Terms of sale
Please note that in the event of any differences in meaning or interpretation between the original Norwegian version of this content and a translation, the original Norwegian version takes precedence.
- Purpose and scope
1.1 Purpose
These Terms (hereinafter the “Terms”) govern the relationship between Nyborgs Auctions, owned by Current Value AS (hereinafter “Auction House”) and any person or business wishing to submit and sell objects at Live Auction or Commission Sale through Auction House (hereinafter “Seller” or “Client”). The terms and conditions respect the rights and obligations of both parties and shall contribute to a safe and predictable sales process.
1.2 Scope
The terms and conditions apply to all objects submitted to the Auction House for sale at Live Auctions or Commission Sales. Live auction is a “streamed” club auction with an auctioneer, with no buyers physically present in the venue, but with the option for buyers to place bids by pre-bid, livebid/online bidding, or telephone bidding. The Terms supplement ordinary Norwegian law, including the Commission Act, the Purchase Act and the Consumer Purchase Act, and apply as far as they are appropriate, unless otherwise specifically agreed in writing.
1.3 The role of the auction house
The auction house acts as the commissioner and mediates the sale on behalf of the seller. The auction house does not guarantee the sale of objects, but strives to achieve the best possible result within the guidelines stated herein and otherwise agreed with the seller.
- Submission of objects
2.1 Submission process
- Objects can be submitted by personal attendance at the Auction House's premises in Bygdøy allé 111 in Oslo, Kong Oscars gate 68 in Bergen or by submission/transfer upon request.
- The auction house may also, if the nature and scope of the object so require, arrange a pick-up or home visit for appraisal.
- When the object is otherwise collected, the submitter or seller must provide various information about the owner/seller and present identification, depending on whether it is the seller or another person who submits the object for owner. This is a requirement according to. Second Hand Dealers Act and Second Hand Trading Regulations Section 16 which requires the Auction House to report who is the seller on all objects traded through the auctions or commission sales.
- Before the final acceptance of the assignment, the Auction House conducts a preliminary examination and assessment of the objects. The auction house reserves the right to reject any object without justification.
2.2 Requirements for the objects
- Each individual object must be given an estimated insurance value, agreed in advance between the seller and the auction house.
- Objects must be delivered in an orderly and clean condition, provenance and known defects/defects must be provided, and documentation must be provided. Incomplete information may result in liability for the seller if it results in a loss for the auction house or the buyer. The Submitter guarantees that the Seller is the rightful owner of the object and that there are no encumbrances on the object.
2.3 Receipts and agreements
- Submission receipt: Issued/sent to the seller by e-mail when the auction house has received the objects physically.
- Sale agreement: Once the object has been registered and assessed, the seller is sent an agreement on auction valuation, reserve price, and all other information about the object. The seller is obliged to notify of any errors or notices within a reasonable time and before signing the agreement. It will happen that the submission receipt gies and the sales agreement are signed at the same time.
- Confirmation of publication: Once the object is published for viewing before the Live Auction the seller will receive a link to the object
2.4 Insurance
The auction house holds submitted objects insured from the time the items are physically in the auction house's custody and the filing receipt issued, unless otherwise agreed. The insurance of the object is included in the fee. The insurance value is normally based on a valuation, the stipulated auction valuation or any other value the auction house deems appropriate. In case of damage or loss, the seller is reimbursed up to the insurance value, less the agreed commissions and expenses.
- Rating, description and minimum price
3.1 Auction rating
The auction house assesses and describes the objects in the best judgment and conviction, based on experience, expertise and market expectations. The assessment is indicative and forms the basis of the Auction Assessment. Actual sale price may be both higher and lower than the Auction Rating, but not lower than the agreed reserve price.
3.2 Minimum price
- The seller can agree a minimum price with the Auction House for some or all objects.
- The reserve price should not exceed the lowest part of the rating interval (Auction rating).
- If the sale nevertheless takes place below the minimum price, the Seller shall receive a settlement as if the minimum price had been achieved, provided that the Auction House covers the difference by reduction in its commission or otherwise.
3.3 Change of Auction Valuation
- The auction house may, in consultation with the seller, adjust the auction valuation and minimum price if new information appears or market conditions change.
