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    World Arts Auctions Terms and Conditions


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    DEFINITIONS

    World Arts Auctions, BVBA (hereafter WAA) sells art objects to the highest bidder. WAA receives artworks on consignment and offers them for sale online exclusively via its Internet platform www.worldartsauctions.com within the context of online auctions.

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    1. The Consignor

    The consignor is any person who consigns one or more objects to WAA with the intent of selling them at auction on www.worldartsauctions.com A consignment agreement will be created in duplicate for each object received, with one copy for WAA and one for the consignor.

      1.a. Obligations of the Consignor

      The consignor is to provide all information in his possession concerning the pieces he consigns. He is solely responsible for the information provided and specifically for any information regarding provenance (former owners) and restoration (repair or modification to the original piece).

      This information is set out in full in the consignment agreement drawn up between WAA and the consignor.

      In no event is WAA to be held liable for erroneous information supplied by the consignor. The consignor must deliver the piece(s) in person that he wishes to consign to the WAA office located at 43 Rue des Minimes, Brussels. If need be, he must pick them up from the same location. WAA is not responsible for the transport of consignment objects. In the event that a piece is unsold after it is offered at auction, the consignor is responsible for retrieving it.

      1.b. Confidentiality

      The name of the consignor shall in no case be made public, specifically not on the website www.worldartsauctions.com nor on any document (invoice, certificate, or other) provided by WAA to the buyer.

      1.c. Reserve Price

      The consignor may designate a reserve price for any object consigned to WAA. This reserve price specifies the minimum price at which the object can be sold on www.worldartsauctions.com.

      If no reserve price has been designated by the consignor, WAA may sell the piece for the amount of the first bid registered on the website during the auction.

      The reserve price will be clearly indicated in the consignment agreement.

      1.d. Consignment Period

      Each consignment will be made for a period of 6 months, and may be extended upon mutual agreement.

      During this period, the consignor may not take possession of the piece from WAA.

      1.e. Consignment Agreement

      A consignment agreement in duplicate will be established between WAA and the consignor for each object consigned for sale.

      This document includes the following information, at minimum:

      • Full description of the object

      • Reserve price, if any

      • Date of consignment

      • Condition report

      1.f. Selling

      WAA reserves the right to offer the consigned object on www.worldartsauctions.com at the time it deems most appropriate, unless a sale date has been expressly agreed between WAA and the consignor.

      Once a sale date has been chosen by WAA, WAA will inform the consignor at least 15 days before the sale starts.

      1.g. Obligations of WAA

      As the consignee, WAA will:

      • Carry insurance against robbery, breakage, and fire and/or water damage for the consignment objects for the duration of the time they are held and at the value defined as the reserve price. If no reserve price is specified, each piece will be insured for a standard estimated value of 200 euros. The insurance will cover the pieces stored at Rue des Minimes 43 and during their shipping to the buyer, if applicable, up to the point of delivery.

      • Photograph and publish the pieces on its website www.worldartsauctions.com.

      • Present the pieces to potential buyers in its offices prior to the sale.

      • Offer the pieces at auction.

      • Abide by the reserve price indicated by the consignor.

      • Arrange pickup or delivery of the pieces to the buyer.

      • Not reveal the identity of the consignor.

      • Notify the consignor within 10 days of the auction as to whether his pieces have been sold or not.

      1.h. During the Sale

      • Sold Items

      An object is considered sold when the buyer who has placed the highest bid completes its purchase through WAA.

      • Commission

      A commission of 10% of the highest bid (hammer price) will be deducted by WAA from the amount paid to the consignor.

      This commission is also applicable to objects sold in the aftersale, when unsold objects are offered for immediate sale.

      No fee will be charged to the consignor if the piece is not sold.

      • Payment

      WAA will notify the consignor within 10 days of the sale of the object. The amount of the hammer price will be communicated to the consignor. The sale amount, less commission, will be paid to the consignor into the bank account or Paypal account specified on the consignment agreement within 30 days. The payment will only be made after the purchaser has paid for the piece.

      • Invoice

      The sale of any object through www.worldartsauctions.com will result in the creation of a sale invoice between the consignor and WAA. This invoice will include the information provided on the consignment agreement. The amount due to the consignor will be equal to the hammer price, minus 10% commission for WAA.

      • Unsold Items

      * No Bids

      If no bid has been made for an object, including in the aftersale, it will be considered unsold. * Reserve Price Not Reached

      In the event that the bids made on www.worldartsauctions.com do not reach the reserve price designated by the consignor, the object will be made available in the aftersale. The object may be acquired in the aftersale at the Buy Now price, or a potential buyer can make an offer to WAA that is below the reserve price. In the latter case, WAA will immediately communicate this offer to the consignor and an agreement may be made. WAA will in no case sell the piece below the reserve price without written agreement from the consignor.

