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 the items offered for sale are valued by Loudos Auctions based on the expected hammer price which is determined by Loudos Auctions experience and specialists and on past results of similar items. It is possible that the estimate and description are revised prior to the auction. Changes are published on Loudos Auctions website.
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.
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.
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.
3.2 If a potential buyer does not have the opportunity to inspect the item personally, a condition report can be drafted in most cases. The description in this report has been made according to Loudos Auctions honest conviction but is not based on scientific studies. A condition report only serves as an identification and is meant as an aid to bidders who do not have the opportunity to inspect the item at the preview.
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 determines the size of the bid increment and the pace of the auction. Bid increments usually rise by 5% – 10% compared to the previous bid.
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 If bids are made on behalf of others, the bidder serves as surety for 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.
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: There is an additional 4% + GR VAT (a total of 4.96%) 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.
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.
8. Payment of Items
The payment can be made in the following ways:
8.1 With a major debit/credit card online 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 account.
8.4 We accept Cryptocurrency payments. Loudos Auctions to become the first Greek Auction House and one of the first auction houses in the world to offer cryptocurrency as a form of payment for auction purchases. Our clients can now select BTC as a method of payment.
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.
11. Cancelations
11.1 The buyer is entitled to cancel a purchase if the description contained significant errors that have led to a higher hammer price than a correct description would have resulted in. In such cases, the total purchase price will be refunded. The buyer cannot demand payment of interest on the purchase price or demand payment of any other expenses or losses.
11.2 A purchase cannot be cancelled and the buyer cannot demand a refund of the purchase price or raise any other claims against Loudos Auctions if the description of the item is in compliance with section 11.1. The same applies if evidence of forgery has required the use of scientific methods that were either not available at the time of sale, were excessively costly to use or led to the damage of the item in question.
11.3 Claims for a cancellation of a purchase must be notified to Loudos Auctions when the buyer has discovered the fact that entitles the buyer to cancel the purchase. This notice, however, has to be given no later than two years after the final pick-up date according to section 10.2. The item purchased must be returned to Loudos Auctions in the same condition as it was on the day it was sold at auction. If these conditions are not met, the buyer loses the right to cancel the purchase and cannot claim a refund of the purchase price. The buyer is responsible for paying the costs associated with the return of the item.
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 +2111196126.
12.2 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.
12.3 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.
12.4 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.
13. Privacy Policy
13.1 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.
This is a translation of the Greek version Terms & Conditions. In case of a dispute only the Greek version of the present is valid.