Auction Regulations

1. The organizer 

The Organizer of the auction is Auction House SOVCOM Limited. During the auction the Organizer acts through the secretary, alias - through its authorized representatives. The organizer’s activity is governed by the current legislation of the Russian Federation. 

2. Bidders 

Bidders of the auction may be:
- any physical person, fully competent of legal age (18 years), residents and non-residents of the Russian Federation who have registered to bid. The organizer of the auction is entitled to request from a prospective individual bidder his or her identity documents at the organizer’s discretion; 
- any legal person, whose agents is to provide to the Organizer its letter of attorney authorizing it to participate in the auction and letter of guarantee to pay for any purchased lot (lots) to the Organizer`s agent before beginning of the auction. The organizer of the auction can request a cash deposit of 10% of the estimate for the selected lot. We have the right to make an inquiry about bank details for further payment or other financial documents.
If the Bidder does not purchase any lots, the above documents or cash will be returned thereto. 

3. Auction procedure 

All works offered for sale are represented in catalogue, on www.sovcom.ru and at pre-auction exhibition in premises of the Auction House SOVCOM at: Moscow, 129090, Shchepkina str., bld. 28. Visitors of auction all welcomed to see lots during the Gallery work hours. The exhibition closes 24 hours before the start of a sale. The auction catalogue contains description of all offered items, brief data on authors and estimated price for each lot. The auction catalogue can be ordered or bought. All bidders are advised to familiarize with the lots, as well as to get any consultation from the Gallery officials, if necessary.  

Should any buyer failed to familiarize oneself with exposed lots before start of the auction, it shall not have any claims against the Organizer in course of the auction, neither in course of the payment and receipt of the purchased lot(s). 

All lots are offered during the auction in order they are provided in the catalogue. The Organizer reserves the right to withdraw any lot offered for sale without any reason. Lots are offered for sale by the auctioneer, which announces title, number and starting price thereof. Starting price usually equals to the low estimate for the lot but the auctioneer can adjust a start price and increase a bid increment at his or her discretion. To participate in the auction the auctioneer may ask for deposit of 10% of the price for corresponding lot. This deposit shall be paid before the sale starts. A bidder, which takes part in the auction for the first time (personally, absently or by phone), must leave a deposit of 100,000 - 300,000 rubles before the auction starts. The deposit will be considered part of the total price of the lot purchased, or returned promptly should such bidder refuse to take part in the auction. 

Bidders may take part in the auction personally, absently or by phone. 

Personal participation 
To participate personally all visitors shall register before the auction and get a registration card. Registration card is the only document authorizing bidder to take part in the auction. If any bidder grants its registration card to any third party, such bidder shall be liable for any actions the latter may take. 

Participation by phone 
If any person wishes to participate in the auction but has no opportunity to do it personally, he/she may participate by phone and submit the corresponding application for participation by phone in the auction. Such bidder shall indicate numbers and titles of lots it has selected. Bidders will be assigned a code number as equivalent of a registration card. Before start of the auction, each such bidder will be contacted by Gallery`s official via the specified telephone number to represent its interests in course of the auction. Sovcom Auction House cannot be held responsible for failure to accept telephone or absentee bids during the sale occurring due to various circumstances such as a connection failure during the auction etc. By having registered to telephone bid, a person confirms his or her irrevocable obligation to promptly pay for a purchased lot. 

Absent participation 
If any person wishes to participate in the auction but has no opportunity to do it personally or by phone, he/she may submit the corresponding application for absentee participation in the auction. Such bidder shall fill the application form, specify numbers and titles of its selected lots and the maximum price, he/she is ready to pay therefor. 

Application forms can be found in the catalogue. If an absentee bid has been submitted for a lot, the auctioneer announces it. In case two equivalent and the highest prices are offered for the same lots, the winner will be a bidder whose bid was received first. The Gallery`s official will take every effort to obtain the lot indicated by the absent bidder at a minimal price. 
Raising of the card means the bidder`s unconditional and irrevocable assent to buy the offered at the announced price. Every subsequent raising of cards by bidders means their assent to buy the lot at a price that exceeds the last one announced. 

