GENERAL TERMS AND CONDITIONS OF SALE

GOLDFIELD AUCTION

I — GENERAL PROVISIONSArticle 1 – Organisation of Sales

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

Sales may be conducted:

1. exclusively online;
2. live with video streaming;
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.

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

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

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

Article 2 – Acceptance of the Terms and Conditions

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

Such acceptance results in particular from:

1. registration for the sale;
2. registration on an auction platform;
3. submission of an absentee bid;
4. or the placing of any bid, whether directly or through an intermediary.

Bidders are deemed to have read and accepted these Terms and Conditions before 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 checks may notably be carried out in accordance with regulations relating to anti-money laundering and counter-terrorist financing (AML/CFT).

II — THE LOTSArticle 4 – Description of Lots

Information contained in catalogues, advertisements, 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 relate in particular to:

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

These indications do not constitute a guarantee.

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

Article 5 – Viewing of Lots and Condition Reports

Prior to the sale, prospective buyers may:

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

Such examinations are intended to enable bidders to assess the actual condition of the objects.

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

Article 6 – Condition of Lots

Lots are sold “as is”, with any defects, restorations, wear or alterations.

Information regarding the condition of objects is provided solely for guidance. No claim may be based on the condition of a lot after the auction.

Any statement concerning the condition of an object in the catalogue or in a condition report shall not constitute an exhaustive description.

Article 7 – Estimates

Price estimates are provided for guidance only. They do not constitute a price guarantee or a commitment as to the result of the sale.

Lots may be sold for prices below or above their estimates.

III — CONDUCT OF THE AUCTIONArticle 8 – Bidding Procedure

Bids are placed in successive increments determined by Goldfield Auction.

The Company reserves the right to:

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

Article 9 – Absentee Bids

Bidders who are unable to participate directly in the sale may submit a written absentee bid to Goldfield Auction.

The absentee bid specifies the maximum amount up to which the bidder wishes to bid.

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

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

Article 10 – Online Bidding and Technical Incidents

Bids may be placed electronically through various platforms.

Goldfield Auction cannot guarantee that technical interruptions or malfunctions will not occur.

The Company accepts no liability in the event of:

1. connection failure;
2. transmission delay;
3. a bid not being registered.

Article 11 – Multi-Platform Bidding

Bids may be placed simultaneously through various means:

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

Delays or discrepancies may occur between these different channels.

In the event of any discrepancy, Goldfield Auction shall have sole discretion in determining which bid is accepted.

Article 12 – Bidding Disputes

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

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

Goldfield Auction’s decision shall be final.

IV — FORMATION OF THE SALEArticle 13 – Successful Bid

The highest and final bidder shall be declared the successful purchaser.

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

Article 14 – Commitment of Bidders

Sales organised by Goldfield Auction operate through a system of successive competitive bids whereby participants freely determine the price through competing offers.

Every bid constitutes a firm and irrevocable offer to purchase.

The successful bid immediately forms the contract of sale between the seller and the successful bidder.

Prior to the sale, prospective buyers may:

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

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

Given the competitive nature of auctions and the opportunity to inspect lots beforehand, the successful bid is final and the buyer may not cancel their bid or withdraw from the sale after the auction.

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

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

V — PRICE AND PAYMENTArticle 15 – Purchase Price and Buyer’s Premium

The buyer shall pay the hammer price plus the buyer’s premium specified in the catalogue.

The buyer’s premium is 32%.

Article 16 – Artist’s Resale Right

Artist’s resale right shall apply in accordance with European and Luxembourg regulations.

Article 17 – Payment

Payment must be made immediately following the sale.

Accepted methods of payment include:

1. bank transfer;
2. bank card;
3. cash, within the applicable 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 any difference in price.

VI — COLLECTION OF LOTSArticle 19 – Transfer of Ownership and Risk

Ownership of the lot shall pass to the buyer only after payment has been made in full.

Risk shall pass to the buyer immediately upon the successful bid.

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

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

Sales transactions are subject to the laws and taxation applicable in Luxembourg, particularly with regard to VAT.

The location at which lots are stored does not affect the legal classification of the sale or the applicable tax regime.

For logistical reasons, lots are mainly stored at Goldfield Auction’s storage 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 recommends collection of lots in Liège.

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

After this period, storage charges may be applied.

Article 21 – Transport

Transport of the lots is entirely at the buyer’s expense.

Goldfield Auction does not organise transport and accepts no responsibility for the packing, handling or transportation of lots. Lots are transported entirely at the purchaser’s risk.

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

In such circumstances, shipment is arranged in the name of, on behalf of and at the expense of the buyer. Transport is undertaken entirely at the buyer’s risk.

Goldfield Auction accepts no liability for any loss, theft, delay, damage or deterioration occurring during transport. Responsibility for transportation rests exclusively with the carrier responsible for delivering the parcel.

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

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

VII — LIABILITY AND CLAIMSArticle 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 all circumstances, any liability of Goldfield Auction shall not exceed the amount of the hammer price of the lot concerned.

The claim must be accompanied by all relevant documentation necessary to assess its merits.

No lot may be returned without the prior written consent of Goldfield Auction.

In all cases, all costs relating to return, packing, transport and insurance shall remain entirely at the buyer’s expense.

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

Article 23 – Authenticity of Lots

Information concerning the artist, attribution, origin, period, school, provenance or nature of lots appearing in catalogues, reports or advertisements reflects the opinion of Goldfield Auction at the time the catalogue is prepared.

Such information is established on the basis of:

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

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

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

Statements appearing in catalogues or any other medium must be regarded as opinions or assessments, which may evolve in light of new knowledge or further research.

Where a lot is accompanied by an independent expert report, this will be stated in the lot description. In such cases, responsibility for the expert opinion rests exclusively with the expert or organisation that issued it.

Bidders are invited to examine the lots during exhibitions or to request a condition report prior to 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 are duly authorised to sell it.

VIII — FINAL PROVISIONSArticle 25 – Force Majeure

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

Article 26 – Personal Data

Personal data shall be processed in accordance with the General Data Protection Regulation (GDPR).

Article 27 – Severability

Should any provision of these Terms and Conditions be declared invalid or unenforceable, the remaining provisions shall remain in full force and effect.

Article 28 – Language

In the event of any translation, the French version alone shall prevail.

Article 30 – Applicable Law and Jurisdiction

These Terms and Conditions shall be governed by Luxembourg law.

Any dispute shall be submitted to the competent courts of the Grand Duchy of Luxembourg.