Terms & Conditions

Terms & Conditions of Sale

By participating in the auction, the Buyer accepts the terms and conditions of the auction set forth without reservation.

BEFORE THE AUCTION

1. Estimate of Items

1.1 All items offered for sale are valued by Loudos Auctions on the basis of their expected hammer price, as determined by the experience and specialists of Loudos Auctions, as well as by previous auction results for similar items. The valuation and description may be revised prior to the auction. Any such changes will be published on the Loudos Auctions website. The estimates stated are the Auctioneer’s opinion only and shall not be binding as to the final result.

2. Description of Items

2.1 Items up for auction are presented with photographs and descriptions on loudos.gr. The description is worded according to the best of Loudos Auctions knowledge and based on detailed research.

2.2 The items up for auction are of an age and that often mean they are in worn, repaired or damaged condition. Everything is sold as used and “as is”. The Auctioneer and his associates bear no responsibility for any possible defects, imperfections, damages or wear and tear on an item. Catalogue descriptions, condition reports, and any other related statements constitute the opinion of the Auction House and should not be relied upon as statements of fact. Photographs in the catalogue may not accurately represent the lot, and colours and tonal shades may differ from their actual appearance.

i) Works of Art: Subject only to the case of forgery, as set out in detail in Clause 11, no warranty is given in relation to any item. Loudos Auctions shall bear no liability for any defects, damage, alterations, or restorations, whether visible or not at the time of sale. Buyers are responsible for examining the works and forming their own opinion as to condition, authenticity, and individual characteristics prior to participating in the auction.

ii)  Gemstones: Buyers should be aware that it is not always possible to examine every gemstone within an item due to limitations of time and equipment outside laboratory conditions. Items are assessed subject to the limitations imposed by their mountings, unless the stones have been removed for examination by specialists and/or an external laboratory. Any reference to colour and/or clarity is provided for guidance only and constitutes an opinion, not a guarantee. Buyers must form their own view regarding such characteristics.
Although every effort is made to identify and disclose treated or synthetic diamonds and gemstones, Loudos Auctions cannot guarantee that all lots containing gemstones are free from such materials. Buyers should assume that all gemstones have undergone some form of treatment unless expressly stated otherwise. Any assessment constitutes a statement of opinion only. Loudos Auctions accepts no liability for the accuracy of such assessments.

iii) Watches: Unless covered by a warranty, most watch case backs are opened during the valuation and cataloguing process to assess condition and facilitate identification. Loudos Auctions recommends that, upon receipt, buyers arrange for items to be resealed by an authorised technician. While every effort is made to identify and disclose non-factory attributes where practicable, the absence of such disclosure does not constitute a guarantee of authenticity. Loudos Auctions accepts no liability if an item is subsequently found to contain non-factory alterations.
Furthermore, it is not always possible to authenticate every individual component of a watch, including external parts and movement components, crystal, hands, strap or bracelet, and clasps. Such variations may result from prior servicing outside authorised workshops. Loudos Auctions accepts no liability if any component is later found to be defective or non-authentic. This includes compatible but non-original parts and/or numbering that may limit future servicing options.

iv) Porcelain, Glass, Ceramics and Other Objects: Every effort is made in the catalogue to note significant damage, cracks, and restorations where practicable. However, such descriptions may not be exhaustive, and other defects may exist which have not been recorded. Buyers must satisfy themselves as to the condition of each item prior to the auction. In the case of glass and related objects, reference is made only to visible damage (such as chips or cracks). Any information contained in the catalogue constitutes a statement of opinion and not a guarantee.

v) Handbags & Designer Items: Loudos Auctions makes every effort to ensure the accurate description and identification of designer items. However, no guarantee is given as to authenticity unless expressly stated. Such items are often pre-owned and may show signs of use, age, or storage. Any visible wear or alterations are noted where practicable, but such descriptions are not exhaustive. There may also be replacements or non-original elements (such as straps, hardware, zips, or linings) which cannot always be fully identified. Buyers are encouraged to inspect the items carefully and form their own opinion as to condition, authenticity, and individual characteristics. Any such statement constitutes an opinion only.

