General Terms and Conditions of Sale
TERMS OF SALE By participating in the Auction, you fully agree to all the Terms of Sale are set out in this Catalogue. If you are planning to take part in the auction, please read the section of the Catalogue containing the conditions for purchasing the lots of ART VALUE MONACO SARL (hereinafter referred to as MonteCarloAuction) for sale especially carefully.
ESTIMATES For the convenience of customers, an Estimate is indicated next to the description of each lot in the Catalogue. However, Lots, due to market interest, may have prices higher or lower than the indicated estimates. Quotes published in the Auction Catalogue do not include purchase fees and VAT.
RESERVE What is the reserve price? This is the minimum price set by MONTECARLOAUCTION and the SELLER. The Lot cannot be sold below this price. Lots offered without reserve are marked separately in the Catalogue.
PREVIEWING BEFORE THE AUCTION Before each auction, parties can freely view the submitted lots.
The time at which a commercial buyer can view the lots is indicated on the first pages of the Catalogue. When viewing, you can check and clarify all the questions you are interested in related to the Lot, in order to make sure of its authenticity, physical condition, and origin.
WATCH AND CLOCK SALES
Our watchmaking and jewelry experts are high-level professionals with extensive experience. However, their Condition reports are merely an opinion, which is purely subjective and cannot be a substitute for direct verification by the purchaser. Potential buyers should personally verify its technical condition and the outlook of each particular Lot.
The lot Condition Reports that MONTECARLOAUCTION sends in response to a prospect's request are not inclusive and some details might not be mentioned.
The description of items of this category in the catalogue regarding their condition is provided as a customer guide, but under no circumstances should be construed as complete and comprehensive.
The fact that Lot's defect or restoration is not mentioned in its description does not mean that it does not exist. Watches are checked by MONTECARLOAUCTION experts before being sold, but MONTECARLOAUCTION makes no guarantees that they work properly and have not been repaired, or don't contain any non-original parts.
Wristwatches in waterproof cases are opened by experts to test their movements. For this reason, MONTECARLOAUCTION recommends that they be inspected by an official dealer before using them under immersion in water.
If at the time of the inspection of a watch with a quartz movement the battery is discharged, information about its working condition is not provided.
All straps and bracelets are not considered original unless otherwise stated in the description. And all the documents, unless otherwise stated, are missing.
The straps made from organic material are installed on the watch solely for demonstration purposes since the import into foreign countries of materials obtained from endangered or protected species (such as tortoiseshell, ivory, etc.) is regulated by international CITES rules. Potential buyers should obtain the needed information about the applicable restrictions before purchasing lots containing such kinds of materials.
Given numerical characteristics from the catalogue are indicative only. The weight of the item indicated in the description is indicative, as are the carat weight of the gemstones and the composition of the gem materials.
PRESERVATION STATE Lots are sold in their current condition.
Therefore, it is better to check the state of preservation and the type offered by lots before the auction. The MONTECARLOAUCTION experts will provide Condition Reports on the Lots upon request.
Descriptions in catalogues represent only the opinion of our experts and are subject to change. An updated description will be communicated to the public during the auction.
TAKING PART IN AN AUCTION Auction participants can place bids both being in person in the Auction Room and by making written or telephone offers. This service is free and MONTECARLOAUCTION is not responsible for it.
Therefore, MONTECARLOAUCTION is not responsible for unintentionally omitted sentences or other mistakes. New Buyers will be required to provide sufficient bank details with a Presentation Letter provided by the Buyer's bank at MONTECARLOAUCTION, 5/7 rue du Castelleretto, 98000 Monaco.
BIDDING IN PERSON To place a bid in person, prospective buyers must register and receive a bidding number by completing the bid form and providing an ID and tax code number. All lots sold will be invoiced to the buyer's specified name and address. The name, address, and bank details of the payer cannot be changed. If a potential buyer wishes to place a bid on behalf of a third party, he must inform MONTECARLOAUCTION prior to the start of the auction.
ABSENTEE AND PHONE BIDS To be able to participate in the auction in a written or telephone format, potential buyers must fill in the Application Form from this Catalogue and then send it to info@montecarloauction.com no later than SEVEN hours before the start of the auction. Written Bids shall be submitted in euros on behalf of the Bidder at the lowest possible price, taking into account the reserve price and other Bids offered. Written Bids submitted for lots without a reserve (specifically indicated in the catalogue) will sell for about 50% of the lowest estimate in the absence of a higher bid. Or at a price corresponding to the application, even if below 50% of the lowest mark.
