Terms and Conditions
These Terms & Conditions of Sale together with the Glossary set out the auction terms and conditions, which constitute our agreement with the buyer (hereinafter "T&Cs"). The T&Cs are included in every auction printed catalogue and are also uploaded on our website. By registering to bid or/and by bidding for a lot, you irrevocably accept these T&Cs. We ask you to read them carefully before taking any of the above actions.
We may amend the T&Cs without notice to the buyer or seller by posting the latest amended version on our website https://vergosauctions.com/auction-terms and noting the date of the last modification. The 'Last Modified' date is listed at the end of these T&Cs, and it is the responsibility of the buyer and seller to ensure they have read the current, possibly amended T&Cs.
1. ROLE OF THE AUCTIONEER
VERGOS auction house (hereinafter the "Auctioneer" or "us") acts as agent - representative of the seller (depositor of the lot - item to be auctioned).
2. DESCRIPTION OF THE LOTS
The description of the lots in the catalogue, any condition report and any other statement by us in relation to a lot which pertains to its condition, the artist, the date, the media, the provenance and other factors, constitute our opinion and should not be considered statements of fact.
3. OUR RESPONSIBILITY FOR THE DESCRIPTION OF THE LOTS
With the exception of a case of a forgery, as it is outlined in detail in Term 18 on the Right to Return the Lot below, we do not give any guarantee in relation to a lot and we are not responsible for possible real defects or damage of the lot.
4. CONDITION OF THE LOT & EXAMINATION FROM POTENTIAL BIDDER
i. Every lot is sold "as is" in the condition that they are at the time of the sale ("as is"). The description and statements listed in the auction catalogue in relation to provenance, date, authenticity and value constitute merely our estimation and do not bind us nor create any liability to the bidder or third parties. The photographs in the auction catalogue may not accurately depict the lot, as the colors and shadows may appear differently in the catalogue or on the screen compared to reality.
ii. All lots are either (a) exhibited to the public free of charge before the auction on the days listed at the beginning of the catalogue, or (b) available for examination at our offices by appointment on specific days prior to the auction. Relevant notice is posted on our website. Each prospective bidder is required to personally examine the lot they are interested in bidding on, either in person or through an appointed specialist, during the exhibition period. A bidder's participation in the auction automatically signifies that the lot has been previously examined by them or their representative and that it is entirely to their satisfaction.
iii. A detailed condition report is provided for any lot upon request free of charge. Such a condition report represents our opinion regarding the condition of the lot and may not mention defects, conservation history, and other alterations. For this reason, a condition report does not substitute the bidder's obligation to examine the lot or to seek separate professional advice.
5. ESTIMATES
For each lot in the catalogue, we provide an estimated price range, which is indicative of the auction sale price. The auction catalogue's listed price estimates are the result of our personal assessment and are not binding on the final outcome. The price estimates may change before the auction and do not include our commission, any resale rights, or applicable taxes.
6. LOT WITHDRAWAL
We reserve the right to withdraw any lot from the auction at our discretion at any time, without being obliged to disclose the reasons for this withdrawal.
7. SALEROOM ANNOUNCEMENTS
Any announcements in the saleroom may modify the description of a lot after the catalogue has been printed. These announcements are made by the auctioneer at the auction venue. Please pay particular attention to them.
8. PARTICIPATING AT AUCTION
Prospective bidders may participate in the auction in person, through a representative, remotely by submitting a prior written bid to the Auctioneer, by telephone, or through our website, according to the procedure specifically described below.
i. NEW BIDDERS
New bidders who wish to participate in the auction must make a written declaration at our secretary no later than one hour before the scheduled start of the auction. They will need to provide: (a) for individuals: a form of identification, such as a police or official ID card, an expatriate ID card, or a valid passport; and (b) for legal entities: a copy of the published company's constitutional document in the General Commercial Registry (G.E.MI.), a copy of the appointment of the legal representative, and a form of identification for the legal representative.
ii. RETURNING BIDDERS
If we deem it necessary or if a returning bidder has not bid on any lot in the last two years, an update of the documents mentioned above, required for new bidders, may be requested.
iii. BIDDING ON BEHALF OF ANOTHER
(a) As an authorized bidder: if you are bidding on behalf of a third party who will pay us directly, you will need to complete the above registration process before the start of the auction in the name of the authorizing party and provide a written and signed authorization from the final buyer authorizing you to participate in the auction. For your convenience, a sample of such authorization is available on our website www.vergosauctions.com, although the use of this specific sample is not mandatory.
