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Customer Guide

HOW TO SELL ITEMS AT AUCTIONS

Informal evaluation 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.

Local 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:
1. Should a certain item, or authorship, though insusceptible of expertise by Cabral Moncada Leilões to be nevertheless susceptible of conditional appraisal, the indicated values are to be considered under reserve and necessarily indicative; in those cases, the correspondent fees will be reduced by 50% accordingly;
2. 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 (contact: José de Bragança, jbraganca@villasboas.pt, 917077676), 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 next?
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 Sale Agreement 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 sell
Insurance ** Hiscox / Villas-Boas ACP …….. 1% on the reserve price, including items not sold
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

NEW LEGAL FRAME CONCERNING JEWELLERY AND ASSAY OFFICE
Lei nº 98/2015, 18.08.2015; Dec. Lei nº 44/2016, 17.8.2016
Each and all items including precious metals put to sell by CABRAL MONCADA LEILÕES comply with all the applicable legislation, and are marked whenever necessary, according to the law.
Costs:
Expert Certificate or Declaration (in order to legalize an item near the Assay Office - Imprensa Nacional - Casa da Moeda ……………………………………… € 10 (+ VAT)
Assay Marks: Imprensa - Nacional-Casa da Moeda: in accordance with Portaria 403-B/2015.

CITES – Convention on International Trade in Endangered Species of Wild Fauna and Flora
Each and all items including materials from the Endangered Species of Wild Fauna and Flora protected by the Convention put to sell by CABRAL MONCADA LEILÕES are to be previously certified by the Instituto da Conservação da Natureza e das Florestas and comply with all the applicable legislation, and are marked whenever necessary, according to the law.
Costs per certificate /lot:
ICNF Certificate ………………………….………… € 31,40 (VAT exempted)
Administrative fee  ................................... € 10 (+ VAT)

When does the seller receive the proceeds of the sale?
CABRAL MONCADA LEILÕES undertakes 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.

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: 

  1. in person;
  2. written bidding / purchase order;
  3. telephone bidding request; 
  4. through CABRAL MONCADA LEILÕES exclusive online platform www.cml.liveauctions.pt 
  5. through the international online bidding platforms where the Live Auction is offered.

1. 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.

2. Purchase Orders / Written bids 

  1. The absentee 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.
  2. Submitted through CABRAL MONCADA LEILÕES exclusive online platform www.cml.liveauctions.pt in which the live auction has been made available.
    In order to submit these purchase orders via online, the potential buyer must register in advance at www.cml.liveauctions.pt, mandatorily filling in the fields containing their name, address, taxpayer number, telephone number and e-mail, declaring to have read and accepted the Business Conditions. Should keep confidentialy the chosen password at the time of registration, being fully responsible for its use.
  3. Purchase orders for a given good will be executed by CABRAL MONCADA LEILÕES at the best price allowed by any other purchase orders and bids eventually received for the same good.
  4. In case several purchase orders or bids have been received online, for the same price, for the same asset, the first one that was registered on the online platform of CABRAL MONCADA LEILÕES www.cml.liveauctions.pt prevails;
  5. It is up to the auctioneer to decide, with full discretion, any queries or reasonable doubts that may arise, including removing any asset from the auction or putting the asset back on sale, in which case it must restart the bidding at the respective base value.
  6. The purchase order service is provided as a courtesy to buyers who cannot be present and are confidential and free of charge.

3. 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.

4. Bidding through CABRAL MONCADA LEILÕES own online platform www.cml.liveauctions.pt
In addition to the submission of purchase orders referred herein above, it is possible to place online bids on CABRAL MONCADA LEILÕES exclusive online platform www.cml.liveauctions.pt, throughout the entire duration of the live auction. In order to bid online, the potential buyer of our live auctions should register itself in advance at www.cml.liveauctions.pt by filling in the fields with its name, address, taxpayer number, telephone number and email, declaring to know and accept our Business Conditions. The prospective online buyer should keep confidential the chosen password and be fully responsible for its use.

