Auction Rules

Trading Platform Rules

1. Trading Platform Rules

1.1. Trading Platform Organizer: SIA "OLD YARD"
 Registration Number: 41203057253
1.2. SIA "OLD YARD" (the Organizer) carries out activities related to the sale of antiques and art objects.
1.3. When preparing and conducting auctions, the Organizer is guided by the current laws and regulations of the Republic of Latvia, as well as its Charter and these laws and regulations.
1.4. Official Website: www.riga-auction.com

2. What opportunities does the trading platform provide

2.1. A registered user has the opportunity to:
• sell their goods at an online auction or in an online store
• open their own online store on this marketplace
• buy

3. Explanation of terms used in the auction rules

Auction – the sale of works of art and antiques at auctions organized online at www.riga-auction.com. At the end of the auction, the items are considered sold to the highest bidder.

Auction House - a legal entity organizing auctions and entitled to a fee (commission) for organizing the auctions.

Commission - the auction house's remuneration under this agreement, expressed as a percentage of the winning bid at the final auction price.

Lot - an item offered for sale at the auction house, which is awarded:

- Lot number on the website: www.riga-auction.com
- Lot photo
- Starting or current (last) price
- Lot description
- Auction start date and auction end date.
The Auction House reserves the right to withdraw any lot from the auction without justification before the start of the auction. However, the Auction House categorically does not withdraw lots for the purpose of selling them before the start of the auction.

Seller - the person supplying an item to the Auction House for sale and certifying that they have all rights to sell the item. The Auction House reserves the right to refuse to list an item for auction without explanation. A person who personally presents their goods at auction.

Buyer - an auction participant, an individual who has reached the age of majority, or a legal entity.

The Auction House reserves the right to refuse the Buyer's participation in the auction without explanation.

Confirmation of the auction - means the unconditional and irrevocable consent of the buyer to purchase the Lot put up for auction at the winning price of the Lot.

The reserve price - is a confidential amount. Items will not be sold below this amount.

The starting price - is the price at which the auction begins.

Final price – the price at which the auction ends.

Winning lot - the lot with the final winning price at the end of the auction.

An offer - is an increase in the price of a Lot by one bid or an indication of an increased specific amount that the buyer undertakes to pay for the Lot.

Step interval:

- From €1 to €50 - step €1
- From €50 to €100 - step €5
- From €100 to €500 - step €10
- From €500 to €1,000 - step €25
- From €1,000 to €3,000 - step €50
- From €3,000 to €5,000 - step €100
- From €5,000 to €7,000 - step €150
- From €7,000 to €10,000 - step €200
- From €10,000 to €20,000 - step €250
- From €20,000 to €100,000 - increments of €500
- From €100,000 - increments of €1,000

Auction with extension – if the leading bidder changes within the last 10 minutes before the auction ends, the system activates an auction extension for 10 minutes from the moment the leading bidder changes and with each subsequent leader change. The auction is considered complete if there is no leader change within the last 10 minutes. Changing the price of the current lot, if there is no leader change, does not extend the auction.

Unsold lots - a lot withdrawn from auction or placed in the online store www.riga-auction.com

Registration - to register a user for the auction, they must enter their personal data in the auction registration section and sign a written bilateral participation agreement or an electronic confirmation of their acceptance of the auction rules. The Auction House representative will determine the appropriate procedure for concluding the agreement.

New auction participants must undergo verification by posting a 1 euro deposit.
The deposit serves as confirmation of the participant's identity and their seriousness in participating in the auction.
The deposit may be returned to the participant or used to pay for winning lots.

4. Rights and obligations of the buyer

4.1 The Buyer is obliged to familiarize himself with the Auction Rules before the auction.
4.2 If the buyer wins the auction, they are obligated to pay for the lot(s) in accordance with the "Payment and Delivery of Lots" clauses of the Rules. Furthermore, if delivery of the Lot is required, the buyer is obligated to cover the delivery costs in accordance with the rules specified in the "Payment and Delivery" section of the Lot.
4.3 In the event of legitimate and justified claims by the Buyer regarding the authenticity of the won Lot, the Buyer has the right to contact the Auction House within one week after receiving the Lot with a request to return the entire monetary amount to the Seller voluntarily.
4.4 The Buyer has the right and is obliged to personally inspect the condition of the Lot before participating in the auction. If it is not possible to inspect the Lot in person, the participant has the opportunity to request additional information or “ask a question” in the form of a photograph of the Lot.
4.5. The buyer who placed a bid confirms that he is familiar with the Lot and has no complaints.