(b) As the buyer's agent: if you complete the auction registration in your name but act as an agent for a third party who will settle the payment with you before you pay us (the "Final Buyer"), you assume personal responsibility to settle the payment and any other amounts owed to us, regardless of whether you have informed us that you are acting as an agent of the Final Buyer or not. We reserve the right to ask you to disclose the identity of the Final Buyer and to provide their identity verification documents as mentioned in term 8(i) above.
iv. We reserve the right, if deemed necessary, to request proof of funds from a financial institution or a deposit of all or part (at our discretion) of the amount of the lowest price estimate as a condition for any bidder's participation in the auction. In the case of a deposit, this will be fully refunded within 10 days if the lot is not awarded to the bidder who made the deposit.
v. You are not permitted to bid on a lot or instruct a third party to bid on a lot in which you have a direct or indirect financial interest. Indicatively, you are prohibited from bidding on a lot if you are the owner or co-owner, an agent of the owner or co-owner, or have acted as an intermediary for the sale of the lot. Violation of this term will result in the cancellation of your bid at our discretion.
9. INSUFFICIENT PARTICIPATION DOCUMENTS
We reserve the right, at our discretion, to refuse entry or participation to anyone in the auction, especially if a prospective bidder does not provide satisfactory documents for their participation. In the event that a bidder fails to provide sufficient documents for our due diligence obligations, we reserve the right to cancel the awarding of the lot even after the end of the auction.
10. WAYS OF BIDDING
i. BIDDING IN PERSON
If you wish to participate in the auction in person, you will need to make the written declaration mentioned in term 8(i) at our secretary no later than one hour before the scheduled start of the auction.
ii. BIDDING VIA THE TELEPHONE
Participation of a prospective bidder in the auction by telephone requires communication with us and a written declaration according to term 8(i) at our secretary at least 24 hours before the scheduled start of the auction, in order to ensure the availability of a telephone line during the auction. Telephone bids may be recorded, and by participating via telephone, you consent to the recording of the conversation and accept these T&Cs.
iii. BIDDING VIA OUR WEBSITE
(a) You can place bids via our website, after completing the registration process in accordance with term 8(i) via the website at least 2 hours before the start of the auction. For more information, you can visit the website www.vergosauctions.com. By participating via our website, you accept these T&Cs and the website's Terms of Use, which are available on the website www.vergosauctions.com.
(b) In certain auctions, you may have the option to bid on a lot through third-party online auction platforms (indicatively: Invaluable, Drouot etc). In this case, you are also bound by the terms of the third-party platform, which you should read carefully before bidding. These T&Cs remain in effect, and in the event of a conflict between the third-party platform's terms and these T&Cs, the latter will prevail.
iv. BIDDING IN WRITING
You can find the Written Bidding Form at our offices or on our website, www.vergosauctions.com. You will need to have completed the registration process according to term 8(i) at our secretary, and we must receive the written bid at least 24 hours before the scheduled start of the auction. In the case of identical bids, we will consider the bid that was received first.
v. We bear no responsibility for any error or omission regarding any of the above bidding methods, including, but not limited to, inability to connect to the telephone line and/or the website, or issues with the operation of our website.
11. GUARANTEES
i. SELLER'S GUARANTEES
For every lot, the seller guarantees that:
(a) they are the owner or co-owner of the item being auctioned. In the latter case, the seller guarantees that they are acting with the consent of the co-owner(s). If the seller is not the owner or co-owner of the lot, they guarantee that they have obtained the owner's consent to sell the lot or that they are legally entitled to proceed with the sale.
(b) the lot is free from any encumbrance in favor of a third party, as well as from any legal or real defect, claim, or third-party right on it.
In the event that one or more of the above guarantees are incorrect, the seller will only be liable up to the amount of the final bid (as defined in term 16(i) below) and under no circumstances will they be liable for any lost profits, costs, or expenses.
