Fine Art & Jewellery

Terms and Conditions for ISBILYA SUBASTAS SL Conditions of Sale How to buy IDENTIFICATION OF BIDDERS Persons wishing to take part in the auction will need to provide: In the case of individuals, their Spanish National Identity Document or valid identity document bearing photograph. If individuals are bidding on behalf of a third party, they will need to provide written authorisation to act on their behalf in addition to Spanish National Identity Document or valid identity document. In the case of companies, the public deed of incorporation, the official Tax Identification Number (N.I.F) card and documentation proving sufficient powers to act on behalf of the company. KNOCKING DOWN OF LOTS Lots will be knocked down to the highest bidder. The Auction Room will appoint an auctioneer in charge of managing the auction who will knock down lots to the highest bidder. The highest bidder will automatically be bound to buy the lot for the amount bid, plus taxes, fees and any costs, and may not subsequently back out of the purchase. The State may exercise first refusal and pre-emptive rights on all the pieces included in the auction. FEES PAYABLE BY SUCCESSFUL BIDDER TO THE AUCTION ROOM The buyer/successful bidder will pay the Auction Room a brokerage fee of eighteen per cent (18%) of the auction price, VAT not included. Internet bids incurs on extra 5% over the hammer price. PAYMENT AND STORAGE COSTS The buyer/successful bidder must pay for fees, costs and applicable taxes and collect lots within a maximum of ten (10) calendar days, after which time he/she will be charged interest for delayed payment as provided for by Law 3/2004 of 29 December. After this period has elapsed, he/she will also be liable to pay the amount of two (2) euros per day per painting and object and three (3) euros per day for other personal property to cover the costs of storage, insurance and safekeeping. HANDOVER The Auction Room will only hand over the lots knocked down once these and any amounts outstanding in respect of same have been paid in full. DEPOSIT The Auction Room may require payment of a deposit by bidders in order for them to take part in the auction; this requirement will be notified in the announcement of the auction and will never be more than 5% of the starting price of the lot. Successful bidders' deposits will be considered, where applicable, as payment on account against amounts owed. Unsuccessful bidders' deposits will be returned to them within three (3) days of the date the auction was held. The Auction Room may, when it deems appropriate, request bidders to provide bank references proving their solvency. PAYMENT METHODS Payment of lots successfully bid for may be made in the following ways: In cash for amounts up to 2500 euros, in accordance with Law 7/2012 of 29 October. Via bank transfer to the Auction Room's current account. Via banker's cheque. BIDDING AT AUCTIONS Persons wishing to bid at auctions will need to fill in a request form for the bidding paddle for purchases in accordance with the terms of the auction. These forms are available on the tables set up for this purpose, where bidders will be given the corresponding numbered bidding paddle. BIDS MADE IN WRITING AND BY TELEPHONE Bids in writing and by telephone may be accepted; to do so the forms provided for this purpose by the Auction Room must be fully filled in. In the event of various written bids for the same amount being received for the same lot, the written bid which arrived first will be given priority. Similarly, in the event of a tie between a bid made in the Auction Room or by telephone and a bid made in writing, the bid in writing will be given priority. Bids in writing will be managed by the auctioneer or Auction Room staff who will bid up to the maximum amount authorised, attempting to knock down the lot at the lowest price permitted by competing bids and reserve prices, if these have been set. This system will not reveal that it is distance selling, in accordance with the provisions of article 38 of the Act on a Regulatory Framework for Retail Trade. The Auction Room reserves the right to refuse bids in writing received during the three (3) hours prior to the auction starting, without being required to give any justification or explanation whatsoever. In addition, telephone bids will only be permitted for lots whose starting price is five hundred (500) euros or more. The order to take part in the auction by telephone means that the bidder undertakes to cover the starting price as a minimum. DISAGREEMENTS In the event of uncertainty or disagreement regarding the successful bid or auction price between two or more bidders and, in general, any discrepancy between bidders at an auction, the auctioneer has the final say and will decide who has made the winning bid. Furthermore, if the auctioneer is unable to settle any disagreement or discrepancy between bidders there and then, the Auction Room will have the powers to arrange a new auction for the lot in question. CARRIAGE Carriage of property knocked down shall be arranged by the vendor at his/her own risk and expense. In the event of the successful bidder requesting arrangement of such services, the packing and carriage costs for the property knocked down shall be borne by the successful bidder and paid in advance. EXHIBITION During the period leading up to the auction when items are on display, the buyer may check and assess him/herself the condition of pieces in which interested, check the reliability of the catalogue and form his/her own opinion in this respect. The data and information in the catalogue represent a judgement/opinion made in good faith by the Auction Room's experts having undertaken study and research and taking into account the statements of the owners and/or vendors of property. However, the Auction Room accepts no responsibility whatsoever for the accuracy and precision of such judgements/opinions, the catalogue being merely for guidance and non-binding. Lots will be auctioned as-is, and no claims will be accepted regarding imperfections, broken items, restored items, etc., which already existed during the period in which the property in question was on display, even if not stated in the catalogue. EXPORT LICENCES All customers must ascertain if the pieces purchased require export licences before being taken out of Spain. The customer will bear the cost of any duties payable, where applicable, to the Ministry of Culture. The customer is responsible for obtaining the aforementioned export licence, and not obtaining it or a delay in obtaining it will not exempt them under any circumstances from paying for the piece, which they must do within ten days following the auction. CARRIAGE Carriage of property knocked down shall be arranged by the vendor at his/her own risk and expense. In the event of the successful bidder requesting arrangement of such services, the packing and carriage costs for the property knocked down shall be borne by the successful bidder and paid in advance. Buyer´s Premim FEES PAYABLE BY SUCCESSFUL BIDDER TO THE AUCTION ROOM The buyer/successful bidder will pay the Auction Room a brokerage fee of eighteen per cent (18%) of the auction price, VAT not included. Internet bids incurs on extra 5% over the hammer price.