- If objects are not sold at the first Live Auction, the Auction House reserves the right to repeat sales attempts with equal or lower Auction Valuation, unless the seller specifically requests a return (see section 9). - Commissions, Fees and Costs
4.1 Salary
A percentage commission of the bid price (club price) is charged by default at Live Auctions. The percentage rate is agreed upon conclusion of the contract and may vary depending on the category, value, scope of the object, etc. By default, a commission of 25% including VAT from the buyer and 20% including VAT from the seller is charged, unless a different rate is specifically agreed for certain objects. The percentage is calculated by the final estimate. If an object is sold for a very low sum or is not sold (for certain categories), there may be a minimum commission per object, which is agreed in advance.
4.2 Subsequent compensation (Artist fee)
In the case of resale of art over NOK 2 000, the auction house is required under the Intellectual Property Act to collect a consequential compensation of 5% of the sale amount. This goes to the artist, and the scheme is administered by BONO (Billedkunst 0pphav rett i Norge). The consideration is a supplement that is normally covered by the buyer, but can by special agreement be redistributed between the buyer and the seller.
4.3 Other Fees
The auction house may charge fees for handling, insurance, photography, cleaning or other necessary services, upon further agreement. For objects where external expertise is required (e.g. coins, stamps, jewellery), the cost of such certificate may be charged to the seller, unless otherwise agreed.
4.4 Remittance fee
If the Seller withdraws an object after 3 days after the sale agreement has been signed, the Auction House will charge a handling fee of NOK 2000. If the seller withdraws an object after 3 days after the sale agreement has been signed and the Auction House has started work (e.g. photo, cataloging, marketing), the Auction House will invoice a fee equal to up to half of the total buyer and seller fees (calculated by the highest auction assessment), in addition to covering the costs incurred (e.g. transportation, insurance, cleaning, etc.). If the Seller withdraws the object after the object has been published (either online or in a printed catalogue), it is not possible to withdraw the object from the auction. If the Seller absolutely has to withdraw the object after it has been published, the Seller must pay a fee equal to half of the lowest auction valuation. - Conducting an auction
5.1 Selection of auction
The auction house is free to decide on which auction the object will be sold at, based on the composition of the objects intended and the number of objects prepared and based on what is believed to produce the best possible sale result for the object.
5.2 Bidding and tenders
- The object is sold to the bidder who, at the close of the auction, has made the highest valid bid. Bids are delivered as pre-bid, livebud/online bid and telephone bid.
- At Live Auctions, the sale at club fittings is confirmed by an auctioneer.
- The auction house has the right to reject bids from stakeholders who do not meet registration requirements or who have previously violated auction conditions.
5.3 Unsold objects
- If an object does not reach the minimum price or is not sold for any other reason (e.g. absence of bids), the object can be offered at the lowest valuation for 14 days.
- After several sales attempts without a sale, the Auction House in consultation with the Seller may decide either to reduce the price or that the object will be picked up by the Seller. - Settlement and disbursement
6.1 Settlement period
- Settlement to the Seller normally takes place within 4—6 weeks after the end of the auction, depending on the complaint deadlines and whether the Buyer has paid full settlement.
- The auction house is not obliged to pay any amount to the Seller until the entire purchase price has been paid by the Buyer.
6.2 Delayed payment from the buyer
- If the Buyer fails to pay, the Auction House may, in its sole discretion, choose to cancel the sale, make a new sale attempt or return the object to the Seller.
- The auction house does not automatically file a lawsuit against the Buyer, but may in special cases agree with the Seller to pursue the claim.
6.3 Deduction of costs
Prior to payment to the Seller, the Auction House may deduct fees, fees, fees, insurance costs and any other outstanding debts the Seller may have to the Auction House. - Liability, complaints and dispute handling
7.1 Liability of the Auction House
- The auction house disclaims any liability for misstatements as long as these are not material or arise due to gross negligence.
- The auction house is also not liable for indirect losses, such as lost profits, loss of value or consequential damages.
- The liability of the Auction House is normally limited to the fee received by the Auction House for the relevant transaction, unless otherwise provided by mandatory law.
7.2 Seller's obligation to provide information
Seller shall disclose all known defects, defects, counterfeits or uncertain ownership history. Failure to do so may result in the Auction House having the right to withhold the object, cancel the assignment or demand recourse from the Seller if the Buyer makes a claim against the Auction House.
7.3 Complaints from the Buyer
- If the buyer complains about the purchase (e.g. due to hidden defects, forgery, inadequate documentation, etc.), the Auction House has the right to decide whether the complaint should be accepted.
