FAQ

• 1: What personal information is necessary when registering a bid?

  In order to process a bidding request, either in person or long-distance, the potential buyer must be 18 years old and must necessarily provide their personal details, including full name, date of birth, ID/Passport and fiscal number, address, email address, and telephone number.

• 2: What is the total amount to pay for a lot purchased at an auction?

  For winning bids, there is an added commission of 17% to which the respective sales tax of 23% applies, amounting to 20.91% over the hammer price.

• 3: What is the tax rate applied to an auction purchase?

  As it applies to the sale of second-hand goods, lots purchased at an auction are covered by a special regime within the Portuguese tax code, automatically exempting them from being subject to VAT. Regardless of this tax exemption with regards to the lot purchase, a VAT of 23% still applies to the auction house’s commission.

• 4: In what order are lots presented during an auction?

  The progression of lots during an auction session respects the order in which they are presented in the catalogue.

• 5: What are the expected bidding increments during an auction?

  It is up to VERITAS to determine the value at which bids evolve in each lot, seeing as the auctioneer will never exceed 10% of the value of the previous bid.
  For an exclusively online VERITAS auction, the price of the next bid is automatically determined by the bidding interface and bids of lower values cannot be accepted.

• 6: At what price does a lot initiate its bidding?

  The initial bid for a lot corresponds to the minimum estimate for that lot presented in the catalogue.
  

• 7: What are the ways of bidding long distance?

  1 COMISSION BIDDING
  A written request which concedes to VERITAS the ability to bid on a potential buyer’s behalf in their absence and for lots and at values expressly indicated in a bidding request sent through the auction house’s communication channels (bidding form available at VERITAS’ reception and on its website).
  
  2 TELEPHONE BIDDING
  A written request from a potential buyer indicating which lot(s) they would like to bid over the phone as well as the person’s telephone contact(s).
  
  3 ONLINE BIDDING
  This option requires pre-registration and approval for online bidding at veritas.art. When logged in, bids can be submitted online through an interface available at each lot page.

• 8: What is the difference between telephone bidding and commission bidding?

  With regards to telephone bidding, the client can accompany, over the telephone, all bids of relevant lots until the lots are sold. When it comes to commission bidding, a representative of VERITAS’ will accompany the bidding, on a client’s behalf, until the maximum value the client indicated in their absentee bidding form.

• 9: Is the maximum value indicated on an absentee bidding form the minimum at which a lot will be bid on behalf of the potential buyer?

  No. The value indicated in an absentee bidding form corresponds to the highest value at which a representative of VERITAS’ will bid on a lot on a client’s behalf. The hammer price will always depend on the number of bidders interested in any respective lot.

• 10: Should lots be analysed before the date of the auction?

  Lots that are taken to auction will be sold in the condition in which they can be found. Potential buyers are responsible for analysing the condition of lots during the public exhibition prior to the auction as well as the accuracy of the descriptions in the catalogue and any mentions to restoration, defects, faults, and imperfections. The analysis of images in the catalogue do not exempt potential buyers from observing the objects in-person and confirming any specificities.

• 11: At what time can purchased lots be collected?

  Lots are available for collection during the auction house’s working hours: from 10AM to 7PM during weekdays. For better efficiency and comfort when collecting lots, please schedule an appointment, by calling +351 217948000.

• 12: How to proceed with the collection of lots?

  Purchased lots can only be collected after the buyer has carried out the payment of the respective lot. Lots should be collected at a maximum of ten working days after the full payment has been received.
  

• 13: Can the shipping/transportation of purchased lots be requested?

  The handling, packaging, collection, and transportation of purchased lots are of the buyer’s sole responsibility. VERITAS and its representatives cannot be held responsible for any damage that may occur. Moreover, when solicited, VERITAS can suggest a logistical and transportation services provider to support the dispatching of lots both nationally and internationally. Requests for such support can be sent to info@veritas.art with a reference to the respective auction number and lot and/or invoice number as well as a confirmation of shipping address.