 

5. Bidding through other online platforms where the live auction has been made available.

  1. Under the terms determined by each of these platforms, namely regarding registration;
  2. If the purchase is made through any platform other than the exlusive online platform of CABRAL MONCADA LEILÕES www.cml.liveauctions.pt, the buyer undertakes to pay “Cabral Moncada Leilões” the total amount due for the sale of the property, that is, the auction sale amount plus a fixed commission of 24.60%, which includes VAT;

ONLINE AUCTIONS

As mentioned at the beginning of the present Customer Guide, the Business Conditions shall apply to online auctions and online participation in live auctions, with the adaptations and modifications, resulting from their specificity, to which we refer.

Prior to online auction - Exhibition 
The catalogues with the image and description of each and every item included in CABRAL MONCADA LEILÕES online auctions are only available in digital version at CABRAL MONCADA LEILÕES internet website www.cml.pt

In-person viewing and analysis of goods
All goods that are part of online auctions are available for prior viewing and analysis in person, subject to prior booking; information on the condition of the goods can also be provided under request of the potential buyer.

How to bid in online auctions
Registration and bidding - online purchase orders~
In order to place an online bid, the potential online buyer should be of age, previously register on CABRAL MONCADA LEILÕES website www.cml.pt, mandatorily fulfilling the name, address, taxpayer number, telephone number and email, and declaring to acknowledge and to accept this Business Conditions. 
The potential online buyer shall keep confidential the chosen password and is responsible for any unauthorized access to his account.

Cancelation and suspension of the registration
CABRAL MONCADA LEILÕES reserves the right to cancel or suspend the register of anyone who failed to comply to its obligations in due time, namely the payment or the withdraw of one or more items, in previous auctions.

Online purchase orders cannot be canceled or revoked and are confidential
The potential online buyer accepts that his online purchase orders at the CML Platform, once accepted, are final and cannot, by no means, be canceled or revoked until the term of the correspondent online auction. Online purchase orders received and accepted by CABRAL MONCADA LEILÕES are confidential.

Minimum value and purchase orders execution
Online purchase orders can only be accepted when its value is equal or superior to the base value of each item;
If your purchase order (bid) regarding a certain good is higher than the base value of the item, the system will gradually and automatically increment your bid in order to cover any other bids (until the limit indicated by you, which is confidential but that you can consult at any time).
In cases when two equal maximum bids are submitted, the first bid received will take priority.
If you are outbided at any time you will receive an email indicating this. You may then choose to enter another bid of superior value or not.

When to bid
Online purchase orders may be presented in our online platform www.cml.pt since the beginning of the auction until the end of the bidding of each lot of that same auction..

Online bidding increments
In no circumstance, online bidding increments shall exceed more than 10% of the previous purchase order; these are to be executed by CABRAL MONCADA LEILÕES as follows:

Values between (€)

Increments (€)

0 - 50

2

50 - 100

5

100 - 200

10

200 - 300

20

300 - 800

25

800 - 1.400

50

1.400 - 3.000

100

3.000 - 8.000

250

8.000 - 14.000

500

14.000 - 30.000

1.000

30.000 - 80.000

2.500

Acima de 80.000

5.000

 

Monitor your bids 
Once you have left a purchase order (bid) on a lot, you will be notified on screen if you are the highest bidder or not. If you are subsequently outbided, you will be notified by email, and provided with a link to increase your bid. We encourage you to monitor your lots throughout the auction to ensure your status as highest bidder up until the close of the auction.

Auction closing 
An end time is displayed for each lot on the lot detail page. Lots will close progressively and sequentially, in 15 seconds increments, unless a bid is placed within 3 minutes of a lot's scheduled end time. If this occurs, CABRAL MONCADA LEILÕES will extend the sale of that lot by 3 minutes from the time of the last bid. 

The extension of any one lot's closing time does not affect the closing time of the following lots. This may result in lots closing out of numerical order.

Your purchases 
If you remain the highest bidder at the close of a lot(s), you will receive an email at the auction’s close notifying you of your purchase(s).