5. Rights and obligations of the seller

5.1. The seller is obligated to familiarize themselves with the rules of the trading platform.
5.2. The seller is obligated to deliver or transfer the paid Lot(s) upon the participant's request, upon receipt of full payment for the Lot(s).
5.3. The seller guarantees the confidentiality of information regarding the names and location of customers, the lots they purchase, and their prices, except in cases where such information is reasonably requested by law enforcement agencies.
5.4. If, within one week of receiving the Lot, the Seller receives written notice from the Buyer that the purchased Lot is a counterfeit, and this is confirmed by convincing facts, the Buyer has the right to demand a full refund. The Seller undertakes to return the funds in full.

6. Rights and guarantees of the auction house

6.1. The Auction House conducts the auction in accordance with the auction rules.
6.2. The Auction House is obligated to deliver or transfer the paid Lot(s) at the bidder's request upon receipt of full payment for the Lot(s).
6.3. The auction house guarantees the confidentiality of information about the names and location of customers, the lots they purchase and their price, except in cases where such information is reasonably requested by law enforcement agencies.
6.4 If, within one week of receiving the Lot, the Auction House receives written notice from the Buyer that the purchased Lot is a counterfeit, and this is confirmed by convincing facts, the Auction House undertakes to voluntarily demand a full refund from the Seller.
6.5. In the event of website interruptions following the end of the auction, the Auction House reserves the right to postpone the auction's end date. In this case, the Auction House undertakes to notify all bidders of the postponed auction date via email, regular mail, and/or by posting information on the website www.riga-auction.com.

Payment and delivery of lots

• The Buyer agrees to pay for the winning lot(s) within 12 days of the end of the Auction.
• The Buyer agrees to pay for the online purchase within 2 days.
• The Buyer agrees to pay all shipping costs for the Lot.
• The payment and shipping method will be agreed upon with the Buyer individually.
• The Seller is obligated to ship the Lot to the Buyer within 2 days of payment.

Delivery methods:

• In-person meeting at the Auction House, free of charge;
• Courier delivery within Riga to a specified location; the cost depends on the weight and dimensions of your purchase.
• Delivery to any specified location worldwide; the cost is calculated based on the distance, weight, and dimensions of the item purchased by the Buyer.
• Other delivery methods are agreed upon by phone or email.

7. The risks associated with transporting the Lot are assumed by the Buyer from the moment the Lot is shipped. The Auction House does not recommend shipping items such as porcelain, glass, or other fragile items that may break during transport.

8. Unpaid invoices will be transferred to a collection agency for further administration.

9. If the Buyer purchases a Lot, pays the invoice, and fails to collect the Lot within 14 calendar days after the auction, the Auction House will arrange for the Lot to be stored for 30 days. After 30 days, the Buyer forfeits all rights to the auction winnings.

10. If the Buyer refuses to purchase the Lot, his further participation in the auction may be suspended.

11. Trading platform commission

11.1. Commission - a remuneration amount representing a percentage of the winning bid price that must be paid to the Auction House for services rendered.
11.2. The buyer's commission is 0% of the price of the winning lot(s).
11.3. The seller's commission is 15%, or specified in the seller's contract.
11.4. The Marketplace's fees are subject to change.

12. Auction Rules

12.1. The auction will be held according to local Latvian time.
12.2. The auction will be held in Euros.
12.3 Payment is accepted in Euro currency; in certain cases (by prior agreement between the auction house representative and the buyer), in which the buyer cannot make payment in Euro currency, the conversion occurs at the agreed rate on the day of payment for the Lot.
12.4. All Auction House Lots are displayed for viewing in the showroom simultaneously with their posting on the website www.riga-auction.com.
12.5. The Auction House will notify the buyer two weeks prior to the auction.

13. Other Provisions

13.1. The Auction House reserves the right to process the data provided by the Buyer. The Auction House guarantees the confidentiality of data and undertakes not to disclose any information about the Buyer under any circumstances, except in cases where such information is reasonably requested by law enforcement agencies.
13.2. The Auction House shall not be liable for losses caused by force majeure circumstances and other circumstances beyond the control of the Auction House.
13.3. The Auction House has the right to use the image, description and price of the Lot in its materials without restrictions.
13.4. In the event of technical problems during the last hour of the auction, the Auction House has the right to extend the auction for 24 hours.

14. Dispute resolution procedure

14.1 All disputes and disagreements arising from non-compliance with these Terms shall be resolved through negotiation. If both parties fail to reach an agreement through negotiations, the dispute shall be resolved in a court of the Republic of Latvia in accordance with the laws of the Republic of Latvia.