Consignment form agreement for auction at Gallery 74Tel Aviv – Diamond Exchange office
I hereby declare that I am the owner of the item and can sell the item or
deliver it to you for sale, I hereby declare that the item is delivered to you free
of any encumbrance, garnishment, debt or claims and rights any third party.
In addition, information regarding its integrity, origin, condition, originality, and
any information I know about the item will be provided to the gallery / auction
house upon delivery of the item to the gallery.
The minimum price will be determined between the auction house and the
seller, any change in the minimum price requires the sellers approval.
Despite the above, the auction house is granted the right, at its absolute
discretion, to sell the item at a price lower than the minimum price, provided
that the seller will be paid the difference of the amount to the minimum price,
without detracting from the auction house right to receive commissions and
reimbursement of expenses as detailed below.
Payment for an item whose price is stated in US dollars will be paid by the
auction house according to the rate that will not be less than the
representative rate of 1 US dollar known on the business day of the sale day.
The auction house fee for the sale of the item will be 8% of the price of the
received offer (hereafter the hammer price) plus VAT as required by law for
Israeli citizens only, in addition the seller will bear the cost of insurance for the
item at a rate of 4% of the price of the hammer plus VAT as required by law,
the seller will bear all expenses that the gallery may incur in connection with
the preparation The item for sale including transportation expenses,
renovations, restoration and framing if any, after a written summary in
advance
For the avoidance of doubt, it is hereby agreed that jewelry and items
delivered to the gallery for immediate sale, will not be sold at auction, but at a
normal sale, but all fees will apply to them as if they were sold at auction.
For items sold at the auction, the auction house undertakes to send the seller
a payment, a breakdown and a tax invoice, in an amount equivalent to the
hammer price minus commissions, VAT on the said commissions and
expenses, provided that the hammer price and the buyer's commission have
been paid in full by the buyer plus legal VAT.
Remove any doubt, if the buyer is late paying the auction house, the auction
house may postpone the payment date or alternatively cancel the transaction
at its discretion, after all collection attempts from the buyer have been
exhauste,
After 31 days from the date of sale, if the seller has not received payment for
the items belonging to him that were sold, he may cancel the sale.
The auction house may authorize the buyer to sell items for payment in
installments but payment to the seller will be immediate.
The auction house can sell at the minimum price items that were not sold
during the auction and this within 14 days from the date of the sale, for the
avoidance of doubt these items will include all the usual fees as if the items
were sold at an auction.
The auction house is granted the right, at its absolute and exclusive
discretion, to sell the item in any of its public sales that will take place from the
day the item is received onward, including sales with items offered by the
public.
The auction house is granted the right at its absolute and sole discretion to
add several items to one lot.
The sale manager has the sole authority to determine who won the sale or
cancel the sale of any item at all or put the item up for sale again.
The seller knows that the buyer has the option of up to 7 days from the sale to
pay the price of the hammer, the auction house will do its best to collect it and
will pay the seller the amounts as soon as possible from the date of their
collection, deducting commissions and expenses as mentioned from the last
day of the sale.
The results of the sale are final for payment purposes only after 7 days from
the day of the sale, it will be clarified that even items that appear in the
marking of an item as 'sold' in the catalog that appears on the website from
the day of the sale do not constitute a final sale until full payment is made to
the seller, only after which the item will be delivered to the buyer, the price on
the website that is marked In red includes the buyer's commission and VAT
and is not the price according to which the owner of the item will be paid, for
the avoidance of doubt, the payment to the owner of the item is based on the
sale price (hammer price) only from which the various commissions and VAT
are derived.
In the case where the seller, after delivering the item, announced his intention
to remove it from the sale less than two weeks before the sale date given to
him by the auction house, and/or after the sale was uploaded, to the sales
platform the auction house will be entitled to an agreed fee determined
compensation at the rate of 5% of the minimum price, or of the established
appraisal price, or of the appraisal price that appears in the catalog, this is in
addition to the full payment of the auction house expenses for the item
(transportation, appraisal, photographs, renovations, storage, insurance, etc.),
And the auction house will be entitled to deduct from the sums it received for
the item sold at the sale sums due to it from the seller, including commissions,
expenses, etc.
An item that is not sold at the sale, will be collected by the seller up to 14 days
after the day of the sale, unless otherwise agreed with the auction house, in
case of non-collection as mentioned, the seller will bear storage expenses and
insurance fees at a rate determined by the auction house.
After 14 days from the date of sale, unless otherwise agreed with the auction
house, the auction house will be entitled to put it up for sale at any price it
deems appropriate and deduct its expenses for it.
Everything stated in this agreement in the singular will be binding, even in the
plural and vice versa.
The authorized courts in the city of Tel-Aviv-Jaffa have the unique and
exclusive jurisdiction in any dispute in connection with matters arising from
and/or related to the delivery of the item and/or its sale between the auction
house and the seller of the item.
This contract includes the agreement between the parties in full, on all the
understandings, agreements, charges and conditions between the parties. All
previous contracts, agreements and charges between the parties are hereby
cancelled
Supplement for the sale of diamonds – for diamonds only
The owner of the goods hereby declares that he has a license to deal with
diamonds
The owner of the goods undertakes to declare to the staff of the auction
house and/or those on its behalf who receive and/or inspect the goods
delivered for sale, about any known defect in the diamond such as chips,
treatments including HPHT color improvement treatments, suspicion of color
enhanced stones, suspicion of stones with a green tint coming from mines In
Zimbabwe, suspicion of forged certificates/documents, suspicion of lab grown
stones.
The owner of the goods declares that he agrees to send the diamonds that
will be sold to renew a certificate, provided that the buyer requests it.
Goods that will not be sold will be returned to the owner of the goods within 48
hours of the end of the sale, unless otherwise agreed by the auction house to
the owner of the goods.
The owner of the goods hereby declares that he knows that the auction house
is not obligated to accept any offer received for any item at its sole discretion,
nor is it obligated to approve any bidder/buyer who wishes to bid on a
particular item.
For each sale, the auction house fee of 4.85% will be deducted from the
hammer price of each lot.
The auction house declares that the goods to be sold will be delivered to the
buyer only after the full payment has been made.