Telephone auctions are organized by MONTECARLOAUCTION exclusively for Lots with an appraised value above 1000 euros. Buyers placing Bids by phone agree to have their conversations recorded during the auction.
LIVE BIDDING Modern technology is drawing the interest of many international collectors to a new way of buying and selling art - online auctions.
You can place your bid online at www.montecarloauction.com.
Go to the BID ONLINE section and follow the instructions, you will be redirected to the application with IOS or Apple platform.
HAMMER PRICE The Hammer price indicates that the item is sold. At this point, the Buyer assumes full responsibility for the Lot. In addition to the hammer price, the Buyer must pay MONTECARLOAUCTION the commissions as well as taxes in accordance with the law.
PAYMENT The purchased Lot must be paid by the buyer using one of the following methods:
A) Cash payments are accepted in accordance with the laws of the Principality of Monaco.
B) Bank transfer to ART VALUE MONACO SARL account
C) Credit/debit cards are accepted with a surcharge on top of the total bill for foreign cards. Please contact MONTECARLOAUCTION to get additional information.
When paying by bank transfer, the bank's commission and the cost of currency conversion have to be taken into account.
Payment must be made according to the issued invoice within 10 working days.
LOTS COLLECTING The storage period in MONTECARLOAUCTION warehouses is limited. Buyers must collect purchased Lots during 15 business days from the Auction.
After this period, MONTECARLOAUCTION is not responsible for the Lot storage or damage caused to the Lot during its transportation to the warehouse.
MONTECARLOAUCTION will charge the Buyer for insurance and storage costs.
Upon receipt of the lot, the Buyer must provide MONTECARLOAUCTION with an identity document. If the Buyer trusts a Third Party to pick up the paid Lots, the Third Party must carry a written authorization signed by the Buyer and a copy of the ID.
The lot can be transferred to the Buyer only after payment. If the buyer picks up the purchased lots after the above period, the Auction House can write off the storage cost (for a month or part of a month) as follows:
100 euro + VAT (Furniture)
50 euro + VAT - (Paintings)
25 euro + VAT - (Objects of art)
LOTS TRANSPORTATION MONTECARLOAUCTION may also send purchased Lots by an official delivery service. Delivery will be at the risk and expense of the Buyer. The buyer will have to relieve MONTECARLOAUCTION in writing of any responsibility regarding the transportation process. In addition, our staff is ready to advise on the methods of delivery and insurance of the Lot.
EXPORT OF THE PURCHASED LOTS Please note that some shipments may require export certificates and individual permits. The French state has the right to issue or not issue an export license in the event that the lot is considered a national treasure. MONTECARLOAUCTION will not be held liable in the event of a refusal to issue an export license.
NOTICE Each lot containing electronic components is sold as "non-working" and has to be completely refurbished. MONTECARLOAUCTION is not responsible for improper use, misuse of sold lots, or failure to follow instructions.
It is also worth noting that the Date specified in the item description indicates the period when the Lot was produced.
The image in the catalogue and on the website may not accurately represent the auction items. The Auction House always recommends that you personally review lots before placing your bids. In the event that it is not possible to directly view lots in person, a bidder can request a Condition Report to obtain additional images of the lot. The Buyer authorizes MONTECARLOAUCTION to use the photos depicting the auction items free of charge for any purpose, including for demonstration, advertising, or other purposes.
TERMINOLOGY AND DEFINITIONS Art connoisseurs working for our company are true masters of their industry. And for the convenience of future buyers, we provide a description of possible options for expert assessment.
Claims about Authorship, origin, period of creation, and description of the Lot in the Catalogue should be considered as the opinion of the consulting Experts, which is not certainly a reliable fact.
VAN GOGH: from our perspective, this work is the authentic work of the artist.
ATTRIBUTED TO VAN GOGH: from our perspective, this work is likely by the artist, but there is no absolute certainty.
VAN GOGH'S WORKSHOP: from our perspective, the work belongs to an unknown artist working in the artist's workshop, who has created this piece of art under the direction of the artist.
