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HOW TO SELL ITEMS AT AUCTIONS - Valuations

Informal valuation of items for auction – Free of charge*

The concerned parties should contact CABRAL MONCADA LEILÕES and agree upon a specific date. Informal /unofficial valuation is given free of charge at the company’s premises, for a necessarily limited number of items; is to be presented in written, as a Business Proposal, with no obligation to proceed with the sale at auction.* (except wines).

What to do in case of not being able to bring the item to our premises

If the item is of difficult carrying or very fragile and according to our best judgment a conditional valuation may be given on the basis of a high-quality photograph, specifying the particular dimensions, any markings, signatures or other significant references. These valuations are also free of charge and do not entail any obligation to proceed with the sale at auction.

Home valuations

At the request of the person concerned and whenever understood necessary or convenient, CABRAL MONCADA LEILÕES can arrange for its experts to visit your home or the location of the items for an unofficial valuation with the purpose of putting them up for auction. As in previous cases, such valuation is free of charge and does not entail any obligation to proceed with the sale at auction.

Formal valuation of items

Whenever the parties concerned require a written and signed official valuation for inheritance, insurance, auction placement, property inventory updates or any other purposes, CABRAL MONCADA LEILÕES may also arrange for its experts to visit the customer’s home or the location of the items.

In this case, the date, terms and conditions attached to the above valuation should be laid down in advance being the costs of the valuation, exclusive of VAT, calculated using the following sliding scale:

up to € 50,000 – 2%
from € 50,001 to € 100,000 – 1.75%
from € 100,001 to € 500,000 – 1.5%
from € 500,001 to € 1,000,000 – 1.25%
from € 1,000,001 to € 1,500,000 – 1.00%
from € 1,500,001 to € 2,000,000 – 0.75%
over € 2,000,001 – 0.50%

Please note that the cost of the items official assessment subsequently put up for and sold at auction will be deducted from the amount owed to CABRAL MONCADA LEILÕES by the owners.

Regardless of putting an item up for auction, CABRAL MONCADA LEILÕES advises you:

  • To guarantee the insurance of the concerned items, preferably through a reference company and broker specializing in art insurance;
  • In case the items are already insured, the insurance must be updated and subsequent revision of the particular prize;
  • The Hiscox/Villas-Boas ACP - Art Insurance segurosarte@villasboas.pt phone 213236023, which insures all the items entrusted to it and with whom maintains a partnership for over ten years under which it will provide all the assistance that you might need.

What to do then?

After a decision has been taken to put an item up for auction, CABRAL MONCADA LEILÕES will notify customers of the date of the following auctions and current Business terms and conditions.

An “Auction Services provision Contract must be entered between CABRAL MONCADA LEILÕES and the item’s owner-seller. In addition to the owner-seller’s full ID, both civil and fiscal, the contract identifies and describes each and every item, the premiums and fees due and the minimum estimate sale price to be agreed between the parties.

The minimum sale price agreed between the parties, also referred to as the “reserve price” will be the amount of the valuation which will be expressly set out in the respective catalogue.
(Minimum sale price agreed between the parties in the contract / reserve = base auction price in the catalogue).

Charges payable by seller:

Premium * ….…………………………………………… subject to the amount of the winning bid
Insurance ** Hiscox / Villas-Boas ACP …….. 1% on the reserve price
Administrative Fee
Live auctions ……………………………..…............ € 10,00 per item, including items not sold
Online auctions ……………………………..…........ € 2,00 per item, including items not sold
Catalogue photographs *** ……………………. subject to dimensions
VAT …………………………………………….………….. value added tax is only charged on the premium and
other services (and not on the value of the auction
sale, except when indicated).

Copyright – Law 24/2006 **** This amount comprises a law fully defined percentage calculated upon sales prices exceeding €3,000; the charged percentage varies according to the value reached at auction, according to the law; should the author or the rightful proprietor of the rights demand payment from CABRAL MONCADA LEILÕES before payment has been provided to the seller then CABRAL MONCADA LEILÕES reserves the right to deduct the amount in question from the total amount due to the seller.

*          Only payable if item is sold; charged on sales price; to be deducted from the amount of the winning bid;
**        Charged on the value of the agreed reserve
***     Fee: Full page – € 120; ½ page – € 60; ¼ page – € 30
**** 4% on sales price from €3,000 – €50,000; 3% from € 50,000.01 – € 200,000; etc.
The total amount of copyright on each transaction may not exceed € 12,500

When does the seller receive the proceeds of the sale?

CABRAL MONCADA LEILÕESundertakes to deliver the bill of sale to the seller within ten (10) days from the moment the payment in full of the item is made by the buyer. The payment of the amount of the sale to the seller, less premiums, charges and taxes payable, shall be made within eight (8) days after the sale account is made available. The seller must contact CABRAL MONCADA LEILÕES for such purpose.
Considering that the buyer must pay within ten (10) days from the auction’s last session it is therefore expected (but not guaranteed, as it is conditioned to the payment in full and collection of the item by the buyer) that the payment to the seller is made within twenty eight (28) days from the date of the auction’s last session.

Lots not sold during the auction (withdrawn); subsequent sale in auction

When signing the contract the seller may authorize the subsequent sale in auction of lots not sold with the following reduction: Live auctions: 30%; online auctions: 50%. In this case there will be no storage costs.

HOW TO BUY AT AN AUCTION

LIVE AUCTIONS

Prior to live auction – Catalogue and preview

Live auction catalogues are available at www.cml.pt; printed catalogues can be obtained directly from Cabral Moncada LEILÕES.
The items up for live auction will be exhibited to the public from 10:00am to 8:00pm for a five day period before the first session. The exhibition period always includes a weekend, to accommodate parties who are unable to visit during the week. On Sundays the exhibition period goes from 3:00pm to 8:00pm.

