Terms
of Auction
Extract from the Rules of Procedure, as of April 2022
The auctions are conducted in accordance with the
Rules of Procedure of the Widder Auctions of Kunsthandel Widder GmbH. The exact
wording of these rules is available at the auction house and can be downloaded
from www.widderauktionen.com.
Estimated
prices, starting price, minimum sale price, limit, hammer price
In object descriptions, an upper and lower estimated
price is stated in euros. The highest bid is expected within this range. The
starting price is also stated online. As a rule, the starting price is the lower estimated price, but it
can be set higher or lower. The auctioneer increases the price by steps of approx. 10%,
although it is possible to deviate from this. The highest bid wins, provided
that the minimum selling price has been reached. If the seller decides not to
sell the object below a fixed price, this is called the minimum sale price or
limit. If this is not reached, the sale is considered conditional. Highest bidders
are obliged to pay the purchase price within 7 days after invoicing.
Purchase
price
The purchase price consists of the highest bid plus
the buyer's premium, sales tax and, if applicable, the fee of artists resale
rights. The buyer's premium amounts to
28% in case of differential taxation. The sales tax is included in the
differential taxation.
In the
case of normal taxation (marked ° in the catalog), a premium of 24% is added to
the highest bid. The mandatory sales tax of 13% is added to the sum of the
highest bid and the buyer's premium.
Resale
Right
Items
marked * are subject to the resale right. This will be charged in the form of a surcharge on
the highest bid. It only applies to highest bids over € 2,499.99 and is
staggered: for the first € 50,000 4% will be charged. Thereafter, for each
additional €150,000, 3% and 1% respectively, and for €500,000 and above, 0.25%.
The maximum resale right charge is 12,500 €.
Authenticity
guarantee
The
auction house vouches for the authenticity of the object to the buyer within
two years and guarantees that
the object is indeed by the named artist.
Catalog
information and description
Details of technique, signature, material, condition,
provenance, etc. are provided by experts of the auction house. However, no guarantee
is given for the correctness of this information.
The descriptions of the objects mean: first and last
name of the artist with life data: an authentic work of the artist.
"Signed" or "monogrammed": a clearly attributable work by
the artist. "Attributed": a probably, but not necessarily authentic,
work by the artist. "Circle": a work created within the artist's
sphere of influence. "Inscribed": a probably authentic work, but not
signed by the artist's hand. "Workshop": a work created in the
artist's immediate environment. "School": a work created in temporal
and stylistic proximity to the artist. "Succession": a stylistically
related work created in the artist's succession.
Purchase
orders
Interested parties may submit purchase orders in
writing and online or bid by telephone. A completed and signed bid form must be
received in a timely manner prior to the auction. The auction house will bid
for written bids up to the stated highest bid.
Telephone
Bids
Interested parties have the possibility to bid by
telephone. The auction house will make every effort to reach the telephone
number provided. If no telephone connection can be established, the auction
house can bid for the interested parties up to the lower estimated price of the
object. In this case, the auction house is not obliged to execute the bid.
Online
Bidding, Live Bidding
Bidders can place pre-bids and bid live on
www.widderauktionen.com as well as on external auction platforms.
Insurance
Objects of art are insured against loss and damage until
the end of the collection period, up to the amount of the highest bid.
Thereafter, the art object is insured only up to a maximum of 6 months after
invoicing, if there is no delay in payment.
Place
of jurisdiction, choice of law
Place of jurisdiction and place of performance for all
legal relationships is 1010 Vienna. Austrian substantive law shall
apply.
Terms
of Auction
Extract from the Rules of Procedure, as of April 2022
The auctions are conducted in accordance with the
Rules of Procedure of the Widder Auctions of Kunsthandel Widder GmbH. The exact
wording of these rules is available at the auction house and can be downloaded
from www.widderauktionen.com.
Estimated
prices, starting price, minimum sale price, limit, hammer price
In object descriptions, an upper and lower estimated
price is stated in euros. The highest bid is expected within this range. The
starting price is also stated online. As a rule, the starting price is the lower estimated price, but it
can be set higher or lower. The auctioneer increases the price by steps of approx. 10%,
although it is possible to deviate from this. The highest bid wins, provided
that the minimum selling price has been reached. If the seller decides not to
sell the object below a fixed price, this is called the minimum sale price or
limit. If this is not reached, the sale is considered conditional. Highest bidders
are obliged to pay the purchase price within 7 days after invoicing.
Purchase
price
The purchase price consists of the highest bid plus
the buyer's premium, sales tax and, if applicable, the fee of artists resale
rights. The buyer's premium amounts to
28% in case of differential taxation. The sales tax is included in the
differential taxation.
In the
case of normal taxation (marked ° in the catalog), a premium of 24% is added to
the highest bid. The mandatory sales tax of 13% is added to the sum of the
highest bid and the buyer's premium.
Resale
Right
Items
marked * are subject to the resale right. This will be charged in the form of a surcharge on
the highest bid. It only applies to highest bids over € 2,499.99 and is
staggered: for the first € 50,000 4% will be charged. Thereafter, for each
additional €150,000, 3% and 1% respectively, and for €500,000 and above, 0.25%.
The maximum resale right charge is 12,500 €.
Authenticity
guarantee
The
auction house vouches for the authenticity of the object to the buyer within
two years and guarantees that
the object is indeed by the named artist.
Catalog
information and description
Details of technique, signature, material, condition,
provenance, etc. are provided by experts of the auction house. However, no guarantee
is given for the correctness of this information.
The descriptions of the objects mean: first and last
name of the artist with life data: an authentic work of the artist.
"Signed" or "monogrammed": a clearly attributable work by
the artist. "Attributed": a probably, but not necessarily authentic,
work by the artist. "Circle": a work created within the artist's
sphere of influence. "Inscribed": a probably authentic work, but not
signed by the artist's hand. "Workshop": a work created in the
artist's immediate environment. "School": a work created in temporal
and stylistic proximity to the artist. "Succession": a stylistically
related work created in the artist's succession.
Purchase
orders
Interested parties may submit purchase orders in
writing and online or bid by telephone. A completed and signed bid form must be
received in a timely manner prior to the auction. The auction house will bid
for written bids up to the stated highest bid.
Telephone
Bids
Interested parties have the possibility to bid by
telephone. The auction house will make every effort to reach the telephone
number provided. If no telephone connection can be established, the auction
house can bid for the interested parties up to the lower estimated price of the
object. In this case, the auction house is not obliged to execute the bid.
Online
Bidding, Live Bidding
Bidders can place pre-bids and bid live on
www.widderauktionen.com as well as on external auction platforms.
Insurance
Objects of art are insured against loss and damage until
the end of the collection period, up to the amount of the highest bid.
Thereafter, the art object is insured only up to a maximum of 6 months after
invoicing, if there is no delay in payment.
Place
of jurisdiction, choice of law
Place of jurisdiction and place of performance for all
legal relationships is 1010 Vienna. Austrian substantive law shall
apply.