vi) Materials: Loudos Auctions does not guarantee the purity or fineness of gold or platinum, even where an item bears a hallmark. Such marks are recorded for informational purposes only and do not constitute confirmation of their accuracy. In certain cases, an XRF analyser may be used to test metals. This technology examines only the surface and results should be regarded as indicative only and used with caution, as discrepancies may occur. Any reference to metal fineness or composition in descriptions and/or condition reports is provided for guidance only and constitutes an opinion, not a guarantee. Buyers must satisfy themselves as to all such matters.

vii) Dimensions and Weights: All dimensions, weights, and measurements stated in the catalogue are taken by Loudos Auctions and are provided for guidance only. Despite care in measurement and recording, discrepancies may occur. This applies, by way of example, to dimensions of works of art, weights of jewellery and watches, and estimated weights, colours, and clarities of diamonds and coloured gemstones. Such assessments are made subject to the limitations imposed by mountings, settings, or the general condition of the items and may differ from actual characteristics. All such information constitutes an estimate and a statement of opinion only. Buyers must satisfy themselves as to the accuracy of such information. Loudos Auctions accepts no liability for any discrepancies.

2.3 In some cases, Loudos Auctions may choose to describe an item’s provenance. Such a description is provided if a former owner is publicly known and/or if the story of previous ownership sheds further light on the item and its background. In other cases, such information is left out of the description for reasons such as meeting the seller’s wish for privacy.

2.4 It is possible that the estimate and description are revised prior to the auction. Changes are published on Loudos Auctions website.

2.5 Each item is considered in good faith by the Auctioneer to be the property and ownership of the seller, who in turn guarantees that the item is free from any legal claim or demands by others.

2.6 We reserve the right to withdraw any lot from the auction at any time at our absolute discretion, without providing reasons.

3. Preview

3.1 Items up for auction are presented prior to the auction in Loudos Auctions locations. Potential bidders are encouraged to inspect the items closely and are responsible for determining the condition of the items at these previews, where they also have the opportunity to consult with our team. Participation in the auction implies that the bidder has previously examined the lot, either personally or through a representative, and accepts it as is.

3.2 You may contact Loudos Auctions to request a detailed description of the condition of an item (a Condition Report). Condition Reports are based on visual inspection only and do not constitute scientific or technical examination. They are provided for guidance purposes only, for the convenience of prospective buyers. Such descriptions constitute statements of opinion and may not include all defects, restorations, repairs, maintenance history, or other alterations. Accordingly, a Condition Report does not replace the bidder’s responsibility to examine the item personally or to seek independent professional advice prior to participating in the auction.

DURING THE AUCTION

4. Our Role

4.1 The sale of an item is facilitated by Loudos Auctions on behalf of the seller, and Loudos Auctions always sells items up for auction at the highest price offered during the bidding round.

4.2 Items up for auction can have a reserve price that has been agreed upon with the seller and the item cannot be sold below this price.

4.3 The Auctioneer at his discretion has the right to refuse entry or participation in the auction of any individual or company representative as well as the right to withdraw any lot from the auction at any time.

5. Bidding

5.1 The currency used while the auctions take place is EURO (€).

5.2 The auctioneer conducts the auction and determines the bidding increments for the lots offered, and may refuse bids that are lower or higher than the amount proposed at his or her discretion

5.3 A Buyer is considered to be the bidder who accepts the highest price offered by the Auctioneer and to whom the Auctioneer sells the lot to.

5.4 The hammer price refers both to the gavel used by the auctioneer that signifies the end of a bidding round on an item and to the price (bidding amount) that the item up for auction is sold for.

5.4 The buyer is the bidder that submits the highest bid, thereby obtaining the hammer price. At the moment the hammer price is determined, a binding purchase/sale agreement is entered into based on these conditions of purchase.

