be effected 7 days after its full settlement.
- If for any reason the consignor has been paid before the buyer has settled his/her account, then the work becomes the property of the House.
- If the buyer has not paid for the price of the work(s) in full within 45 days from the auction date, the House reserves the right to agree with the consignor special terms for settlement, storage and insurance cover and proceed with actions deemed necessary to collect from the Buyer the outstanding balance. The House is not liable to pay the consignor the outstanding money if it has not been collected by it, nor is the House liable to take any legal measures on the consignor’s behalf. The House will discuss with the consignor the most appropriate measures to be taken with a view to collecting the outstanding money.
- If within a period of two (2) years from the date of the auction, the buyer persuades the House that a work is counterfeit then:
- The House will cancel the sale,
- The consignor will be liable to refund the House with the full sum of money he/she has been paid. In such a case the House will be entitled to withhold any works by the consignor as a guarantee for the full refund of the value of the cancelled sale.
- The House has the right to photograph, videotape or create an image of any of the works. The rights to the images belong to the House which retains its right to use them as it wishes.