Usual live auctions sales calendar

Auctions may have one or several sessions distributed over one or two weeks (Mondays to Thursdays). All sessions are held at the premises of CABRAL MONCADA LEILÕES starting at 7:30pm and usually ending around 11:00pm.

Admission and bidding

Admission to auctions is free and there is no obligation to bid.
In addition to our usual customers, we welcome all who are interested in attending an auction for the first time with no experience of bidding.
CABRAL MONCADA LEILÕES will be pleased to provide full information and explanations which may assist interested parties on how an auction is organised, allowing them to bid in the best possible circumstances.

It is sensible to establish, in advance, the maximum amount you are willing to pay when bidding for any item. Buyers should bear in mind that they will also have to pay the premium and appropriate VAT.

Bidding procedure

There are several ways of bidding for and purchasing items on live auctions:

  • in person;
  • written bidding;
  • telephone bidding request;
  • through the international online bidding platform “Invaluable”

http://www.invaluable.com/agreements/userTerms.cfm
Note: only available in the announced auctions

In person

Interested parties must register when arriving at the premises of CABRAL MONCADA LEILÕES by filling in and signing a form, stating their name and address, telephone number, identity card/passport number and taxpayer identification number. They will be given then a numbered paddle to use for bidding. If you wish to bid in person, all you have to do is to raise the numbered paddle you were given at registration desk and clearly show your intent to the auctioneer who will accept your bid as soon as possible. Once you have finished bidding and secured the item, the auctioneer will state out loud the number of the winning bidder’s paddle and repeat the correct amount of the sale before moving on to the next item.

Written bids

The written bid form can be obtained at www.cml.pt or requested to Cabral Moncada LEILÕES. The form should be filled in, signed and returned to us in person, by e-mail or fax at least three hours prior to the beginning of the particular sale. The auctioneer will bid for and acquire the item on behalf of interested parties at the lowest possible price not exceeding the maximum bid value.
Written bidding is a courtesy service for purchasers who are unable to attend the auction. It is confidential and free of charge.

Telephone bids

The telephone bid form can be obtained at www.cml.pt or requested to Cabral Moncada LEILÕES. The form should be filled in, signed and returned to us in person, by e-mail or fax at least three hours prior to the beginning of the particular sale. CABRAL MONCADA LEILÕES will call you from the room where the auction is being held just before the item or items, you are interested in, are being put for sale, to allow you to follow that particular bidding.
Telephone bidding is a courtesy service for purchasers who are unable to attend the auction. It is confidential and free of charge.

Through the international online bidding platform “Invaluable”
http://www.invaluable.com/agreements/userTerms.cfm
Note: only available in the announced auctions

AFTER LIVE AND ONLINE AUCTIONS

Obligations when purchasing an item at an auction

For each lot, purchasers must pay the full amount of the winning bid, plus a commission, which includes 23% VAT, according to the Special Regime for Item Sales at Auction, as follows:

up to and including € 300

(20%) 24,60% (23% VAT included)

in excess of € 300 up to and including € 1.000

(18%) 22,14% (23% VAT included)

in excess of € 1.000 up to and including € 3.000

(15%) 18,45% (23% VAT included)

in excess of € 3.000 up to and including € 20.000

(12%) 14,76% (23% VAT included)

on the portion of the hammer in excess of € 20.000

(10%) 12,30% (23% VAT included)

Payment and collecting period of purchased item

Payment should be made and the item collected within a period of ten (10) days from the purchase in matter. Items may only be collected after the full amount of the sale has been paid.
Regardless of the nationality of the buyer (his full identification will be required), payment can be made through:

•             Debit card (please note that credit cards will not be accepted).
•             Bank transfer (indicating sale number; lot number; client bid number);

  • Certified cheque payable to CABRAL MONCADA LEILÕES
  • Cash up to € 2.500 (higher values have to be paid directly to the bank by the buyer)

Please take good note that credit cards will not be accepted.

LIVE AUCTIONS
Bank: Deutsche Bank AG - Sucursal em Portugal, Rua Castilho 20, 1250-069 Lisboa
Account name: Sociedade Comercial de Leilões “O Pregão” Lda.
IBAN:  PT 50 0043 0001 04001066743 73
SWIFT Code: DEUTPTPL

May I buy an auction unsold lot?

Items withdrawn from an auction because they were not bid may be sold later by the estimate value plus the commission and tax due, pursuant to art. 9 of the business terms and conditions concerning the buyers. Such items are not negotiable under any circumstances.

Should the online buyer fails to withdraw the paid item within a period of ten (10) days from the purchase in matter he will be liable for storage and removal expenses and/or insurance that may occur, according to the correspondent price list:

Storage costs for acquired lots – all auctions, live and online

Furniture / Large objects

Small objects

Up to 30 days

After 30 days

Up to 30 days

After 30 days

Free of charge

30 € + 2 € per day

Free of charge

30 € + 1 € per day

IMPORTANT NOTICE

CITES - CONVENTION ON INTERNATIONAL TRADE OF ENDANGERED SPECIES OF WILD FAUNA AND FLORA: Each and every one of the goods incorporating materials from endangered species of wild fauna and flora, put up on auction by Cabral Moncada Leilões, were certified in advance pursuant to CITES’s provisions. According to the law, the buyer should request the register in his own name near the competent authorities.

This abstract has been provided as an information guide. It is not a substitute nor does it excuse from the consultation of current Business Conditions published in every Cabral Moncada Leilões catalogues and available here

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