5.5 The hammer price is binding on the buyer in accordance with these Terms and Conditions of Sale.

5.6 Where bids are placed on behalf of a third party, the person placing the bid remains fully responsible for the completion of the transaction.

5.6 Items are purchased in their present state and condition, and regardless of the type of bidding the buyer has no right to cancel his purchase.

6. Bidding options:

6.1 In person bidding during the Live Auctions: simply register at the registration desk with your ID or passport.

6.2 Written Absentee bid: You can fill in the written absentee bid form with the intended maximum bid and send it by email or ship it to our offices. The bid has to be received no later than 24 hours prior to the start of the auction.

6.3 Telephone Bid with one of our team: To register to telephone bid please contact us at info@loudos.gr no later than 24 hours prior to the start of the auction.

6.4 Absentee online bid: The intended maximum bid can be submitted via loudos.gr until the start of the auction. The bid has to be received no later than 3 hours prior to the start of the auction.

6.5 Live Online Bidding: Register to bid online while watching the live streaming of the auction with the third party online bidding software that can be found on Loudos Auctions website.

6.6 We shall not be liable for any error or omission relating to the available methods of bidding as announced on the auction page, including, without limitation, any failure to connect to a telephone line or to a third-party bidding platform, as well as any malfunction of our website.

AFTER THE AUCTION

7. Amounts added to the hammer price.

In addition to the hammer price, the buyer pays a buyer’s premium for the individual items as well as the other amounts described below if the conditions for these are applicable. The total amount that the buyer pays to Loudos Auctions is called the “purchase price”.

7.1 In-house Buyer’s Premium: There is a 17% + GR VAT (a total of 21.08%) buyer’s premium for bidding in person in the saleroom, for telephone bids, for absentee written bids and for absentee online bids via loudos.gr.

7.2 Live Bidding Platforms: There is an additional fee added for absentee online bidding and for live online bidding via the third party Live bidding software that is used. This fee is added to the buyer’s premium. Drouot: 3% + GR VAT (a total of 3.72%). Invaluable & the-saleroom.com: 5% + GR VAT (a total of 6.20%)

7.3 Full VAT: Items marked with the symbol “*” or the text “This item is subject to full VAT” are subject to full GR VAT (plus 24% added to the final hammer price) and are excluded from buyer’s premium.

7.4 Artist’s Resale Right: Some lots as indicated in the catalogue with “AR” may be subject to Artist’s Resale Rights (ARR). This was introduced by a European Directive in 2006 to ensure that artists receive a royalty when their work is resold by an auction house or gallery. This Right applies to living artists and to those who have died within the last 70 years who are from applicable countries. This royalty is paid by the buyer on top of the hammer price if the sale price reaches or exceeds 1,000€. From 1,000€ to 50,000€ the ARR is 5% excluding VAT. From 50,000.01€ to 200,000€ the ARR is 3% excluding VAT. From 200,000.01€ to 350,000€ the ARR is 1% excluding VAT. From 350,000.1€ to 500,000€ the ARR is 0,5% excluding VAT. Above 500,000€ the ARR is 0.25% excluding VAT. The maximum royalty a work can earn is capped at 12,500 euros. This amount is paid by the buyer.

7.5 Debit/Credit Card, PayPal Fees: Amounts Added to the Hammer Price: Loudos Auctions reserves the right to charge the debit/credit card, PayPal fees imposed by the payment services companies.

7.6 Online-Only Auction via loudos.gr: There is a 20% + 24% GR VAT (a total of 24.80%) buyer’s premium added to the hammer price unless stated otherwise.

8. Payment of Items

The payment can be made in the following ways:

8.1 With a major debit/credit card online at www.loudos.gr/pay via Piraeus Bank – epay, or in person in one of Loudos Auctions locations.

