Knock down Musterklauseln

Knock down a) The work of art is knocked down to the winning bidder if, following three calls for a higher bid, no such higher bid is submitted. Upon the item being knocked down to it, this will place the bidder under obligation to accept the work of art and to pay the purchase price (Section 4 Clause 1). The bidder shall not be named. b) Should the bids not reach the reserve price set by the Consignor, the auctioneer will knock down the work of art at a conditional hammer price. This conditional hammer price shall be effective only if Grisebach confirms this bid in writing within three (3) weeks of the day of the auc- tion. Should another bidder submit a bid in the meantime that is at least in the amount of the reserve price, the work of art shall go to that bid- der; there will be no consultations with the bidder to whom the work of art has been knocked down at a conditional hammer price. c) The auctioneer is entitled to refuse to accept a bid, without providing any reasons therefor, or to refuse to knock down a work of art to a bidder. Where a bid is refused, or where a work of art is not knocked down to a bidder, the prior bid shall continue to be valid. d) The auctioneer may revoke any knock-down and may once again call up the work of art in the course of the auction to ask for bids; the auctioneer may do so in all cases in which – the auctioneer has overlooked a higher bid that was submitted in a timely fashion, provided the bidder so overlooked has immediately objected to this oversight; – a bidder does not wish to be bound by the bid submitted; or – there are any other doubts regarding the knock-down of the work of art concerned. Where the auctioneer exercises this right, any knock-down of a work of art that has occurred previously shall cease to be effective. e) The auctioneer is authorized, without being under obligation of giving notice thereof, to also submit bids on behalf of the Consignor until the reserve price agreed with the Consignor has been reached, and the auctioneer is furthermore authorized to knock down the work of art to the Consignor, citing the consignment number. In such event, the work of art shall go unsold. Purchase Price, Payment, Default 1. Purchase price The purchase price consists of the hammer price plus buyer’s premium. Additionally, lump sum fees may be charged along with statutory turnover tax. a) For works of art that have not been specially marked in the catalogue, the purchase price will be calculated as follows: for buyers h...