Our experts can provide an appraisal of your assets, free of charge or commitment, to identify their relevance and estimated value.
If your interest in an auction sale is confirmed, a consignment agreement will be made, reflecting the trading conditions (estimated values, reserve values, commissions, etc.)
For successful sales, a previously agreed selling commission will be charged. Payment of the selling net value will occur in the 30 days after the auction date. For unsuccessful sales, the seller may decide to include the items in a future sale, agreeing to the terms proposed by VERITAS.
1: What comprises a consignment agreement for placing items for sale at an auction?
The details (full name, date of birth, fiscal number, address, email address, and telephone number) of the seller and the auction house, a short description and the minimum value at which consigned pieces can be sold, the commission rate applicable as well as insurance rates and other costs that may be specifically agreed upon.
2: What is an auction estimate and why is it a price interval?
The estimate presented by the auction house is a result of its assessment based on the piece’s current condition as well as its context within the market at the auction date, representing a minimum and maximum value. The latter, however, does not represent a limit at which the lot can be sold. The hammer price can exceed the price indicated in a high estimate.
3: Is the seller responsible for the transportation of the pieces to the auction house?
The transportation of pieces to the auction house and their delivery to the respective facilities, as well as the collection of withdrawn lots, are the seller’s responsibility except in cases where both parties have agreed otherwise.
4: At what time can pieces be delivered and evaluated?
Lots can be delivered and evaluated during the auction house’s working hours: from 10AM to 7PM during weekdays and require a scheduled appointment. Appointments can be scheduled by calling +351 217948000.
5: When and how are payments to sellers conducted?
The payment of the net value, after having deducted all commissions, costs, and taxes, as agreed upon contractually, will be conducted thirty days after the last session of the respective auction. Sellers can request payments to be carried out by check or must, otherwise, provide bank details for a wire transfer to be arranged.
6: What fees are applicable to the auction house’s commission?
The auction house’s commission is subject to a 23% VAT (in accordance to the Portuguese tax code).
7: What other costs should be considered apart from the auction house’s commission?
An insurance fee of 1.23% (inc. VAT) of the hammer price is applicable to all lot types as well as the processing costs of all goods certified according to CITES and payments regarding copyright charges associated to the sale of original artwork
8: What document verifies completed sales?
The payment of amounts relative to a sale at an auction is documented in a Note of Receipt. This document includes the seller’s name as well as hammer price, commissions, fees, and other amounts that are deducted.
9: What cost does a seller incur if their piece is not sold?
There is no cost associated to a lot that is withdrawn from an auction apart from the costs related to its transportation to and from the auction house, which are the seller’s responsibility.
10: What is the procedure for items that are not sold in an auction?
Unless the seller expressly indicates otherwise, the auction house reserves the right to sell any piece withdrawn from auction for twenty business days following the auction. The lot will be sold for the minimum price agreed upon with the seller plus the auction house’s commission and respective tax impositions. Following this period, the seller can schedule to collect their lot at the auction house by calling +351 217948000.
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