Terms
OVERALL RULES AND REGULATIONS FOR THE AUCTION
Article1.
The Auction Room is a Trading Centre, dedicated to the sale under the hammer, subsequent to a prior voluntary auction, of the goods, artistic objects and items of a similar nature which have been entrusted to it to that end. Consequently, the Auction Room acts as mediator between the owner and/or seller of each lot, acting on behalf of said person, and potential purchasers.
Article 2.
The objects or works of art to be auctioned will be placed on show, at least six days prior to the Sale, in the premises of the Auction House to enable potential buyers to carry out a complete inspection and appraisal of the same. In accordance with international practice, the catalogued objects are sold with all their possible faults and imperfections.
Article 3.
All information contained in the catalogue with reference to the author, the authenticity of the piece, its origin, antiquity, provenance and the condition of the lot, is drawn up by the Auction Room after a thorough examination and the use of expert advice or, on the other hand, using the information provided by the seller. Nevertheless, no responsibility whatsoever is accepted for its accuracy and/or veracity.
Article 4.
The Auction Room reserves the right to reorganise, change or divide the lots, in accordance with its reasoned, expert criterion; it may, in like manner, combine two or more lots, and/or withdraw lots for justifiable reasons.
Article 5
A. All persons wishing to take part in the Auction should establish their legal status in the Auction Room, by filling in a Buyer's Card and producing an original Identity Document; thereafter, they will be given a "Buyer's Number" which will be their identification throughout the auction.
B. Acceptance of Offers during the Viewing.
All pieces on show are identified by the individual Lot Number and Starting Price.
To make a bid during the viewing period, a "Bidding Card", containing the Buyer's Number and personal details, the lot(s) for which an offer is being made and the price(s) offered for the same, must be completed; said card shall be given to the Room personnel.
C. Auction.
On the stipulated day, the Auction Room will proceed with an auction based on the show of hands for all the lots on show, with the exception of any items which have been withdrawn. The lots for which offers have been made will open at the highest recorded price and those for which there has been no activity will begin at their starting price. Any person with a Buyer's Number and present in the Hall may participate in the auction. Ultimately, the lot will be sold to the highest bid received.
The Auction Room reserves the right to act on behalf of those bidders who have made written offers for different lots during the viewing in the course the auction itself.
In the case of disagreement between two or more bidders about the value which has constituted the highest bid, the Chief Auctioneer, at his or her sole discretion, will have the power to adjudicate the lot to whomsoever he/she deems appropriate or to decide to repeat the auction for the lot in dispute, either during the same session or at the next planned auction.
Article 6.
The "knockdown" price (or price under the hammer) will be increased by 18% + VAT (21,78%) to cover the auction fees. Internet live bidding will have a 5% increase over the BY. The amounts corresponding to packaging costs, insurance, transport and storage of the objects or works, as accrued after the completion of the Sale, shall be satisfied and covered separately to the Auction Room by the final purchaser. Notwithstanding the above, the sale of a lot shall be abrogated and its price repaid to the buyer, under the auspices of the Auction Room and once the seller has made prior restitution, if the former advises the Auction House, in writing within the ten (10) days following the holding of the auction, that the lot is a deliberate forgery and provides irrefutable proof of the same. The amount the buyer may demand shall be limited to the exact amount paid for the lot and may not be extended to include any damages, losses or costs suffered and/or incurred.
Article 7.
Bids shall be established and/or increased as follows:-
From 5€ up to 200€ 10€
from 201€ up to 500€ 25€
from 501€ up to 1,000€ 50€
from 1,001€ up to 3,000€ 100€
from 3,001€ up to 5,000€ 250€
from 5,001€ up to 10,000€ 500€
from 10,001€ up to 25,000€ 1,000€
from 25,001€ up to 50,000€ 2,500€
50,001 € and over as determined by the auctioneer.
Article 8.
The acceptance of offers made by telephone, e-mail, fax and in writing will close at 13:30 h. on the day of the Auction.
The Room may make bids, making them public in the act and depending on the circumstances of each auction, using the offers from bidders made by telephone, e-mail, fax and in writing.
All lots will be sold at the lowest price permissible, depending on the value of the other bids. If more than one offer showing the same value is received in writing for a specific lot, it will be adjudicated to the first offer received by the Auction House.
Article 9.
Sold lots must be paid for and taken away by the buyer within a maximum of five (5) days from the celebration of the auction, with all transport, storage and insurance costs being for the account of the buyer.
Article 10.
Should any dispute arise between any of the parties during and/or after the celebration of the auction, the depositor/seller, the buyer/purchaser and the Auction Room itself shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled.
In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.
Article 11.
The Auction Room reserves the right of admission to its premises and halls and at the same time reserves the right to bar the entrance of any specific person to any of its auctions. The use of these rights is at the sole discretion of the Auction Room.
Article 12.
Both the seller and the buyer are obliged to comply with the terms of the Law for Intellectual Property, which establishes the right of the artist/artiste and his/her heirs for a period of 70 years, effective from the 1st of January following the death of the artist/artiste should that be the case, to receive 4% of the value at which the transaction has been closed from the buyer, always assuming that the price under the hammer has been in excess of 1,200 Euros. The Auction Room, with a view to ensuring compliance with said obligations, will execute the corresponding retention from the buyer's funds and will satisfy the rights of the artist/artiste, his/her heirs or accredited representatives. Should any dispute arise between any of the parties during and/or after the celebration of the auction in this specific respect, the depositor/seller, the buyer/purchaser and the Auction Room itself, shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled. In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.
Article 13.
Terminology used in the catalogue:-
Circa: approximately the year stated;
Style: corresponding to the Style mentioned, not to the Period;
Period: corresponding to the Period mentioned;
Period y Style: corresponding the Period of the Style mentioned;
Bid: "Bid" is understood to mean each additional increase, based on the different offers, which affects the price of the lot which is being auctioned. Bids will be based on the starting price.
Bidder: any person who offers a price for a piece at auction.
Sale: transfer of the property in a lot or lots by means of a bid at auction to a bidder/buyer.
Participation in the auctions organised by Bonanova Auctions implies the acceptance of the above mentioned Terms and Conditions.
