Terms and conditions of business

The following terms and conditions apply to Bakholmen Auction auctioneer and agent, the buyer
being the highest bidder accepted at the “hammer price”(hereinafter the “Buyer”) and the seller
of items through Bakholmen Auction (hereinafter the “Seller”). Both Buyer and Seller have reviewed
and accepted the terms and conditions hereunder.
Bakholmen Auction shall, as the auctioning party, act as Seller’s agent. Except if otherwise provided,
items successfully sold in an auction held by Bakholmen Auction shall be bound by the
agreement (hereinafter the “Closing Agreement”) made between Seller and Buyer, through the
agency of Bakholmen Auction.
◆Before the auction
Bakholmen Auction strongly recommends that prospective buyers conduct their own authentication
for the items they are interested in bidding for prior to the auction. Bakholmen Auction usually
offers authentication opinions for Buyer’s review, but these opinions are only guidelines and do
not guarantee the authenticity of the items. In general, no guarantees are provided to Buyer
except with regard to counterfeits (as described below).
2.Important Notice
Descriptions of auction items are made to the best of Bakholmen Auction’s know ledges and
include obvious defects of the items. However, the items may often contain flaws, defects or
deficiencies, which are not stated in the descriptions. All items for sale at the auction are sold
“as is,” meaning that the item is sold with all existing faults and imperfections.
3.Catalogue Explanations
Any statement of the provenance, material, authenticity, origin or condition any of the lots shown
in the catalogue or in the authentication opinions made by Bakholmen Auction, or any other verbal
or written statements made separately by Bakholmen Auction are solely statements of opinions.
They shall therefore not be used as the basis for determining the condition, color or tone of any
lot. The estimates of the auction price shall not be deemed the price at which such item will be
successfully sold. Bakholmen Auction excludes liability for any missing information.
4.Responsibility of the Buyer
Buyer is responsible for clarifying and satisfying himself of the condition of the items and any
related matters stated in the catalogue descriptions.
◆At the auction
1.VAT and tax payable by Buyer
Buyer must pay VAT and tax according to Danish law. Whether a lot is sold under the normal
VAT rules or under the margin scheme for second-hand goods will appear in the lot description.
In general, lots are sold under the margin scheme for second-hand goods.
For lots sold under the margin scheme for second-hand goods VAT is calculated based on the
Buyer’s premium.
For lots sold under the normal VAT rules, VAT is calculated based on the hammer price and
Buyer’s premium.
If Buyer is a VAT registered company and buy a lot sold under the normal VAT rules, Buyer can
reclaim VAT according to standard VAT rules.
Foreign Buyers who meet the following conditions must pay the applicable auction fees, but are
(at present) not charged Danish VAT. However, the Danish VAT must be deposited at Bakholmen
Auction until documentation has been provided to show that the goods have been exported
as required by law. VAT-registered in another EU country are exempt from paying Danish VAT
when it can be documented that the item purchased has been transported to the address
declared by the buyer to Bakholmen Auction and specified on the invoice. In such cases, VAT
must be settled in accordance with the rules in force in the country where the company is VATregistered.
It is advisable to check with the relevant local authorities.
•Buyers who are VAT-registered in another EU country are exempt from paying Danish VAT
when it can be documented that the item purchased has been transported to the address
declared by the buyer to Bakholmen Auction and specified on the invoice. In such cases, VAT
must be settled in accordance with the rules in force in the country where the company is VATregistered.
It is advisable to check with the relevant local authorities.
•Buyers domiciled outside the EU may be exempt from Danish VAT when it can be documented
that the purchase has been transported out of the EU. [As far as possible, Bakholmen Auction
issues the necessary export documents to be presented to the customs authorities, and reserves
the right to charge a fee for doing so.] The VAT rules may change.
Buyer is requested to pay in Danish kroner (hereinafter “DKK”) or other foreign currencies equivalent
to the exchange rate of DKK on the payment day. The prices in EUR or other currencies
stated at the auction and in this catalogue are for reference only.
