General Terms and Conditions of Sale

GOLDFIELD AUCTION

I — GENERAL PROVISIONS

Article 1 – Organisation of Sales

Goldfield Auction organises auctions of movable property on behalf of consignors.

Sales may take place:

1. exclusively online;
2. live with video broadcasting;
3. or through any combination of these methods.

Bids may notably be placed through specialised platforms such as Drouot Digital or any other platform used by Goldfield Auction.

The sales are legally organised in the Grand Duchy of Luxembourg.

Goldfield Auction acts solely as an intermediary between seller and buyer and is not the owner of the lots offered for sale.

Goldfield Auction reserves the right to modify the format or terms of a sale should circumstances require.

Article 2 – Acceptance of the Conditions

Participation in any sale organised by Goldfield Auction implies full and unconditional acceptance of these terms and conditions.

Such acceptance results notably from:

1. registration for the sale;
2. registration on an auction platform;
3. submission of a purchase order;
4. or any bid placed directly or through an intermediary.

Bidders are deemed to have read and accepted these conditions prior to bidding.

Article 3 – Identification of Bidders

Goldfield Auction reserves the right to request from any bidder:

1. proof of identity;
2. full contact details;
3. bank references.

The Company may refuse any registration or bid if the requested information is not provided or if its accuracy cannot be verified.

Such verifications may notably be carried out within the framework of anti-money laundering and counter-terrorist financing regulations (AML/CFT).

II — THE LOTS

Article 4 – Description of the Lots

Information contained in catalogues, announcements, reports or any other documents is provided for guidance only. Descriptions reflect the opinion of Goldfield Auction at the time the catalogue is prepared.

Such information may notably concern:

1. the author or attribution;
2. the period;
3. the origin;
4. the material;
5. the dimensions;
6. the condition.

These indications do not constitute a guarantee.

Photographs published in catalogues or on platforms are for illustrative purposes only.

Article 5 – Exhibition of Lots and Condition Reports

Prior to the sale, potential buyers may:

1. examine the lots during exhibitions organised by Goldfield Auction;
2. request a condition report.

These examinations are intended to allow bidders to assess the actual condition of the objects.

Consequently, bidders are deemed to have satisfied themselves as to the nature, condition and characteristics of the lots before bidding.

Article 6 – Condition of the Lots

Lots are sold “as is”, with any faults, restorations, wear or alterations. Information regarding the condition of the objects is provided for informational purposes only. No claim may be based on the condition of a lot after the hammer falls. Any mention concerning the condition of an object in the catalogue or in a condition report does not constitute an exhaustive description.

Article 7 – Estimates

Price estimates are provided for guidance only. They do not constitute a guarantee of price or a commitment to achieve a result. Lots may be sold below or above the estimates.

III — CONDUCT OF THE AUCTION

Article 8 – Conduct of Bidding

Bidding proceeds according to increments determined by Goldfield Auction.

The Company reserves the right:

1. to refuse any bid;
2. to withdraw a lot from the sale;
3. to modify the order in which lots are offered.

Article 9 – Absentee Bids

Bidders unable to attend the sale may leave written absentee bids with Goldfield Auction. Such bids indicate the maximum amount up to which the bidder authorises Goldfield Auction to bid on their behalf.

Goldfield Auction will endeavour to execute such bids under the best possible conditions. However, Goldfield Auction shall not be liable if an absentee bid is not executed, is only partially executed, or if the lot is sold to another bidder at the same amount.

In the event of identical bids, priority shall be given to the first bid received.

Article 10 – Online Bidding and Technical Incidents

Bids may be placed electronically through various platforms. Goldfield Auction cannot guarantee the absence of interruption or technical malfunction.

The Company declines all responsibility in the event of:

1. interruption of connection;
2. transmission delays;
3. unrecorded bids.

Article 11 – Multi-Platform Bidding

Bids may be placed simultaneously through different means:

1. online platforms;
2. absentee bids;
3. telephone bidding;
4. live video broadcasting.

Delays may exist between these systems. In the event of discrepancies, Goldfield Auction shall have sole discretion in determining the valid bid.

Article 12 – Disputes Relating to Bidding

In the event of a dispute regarding bidding, Goldfield Auction may notably:

1. maintain the sale;
2. cancel the sale;
3. re-offer the lot for sale.

Goldfield Auction’s decision shall be final.

IV — FORMATION OF THE SALE

Article 13 – Hammer Price

The highest and final bidder shall be declared the purchaser. The fall of the hammer immediately forms the contract of sale between seller and buyer.

Article 14 – Commitment of Bidders

Sales organised by Goldfield Auction are based on a system of successive bidding in which participants freely determine the price through competing offers.

Any bid constitutes a firm and irrevocable offer to purchase.

The fall of the hammer immediately forms the contract of sale between seller and buyer.

Prior to the sale, potential buyers may:

1. examine the lots during exhibitions organised by Goldfield Auction or by appointment;
2. request a condition report from Goldfield Auction.

Bidders are deemed to have reviewed all available information before bidding and to have satisfied themselves as to the nature, condition and characteristics of the goods.

Due to the competitive nature of auctions and the opportunity to inspect the lots beforehand, the sale is final and the buyer may neither cancel their bid nor withdraw after the sale.