8.2 By cash (no more than 500€ according to the Greek Law).

8.3 By bank transfer into Loudos Auctions Greece bank accounts.

9. Overdue Payments

9.1 If the purchase price has still not been paid 14 days after the demand for payment has been made, Loudos Auctions is entitled to seek the purchase price paid by making a set-off against the deposit/by drawing on the bank guarantee or to cancel the purchase.

9.2 If the purchase is cancelled, Loudos Auctions is entitled to sell the item at a new auction and demand the costs and any difference between the new and the earlier hammer price (including the buyer’s premium) covered by the defaulting buyer.

9.3 In addition to debt collection, Loudos Auctions may seek recovery of all due claims (including costs) not paid in a timely manner in the following ways:

i) Making the buyer cover the costs of selling items consigned to auction by or on behalf of the buyer. The sale can be conducted without regard to an agreed reserve price. Items consigned for auction cannot be collected as long as overdue debts are unpaid.

ii) Seizing the buyer’s remaining balance with Loudos Auctions, including the balance from the sale of items consigned by or on behalf of the buyer, regardless of whether such receivables derive from auction sales prior to or after the date of the buyer’s default on the payment.

10. Collection of Items

10.1 The title to a purchased item passes to the buyer when the full purchase price, including any interest and fees, has been paid, and only then can the collection of an item take place

10.2 The buyer is required to settle his account and collect his purchase within 14 days after the auction. For Live Online and Online Auctions, the location of each item can be seen in the description of the item in the auction page. We are able to offer free shipping across our locations for smaller items.

10.3 If collection of the items has not taken place within the 14 days period, the purchased items are stored at the buyer’s expense and risk.

10.4 Risk, Possession and Title: The risk of loss of or damage to the item passes to the buyer seven (7) days after the lot is knocked down, or upon collection, if earlier. From that point onwards, Loudos Auctions shall bear no responsibility for the item until it is collected by the buyer.
Title to the item shall remain with the seller and shall not pass to the buyer until the purchase price has been paid in full, together with any other sums due to Loudos Auctions, and any required checks have been completed. The buyer shall be solely responsible for the safekeeping, insurance, and collection of the item following the transfer of risk.

11. Buyer’s Right to Return Works of Art

This clause applies exclusively to works of art. No right of return is granted for any other category of items.

11.1 The buyer shall be entitled to request the cancellation of the sale and return of the work of art solely in the event that it is proven, with conclusive evidence, that the work of art is not authentic, based on internationally accepted methods of authentication.

11.2 The right of return shall not apply where:
i) the description of the work of art includes qualifications or reservations as to authorship or authenticity, including, but not limited to, the terms “attributed to”, “workshop of”, “circle of”, “school of”, or other similar expressions; or
ii) the challenge to authenticity is based on methods that were not available or widely accepted at the time of the auction, or which may cause damage to the item.

11.3 The exercise of the right of return is subject to the following conditions:
i) the claim is submitted in writing, with supporting reasons, within twelve (12) months from the date of the auction at which the work of art was knocked down, irrespective of the date of collection;
ii) the work of art is in the same condition as at the time of delivery;
iii) the work of art has not been transferred to a third party and is free from any third-party claims or encumbrances; and
iv) the buyer returns the work of art at their own expense.

11.4 Loudos Auctions reserves the right, prior to accepting any claim, to require the submission of opinions from independent and recognized experts, at the buyer’s expense.

11.5 In the event that the return is accepted, the buyer shall be entitled solely to a refund of the purchase price paid (including buyer’s premium, VAT, and any applicable artist’s resale right), without interest or any further compensation. The buyer shall not be entitled, under any circumstances, to compensation for loss of profits, expenses, or any other damages.

11.6 The right of return is personal to the original buyer in whose name the relevant invoice was issued and is not transferable.