These seller's guarantees are their own, and we bear no responsibility towards you regarding them.
ii. BUYER'S GUARANTEES
(a) As the buyer, you guarantee that the funds with which you pay for the lot are not the proceeds of criminal activity and that you have not been accused or convicted of money laundering, terrorist activities, or other crimes.
(b) Where you participate as agent of the Final Buyer, who will transfer the funds to you before you settle the payment with us, you guarantee that:
• you have conducted due diligence on the Final Buyer and have complied with the Law on the prevention and suppression of money laundering and terrorist financing,
• you will disclose the identity of the Final Buyer to us upon request and you will provide us with identity verification documents for the Final Buyer.
12. AUCTIONEER'S RIGHTS
The auctioneer reserves the right to refuse, at their discretion, entry or participation to anyone in the auction, to reject any bid, to withdraw any lot, and to restart the bidding even after the auction has ended.
13. LOWEST SALE PRICE
The starting bid is the lowest price of the price estimate listed in the catalogue. As the auction progresses, the auctioneer sets successive bids on the auctioned lots at approximately 10% above the immediately preceding bid.
14. AWARDING OF THE LOT
Each auctioned lot is awarded to the last bidder, who becomes the buyer from the end of the auction. We issue a receipt or invoice (as the case may be) only to the last bidder. Beyond that, we are not responsible for informing you if your bid was successful. If you participated with a written bid, you must contact us as soon as possible after the auction for the result of your bid.
15. DISPUTE OVER BIDDING
In the event of any dispute regarding the process or the awarding of a lot, the auctioneer, as the one conducting the auction, will make the final decision on the dispute, including the definitive awarding or re-auctioning of the lot.
16. TOTAL AMOUNT DUE FROM THE BUYER
Upon the awarding of the auctioned lot, the buyer (last bidder) owes the Auctioneer the following amounts ((i), (ii), (iii), and (iv) below hereinafter referred to as the "Total Amount Due"):
i. the amount of the final bid, which constitutes the sale price of the lot,
ii. a fee, which amounts to 18% of the amount of the final bid (hereinafter referred to as "the Auctioneer's Commission"). We reserve the right to change the Auctioneer's Commission at any time by amending these T&Cs,
iii. VAT at 24% on the amount of the Auctioneer's Commission,
iv. in the case of the sale of an artwork, an amount corresponding to the "resale right" of the artist who is either alive or has passed away within the last seventy (70) years (Article 5 of Law 2121/1993 on intellectual property, as applicable). This resale right amount is determined as follows:
•at a rate of 5% for the portion of the amount of the final bid up to 50,000 euros,
• at a rate of 3% for the portion of the amount of the final bid from 50.000,01 euros up to 200,000 euros,
• at a rate of 1% for the portion of the amount of the final bid from 200.000,01 euros up to 350,000 euros,
• at a rate of 0,5% for the portion of the amount of the final bid from 350.000,01 euros up to 500,000 and
• at a rate of 0,25% for the portion of the amount of the final bid exceeding 500.000 euros.
The total amount of the resale right cannot exceed 12,500 euros. The final amount payable for the resale right is subject to 24% VAT, which is also borne by the buyer. We will remit the amount of the resale right to the beneficiary on behalf of the seller.
17. PAYMENT
i. Immediately after the auction, you are required to settle the Total Amount Due, as described in term 16 above, even if you wish to export the lot and the export permit is still pending. We will issue a receipt or invoice (as the case may be) only in the name of the participant who completed the registration under term 8(i) above.
ii. Payment becomes overdue ten (10) days after the end of the auction.
iii. You can settle the payment using one of the following methods:
(a) bank transfer: all payments are made to one of the following bank accounts held in the name of the company VERGOS AUCTIONS PC:
• EUROBANK, SWIFTCODE/BIC: ERBKGRAA
IBAN: GR8502600630000470200787195
• ALPHA BANK, SWIFTCODE/BIC: CRBAGRAA
IBAN: GR5601401150115002002038360
• PIRAEUS BANK, SWIFTCODE/BIC: PIRBGRAA
IBAN: GR8101720800005080095218450
(b) cash: we accept cash up to the amount of the Auctioneer's Commission of 500 euros (including VAT) per buyer and per transaction, only at our offices.
