General Contractual Terms and Conditions
General Contractual Terms and Conditions
METHOD OF PAYMENTS
- The Boda Gallery and Auction House Ltd. (1111 Budapest, Bartok Bela ut, 34. Tax ID:270798921-43) – in the following: Gallery – organises and conducts auctions on behalf of the auction items’ owners or their legally authorised seller – in the followings: Sellers - at a predetermined and advertised time and place. Therefore, the sales contracts are between the Sellers and Auction Buyers – in the following: Auction Buyer. The Boda Gallery of Art Auction House Ltd. is acting as a proxy.
- The auction catalogue can be reviewed at www.bodaofart.com website. The description of the items and the pictures are serving as identifiers. The Gallery reserves its right to omit certain items from the auction.
- In order to participate in the auction, it is required to register on the Boda Gallery and Auction House’s website by providing your full name, address, phone number and email address. By the registration on the website, you implicitly express that you agree and accept the terms and conditions of the auction.
- During the bidding, the price of an auction item increases accordingly of the following rates:
- If the starting price of an auction item is between:
- 1,000 – 20,000 each bit increases by 1,000 HUF
- 20,000 – 50,000 each bit increases by 2,000 HUF
- 50,000 – 100,000 each bit increases by 5,000 HUF
- 100,000 – 200,000 each bit increases by 10,000 HUF
- 200,000 – 500,000 each bit increases by 20,000 HUF
- 500,000 – 1,000,000 each bit increases by 50,000 HUF
- 1,000,000 – 2,000,000 each bit increases by 100,000 HUF
- 2,000,000 – 5,000,000 each bit increases by 200,000 HUF
- 5,000,000 – 10,000,000 each bit increases by 500,000 HUF
- Over 10,000,000 each bit increases by 1,000,000 HUF
- The first bid is the starting price, every other bid automatically increased by the above-mentioned rate. The price will increase until the last bid. Therefore, who gives the last, highest, valid bid, gets the right to purchase the item, except if the item is a protected piece of art and the Hungarian authorities exercise their right to purchase according to the 2001. LXIV. law.
- The auction buyer acquires the ownership of the auction item only when he fully pays the purchase price and takes over the auction item from the Gallery. A purchase price comprises the total of the bidding price and the proxy price. The proxy price is the following:
- If the bidding price is between 0 – 100,000 HUF 25% of the bidding price
- If the bidding price is between 100,000 – 500,000 HUF 22% of the bidding price
- If the bidding price is between 500,000 – 5,000,000 HUF 18% of the bidding price
- The Auction Bayer, at the date of auction, has to pay either the total purchase price or at least 20% of the purchase price as security deposit. Payable in cash or by e-transfer.
- If the Auction Bayer at the day of auction, pays only 20% of the purchase price, has maximum 7 days to pay the difference. If the Auction Buyer not paying the full price within 7 days, the Gallery has the right to cancel the purchase and keep the security deposit.
- If the Auction Bayer not taking any action within 7 days from the auction, concerning taking over the item from the Gallery, the Gallery has the right to cancel the purchase and keep the security deposit.
- The Auction Buyer, after paying the full purchase price, is obliged to take action or give instruction of delivery of the item within 10 days from the auction. After 10 days the Gallery is not taking responsibility for the safety and condition of the item, also will charge the Auction Buyer with 5% storage cost.
Banking information for wire payment:
Beneficiary’s name: Boda Gallery and Auction House Ltd.
Beneficiary’s address: 1111 Budapest Bartók Béla út 34.
Bank name: UniCredit Bank
Bank address: 1111 Budapest Lágymányosi u. 1-3.
SWIFT code: BACXHUHB
In order to avoid any misunderstanding, arising from the exchange rate, please provide your bank with the total purchase price in Hungarian Forint
1111 Budapest, Bartók Béla 34.
Tel: 06 (1) 784 5852
Mobil: 06 (20) 519 0891
Opening hours: H-P: 10:00 - 18:00