“Provenance” Ltd., registration number 40203252085, hereafter referred to as the Auction House, arranges sales of objects of art and antiques, which rules are based on the laws of Republic of Latvia.

Definition of the terms used and the applicable auction rules of the Auction House:

 

1. Definitions used herein.

"Auction or sales" – a voluntary public auction to sell works of art, antiques and collectibles, which takes place online

on the webpage of the Auction House at the previously assigned time, where the objects are previously exposed for

viewing and are considered as sold to the buyer, who offered the highest price.

 

"Auction House" - a legal entity that organizes exhibition and sale of lots prior to bidding.

www.vitber.com – address of the Auction House’s web page hereinafter referred to as the webpage.

 

"webpage user " - any person who has provided all the necessary information in the relevant field of the Auction House’s webpage and successfully completed the registration process.

 

"Auction Participant" – refers to Sellers and Bidders. Capable physical individuals who have attained the age of majority as well as any legal entities.

Before the auction begins, representatives of legal entities must hand over to the representative of the Auction House a power of attorney for the right to represent the interests of the legal entity in relation to transactions with the Auction House.

The Auction House reserves the right to refuse participation in sales for any physical individuals and legal entities without giving the reason.

 

"Registration of user / bidder" - for one-time registration of a user or Auction Participant on the sales’ webpage it is necessary to enter the following data:

"User’s name" - a valid email address of the user.

"Password"– a combination of symbols generated by the user / bidder, which satisfies requirements of the system.

"Profile" - Information required for the Auction House for effective interaction with a user / bidder.

"'Time Zone" - input of a user /bidder’s time zone is provided for convenient use of the Auction House’s services. Beginning and end time of the auction will be automatically changed in accordance with the selected time zone.

"Introduction to and accept of the Auction House’s rules" – the obligatory condition for completion of the registration process for both a user and Auction Participant.

"Enter verification code" - for registration in the system the bidder needs to enter the key - a unique set of characters, which is issued to every bidder by representative of the Auction House after their signature of a written contract or confirmation of introduction and acceptance of the bidding rules online. Representative of the Auction House shall make the choice of the contracting procedure.

 

"Verification of e-mail address" – in order to confirm registration of a user or bidder valid e-mail address of the user is verified. The system sends a link to the specified address, clicking on which the account (profile) of the user is activated.

 

"Change of status from a user to Auction Participant" - if user registration process has been already passed (but a wish to participate in the auction was not marked), it is possible to become a bidder by entering the verification code in the My Profile, or in field of any lot by clicking on the relevant link.

"Absentee participation" – if a bidder is unable to participate in the auctions directly the Auction House’s webpage, the absentee bidding is allowed for the bidder in form of written application filled prior to beginning of bidding according to the template, which contains personal data of the bidder, lot number and the maximum price - limit.

 

"Seller" - a person who based on a contract passes to the Auction House an object and all the necessary information about it in order to allow the bidders to view it and sell it by auction.

The Auction House has the right to refuse exhibition of the object for sales due to the following reasons:

- poor condition;

- no antiquarian value of the object;

- overpriced;

- doubts in authenticity;

-other reasons that may cause a breach of the laws of the Republic of Latvia.

The Auction House does not reveal information about owner of the object on the webpage.

 

"Bidding" - a procedure to determine the successful bidder (the Buyer), which is held by the Auction House on the webpage online.

 

"Lot" - any object offered for sale on the webpage, which has the following information: a unique number of the lot, name and description of the lot, picture of the lot (additional photos can be made available at the discretion of the Auction House), starting or current (latest) price, bidding log, bids beginning date and ending date. The Auction House has the right to withdraw any lot from sales without giving any reasons.

If no bid has been made for the lot by the end of the bidding or no absentee assignment has been made, the lot is withdrawn from biddings and may be sold in after-sales procedure.

 

"Exhibition of lots" - all lots are exhibited for viewing in the showroom, at least one week prior to beginning of the sales at the address specified on the webpage. A bidder has a right and is obliged to look at condition of the lot before bidding. The bidder, who made the bid, thereby confirms that he viewed the lot and has no claims.

 

"List of lots" (catalogue) – a list of objects (lots) offered for sales published on the webpage.

 

"Lot page" – lot page is a page with detailed information data about the lot (name, photographs, description, data input and output field for participation in bidding, bidding lot). Go to the lot page is made by clicking on the link with left button of the mouse on the lot name.

 

"Additional photos of the lot" - access to additional photos of the lot is provided by clicking on the link with left button (of the mouse) on the lot name.

 

"Filter of parameters" - filter allows instant sorting of objects by their characteristics. The filter function only appears when selecting the particular section of lots and is located in the right side of the webpage.

 

"Item price"

Starting item price – minimal item price, indicated in the item field, starting with which the bid is accepted.

Current and final item price are determined as the result of bid processing mechanism.

 

"Bid" – maximum item price set by a bidder. The maximum bid (the limit) can be seen only by the bidder who set it. It is reflected in his account (profile). Increase of a bid is unlimited until the end of the auction.