(c) bank check: we accept checks payable to the company VERGOS AUCTIONS PC.
(d) cash on delivery: you can settle payment via cash on delivery up to the total amount of 1,000 euros to the shipping company that will deliver the lot to you.
18. BUYER'S RIGHT TO RETURN THE LOT
i. We apply internationally accepted principles of science and art in examining the authenticity of lots before their auction. If, nevertheless, a lot is subsequently proven to be inauthentic with irrefutable evidence based on internationally accepted methods of authenticity examination, the buyer has the right to return the lot ("Right of Return").
ii. Cumulative conditions for the return of the lot are: (a) the return must be requested in writing and with justification, (b) this written request must be made within two years from the date of delivery to the buyer, (c) the lot must be in the condition it was at the time of delivery to the buyer, (d) the lot must not have been transferred by the buyer to a third party in the meantime, nor have any encumbrances, (e) there must have been no mention in the auction catalogue of expert disagreements regarding its authenticity, and (f) the buyer must return the lot at their own expense to our offices.
iii. If we deem it necessary, we may ask you to provide us, at your own expense, the opinion of two recognized experts in writing before we agree to the return of the lot.
iv. The right of return applies only to lots described in the catalogue without any expressions regarding authorship. The expressions regarding authorship are detailed in the Glossary of these T&Cs and form an integral part of them. You are requested to read the Glossary and the entire description of the lot in the catalogue carefully before participating in the auction and pay particular attention to any announcements in the saleroom, as described in term 7 above.
v. The Right of Return does not apply if the lot is proven to be inauthentic through scientific methods that did not exist or were not widely available at the time the catalogue was published, or that existed but their use entailed the risk of damaging the lot.
vi. The only right granted to the buyer by the Right of Return is the refund of the amount of the final bid and the Auctioneer's Commission for the returned lot without interest, as well as any resale right and VAT.
vii. Under no circumstances will the buyer be entitled to lost profits, costs, or expenses.
19. TRANSFER OF OWNERSHIP OF THE LOT
The transfer of ownership of the lot occurs only upon full payment, even in cases where the lot has already been delivered to the buyer.
20. TRANSFER OF RISK
The buyer bears the risk of destruction or damage to the lot either (a) from the time of receipt of the lot or (b) after 30 calendar days from the end of the auction, whichever takes place first.
21. COLLECTION OF THE LOT
i. Once the aforementioned Total Amount Due has been fully settled, the awarded lot will be available for collection by the buyer from the next business day after the auction, from our offices (or possibly another location indicated to the buyer) and for the next thirty (30) calendar days from the date of the auction.
ii. If you do not collect the lot within 30 calendar days from the end of the auction, we have the right to:
i. charge storage fees based on dimensions as follows: (a) up to 150 cm, 100 euros operational fee and 5 euros daily storage fee, and (b) over 150 cm, 150 euros operational fee and 10 euros daily storage fee,
ii. transfer the lot to a third party storage facility and charge you 100 euros operational fee and transport fees based on dimensions as follows: (a) up to 150 cm, 50 euros and (b) over 150 cm, 100 euros. In this case, you will be subject to the terms and charges of the third party storage facility.
All the above charges are subject to VAT.
22. REFUSAL TO COLLECT AND PAY
In the event that the buyer refuses or is unable to come forward to collect and pay for the lot within the aforementioned deadline, we have the following equal rights:
i. to legally claim the Total Amount Due,
ii. after giving the buyer a new five-day deadline to settle the Total Amount Due, to withdraw from the sale if the new deadline passes without action. In such a case, we can sell the lot to a third party in any way freely, even outside an auction. In this latter case, if the achieved sale price is lower than the Total Amount Due achieved from the previous bidding, we may legally claim from the buyer the difference between this reduced fee achieved by the free sale of the lot and the Total Amount Due, without excluding the pursuit of any further compensation. The buyer will also bear all expenses, interest, damages, and legal costs that we may incur.
iii. to disclose, if we deem it suitable, the identity of the buyer to the seller,
iv. to refuse bids from the buyer in future auctions,
v. if the Total Amount Due is settled after it becomes overdue and we decide to accept this payment, we are entitled to charge the buyer storage and safekeeping fees from the 30th calendar day after the end of the auction based on term 21(ii) above.
