AUCTION RULES

DEFINITIONS

Royalty – is a remuneration paid to the author (their heirs) from each sale of an original work of art (lot) in accordance with the applicable law.

Estimate – estimated price of a lot on the art market.

Absentee bid – preliminary offer of the buyer to purchase the lot. If the prices offered by several participants in the absentee bidding are the same, the buyer whose offer was received first has the right to purchase the lot.

Exchange rate – the average exchange rate of the Ukrainian hryvnia to the US dollar/Euro established by commercial banks of Ukraine on the relevant date.

Reserve price – the price that may be set for a lot upon a separate application of the seller and, if it is not reached at the auction, the lot shall be considered unsold.

Auction website – website of Ducat Auction House, the corresponding page on the Internet at https://dukat-art.com/en where online bidding is held.

Starting price – the value of the lot at which the bidding starts.

Silent auction – bidding that lasts from the first day of the relevant exhibition. Bids are recorded in the bidding protocol, on the card next to the lot and on the Ducat website.

Bidders – buyers of lots who have registered to participate in the auction.

INFORMATION FOR PARTICIPANTS

1.         To participate in the auction, you should register and receive a bidder number. Registration can be done during the exhibition, by phone or e-mail, as well as on the auction website.

2.         Bidders wishing to participate in online bidding should register on the auction website and submit an application for participation in the bidding. Attention: The online bidder number is valid only for online bidding.

3.         By placing an item for bidding, the seller thereby makes a public offer for its sale. The organizer is not an advertiser of lots, does not trade lots and does not act as an agent/commission agent/attorney of the participants (buyer and seller), etc.

4.         Registration of participants in the hall lasts during the auction, online registration ends 30 minutes before the start of the closing of lots.

5.         If a registered bidder is unable to attend the auction closing in person, he or she may participate in the auction by phone (other means of telecommunication), bid online, or leave an absentee bid.

6.         Lot prices are indicated in conventional units (US dollars or Euros) and are calculated in UAH based on the exchange rate established on the relevant date.

7.         Any lot may be excluded from the catalog and/or not admitted to the auction without explanation. The organizer does not consider any claims/requirements of the participants in this regard.

8.         The price increase step at the auction is equal to approximately 10 % of the starting price.

9.         Payments for the purchased lots shall be made within 7 (seven) days in the national currency (UAH) based on the exchange rate set on the day of actual payment. Payments for lots shall be made between the buyer and the seller in accordance with the current legislation. The organizer does not participate in such payments and does not issue any payment or expense (income) documents to the participants.

10.       For the period of the auction, the lot shall be transferred by the seller to the organizer for its expert evaluation, photographing, exhibiting, etc.

11.       Buyers of lots shall be provided with consulting and information services on issues related to the attribution of lots, provenance, dynamics of their market value, etc. The cost of these services shall be 10% of the lot price. These rules (in the relevant part) are an adhesion agreement with the buyer on the provision of the mentioned services by the organizer.

12.       Staying on the auction website and/or taking part in the bidding is a confirmation of consent to these rules, as well as to the collecting and processing of relevant personal data provided during registration and for participation in the bidding for the purposes of organizing and conducting it.

13.       The organizer has the right to amend these rules by publishing them on the auction website.

14.       If the sale of a lot is subject to royalties to the author, the cost of services may be additionally increased up to 6 % of the lot price.