Bid enter tactics:

• Step-by step. For the convenience of the bidder, the minimally allowed bid is shown in the bid enter field.

• Limits. The participant can enter the maximum-allowable to him bid by clicking on left button of the mouse in the enter field. This tactics gives a possibility to automatically reply to the bid of the opponent (item price = opponent bid + 1 bid interval). By using limit tactics it is more likely to avoid auction prolongation.

To confirm the bid press [OK] button. When you confirm the bid the system opens an information field, which contains the message about the result: has the participant become the highest bidder or not. If not, the system will suggest to either make a new minimally-allowable bid or to refuse.

When confirming the bid for an item with no bids, current item price will be equal to the starting price no matter what is the limit.

In case of equal bids, the participant which made the bid earlier than the opponent is considered the highest bidder (both bids appear in the log). In this case, current item price is equal to the bids of the opponents.

 

"Bidding history log" – the list of all price changes and the highest bidder status, which are instantly reflected in the process of bidding. Considering confidentiality and honest competition, opponents' names are hidden under the nicks "Participant 1", "Participant 2" etc.

The log is located in the item field and is activated when scrolling the mouse on the bid amount indicator. The log is duplicated on the lower part of the item page.

 

"Bid Interval" - increase of the current lot price or set limit (bid) shall correspond to the interval:

from 1 EUR            to 19 EUR         –   bid 1 EUR

from 20 EUR          to 50 EUR         –   bid 2 EUR

from 52 EUR          to 97 EUR         –   bid 3 EUR

from 100 EUR        to 295 EUR       –   bid 5 EUR

from 200 EUR        to 990 EUR       –   bid 10 EUR

from 1 000 EUR     to 1 980 EUR    –   bid 20 EUR

from 2 000 EUR     to 4 950 EUR    –   bid 50 EUR

from 5 000 EUR     to 9 900 EUR    –   bid 100 EUR

from 10 000 EUR   to 19 850 EUR  –   bid 20 EUR

from 20 000 EUR   to 49 700 EUR  –   bid 300 EUR

from 50 000 EUR                            –   bid 500 EUR

If the given value does not correspond to the bid interval, the system itself will offer to the bidder the corresponding value or value options.

The minimum bid is to the minimal allowable increase of the current lot price based on the bid interval. Increase of the limit by more than one bid shall also conform to the bid interval.

 

"My FAVORITES" - a short list of lots the participant is interested in or takes part in limits setting. Add to my favorites is made by clicking with the left button (mouse) on the function "add to My FAVORITES", which is located below photo of the object in the lot field, or adding automatically upon confirmation of the limit. Withdrawal from "My FAVORITES" is possible only if the bidder is not the highest bidder regarding this lot.

 

"Duration of bidding" – period of time announced by the Auction House for bidding.

 

"Extended bidding" - if there was a change of highest bidder during the last 10 minutes before the announced ending time of the sales, the system activates extension of bidding for 10 minutes after change of the highest bidder, and so on at the every subsequent change of the highest bidder. The bidding is considered the completed if there was not a change of the highest bidder for the last 10 minutes. Change of the current lot price, if change of the highest bidder did not happen, does not extend the bidding.

 

"AFTER SALE - 24 hours extended bidding for unsold lots" UNSOLD lots bidding will be prolonged on 24 hours. For lots sold at the STARTING price in the "After Sale" format, the buyer's commission is not applied, i.e. 0%..

Clarification: If the lot price is higher than the start price (more than 1 bid), Auction house commission fee will be standart (please see point 5).

No other format is implied after the auction, ie. it is impossible to purchase unsold lots after results of the "After Sale" format.

 

"Winning bidder" (Buyer) – is the bidder given the highest bid at the end of the bidding. The last lot price as of the end of the bidding is the price of the won lot.

Confirmation of maximum bid (limit) means unconditional and irrevocable consent of the bidder to buy the exhibited lot at the winning lot price.

Refuse of the winning bidder to purchase the lot involves imposition of penalties in the amount of 30% of the winning bid amount.

 

"Auction archive"— electronic catalogue of finished auctions' lots, containing description of lots with photos and detailed archive information: starting and final price, bidding history. Access to detailed archive information is provided authomatically to byuer or seller, upon one of the following conditions:

to buyers for 150 days, beginning from the auction finishing date, in case if lot is won and paid for,

to sellers for 100 days from the date of finishing auction, in which the lot was placed.

 

2. Rights and Obligations of the Bidder

2.1. The Bidder shall have the right to take part in the bidding in accordance with the bidding rules.

2.2. The Bidder confirms that he is informed of the bidding rules and accepts those.

2.3. In case of winning, the winning bidder must pay for the lot in accordance with the bidding rules.

2.4. In case of delivery, the Auction House guarantees high-quality packaging of Lot, but does not bear responsibility for loss or significant damage of parcel during transportation process. Thus, the Buyer is responsible for the safety of the parcel from the moment it is handed over to the postal service. To minimize risks, the Auction House recommends using the insurance option.