23. TRANSPORT AND SHIPPING
Collection and transportation of the lot from our offices is done at your own expense. We can, if requested, suggest shipping companies for the packaging and transportation of your lot. In such cases, we bear no responsibility for any loss, destruction, or damage to the lot resulting from the actions or omissions of the carrier. If you choose a company for the transportation of your lot but request that we package the lot for shipment, please note that while we package lots with care, we are not equipped for professional packaging. Consequently, we bear no responsibility for any damage to or destruction of the lot.
24. EXPORT
If you wish to export the lot from Greece, an export permit may be required. Similarly, an import permit may be required in the country where you intend to import the lot. It is solely your responsibility to meet any requirements related to the export and import of the lot. We are not obliged to cancel the sale and refund the price if the lot cannot obtain an export permit from Greece, an import permit in a third country, or if it is seized for any reason by public authorities.
25. RIGHT OF WITHDRAWAL
We may withdraw from the sale of any lot if: (i) any of your guarantees under term 11(ii) are inaccurate or false, (ii) we reasonably believe that completing the transaction would be illegal, (iii) we reasonably believe that the sale would jeopardize our reputation or the reputation of the seller.
26. INTELLECTUAL PROPERTY
i. The intellectual property rights to all images, illustrations, and texts related to the lots, including the content of the auction catalogue, are and will remain our property, and they may not be used by the buyer or any third party without our consent.
ii. Neither we nor the seller make any promise or guarantee that any intellectual property or reproduction rights to the lot will be granted to the buyer.
27. ASSIGNMENT OF YOUR RIGHTS AND OBLIGATIONS
You are prohibited from assigning or transferring your rights or responsibilities under these T&Cs, unless we have given our written consent. These T&Cs will be binding on your successors and anyone assuming your rights and responsibilities.
28. TRANSLATION
We will use the Greek version of the T&Cs for any issues or disputes that arise, even if we have a translated version of them.
29. PERSONAL DATA
We will process your personal data in accordance with our Privacy Policy on the website https://vergosauctions.com/privacy-policy.
30. PUBLICATION OF AUCTION RESULTS
We reserve the right to publish on our website details of the lots included and sold in the auction, including sale prices and descriptions of the lots. We cannot accommodate requests to remove this information from our website.
31. VIDEO RECORDING
i. We have the right to video record any auction. Although the recording focuses on the auctioneer and not on the participants, footage of the participants may also be captured. We will handle any personal data in confidence; however, if you do not wish to be recorded, you may choose to bid by phone, via the website, or with a written bid.
ii. Unless we agree otherwise in writing, you are prohibited from recording any auction.
32. LAW AND JURISDICTION
These T&Cs are governed by Greek law, and the competent courts for any dispute shall be the courts of Athens.
33. VALIDITY OF TERMS
These T&Cs constitute the final contract between the buyer and us. In the event of any conflict between any statement we make (anywhere, written or oral, in the catalogue, in advertising, on an invoice, or in any of our announcements) and these T&Cs, these T&Cs shall prevail.
GLOSSARY
The expressions regarding authorship for each lot listed in the catalogue have the meanings attributed to them in the Glossary below (hereinafter referred to as the "Expressions"). All Expressions in the catalogue are subject to the provisions of these T&Cs.
The Expressions listed below represent the opinion of the Auctioneer. Although they are used after research, the Auctioneer and the seller assume no responsibility for the authorship of these lots, and the Right of Return does not cover lots that bear any of the following Expressions.
EXPRESSIONS REGARDING AUTHORSHIP
The artist's name without any expression regarding authorship: in the opinion of the Auctioneer, this is an authentic work by the artist.
EXPRESSIONS
"Attributed to ...": a work that we believe to be by the artist, but with a lower degree of certainty than the previous case.
"Workshop of ...": a work created in the artist's workshop by a student or students, with or without the artist's guidance.
"Signed lower right ...": a work signed by the artist himself, either at the time of creation or later.
"Bears signature lower right ...": an authentic work by the artist, signed by another person at a later date.