12. Shipping

12.1 Greece/Europe: We offer a professional and quick delivery service with in-house packing and trusted domestic and global couriers/shippers in order to deliver your purchased items from Loudos Auctions safely to your door. If you require a quote please do not hesitate to contact us via e-mail at info@loudos.gr or by telephone on +302111196126. International Shipping: We are very experienced at organising shipping on your behalf. The couriers/shippers we recommend are professional, reliable and offer an insured and secure crating service. If you are based abroad and would like a quote please contact us via e-mail at info@loudos.gr.

12.2 We are able to offer in-house packing but we do not accept responsibility should the item be damaged in transit. For in-house packing estimates please contact us at info@loudos.gr.

12.3 Should you wish your items to be shipped with insurance, we can recommend specialized shipping agents who will collect the item(s) from our premises, pack them, and arrange insured delivery to your designated address.

12.4 Customs and import taxes: There are no customs or import taxes for EU clients. Clients outside of EU have to check with their local authorities for additional customs and tax payments which are their responsibility. Loudos Auctions are not responsible for delays due to customs. The export of a lot from Greece may require an export licence, and an import licence may also be required in the country of destination. Obtaining any such licences and complying with all applicable laws and regulations shall be the sole responsibility of the buyer. Loudos Auctions shall not be liable and shall not be required to cancel the sale or refund the purchase price in the event that any required licence is not granted or if the lot is seized by the relevant authorities.

13. Warranties of the Buyer and the Seller

13.1 Buyer
As a buyer, you warranty that the funds used for the payment of the lot originate from lawful sources and that you fully comply with all applicable laws and regulations relating to the prevention of money laundering (Anti-Money Laundering).

13.2 Seller
The seller warrants that they are the legal owner of the items or have the lawful right to dispose of them, and that such items are free from any lien, encumbrance, legal or material defect, claim, or demand by any third party. The seller further represents that they have not engaged in any falsification or misleading representation of the lot in relation to authorship, provenance, dating, or otherwise, nor are they aware of any such act having occurred by any third party. Furthermore, the seller warrants that they have disclosed to Loudos Auctions all information known to them relating to the condition, any restorations or alterations, authenticity, provenance, or ownership status of the items, as well as any disputes or reservations raised by third parties. In the event that any of the above representations or warranties prove to be inaccurate, the seller shall fully indemnify Loudos Auctions and/or the buyer for any loss or damage, in accordance with applicable law.
All such warranties are given solely by the seller. Loudos Auctions shall bear no liability whatsoever to the buyer or to any third party in respect thereof.

14. General

14.1 All intellectual property rights in any images and texts relating to the lots, including the content of the auction catalogue, shall remain the exclusive property of Loudos Auctions. No such material may be used without our prior written consent.

14.2 Loudos Auctions reserves the right to publish on its website information relating to lots included in and sold at auction, including sale prices and descriptions. Loudos Auctions shall not be obliged to remove such information upon request.

14.3 Loudos Auctions reserves the right to record and photograph any auction and the premises where it takes place. By entering the auction premises, participants acknowledge and accept that they may be recorded and/or photographed. Such audio-visual material may be used by Loudos Auctions for promotional, communication, and marketing purposes.
If you do not wish to appear in such material, you may participate in the auction by telephone, online, or by written bid, or notify us prior to the auction so that we may indicate a designated area within the room where you will not be recorded.

14.4 These Terms and Conditions constitute the entire agreement between the buyer and Loudos Auctions. In the event of any conflict with any other statement or information, whether written or oral, including, for example, statements contained in the catalogue, promotional material, invoices, or announcements, these Terms and Conditions shall prevail.
These Terms and Conditions shall be governed by Greek law, and any dispute arising shall be subject to the exclusive jurisdiction of the courts of Athens.

15. Privacy Policy

15.1 It is important to Loudos Auctions to ensure confidentiality and security regarding the bidder’s/buyer’s personal information. The personal data policy can be found on loudos.gr.

The Terms and Conditions of Sale may be amended and updated without prior notice to participants. For the most current and applicable version, please refer to our website at loudos.gr.

This is a translation of the Greek version Terms & Conditions. In case of a dispute only the Greek version of the present is valid.