Where applicable consumer protection legislation provides a right of withdrawal for certain distance sales, such right shall apply in accordance with the relevant legal provisions.

In such cases, the buyer must return the lot in its original condition and all return, packaging, transport and insurance costs shall remain entirely at the buyer’s expense.

V — PRICE AND PAYMENT

Article 15 – Buyer’s Premium

The buyer shall pay the hammer price plus the buyer’s premium indicated in the catalogue. The buyer’s premium is 32%.

Article 16 – Artist’s Resale Right

The artist’s resale right applies in accordance with European and Luxembourg regulations.

Article 17 – Payment

Payment must be made immediately after the sale.

Accepted methods of payment notably include:

1. bank transfer;
2. credit/debit card;
3. cash within legal limits.

Article 18 – Defaulting Buyer

In the event of non-payment, Goldfield Auction may:

1. cancel the sale;
2. re-offer the lot for sale;
3. claim the difference in price.

VI — COLLECTION OF LOTS

Article 19 – Transfer of Ownership and Risks

Ownership of the lot transfers only after full payment has been received. Risk transfers to the buyer immediately upon adjudication.

Article 20 – Place of Sale, Invoicing and Collection of Lots

Sales organised by Goldfield Auction are deemed concluded at the Company’s registered office in the Grand Duchy of Luxembourg.

Sales operations are subject to Luxembourg law and taxation, notably VAT regulations.

The storage location of the lots does not affect the legal qualification of the sale nor the applicable taxation.

For logistical reasons, lots are mainly stored at Goldfield Auction’s facilities located at:

Boulevard d’Avroy 262, 4000 Liège – Belgium

Following full payment, lots may be collected:

1. either from the storage facility in Liège;
2. or, by prior appointment, from Goldfield Auction’s registered office in Weiswampach (Luxembourg).

Goldfield Auction strongly encourages collection in Liège.

Lots must be collected within a maximum period of 30 days following the sale.

After this period, storage fees may be charged.

Article 21 – Transport

Transport of lots is entirely at the buyer’s expense. Goldfield Auction does not organise transport and assumes no responsibility for packaging, handling or shipping of the lots. Lots travel entirely at the buyer’s risk.

At the buyer’s express request and solely as an exceptional service, Goldfield Auction may arrange shipment of a lot through a third-party carrier, including companies such as DPD, FedEx or any other provider.

In such cases, shipment is carried out in the name, on behalf of, and at the expense of the buyer. Transport is performed entirely at the buyer’s risk.

Goldfield Auction accepts no liability for loss, theft, delay, damage or deterioration occurring during transport. Responsibility lies exclusively with the carrier entrusted with delivery.

Lots shipped may be insured during transport up to their declared value. In the event of damage or loss, any compensation shall be paid in accordance with the applicable insurance conditions and within the limits provided therein.

Goldfield Auction shall not be held responsible for any refusal of compensation by the carrier or insurer.

VII — LIABILITY AND CLAIMS

Article 22 – Claims

Any claim relating to a lot must be submitted in writing to Goldfield Auction within a maximum period of ten (10) days following receipt of the lot by the buyer.

After this period, no claim shall be accepted.

In any event, Goldfield Auction’s liability shall not exceed the hammer price of the lot concerned.

Claims must be accompanied by all relevant documentation supporting their validity.

No lot may be returned without Goldfield Auction’s prior written approval.

In all cases, return, packaging, transport and insurance costs remain entirely at the buyer’s expense.

Returned lots travel at the buyer’s risk until received by Goldfield Auction.

Article 23 – Authenticity of the Lots

Information regarding the author, attribution, origin, period, school, provenance or nature of the lots contained in catalogues, reports or announcements reflects Goldfield Auction’s opinion at the time the catalogue is prepared.

Such information is based on:

1. information provided by the consignor or seller;
2. knowledge available at the time of sale;
3. any research possibly carried out by Goldfield Auction.

Unless expressly stated in the lot description, Goldfield Auction does not conduct scientific expertise or independent authentication of the objects offered for sale.

Goldfield Auction acts solely as an intermediary between seller and buyer and does not guarantee the absolute authenticity of the lots.

Information contained in catalogues or any other materials must be regarded as opinions or assessments, subject to change according to the evolution of knowledge or further research.

Where a lot is accompanied by an independent expert report, this shall be mentioned in the lot description. In such cases, responsibility for the expertise lies exclusively with the expert or institution that issued it.

Bidders are encouraged to inspect the lots during exhibitions or request a condition report before the sale in order to form their own opinion regarding the authenticity, nature and condition of the objects.

Article 24 – Seller’s Warranty

The seller warrants that they are the owner of the lot or duly authorised to sell it.

VIII — FINAL PROVISIONS

Article 25 – Force Majeure

Goldfield Auction shall not be held liable in the event of force majeure preventing the holding of the sale.

Article 26 – Personal Data

Personal data is processed in accordance with the GDPR.

Article 27 – Partial Invalidity

Should any provision of these terms and conditions be declared invalid, the remaining provisions shall remain fully enforceable.

Article 28 – Language

In the event of translation, only the French version shall prevail.

Article 30 – Applicable Law and Jurisdiction

These terms and conditions are governed by Luxembourg law. Any dispute shall be submitted to the competent courts of the Grand Duchy of Luxembourg.