- If the Auction House finds that the buyer has a legitimate claim, the sale may be raised and any settlement to the Seller revoked.
- If doubts arise about the authenticity, origin or ownership of an object, the Auction House may withhold both the object and the payment until the relationship is clarified.
7.4 Dispute Resolution
- Disputes are sought to be resolved amicably. If amicable resolution is not reached, the case may be brought before the courts.
- Choice of law is Norwegian law. The guardianship of the Auction House is Oslo District Court, unless otherwise required by mandatory rules. - Force majeure
The Auction House may, without liability for damage or loss, postpone, extend or cancel auctions in the event of events beyond the Auction House's control (e.g. natural disasters, fire, war, major technical failure, strikes or public decisions). When the relationship ceases, the Auction House will resume normal business. - Return and warehouse rent
9.1 Return of unsold objects
- If an object is not sold and the Seller demands it back, it must be collected within 14 days from notification of return.
- If the object is not picked up within the deadline, warehouse rent may accrue (e.g. a fixed amount per week started). After 2 months, the Auction House may choose to sell the object at the best price, donate it to charity or destroy it, at the Seller's expense and risk.
9.2 Storage Liability
After expiration of the collection notice, the Auction House no longer accepts responsibility for damage or loss of the object, beyond what is covered by any insurance agreed in the contract. - Personal data
10.1 Processing of personal data
The auction house processes personal data in accordance with Norwegian data protection legislation and GDPR. The data is used for, among other things, the administration of auctions, communication, payment and marketing (if you have consented).
10.2 Information requirements for public authorities
The auction house is required to collect, store and disclose certain information to the authorities, including in order to comply with legislation on reporting, tax and anti-money laundering measures. This is, among other things, with regard to the Second Hand Trade Act and the Money Laundering Act.
10.3 Transparency and rights
The Seller has the right to access, rectification and erasure of his/her personal data in accordance with applicable data protection legislation. Any inquiries are directed to the Auction House's customer service. - Revocation and termination of assignments
11.1 Recall from the auction house
The Auction House may reject or terminate an assignment at any time, without compensation to the Seller, if doubts arise as to ownership, authenticity, originality, illegal origin or other circumstances that may damage the Auction House's trust and reputation.
11.2 Recall from Seller
The Seller may withdraw an object, but will then be charged fees and charges in accordance with clause 4.4 of this Agreement. - Entry into force and amendments
12.1 Entry into force
These conditions apply from the moment the seller or submitter is sent a submission receipt and subsequently signs a written agreement with the auction house (e.g. by electronic signature, e-mail or physical).
12.2 Changes and Updates
The auction house reserves the right to change the conditions if necessary, for example in the event of changes in legislation or changes in business practices. An updated version is made available on our website and/or notified in writing to Sellers who have ongoing assignments. - Summary - Key Points
1. Submission and assessment: The auction house accepts objects, sets auction valuation and reserve price and produces descriptions, and reserves the right to reject objects.
2. Minimum price: Can be agreed; normally no higher than lowest auction valuation.
3. Fees and Costs: Percentage commission + any fees (photo, clean, expertise, etc.).
4. Conducting Auction: Highest bid wins; unsold objects can be re-posted, sold at the best price, or returned.
5. Settlement: Seller receives settlement 4—6 weeks after auction, provided buyer has paid.
6. Complaint: The auction house may accept the raising of purchases if material defects are uncovered; the seller may be asked to repay any settlement paid.
7. Return and warehouse rent: Objects not picked up by deadline accrue warehouse rent; The auction house can sell or donate the object after 2 months.
8. Recall: Seller who withdraws objects after the sale agreement is signed will be charged fees and if the object is published, Seller will be charged up to half of the object's lowest valuation.
9. Privacy Policy: Data is processed in accordance with GDPR; Seller is obliged to provide correct and up-to-date data.
10. Dispute Resolution: Attempt amicable resolution; any legal action will be brought before Oslo District Court. - Contact information
For questions or further information, please contact:
Nyborgs Auctions (Current Value AS)
Bygdøy avenue 111, 0273 Oslo
Phone: 24077000
E-mail: post@nyborgs.no
Upon receipt of the submission receipt and subsequently signed sales agreement, the seller confirms that he has read and accepted the above terms and conditions.