      1.i. Withdrawal of unsold lots

      The consignor will be notified within 10 days and must come and collect the object at WAA’s office within one month of the notification. After this time, WAA will no longer be responsible for the piece. After 6 months, if the unsold pieces haven't been collected, the property of the piece(s) will be transferred to WAA.

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    2. The Buyer

      2.a. Definition and Privacy

      The buyer is any user of the site www.worldartsauctions.com who has placed the highest successful bid on one or more lots. At the time of registration on the site, the buyer will define an anonymous username, allowing him to bid without revealing his identity. The buyer may at any time adjust its personal data on his account page.

      2.b. Bidding

      Each bid is considered an act of purchase and is binding.

      Only bids made on the WAA website and through the user's account will be valid. No bids will be accepted by email, in writing, by telephone, or in person.

      2.c. Guarantee

      The buyer must register a valid credit card number before being able to bid.

      2.d. Payment for Purchases

      Payment for purchases will be processed automatically by WAA. In the event that the transaction cannot be completed or that there are inadequate funds through the specified method of payment, the purchaser will be notified and must pay the bill within 10 working days. After this period, a statutory compensation of 6% of the total amount per month will be payable by the purchaser.

      2.e. Withdrawal

      Under article VI.53.11° of the Belgian Code of Economic Law, the right of withdrawal does not apply in the case of purchases made via the auction system.

      2.f. Shipping

      Unless otherwise specified by the buyer, purchased items will be shipped within a maximum period of 15 days via Bpost.

      All shipping costs are the responsibility of the buyer.

      2.g. Pickup

      Before bidding, the buyer may specify that he wishes to collect his purchases in person at 43 rue des Minimes, Brussels. In this event, the pickup must be made within three weeks of the close of the sale. After this period, storage costs calculated at 10% of the sale price will be charged for each day after.

      2.h. Sales Commission

      A 25% commission above hammer price will be charged to each buyer for each lot purchased. WAA uses the VAT margin scheme. The 25% commission is inclusive of VAT, it can't be deducted by the buyer.

      2.i. Insurance

      All objects will be insured by WAA until delivery to the address specified by the buyer.

      2.j. Liability

      WAA cannot be held liable for any computer malfunctions beyond its control. WAA strives to maintain secure transactions and to record each bid accurately.

      2.k. Certificate of Authenticity

      For each object sold through its website, WAA will provide a certificate of authenticity to the buyer.

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    3. Sale Process

      3.a. Publishing the Lots

      Every object published on WAA’s website will be identified by a lot number, at least one picture, a description, the low and high estimates, and the date and time of the end of the sale.

      Estimates are given only as an indicator and do not define the actual value or reserve price of the object.

      3.b. Organization of the Sale

      The ending sale date and time will be clearly and permanently indicated in the listing for each lot. The countdown is automatic. The time of reference is CET (Central European Time).

      3.c. The Last 5 Minutes

      During the last 5 minutes before the specified time of the end of the sale, each new bid will extend the sale time by 5 minutes.

      3.d. Recording Bids

      Bids are recorded automatically and published in the “bidding history” of each lot. WAA cannot be held responsible for any Internet connection failure on the buyer’s side.

      3.e. Automatic Bidding

      Users may place an automatic bid on one or several lots. To do so, a maximum bid must be specified and the system will place bids until this maximum amount is reached. In the event of a tie, the automatic bid will prevail over the manual bid. The first bid will always reach at least the reserve price if your bid is equal or higher to it.

      3.f. Bids

      Users may freely choose the amount of their bid, as long as it is at least 10% higher than the previous bid registered. The minimum next bid will be always clearly indicated on the bidding screen.

      3.g. Reserve Price

      The reserve price will not be indicated on the website, but as soon as it is reached, this information will be clearly indicated on the lot page. Bids must be equal to or higher than the reserve price to win.

      3.h. Withdrawal of Lots

      WAA reserves the right to withdraw any lot from the sale at its discretion.

      3.i. Aftersale

      If an object does not sell at auction (whether there is no bid or the reserve price is not reached), it will automatically be placed in the aftersale once the auction is concluded for a period of 3 days.

      In the aftersale, the object can be acquired immediately at the “Buy now” price. The potential buyers can also register offers. If nobody has bought the object at the “Buy now” price, the highest offer will be discussed with the seller and the potential buyers will be notified. All offers are binding, as the bids during the auction.

      3.j. Litigation

      The online sales on www.worldartsauctions.com are organized by WAA under the Belgian Law. In the event of dispute, the tribunals of Brussels will have sole jurisdiction.

World Arts Auctions Terms and Conditions