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 as the agent
Bakholmen Auction acts as the agent of Seller at a public auction.
The Closing Agreement of the lot is binding between Buyer and Seller.
Seller shall bear costs relating to the following:
•Packing if the lot and shipping to Bakholmen Auction for the action,
•Any applicable shipping insurance,
•The packaging and shipping, if the item is delivered back to Seller,
•Any applicable custom duties,
•Catalogue illustrations,
•Any repairs made to the lot as per prior agreement with Seller,
•Framing and mounting,
•Authentication made by independent professional experts, which Bakholmen Auction believes to
be necessary for the catalogue explanations.
•Any independent professional expert’s opinions, which Bakholmen Auction deems proper.
◆ Insurance
•Unless otherwise agreed, all lots are insured under Bakholmen Auction’s insurance in the amount
as deemed appropriate by Bakholmen Auction.
•If Bakholmen Auction arranges shipping of lots, Bakholmen Auction may collect an additional
amount from Seller as coverage for the shipping insurance. Such amount varies depending on
the individual condition of each item. Bakholmen Auction will refer a freight forwarder any legal
responsible incurred from the time of the shipping.
•The lot will remain insured up to 7 days after the auction. Seller will bear the risk upon the expiry
of the 7 days if the lot has not been sold.
•Bakholmen Auction willnot be liable for damage caused by woodworm or changes in atmospheric
conditions or weather in the areas, where the lots are storied.
•No insurance
If Seller instructs Bakholmen Auction specifically that it is unnecessary to insure the lot, the risk
shall be borne entirely by Seller until the lot is sold and the risk is transferred to Buyer or until
the lot is returned to Seller. In this case Seller must indemnify Bakholmen Auction, the employees
and agents of Bakholmen Auction and Buyer (if applicable) for any claims in connection with the
auction, regardless of the cause of such claim without any conditions.
◆Seller’s commitments
•Seller is the sole owner of the lot and has the unlimited right to assign his ownership to Buyer
which should not concern any third party right or claim (including copyright claims).
•Seller complies with all legal requirements in connection with the import and export of auction
items and has loyally notified Bakholmen Auction in writing of any failure to comply with such
requirements in the past.
•Seller has notified Bakholmen Auction in writing of any major modifications to the lot that Seller is
aware of and of any concern that a third party has raised with respect to authenticity, ownership
or condition of the lot.
•Seller is liable for all costs and losses if it turns out that any item sold as a lot at the auction is a
counterfeit and Seller was aware of this.
In the event of any inaccuracy of the above mentioned, Seller must guarantee, if requested, to
indemnify fully Bakholmen Auction and/or Buyer all the claims, costs and expenses arising here
from, whether caused by the lot or the auction proceeds.
◆Auction arrangements
•Bakholmen Auction has the right, at its sole discretion, to decide how and when the auction is
held, who will be allowed to bid at the auction, when to accept or refuse bids and whether to
combine or separate the lots. Bakholmen Auction reserves the right to withdraw the lot without
obtaining the consent of Seller.
•Further, Bakholmen Auction has the right to decide, at its sole discretion, the layout of its auction
catalogues, how to display the items and whether authentication opinions should be provided.
•If Bakholmen Auction or Seller withdraws the lot, Bakholmen Auction may charge 20% of the reserve
set by Seller.
a.Bakholmen Auction will auction the item according to the reserve. The reserve may not be higher
than the minimum of the estimates set in this catalogue. Bakholmen Auction is entitled to auction
the item at a price lower than the reserve, if Bakholmen Auction pays Seller the difference
between the closing price and the reserve.
b.Seller may not increase the price of sale without fair reasons, nor participate in the bidding of
his/her/its auction item(s).
◆After the auction
After the payment is made by Buyer, unless Bakholmen Auction receives a notice claiming such
auction item is a counterfeit, Bakholmen Auction will pay Seller within 30 days following the successful
auction day an amount equal to the closing priceless all the expenses payable by Seller
as described in the commission agreement between Seller and Bakholmen Auction. Seller’s
commission is 15% unless otherwise agreed.
If Buyer delays the payment, Bakholmen Auction will pay Seller within 7 days following the payment
by Buyer. If Bakholmen Auction pays Seller before Buyer makes the payment, Bakholmen
Auction will acquire full ownership of the item. If Bakholmen Auction is forced to reclaim the lot
from Buyer because such item is a counterfeit, Seller must return the auction proceeds to
Bakholmen Auction within 7 days. A monthly interest of 1.5 % will be imposed on the payments
due and not made within 7 days of the claim for repayment.
Unless otherwise instructed by Seller in writing, Bakholmen Auction will make its payment in DKK.
