AUCTION TERMS AND CONDITIONS

K&K ART GALLERY

(effective as of the date of publication)

§ 1. General Provisions

1. The auction is organised by Łafra Sp. z o.o. with its registered office 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 collectibles on a commission basis, i.e. in its own name, but for the account of the seller (hereinafter: the “Seller”).

3. These Terms and Conditions set out the rules for:

   1. organising auctions,

   2. entering into sales contracts,

   3. the liability of the parties,

   4. payment, collection and complaints.

4. Participation in an auction in any form constitutes full and unconditional acceptance of these Terms and Conditions.

5. These Terms and Conditions form an integral part of the sales contract.

§ 2. Definitions

1. Auction – a public sale conducted by way of bidding.

2. Lot – a work of art or other collectible 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 any other charges due.

5. Buyer – the party whose highest bid was accepted by the auctioneer.

§ 3. Legal Status of the Gallery

1. The Gallery acts as a commission agent within the meaning of Article 765 of the Civil Code.

2. The Gallery's liability to the Buyer is limited exclusively to cases of:

   • wilful misconduct,

   • gross negligence.

3. In all cases, the Gallery's liability is limited to a maximum amount equal to the Purchase Price of the relevant Lot paid by the Buyer.

4. The Gallery shall not be liable for:

   • acts or omissions of the Seller,

   • latent physical or legal defects in the Lots,

   • authenticity beyond the scope of knowledge arising from due diligence,

   • errors made by external experts,

   • the consequences of the Buyer's investment decisions.

§ 4. Catalogue Descriptions and Condition

1. Catalogue descriptions are prepared in good faith on the basis of the information available.

2. Descriptions are expert opinions and do not constitute:

   • a warranty,

   • an assurance within the meaning of Article 556¹ of the Civil Code.

3. Lots are sold in the condition existing on the date of sale (“as is”).

4. The Buyer bears full responsibility for making their own assessment of the condition of a Lot before bidding.

5. The statutory warranty for defects is excluded to the fullest extent permitted by law (Article 558 §1 of the Civil Code), except in the case of consumers, to the extent required by mandatory provisions of law.

§ 5. Authenticity

1. The Gallery may issue a Certificate of Authenticity.

2. Any claims concerning authorship may be submitted only within 14 days of the auction date.

3. A complaint will be considered only if the following are provided:

   • two independent written opinions from recognised experts,

   • return of the Lot in undeteriorated condition.

4. Differences in interpretation between experts do not constitute grounds for accepting a claim.

5. The Gallery's liability does not cover changes in attribution resulting from subsequent scientific research.

§ 6. Bidding Methods

An Auction may be held in the following forms:

1. in person,

2. online (including via OneBid),

3. by telephone,

4. by placing a bid limit (written commission).

The Gallery:

• shall not be liable for technical disruptions,

• may refuse to accept a bid without stating a reason,

• may cancel bidding in the event of a technical error or an obvious mistake.

§ 7. Formation of the Contract

1. The fall of the hammer constitutes the conclusion of a sales contract.

2. There is no right to withdraw from a contract concluded at a public auction (Article 38 of the Consumer Rights Act).

3. If the reserve price is not reached, no contract is concluded.

§ 8. Auction Fee

1. An auction fee of 20% + VAT is added to the hammer price

2. The Gallery is not entitled to an auction fee on post-auction sales.

3. The Gallery may charge additional costs for:

   • storage,

   • transport,

   • insurance,

   • debt recovery.

§ 9. Droit de Suite

For Lots subject to the resale right (droit de suite), a fee is charged in accordance with the Copyright Act.

§ 10. Payment

1. Payment is due within 7 days of the auction date.

2. In the event of late payment, the Gallery may:

   • charge statutory interest for late payment in commercial transactions,

   • withdraw from the contract,

   • retain amounts paid as a contractual penalty of up to 20% of the Purchase Price,

   • seek damages in excess of the contractual penalty,

   • resell the Lot at the Buyer's risk.

3. The risk of loss of or damage to the Object passes to the Buyer upon the fall of the hammer.

§ 11. Collection and storage

1. The Object shall be released after payment of the full price.

2. After 10 days, the Gallery may charge a storage fee.

3. After 60 days, the Gallery may transfer the Object to an external storage facility at the Buyer’s expense.

4. The Gallery shall not be liable for damage occurring during transport arranged at the Buyer’s request.

§ 12. AML

1. The Gallery fulfils its obligations under the Anti-Money Laundering Act.

2. The Gallery may:

   • request identification documents,

   • refuse to carry out a transaction,

   • withhold release of the Object.

§ 13. Personal data protection

Łafra Sp. z o.o. is the data controller. Data are processed in accordance with the GDPR for the purpose of performing the agreement and fulfilling statutory obligations.

§ 14. Museums’ right of pre-emption

Under the Museums Act, registered museums have a right of pre-emption upon the fall of the hammer.

§ 15. Governing law and jurisdiction

1. Polish law shall apply.

2. Any disputes shall be resolved by the court with jurisdiction over the Gallery’s registered office.

3. For foreign Buyers, the jurisdiction of other countries is excluded to the fullest extent permitted by law.

§ 16. Final provisions

1. The invalidity of any provision shall not affect the validity of the remaining provisions.

2. These Terms and Conditions enter into force on the date of their publication on the Gallery’s website.

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