3.Refusal of admission
Bakholmen Auction has the right, at our own discretion, to refuse admission to the premises of the
auction or participation in an auction and to reject any bid.
A prospective buyer must fill in, and sign the registration forms prior to the bidding and provide
personal identification. Prospective buyers should also note that Bakholmen Auction might conduct
credit and compliance checks.
5.The bidder is the Buyer
Unless a written agreement has been made upon registration confirming that the bidder acts as
agent on behalf of a third party and such third party is accepted by Bakholmen Auction as Buyer,
the bidder will be considered Buyer and will bear individual legal responsibilities for the bid.
6.Absentee bids
Bakholmen Auction will make reasonable effort to bid for the prospective buyers who instruct Bakholmen
Auction to bid on their behalf by using the absentee bid form attached to this catalogue.
Written absentee bid forms must be delivered to Bakholmen Auction prior to the auction. If two or
more written bids on a particular lot include identical amounts and these are the highest bids
on the lot at the auction. The lot will be sold to the person whose written bid was received and
accepted first by Bakholmen Auction. Execution of written bids is a free service undertaken by
Bakholmen Auction and is subject to other commitments at the time of the auction. Thus, Bakholmen
Auction does not accept liability for failing to execute a written bid or for errors and omissions
in connection with the execution.
7.Telephone bids
If a prospective buyer wishes to participate in the auction and bid by phone, the prospective
buyer should request such arrangements prior to the auction. Bakholmen Auction will make
reasonable efforts to contact the prospective buyer. However, Bakholmen Auction will bear no
responsibilities to Seller or any prospective buyer if no contact is made.
8.Currency converter
A currency converter will be used at the auctions. Errors may occur in the operation of the currency
converter. Bakholmen Auction does not accept liability to bidders who follow the currency
9.Video or digital images
There will be an exchange rate conversion board operating at some auctions. Nonetheless, the
auction will still be conducted in DKK. The exchange rate shown on the board or the equivalent
of the bid price in any foreign currency may not be accurate and may deviate from the actual
amount in DKK. Bakholmen Auction will not be responsible for any losses caused by the reliance
of Buyer on the exchange rate conversion board.
10.Auctioneer’s discretion
The auctioneer reserve the absolute right to reject any bid, push for bids at his own discretion,
withdraw any auction items, separate or combine two or more auction items, and if there is any
error or dispute, re-auction the items.
11.Successful bids and risk transfer
Under the discretion of the auctioneer, the highest bidder accepted by the auctioneer will be
Buyer and the striking of his hammer means the acceptance of the highest bid and the conclusion
of a contract for sale between Seller and Buyer, i.e. the Closing Agreement.
When a bid is accepted the risk and responsibility for the lot, but not its title, will be passed to
Buyer at the expiration of 7 working days from the date of the sale or on collection by Buyer,
whichever is earlier.
◆After the auction
1.Buyer’s premium
Buyer’s premium is 25% of the hammer price.
• Buyer shall pay the hammer price plus Buyer’s premium to Bakholmen Auction and any applicable
taxes incl. Danish VAT, as described above. Buyer shall be responsible for paying any
applicable taxes as required by the law.
•Buyer shall provide his name and permanent address to Bakholmen Auction upon a successful
•All payments due (including the hammer price, Buyer’s premium and any applicable VAT and
taxes) shall be paid within 14 days after the sale at the auction.
•If Buyer fails to pay, Buyer will not acquire the ownership of the lot even if the lot/item has been
delivered to Buyer.
•f the payment is made in another currency than DKK, Buyer shall pay the related expense
incurred, including bank charges and foreign exchange service fees
•Payment may be made in cash but only up to DKK 50,000.Bank transfers should be made to:
Swift No.: SYBKDK22
Beneficiary name: Bakholmen Auction ApS
Account number : Reg. Nr. 7701 2441986
IBAN: DK8177010002441986
CVR No: 37358487
Bakholmen Auction reserves the right to reject payment and transfer from anyone else than Buyer.