If Seller requests to pay in currencies other than DKK, Seller must hold any related foreign
exchange expenses.
b.Non-payment by the Buyer
If Buyer fails to make all the payments due within 35 days following the auction day, Bakholmen
Auction is entitled to negotiate special terms in connection with the payments, storage, and
insurance on behalf of Seller. Bakholmen Auction will discuss with Seller to adopt appropriate
actions to claim auction payments from Buyer.
If Buyer convinces or makes Bakholmen Auction doubt that the lot is a counterfeit or a stolen
good or that the Seller is involved in any illegal matter within 14 days after the auction date,
Bakholmen Auction has the rights listed below:
•If Buyer has not paid the full payment, Bakholmen Auction has the right to withdraw the transaction.
•If Buyer has paid the full payment for the lot, Bakholmen Auction will return the payment (less
reasonable expenses and fees incurred) to Buyer and the lot will be returned to Seller or
forwarded to the police.
Seller has no right to object to Bakholmen Auction’s decision and handling of a lot, which is a counterfeit,
nor make any claims or allegations towards Bakholmen Auction. Bakholmen Auction will notify
Seller of such matter and Seller is obligated to return to Bakholmen Auction the entire received
payment for the lot. Any items belonging to Seller under control of Bakholmen Auction will be kept
as security until the payment is returned.
d.Unsuccessfully auctioned items
Seller must collect any item not auctioned successfully, not included in the auction or withdrawn
from the auction for any reason within 30 days upon notification by Bakholmen Auction to
Seller. A storage fee of 200 DKK per day will be charged for each item not collected within the
30 days period together with an additional charge for insurance coverage.
Bakholmen Auction may freely dispose the lot, if such item is not collected within 60 days following
the auction date or the notice date (whichever is the earlier). However, if the additional
charges for storage and insurance exceed the reserve, Bakholmen Auction has the right to sell
the lot before the expiry of the 60 days. Such disposal includes removing the item to a third
party warehouse for the account and risk of Seller and to auction such items under terms
deemed appropriate by Bakholmen Auction (including the terms of estimates and the reserve).
Bakholmen Auction will pay Seller the related proceeds after payments owed to Bakholmen Auction
are offset.
Bakholmen Auction is authorized to act as the sole agent of Seller within 30 days following the auction
for any auction item with-drawn from the auction or not sold. Bakholmen Auction may auction
in private the item at a price equal to the reserve or sell such item in private at a lower price
agreed upon by Bakholmen Auction and Seller. Under such circumstances, Seller’s responsibilities
and liabilities to Bakholmen Auction are the same as during an auction.
◆Photographs and display
Bakholmen Auction owns the copyright to all images, illustration and written material produced by
or for Bakholmen Auction relating to a lot. The contents of this catalogue, is and shall remain at all
times the property of Bakholmen Auction and may not be used by Buyer, or by anyone else, without
Bakholmen Auction’s prior consent.
◆ VAT and taxes
Seller is responsible for the correct handling of matters concerning taxes, VAT, customs and
duties. Regardless of which VAT rules an item is sold under, cf. above, Seller is paid the full
hammer price minus Seller’s commission and fees as described in the commission agreement
between Seller and Bakholmen Auction. Seller is responsible for giving correct information about
the lot so Bakholmen Auction can determine which VAT rules the good or service must be sold
◆Definitions and glossary
•“Hammer price” means the winning bid for a lot at an auction. It is the highest bid upon which
the auctioneer’s hammer falls, determining the sale price, but does not include the buyer’s
•“Buyer’s premium” means the fee based on a certain percentage of the hammer price paid
by Buyer.
•“The reserve” means the lowest selling price agreed by Bakholmen Auction and Seller.
•“Counterfeit” means that the lot or an item in a lot imitates an original idea and the overall execution
of fraudulent is intent to cheat on the auction author, origin, age, period, culture and so
on, which has not reflected on the description list. A counterfeit lot is a fake replica.
•“Item” means any item offered for sale at auction and can be included in a lot.
•“Lot” means an individual object or group of objects offered for sale at auction as a single
◆Terms applicable to both the Buyer and the Seller
The copyright of all the images, photographs and written material in connection with the lot
belongs to Bakholmen Auction at any time. Buyer or any person may not use such items without
obtaining prior written consent form Bakholmen Auction.
All the notices as described herein shall be made in writing. Any notice shall be considered
as served to the recipient on the second day following delivery if sent by mail. If the recipient
is abroad, the notice shall be deemed as received on the fifth working day following delivery
by mail.
If any part of these terms and conditions is considered invalid, illegal or unenforceable by any
court, such part can be ignored and the rest of these terms and conditions continue to be valid
and enforceable to the maximum extent permitted by the law.
The interpretation and effect of these terms and conditions shall be subject to the Danish laws.
Buyer and Seller shall submit to the exclusive jurisdiction of the Danish court for the interests
of Bakholmen Auction.
5.Any discrepancy between the Chinese and English version of this Terms and Conditions of
Business, the Chinese version shall prevail.