BUYING AND SELLING AT AUCTION
Auctioning is a public form of sale in which potential buyers compete with each other for goods. As is well known, the auction system mainly adopted by the art market is that of auctioneer-led auction. In this form of auction, the auctioneer opens the bidding process for the award of a lot by announcing a price lower than its valuation and proceeds by progressively raising the bids. When the sequence of bids ends, the auctioneer closes the auction. If the bids collected have reached or exceeded the reserve price - i.e. the minimum sale price agreed in confidence with the seller - the lot is awarded to the highest bidder, otherwise it remains unsold.
NUMEROUS POSSIBILITIES OF PARTICIPATION
- Participation in the auction hall (directly or by proxy) - The most traditional way to take part in the auction is to be present in the hall, either in person or by being represented by an attorney
- Live participation live - It's the most innovative way to take part in an auction: sitting in front of your computer you'll watch the live broadcast of the auction session and you can place your bids via the Internet in real time.
- Telephone participation - You can also participate in the auction by telephone, assisted by a member of our staff who, during the auction session, will update you on the progress of the bids by transmitting your bids to the auctioneer. The service is free of charge and must be booked at least 24 hours before the start of the auction at our premises or by forwarding the form published at the bottom of the catalogue to Bertolami Fine Arts.
- Fixed bids - You can make a fixed bid corresponding to the maximum price you are willing to pay to win the lot. In this case Bertolami Fine Arts will compete in the auction in your place, trying to make you win the lot at the lowest possible price. Fixed bids can be formulated through a special electronic mechanism operating on our website or by sending us the form published at the bottom of the catalogue.
SELECT THE LOTS YOU ARE INTERESTED IN
- The catalogue - The lots placed in the enchantment are photographed and described on our site and in a catalogue that can be picked up at our headquarters and is sent to those who request it. For each lot we usually indicate two prices, corresponding to its minimum and maximum valuation.
- The preview - The beaten auction sessions are preceded by a free entrance preview in which, for a few days, the lots are exposed to the public. The lots offered for sale in electronic auctions are visible on request.
Only registered users are eligible to participate in the auction. Those who participate in the auction hall register by filling out a summary form and providing a photocopy of an identity document.
CHECK THE AUCTION RESULTS
To check the auction results consult the list of awards that Bertolami Fine Arts publishes on its website within five working days from the closing of the sales sessions.
The final price to be paid in the event of an allotment consists of the allotment price plus the auction fees, i.e. the commission due to the auctioneer for the brokerage provided. To the figure thus reached will be added the taxes imposed by the tax system of the state in which the auction was held (in Italy VAT is applied).
The auction fees are calculated as a variable percentage of the auction price according to predetermined parameters, described in the conditions of sale published at the bottom of the catalogue.
DELIVERY AND TRANSPORT
Customers who do not wish to collect their purchase personally can take advantage of a delivery service including packaging, shipping and insurance. The service is activated after approval of the cost estimate by the applicant.
TERMS AND CONDITIONS OF PAYMENT
Payment of the lots awarded must be made within ten days of receipt of the purchase invoice. The following payment systems are allowed:
- bank cheque or bank draft
- bank transfer
- credit card
CERTIFICATE OF FREEDOM OF MOVEMENT
Italian law provides that the export of things of cultural interest, which are works of an author no longer living and whose execution dates back more than 50 years is subject to the issue of a certificate of free movement. Bertolami Fine Art can follow the practice aimed at obtaining such certificate upon request of the buyer (or seller). For information on the costs and modalities of the service, please contact the department of the goods for which you intend to apply for free circulation.
The missed or late issue of the same does not constitute a reason for the cancellation or cancellation of the sale, nor does it justify the late payment by the buyer.
ASCERTAIN THE VALUE OF THE GOODS YOU WISH TO PUT UP FOR SALE
Do you own paintings, sculptures, art objects, archaeological finds, coins, medals or jewellery and are you considering selling them at auction? Have our specialists evaluate them for free. For an initial evaluation you will be asked to provide:
- a photo of the front and back, as well as any signatures or trademarks;
- an indication of the size of the object and the materials that make it up;
- information about its history, also indicating how and when you came into possession of it;
- a copy of any publications or expertise or evaluations already carried out.
THE SIGNING OF THE MANDATE TO SELL
If you entrust us with the task of handling the sale of your assets, the terms of our agreement will be contractually fixed in a mandate to sell.
The warrant to sell contains:
- a description of the items for sale;
- an indication of the reserve prices, i.e. the minimum prices at which the customer is willing to sell such items. This information is strictly confidential and is protected by the auctioneer during the sales session;
- the amount of commissions that, in case of sale, will be paid to Bertolami Fine Arts;
- the list of costs chargeable to the customer, including the amount of the so-called resale right that may be applicable to the sale and that Bertolami Fine Arts is required to pay on behalf of the seller to SIAE Società Italiana degli Autori ed Editori.
RIGHT OF RESALE
Legislative Decree no. 118 of 13 February 2006 introduced in Italy the so-called resale right, i.e. the right granted to authors of works and manuscripts and their heirs to receive a fee on the price of each sale, subsequent to the first, of the original work. This remuneration is due in the case of sales of 3000 euros or more and must be paid to SIAE by Bertolami Fine Arts on behalf of the seller.
COMMUNICATIONS AFTER AUCTION
After the auction we will inform you of the outcome of the sale. The remaining unsold lots will be made available to you for collection.
In case of sale, after 45 days from the date of the auction, and provided that the operations of collection of the price due from the buyer have been completed, Bertolami Fine Arts proceeds to the payment of the seller, after issuing an invoice containing the specification of the commissions and any other expenses charged.