If otherwise has not been announced, each raising of the price for offered lot by auctioneer shall be equal to 10%. The auctioneer may fix different value of the increment and must inform the bidders on such action. Any bidder has the right to make an offer to buy a lot at any arbitrary price that exceeds the previous price offer by more than an increment. In such event, any further offers cost shall be started from the price offered by such bidder. Bidding for particular lots may be arranged as Dutch auction and in that case the auctioneer is to give notice in advance. The auctioneer begins with a high asking price which is lowered until some bidder is willing to accept the auctioneer`s price by raising the card. The first bidder, which raises the card, is considered to be a purchaser of the lot. 

With hit of the auctioneer`s mallet, the buyer and the highest price of the lot sold shall be determined. The winner shall be the bidder, which was the last to raise its card, or which proposed a higher price against the absent bidder. The auctioneer announces the winning bid on the lot. Thereafter, such sales transaction shall be deemed concluded and its withdrawal or introducing of any additional terms and objections shall not be possible. Any refusal to pay for the lot shall be followed by a liability to settle penalty at 20% of the lot value. If during the auction no numbered cards have been raised, either no absent bids were made regarding any lot, such lot shall be withdrawn from the auction. Bought-in lots can be purchased within 24 hours after the end of the sale if a new bid of a buyer suits the seller. In this case Sovcom Auction House acts as a commission agent and in the event of an after-auction deal it receives a 5-10% commission determined upon entering into an after-auction agreement. 

Sales can be held both in Russian rubles and in conditional units, e.g. USD. But all payment for purchased lots shall be effected only in Russian rubles at the rate of the Central Bank of Russia on the day of the sale. 

Besides a price for the lot, the purchaser is to pay an auctioneer`s fee totaling: 10% of the final price fixed as a result of the auction (hammer price). The buyer understands and gives its unconditional consent to pay a price for the lot and the auctioneer`s fee. Any promotion, photo or filming, audio- or video recording in the auction premises are permitted only if prior coordinated with the auctioneer. 

The Organizer or the Secretary, acting on behalf of the latter during the auction, reserve the right to refuse any bidder to take part in the auction without stating any reasons. 

4 . Settlement procedure and receipt of the purchased items. 

Lot prices are cited in RUR (Russian roubles) or in conditional units, e.g. USD. Payment for the purchased lots must be made in RUR at the rate of the Central Bank of the Russian Federation on the day of the purchase. The property right for the lot will pass to the bidder of the auction after full payment is made. Should the items have not been paid for upon fourteen calendar days, the deposit will not be returned and the items will remain at the disposal of the Organizer. 

Payment may be effected in cash (RUR) and credit cards. Lots which have been paid for can be collected after the cash is received in the settlement account. If payment is made by credit card all the extra chargers taken by payment systems are paid by the buyer. In case the artist resale right (Droit de Suite) applies to the lot, the buyer undertakes to pay such commission to an author’s agent. A commission of Sovcom Auction House received after the sale does not include this payment.

Upon complete payment for a lot and collecting it at the sale location all risks and the buyer’s responsibility for the lot are transferred from the organizer to the buyer or his/her representative. Sovcom Auction House can arrange a delivery or shipping of purchased items for an extra charge to be paid by the buyer under a separate agreement. In this case all risks of damage or loss of the items are borne by the buyer. All disputes are to be settled by means of negotiations or at court at the location of Sovcom Auction House.  

5. The Auction House SOVCOM Limited Guarantee 

The Auction House SOVCOM Limited makes all the best in order to give true and reliable information on items offered for sale. Most works undergo expert examination by leading experts and institutes and centers specializing in scientific research and in expert work. Auction catalogues shall be referred to as the source of reference data on offered works. Only such information may be deemed as received from the Organizer. Following the international auctions practice,

the Organizer keeps the principle "Caveat Emptor"

(Latin - `let the buyer be vigilant`, and each buyer acts at his own risk), according to which the buyer, having satisfied oneself as to the quality of the work, bears personal liability for its choice after the purchase. The Organizer strongly recommends all bidders to thoroughly familiarized with the works of their concern. The employees of Sovcom Auction House are not professional art restorers, experts or custodians, that is why their declarations should not be considered exhaustive. A description of the condition of an item in the catalogue may not include all the details.
No claims on the purchase items purchased shall be accepted after the auction. 
The auctioneer guarantees non-disclosure and confidentiality in respect of all personal data of bidders.

* The lot is located in the European Union

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