VAN GOGH'S CIRCLE: from our perspective, the work is by an unidentified artist who is in some way connected with the named artist although not necessarily an artist's student.
THE VAN GOGH'S FOLLOWER: from our perspective, this is the work of an artist who was contemporary of the artist, working in the same style, but not necessarily related to him by the relationship between the artist and student.
MANNER OF VAN GOGH: from our perspective, the work is performed in the style of the artist, but after the artist's period.
COPY OF VAN GOGH: from our perspective, the work is a copy of the artist's artwork.
IN THE STYLE OF…: from our perspective, the work is performed in the same style, but of a later period.
SIGNATURE/DATE/INSCRIPTION: from our perspective, the signature/date/inscription belongs to the respective artist.
BEARING SIGNATURE/DATE/INSCRIPTION: from our perspective, the signature/date/inscription additionally added.
GENERAL CONDITIONS OF SALES
In our auctions, items are sold in lots or individually in accordance with the final decision of ART VALUE MONACO SARL (hereinafter referred to as MONTECARLOAUCTION or AUCTION HOUSE). Our auctions are held on premises open to the public. MONTECARLOAUCTION acts as an AGENT on behalf and interests of the Seller. A sale is a transaction between the Buyer and the Seller. MONTECARLOAUCTION is not responsible for the Buyer, Seller, or any third party.Lots are received by the participant who offered the highest price for them. In case of a disagreement between the Buyers, the object is re-offered for sale at this Auction so that it can be purchased again.
Buyers who have disputed the previous sale of the item are still bound by the original offer.
In the event that the subsequent purchase fails, the auctioneer will decide which person can successfully purchase the lot. MONTECARLOAUCTION considers the Buyer to be the sole person responsible for payment and is not responsible for the transfer of purchased lots to Third Parties.
Bidding at the auction on behalf of third parties can be accepted by MONTECARLOAUCTION only after the AUCTION HOUSE has received a power of attorney issued by the buyer to the Third Party and received at least three days before the auction.
MONTECARLOAUCTION has the right to take any lots out of the auction.
The auction begins with a Bid corresponding to the market value of the Lot and the details of competing Bids. MONTECARLOAUCTION can group or split lots and change the order of sale during the auction. The Auction Organizer may take out Lots that have not reached the reserve price agreed between MONTECARLOAUCTION and the Seller.
In addition to the Bid, the Buyer pays MONTECARLOAUCTION the Buyer's premium in the amount of 25% + VAT.
MONTECARLOAUCTION is subject to VAT on a margin scheme, no document mentions VAT.
Buyer's premium VAT and an import tax may be refunded to the buyer upon presentation of written proof of export outside the EU.
Resale right
The resale right is the remuneration enjoyed by authors and their legal heirs on the proceeds of any sale of original graphic and plastic work after their first assignment. Lots marked with this symbol ¤ are subject to the payment of the resale right, the amount of which represents a percentage of the auction price calculated as follows:
• 4% up to € 50,000
• 3% from 50,000.01 to 200,000 €
• 1% from € 200,000.01 to € 350,000
• 0.5% from 350,000.01 to 500,000 €
• 0.25% above € 500,000
The resale right may not exceed 12,500 Euros for each lot.
When applicable, the amount of the resale right is the responsibility of the Buyer, the Company will forward this amount to the concerned organization, in the name and on behalf of the Seller.
To ensure the maximum level of transparency during the auction, each potential bidder must fill in a bidder form with valid personal information and bank details. MONTECARLOAUCTION reserves the right to verify the data provided and refuse a potential buyer to participate in the auction. After completing the form, MONTECARLOAUCTION will provide a paddle number that will need to be shown to the auction organizer in order to bid.
MONTECARLOAUCTION may accept absentee bids (both in writing and by telephone) to be conducted by the Auctioneer in direct competition with those present in the Auction Room. In the case of identical proposals, the written proposal prevails over the oral proposal.
If there are two written Bids that are not beaten by Bids made in the auction room or by phone bids, MONTECARLOAUCTION will consider the Buyer to bid first.
MONTECARLOAUCTION reserves the right to refuse offers made by unknown or unreliable buyers. Also, MONTECARLOAUCTION may accept Bids if there is a guaranteed deposited amount equal to the value of the requested Lot, excluding the buyer's premium, taxes, and expenses. In this case, the Buyer immediately informs the AUCTION HOUSE of his personal data and tax details at the time of the Purchase.
