AUCTION REGULATIONS

K&K ART GALLERY

(valid from the date of publication)

§ 1. General provisions

1. The organizer of the auction is Łafra Sp. z o.o. based in Warsaw (00-238), ul. Długa 29, NIP 5253038656, REGON 54115308, conducting business under the K&K ART GALLERY brand, hereinafter referred to as the "Gallery."
2. The Gallery conducts auction sales of works of art and collectible items in a consignment model, i.e. in its own name, but on behalf of the seller (hereinafter: "Seller").
3. These Regulations define the rules:
   1. for organizing the auction,
   2. for concluding sales contracts,
   3. for the responsibility of the parties,
   4. for payment, collection, and complaints.
4. Participation in the auction in any form implies full and unconditional acceptance of the Regulations.
5. The Regulations constitute an integral part of the sales contract.

§ 2. Definitions

1. Auction – a public sale conducted by bidding.
2. Object – a work of art or another collectible item offered for sale.
3. Hammer price – the highest bid accepted by the auctioneer.
4. Purchase price – the hammer price increased by the auction fee and other applicable charges.
5. Buyer – the entity that submitted the highest bid accepted by the auctioneer.

§ 3. Legal status of the Gallery

1. The Gallery operates as a commission agent within the meaning of Article 765 of the Civil Code.
2. The Gallery's liability to the Buyer is limited solely to cases:
   • of intentional fault,
   • gross negligence.
3. In any case, the Gallery's liability is limited to the amount paid by the Buyer for the purchase price of the given Object.
4. The Gallery is not liable for:
   • actions or omissions of the Seller,
   • hidden physical or legal defects of the Objects,
   • authenticity beyond the scope of knowledge resulting from due diligence,
   • errors by external experts,
   • the consequences of the Buyer's investment decisions.

§ 4. Catalog descriptions and condition

1. Catalog descriptions are prepared in good faith, based on available information.
2. Descriptions are expert opinions and do not constitute:
   • guarantees,
   • assurances within the meaning of Article 556¹ of the Civil Code.
3. Objects are sold in the condition existing on the day of sale ("as is").
4. The Buyer bears full responsibility for making their own assessment of the Object's condition before bidding.
5. The warranty is excluded to the fullest extent permitted by law (Article 558 §1 of the Civil Code), except for consumers under absolutely binding provisions.

§ 5. Authenticity

1. The Gallery may issue a Certificate of Authenticity.
2. Any claims regarding authorship must be submitted within 14 days from the date of the auction.
3. The condition for considering a complaint is the presentation of:
   • two independent, written opinions from recognized experts,
   • the return of the Object in unchanged condition.
4. Interpretative discrepancies between experts do not constitute grounds for acknowledging a claim.
5. The Gallery's liability does not cover changes in attribution resulting from later scientific research.

§ 6. Forms of bidding

The auction may take place in the form of:

1. in-person,
2. online (including via OneBid),
3. telephone,
4. with a price limit (written order).

The Gallery:

• is not responsible for technical disruptions,
• may refuse to accept an offer without giving a reason,
• may cancel the bidding in case of technical error or obvious mistake.

§ 7. Conclusion of the contract

1. The hammer fall signifies the conclusion of the sales contract.
2. The right to withdraw from a contract concluded through a public auction does not apply (Article 38 of the Consumer Rights Act).
3. If the reserve price is not reached, the contract is not concluded.

§ 8. Auction fee

1. An auction fee of 15% is added to the hammer price.
2. The fee is also due to the Gallery in the case of post-auction sales.
3. The Gallery may charge additional costs:
   • for storage,
   • transport,
   • insurance,
   • debt collection.

§ 9. Droit de suite

In the case of Objects covered by the right to remuneration from subsequent resale (droit de suite), the fee is charged in accordance with the copyright law.

§ 10. Payment

1. Payment deadline: 7 days from the date of the auction.
2. In case of delay, the Gallery may:
   • charge statutory interest for late payment in commercial transactions,
   • withdraw from the contract,
   • retain the amounts paid as a contractual penalty up to 20% of the purchase price,
   • seek damages exceeding the contractual penalty,
   • resell the Object at the Buyer's risk.
3. The risk of loss or damage to the Object passes to the Buyer upon the hammer strike.

§ 11. Receipt and Storage

1. The release of the Object occurs after full payment has been made.
2. After 10 days, the Gallery may charge a storage fee.
3. After 60 days, the Gallery may transfer the Object to an external warehouse at the Buyer's expense.
4. The Gallery is not responsible for damages incurred during transport arranged at the Buyer's request.

§ 12. AML

1. The Gallery fulfills the obligations arising from the Anti-Money Laundering Act.
2. The Gallery may:
   • request identification documents,
   • refuse to conduct the transaction,
   • suspend the release of the Object.

§ 13. Personal Data Protection

The data controller is Łafra Sp. z o.o. Data is processed in accordance with GDPR for the purpose of contract execution and legal obligations.

§ 14. Museums' Right of First Refusal

According to the Museums Act, registered museums have the right of first refusal after the hammer strike.

§ 15. Governing Law and Jurisdiction

1. The governing law is Polish law.
2. Any disputes shall be resolved by the court competent for the Gallery's registered office.
3. In the case of foreign Buyers, the jurisdiction of other countries is excluded to the fullest extent permitted by law.

§ 16. Final Provisions

1. The invalidity of one of the provisions does not affect the validity of the remaining ones.
2. The regulations come into effect on the day of publication on the Gallery's website.

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