The “Rakursi” auction house is a limited liability company seated in the city of Sofia, 4a “Han Krum” St., specializing in organizing auctions for selling works of art. It offers works of art at auctions as a commission agent. The auction house possesses license No ΠΣ 02-0001/16.02.11 from the Ministry of Culture of Republic of Bulgaria for carrying auction activity.
The auctions and examinations of the “Rakursi” auction house are public and open to anyone wishing to participate. Anyone, regardless whether a potential buyer or not, may participate in the examination and attend the auction.
A registration is necessary for participation in the bidding, completed by filling in a registration form personal data, address and phone number. The form is included with the printed catalogue of the auction; it can also be downloaded here: REGISTRATION FORM. The registration may be carried out at any time after the auction date has been announced or immediately before it commences. Every registered person receives a number to bid by.
Bidding is carried out by attending the auction in person, submitting an absentee bid form, or by telephone. It is assumed that all persons bidding in the auction do so on their own behalf and they carry personal responsibility for their bids, unless they have been registered with the auction house as representatives of a third party.
Bidding with a submitted absentee bid form:
Bidding by telephone:
Bidding by telephone is only allowed for items over 600 (six hundred) BGN in value.
DETERMINING A BUYER
The auctions follow the order of the lots in the catalogue. The highest and last bid is successful. The auctioneer announces the price reached, utters “sold” and the winner’s number and drops the hammer. The fall of the hammer after bidding for a certain item means that a buyer has been selected. In case two or more participants have made equal offers for an item in the auction, the auctioneer subjects the item to a new bidding, beginning from the last price offered by the bidders; everyone attending can participate in this second auction.
Examination of art works takes place several days prior to the auction date from 11 am to 7 pm, and the day of the auction - from 11 am to 3 pm in the Rakursi Art Gallery - 4a “Han Krum” St., 1000 Sofia. When offered for sale, the works are in the same condition they have been in at the time of the examination. Since the buyers are provided the opportunity to examine the items exhibited prior to the sales, they cannot lay any claims after a sale has been concluded. Rakursi auction house bears no responsibility for hidden flaws.
The prices of the items are listed in BGN. The starting price of each item is cited in the catalogue.
The bid increment increases as follows:
The auctioneer may change the bid according to his discretion. The Rakursi auction house may decline a bid or withdraw a certain item from the auction without assigning reasons.
PREMIUM FROM THE BUYER
In addition to the price reached for a certain item, the winning participant pays a premium to the “Rakursi” auction house (“premium from the buyer”) as follows::
Example:If an item worth 35 000 BGN is won, 10% are paid to 10 000 BGN (1000 BGN), 8% for
Payment for the won items is done immediately following the auction or up to 3 workdays afterwards, in cash or by bank transfer. Bank transfers are to be wired to:
In case a winning participant fails to pay out the item’s price and “Rakursi” auction house’s premium after being asked to do so twice, the item can be offered at a different auction, following the seller’s consent. In such a case, the “Rakursi” auction house keeps the right to undertake all necessary measures, in accordance with the Bulgarian legislation, to restore the losses caused by the renouncing buyer’s actions, as well as to prohibit him from any further auctions.
RECEIVING OF THE WORKS
The receiving of the works occurs immediately after payment is completed – immediately following the auction or in a 3-workday term after its conclusion. In cases of bank transfers, buyers may only receive an item after “Rakursi” auction house has received the price of the item in full. In case the buyer has paid the price, but fails to receive the item within 7 workdays following the auction, he pays for storage based on regular rates for every day overdue after the third one. After the 7-workday term has expired, all risks concerning the item are passed over to the buyer.
The seller guarantees to “Rakursi” and the buyer that he is the undisputed owner of the item offered for sale, that the item is not burdened by any kinds of claims, disputes, distraints, stipulations or pledges, and that he can lawfully pass over the ownership of the item. The information included in the catalogues is prepared by the auction house’s experts. It is aimed at aiding the potential buyer in his examination of the items and is assessed at his own discretion. If no data of restoration, damages or other event is listed, this does not necessarily mean the item is free of flaws.
A buyer intending to export an item across state borders needs to enquire in advance whether the item needs a special export permit.
These general conditions are in accordance with the Bulgarian legislation. Buyers, sellers, and their representatives accept that any arising disputes will be resolved by Bulgarian law.