MONTECARLOAUCTION acts as an agent of Sellers and is not responsible for the accuracy of the description of objects in the Catalogues or any other publications.
It should be borne in mind that all descriptions of objects are for informational purposes only. Those who wish, can personally and in more detail get acquainted with the objects of interest at the public viewing preceding the Auction and carefully study their properties and characteristics. And make sure of their authenticity, degree of preservation, type, materials, and origin.
Be attentive to the details and ask all your questions during open Viewing. As far as, After the Purchase, you will not be able to dispute or criticize MONTECARLOAUCTION or Sellers for the lack of any quality concerning the item you purchased.
Please also note that the carats and weights of metals or precious stones in the Catalogue, as well as their relative grades, are indicative only. MONTECARLOAUCTION is not responsible for possible errors or falsifications and does not guarantee the accuracy or authenticity of descriptions given by experts and third-party commentators.
Since the release of the catalogue is time-consuming, the cost and description of the Lots can be changed and differ from those indicated in the Catalogue. The Auction Organizer will notify such changes before the start of the auction for each submitted item. And the Lot will be sold only if there is a bid that exceeds the reserve price.
Full payment for the lot and all associated costs must be paid in the official currency of the country in which the auction was held. In case of non-payment, the AUCTION HOUSE may:
· return the object to the Seller;
· demand from the Buyer to pay the due commissions/premiums;
· take action to enforce purchase commitments;
· sell Lots privately or at subsequent auctions to the detriment of the original Buyer, treating any amounts paid by the latter as a form of sanction.
· In each case, until the date of collection or return, the Buyer pays MONTECARLOAUCTION for storage costs (by month or part of the month) as follows: EUR 100 + VAT for furniture, EUR 50 + VAT for paintings, EUR 20 + VAT for art objects. The requested amount must be paid from the sixteenth day after the auction.
After payment has been made, the Buyer must collect lots within fifteen working days from auction, taking into account MONTECARLOAUCTION's opening hours.
If the Buyer does not pick up the Lots within the aforementioned time, MONTECARLOAUCTION will keep from the Buyer's expense at the AUCTION HOUSE for the next five working days. MONTECARLOAUCTION will then move the object (s) (at Buyer's expense) to the storage location that the AUCTION HOUSE deems most appropriate.
The AUCTION HOUSE will inform the Buyer about the storage location of the item (s). It should be clearly understood that to pick up the item (s), the Buyer will have to pay, in addition to the price plus commissions (buyer's premium), etc., any refund due to subsequent transportation and storage costs incurred by the AUCTION HOUSE.
In each case, MONTECARLOAUCTION may agree with the Buyer on various forms of payment, storage, private sale, insurance of the object, and/or the provision of any other services.
Obviously, the parties must comply with the applicable laws of the state where the auction is held. In particular, MONTECARLOAUCTION is not responsible for legal restrictions regarding the export of purchased items.
The Buyer will not be able to claim a refund from either the Seller or MONTECARLOAUCTION if the state exercises its preemptive right to purchase or any other right, it may have.
Rights that have expired in relation to the hammer sale price, which has been revoked since it has not received an export authorization due to the lack of consent of the relevant cultural authorities, nevertheless, must be paid by the Seller to MONTECARLOAUCTION unless the authorization was granted due to the fact that the Seller did not inform MONTECARLOAUCTION of the existence of an export permit issued by a government authority at the request of the Seller itself.
In the event of a dispute following the sale of counterfeit items, the AUCTION HOUSE may, at its sole discretion, declare the sale invalid and, if required, disclose the Seller's name to the Buyer.
The buyer can exercise this right only and exclusively if it has notified MONTECARLOAUCTION - in accordance with Articles 137 of the Civil Procedure Code - of the dispute in question with relevant evidence within fifteen days after the date of the auction.
After the accepted claim, the Buyer has the right to receive the amount paid as the price for the Lot, without accruing interest or other amounts.
The current Terms of Sale take effect automatically upon signing of the form and by all participating parties. The aforementioned Terms are available to anyone who wishes to see them. Any dispute falls under the jurisdiction of the Principality of Monaco.