Additional storage and handling charge may apply.
4.Insurance, collection, packing and shipping
Unless otherwise agreed Bakholmen Auction will hold the successfully sold lots until all payments
are made in full. The lot will be covered by the insurance of Bakholmen Auction 7 days from the
auction date. Bakholmen Auction will upon Buyer’s request, own expense and risk arrange for
shipping of the sold items. Bakholmen Auction shall therefore not be liable for any damage caused
to the items during shipping nor for any missing consignments.
5.Remedies for non-payment or non-collection of purchased items
Bakholmen Auction is entitled to exercise one or more of the following rights or remedies if Buyer
fails to make payment within 14 days from the auction:
• If payments due are not paid within 14 days following the auction date an interest of 1.5 % per
new month will be charged.
•The payment to be made by Buyer may be offset against any payment owed by Bakholmen
Auction or its subsidiaries to Buyer for any other transactions upon Bakholmen Auction’s sole
•Bakholmen Auction reserves the right to refuse Buyer to make bids on behalf of others in any
future auctions and / or to require a deposit from Buyer before accepting any future bids by
•Bakholmen Auction reserves the right of retention until Buyer has paid the payments due.
•If Buyer fails to make payment within 35 days, Bakholmen Auction is entitled to exercise the following
rights in addition to the aforementioned:
•To take legal action to Buyer on behalf of Seller to claim the entire payment due and the legal
fees resulting from such legal action based on a total claim.
•To cancel the transaction of lots bid by Buyer or any other auction items sold to Buyer at the
same or any other auctions. .
•To arrange a public or private re-sale of the lot. In such case, if the reselling price is lower
than the payment, the differences and other expenses incurred shall be borne by Buyer.
6.No collection of the purchases
Bakholmen Auction will arrange for the storage of sold items not collected within the 7 days from
the auction. Such storage cost will be borne by Buyer.
7.Export permit
Unless otherwise agreed in writing, the process of applying for an export permit with the Danish
Cultural Assets Committee or other relevant authorities does not affect Buyer’s responsibility
to make the payments within 14 days from the auction. If Buyer requests Bakholmen Auction to
apply for the export permit on his or her behalf, Bakholmen Auction is entitled to charge Buyer for
the related expenses. If the export permit is not granted, the Danish Cultural Assets Committee
would be obliged to acquire the purchased lot at the purchase price, and Buyer would thus not
be bound to the purchase.
◆The legal responsibility of the Company
Bakholmen Auction is responsible for returning payment to Buyer if a sold item is an counterfeit,
as further described below. Otherwise, Buyer, Bakholmen Auction, any employees or agents of
Bakholmen Auction will not be held liable for any statements of the provenance, authenticity or
origin of any auction item or any errors with respect to any explanations and any flaws or defects
of any auction item. Buyer, Bakholmen Auction, the employees or the agents of Bakholmen Auction
makes no guarantee with respect to any auction items. Any warrantee of any kind shall not be
included herein.
◆Return of payments for forgery
If Buyer finds that the lot is a counterfeit, Buyer shall inform Bakholmen Auction by written notice
within 14 days. If the conditions listed below (A-C) are met the transaction will be cancelled
and Bakholmen Auction will refund to Buyer any amount paid to Bakholmen Auction after receiving
the amount returned by Seller. In the event of cancellation, Buyer does not reserve the right to
claim interests on the purchase price and is not entitled to claim compensation for any other
expenses or loss incurred.
Conditions for return of payment:
•A written report evidencing that the sold lot is a counterfeit, should be provided by two individual
•Buyer must return the lot to Bakholmen Auction within 21 days from the receipt of the notice of the
counterfeit and the condition of the lot must be the same as on the auction day.
•Buyer must confirm that Buyer has the absolute right to the lot and that the lot is free from any
third party rights of claims.