GENERAL TERMS AND CONDITIONS FOR AUCTIONS CONDUCTED BY GEGENWART AUCTIONEN GMBH

1. General
(1) Gegenwart Auktionen GmbH (the “Company”) conducts auctions of movable property, in particular works of art (the “auction item”) within the meaning of Section 158 of the Austrian Trade Regulation Act (GewO) in accordance with the following General Terms and Conditions (the “GTC”). Mandatory statutory provisions, in particular the Consumer Protection Act, remain unaffected. Any terms and conditions of clients or buyers shall not become part of the contract under any circumstances.
(2) Auctions may be conducted in the Company’s own name, on a commission basis, or as an intermediary, either on or off the Company’s business premises.

2. Acceptance of auction items / acceptance certificate including auction order
(1) The company is entitled to take over potential auction items without giving a reason.
(2) Items that may not be sold or that give rise to suspicion that they have been obtained unlawfully are excluded from every auction held by the company.
(3) Upon issuance of a transfer certificate, which, among other things, describes the items accepted for auction and contains the order for auction, the company confirms the acceptance of an auction item under the conditions agreed therein. By countersigning the acceptance certificate, the client also confirms their agreement to the terms and conditions attached to the acceptance certificate. The client receives the original of the acceptance certificate signed by both parties, and the company receives a copy.
(4) The payment of the auction proceeds, the revocation of the auction order, and the return of unsold items shall be made upon presentation of the client’s identification. If a transfer certificate has been issued, any disposal shall only be made upon presentation of this certificate. If the company has justified concerns, it may require the client to provide written proof of his right of disposal. If the transfer certificate is lost, the company may make its services contingent upon the transfer certificate being declared invalid by a court of law.

3. Unsold auction items
(1) If an auction item cannot be auctioned under the conditions specified in the auction order, or is withdrawn, it will be stored at the expense and risk of the client and subject to a storage fee if it is not collected within 14 days. After these 14 days, the company may store the auction item with a third party at the client’s expense.
(2) The company is entitled to withdraw any auction item from the auction until the bid is accepted for important reasons.

4. Valuation of the auction item
At auctions held in their own name and at commission auctions, the company’s experts describe the auction item with care, estimate its value, and set a reserve price. Estimates do not constitute a guarantee. The company accepts no liability except in cases of gross negligence or intent (for consumers).

5. Auction order
The company is obliged to comply with the terms and conditions of the auction order specified in the acceptance certificate, particularly starting price, minimum price, description, and modalities. If the client waives specifications, the company is entitled to set all conditions of the auction.

6. Withdrawal of auction items / Termination by the Company
(1) The client may withdraw the auction items up to 24 hours before the start of the auction upon payment of a withdrawal fee.
(2) The auction order may be terminated by the company for good cause (e.g. failure to provide instructions, failure to provide collateral, legal/moral reasons, unlawfully obtained items, doubts regarding disposal power, false information).
(3) If the company terminates for good cause, it may also charge the withdrawal fee.

7. Lien of the company on auction items
The company asserts a lien on all auction items for all claims, including damages and costs of legal representation, and may sell items under lien in accordance with the law.

8. Display and illustration of the auction items
The company decides location, date, exhibition, transport, and design of auction catalogs. Items may be displayed physically and/or electronically. Photos may be used for advertising purposes free of charge.

9. Bids
The company may reject bids. Bidders are bound by their bids. Bids are usually increased by approx. 10%. The contract is concluded when the company accepts the highest bid. The company may revoke a bid for specific reasons, bid itself, or sell unsold items in a post-auction sale.

10. Purchase price, payment, transfer of ownership
The purchase price (highest bid plus fees and taxes) is payable immediately. Delivery and transfer of ownership occur only after full payment. The buyer remains fully liable even if buying on behalf of a third party.

11. Lien on items belonging to the buyer
The company asserts a lien on all items belonging to the buyer to secure all claims from all legal transactions.

12. Fulfillment, withdrawal from the contract, covering sale
If the buyer fails to fulfill obligations, the company may insist on fulfillment, withdraw from the contract and demand compensation, or re-auction the item on behalf of the buyer.

13. Takeover, transfer of risk, re-auction of uncollected items
Items must be collected immediately. After 14 days, storage costs may be charged. After 60 days, items may be re-auctioned at the buyer’s risk and expense.

14. Guarantee of authenticity
The company guarantees correctness of authorship, origin, age, etc. If proven incorrect within 3 years, the buyer may return the item for a refund. For businesses, notification must be immediate. Repair costs or usage fees may be deducted.

15. Damages, insurance
The company is not liable for slight negligence, force majeure, or loss of profit. Liability is limited to the insurance value. The company insures items against fire, burglary, and transport damage.

16. Payment of the auction proceeds
Clients may request payment 10 working days after full purchase price receipt, but no earlier than 30 days after auction. Payment is only made upon return of the transfer certificate if issued.

17. Fees, remuneration, resale rights
The fee schedule is posted on the company’s premises and forms part of the GTC. Resale royalty under Austrian Copyright Act applies where indicated.

18. Data protection
The company will not disclose personal data without consent except for legal obligations, investigations, or third-party claims. Clients must notify changes to contact details immediately.

19. Purchase orders
Purchase orders may be accepted free of charge or for a fee. They must clearly identify the auction item and purchase limit. Telephone orders are recorded for evidence.

20. Place of performance, jurisdiction, applicable law
Place of performance is Hard, Austria. Austrian law applies, CISG is excluded. The exclusive place of jurisdiction is the court responsible for 6971 Hard, with exceptions for consumers under Austrian law.

These terms and conditions came into effect on June 1, 2025.