2.5. In the case of legitimate and valid claims of the bidder as to authenticity of the won lot, the bidder within 6 months from the ending of the auction, has the right to submit to the Auction House a claim for full refund by the seller on a voluntary basis.

 

3. Rights and obligations of the Auction House

3.1. The Auction House holds bidding in accordance with the bidding rules.

3.2. The Auction House undertakes to exhibit all the lots for viewing at least one week before start of the regular bidding at the address specified on the webpage.

3.3. The Auction House has the right to withdraw any lot before bidding without giving any reasons.

3.4. Upon receipt of the full payment for the won lot provided for in paragraph 4., the Auction House must, at the request of the bidder, give to the bidder the paid object / objects, and acceptance certificate shall be drawn and signed by the parties to this effect.

3.5. In case of webpage work interruption in the moment of the end of the auction the Auction House has the right to postpone the date of the end of the auction. In this case the Auction House is obliged to inform all the participants about the postpone and the date of the end of the auction via email and/or by posting the information on the website not later than in 30 minutes from the time of the end of the auction declared previously.

3.6. The auction house reserves the right to unilaterally transfer the announced auction start / end dates for the dates not exceeding 14 days from the previously announced.

 

4. Lot payment procedure – winning bidder (buyer) undertakes to pay for the won lot in full within 10 calendar days after end of the auction. If upon expiration of 10 calendar days after end of the auction, the payment is not made in full, the winning bidder (buyer) looses his right to the won lot, exception is agreement of special conditions with representative of the Auction House.

If the winning bidder (buyer) refuses to buy the lot, his further participation in the bidding may be suspended until fulfilment of his obligations to the Auction House in full. The lot can not be given to the winning bidder (buyer) before it is paid in full.

If the winning bidder (buyer) pays for the lot, but does not pick it up within 20 calendar days after end of the bidding, the Auction House organizes storage of the lot and notifies the winning bidder (buyer) in writing or by e-mail about the necessity to receive the lot within 30 calendar days from the date of the notice.

If during 60 calendar days after end of the bidding, the winning bidder (buyer) does not pick up the lot, the Auction House organises storage and insurance of the lot at the buyer’s expense.

If the lot is not picked within 90 calendar days from the date of the notice to the buyer, the Auction House lists the lot for sale in order to meet the storage and insurance costs.

After sale of the lot that had not been picked up, the Auction House shall from the proceeds, refund the lot storage, insurance, shipping costs and deducts the penalties in the amount of 30% of the lot’s price. The remaining amount is transferred to the winning bidder (buyer) account. Winning bidder (buyer) shall undertake all risks associated with shipping of the lot from the moment of shipping.

 

5. Auction House administration reward (Commission fee) - is the amount of indemnity, that the participants undertake to pay to the Auction House for the bidding services provided in case of a completed sale and purchase transaction. The amount of the commission is determined by the percentage of the final price of the lots. The fee will be charged to both the buyer and the seller of the lot. The terms and commission rates are described below.

Commission from the BUYER (winning bidder) is:

15% - (standard rate)

5% - for the category "Investment gold coins" (payment via Wire Transfer/ Swift only)

0% - applies to all sections for lots sold in the "After Sale" format at the starting price (format conditions are described above)

 

Commission from the SELLER is:

15%, or negotiated individually (standard rate)

0% - for category "Investment gold coins" and "Numismatics"

5% - additional commission, applied to lots from all sections sold in the "After Sale" format (format conditions are described above)

 

6. Anti-Money Laundering / Countering The Financing Of Terrorism (AML/CFT)

Auction house is subject of “Law on the Prevention of Money Laundering and Terrorist and Proliferation Financing” (AML/CFT), and according to the law it has a duty to evaluate risks of deals with Auction Participants.

AML/CFT laws are regulated by EU directives and the legislation of the Republic of Latvia.

Auction Participants have an obligation to immediately provide all the necessary information in accordance with norms and criteria of the AML/CFT, upon the request of Auction House: to perform questionnaire and personal identification (KYC), if the total amount of the transaction or several apparently related transactions is at least 10,000 euros, as well as if there are signs of potential risk of the deal.

 

7. Final Provisions

7.1. These rules may be modified at the discretion of the Auction House. In case modifications to the rules, the Auction House shall notify bidders/users listed on the webpage about modifications by sending the relevant information to the email addresses.

7.2. All disputes and differences arising from the contract shall be settled by way of negotiations.

7.3. All disputes, differences and claims associated with this contract, which the parties have not settled by way of negotiations, shall be considered in accordance with the laws of the Republic of Latvia at the option of the claimant in court or in the Riga Arbitration Court (Registration No. 50003418211 with the Register of Arbitration Courts of the Republic of Latvia), in accordance with its Procedural Rules, composed of one arbitrator, in writing, provided that if the defendant does not give the answer to the claim, it is considered that the defendant acknowledges the claim.

7.4. It is strictly forbidden to use webpage images without  Auction House permission.