No right to withdraw
The online buyer at live or online auctions acknowledges and accepts that his purchase has been undertaken in an online auction and therefore does not benefits from the right of free resolution of the contract according the legislation concerning distance and off-premises contracts;

Liability
The CABRAL MONCADA LEILÕES online auctions platform www.cml.pt operates, in each and all phases (including but not limited to, registration, access to the account by registered users, purchase orders and bidding management, determination of the winner bid and communication with the registered users) in a fully automatic mode.

Periods of unavailability may occur on the CABRAL MONCADA LEILÕES online auctions platform www.cml.pt or Third Parties Platforms, as well as problems or faults in their functions may arise, which may be caused by a variety of causes, including, namely, internet connection problems, electric overload, virus, cyber- attacks, programming errors or inconsistencies.

Online Auctions - Platform Operating Problems may compromise the achievement of one or more than one online auctions, or may affect, in a particular auction, one or more items (lots); likewise, Platform Operating Problems may affect the users in general, a group of users, or just a single user, which may, namely, be unable to register, to access his own account, to give a purchase order or a bid; or, being able to give a purchase order or a bid, such purchase order or bid was not taken into consideration, or not receiving certain communications (such as the reception of an higher bid) or receiving wrong communications.

Online Bidding at Live Actions - Platform Operating Problems may affect online users, that can be unable to register, to access his own account, to give a purchase order or a bid; or, being able to give a purchase order or a bid, such purchase order or bid was not taken into consideration, or not receiving certain (such as the reception of an higher bid) or receiving wrong communications. 

CABRAL MONCADA LEILÕES as well as its officers, employees or associates is not liable, in any case, for any Platform Operating Problems of CABRAL MONCADA LEILÕES online auctions platform www.cml.pt

Should a Platform Operating Problem occur during an online auction, CABRAL MONCADA LEILÕES may, but is not compelled to, repeat the affected auction, or to put to sell again the affected items in a new live or online auction. 

AFTER LIVE AND ONLINE AUCTIONS

Which are my obligations when purchasing an item at an auction?

1. 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)

 

2. Shall collect the good on our facilities;
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;
  • Bank transfer (indicating sale number; lot number; client bid number);
  • Certified cheque (payable to Sociedade Comercial de Leilões “O Pregão”, Lda.; the respective charges shall be beared by the buyer)
  • Cash up to € 3.000 (higher values have to be paid directly to the bank by the buyer; cash will not be accepted to purchase lots of online auctions);

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

LIVE AND ONLINE AUCTIONS
Bank: Banco BPI, S.A. 
Nome da conta: Sociedade Comercial de Leilões “O Pregão”, Lda.
IBAN: PT 50 0010 0000 5034 1370 0014 2
SWIFT Code: BBPIPTPL

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 fail 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

 

ONLINE AUCTIONS - ASSIGNMENT TO A THIRD PARTY IN CASE OF DELAYED PAYMENT

After the said ten (10) day period without the payment due having been made, CABRAL MONCADA LEILÕES reserves the right to sell the good to a third party at its auction price or to put it up for sale in an online auction, without that the purchasing customer may object or claim any compensation.

IMPORTANT NOTICE

MONEY LAUNDERING AND TERRORISM FINANCING PREVENTION AND COMBAT
Law no. 58/2020, of August 31st, operated the second amendment to Law no. 83/2017, of August 18th, transposing into the Portuguese legal order the European Parliament Directive (EU) 2018/843 and of the Council, of May 30th 2018 (Directive), commonly referred to as the “Fifth AML Directive” and Regulation No. 314/2018 of May 25th, subject CABRAL MONCADA LEILÕES to comply with the general duties of PCML/TF.
The duty of identification and diligence (article nr. 23 et seq. of the Law and article 5th of the Regulation)  is required when are established business relations or are carried out occasional transactions of an amount equal to or higher than € 15,000 (fifteen thousand euros), regardless of the way of payment and either the transaction was performed through a single operation or by several operations apparently linked in some way.

GENERAL DATA PROTECTION REGULATION
According to the GDPR and to its own Privacy Policy, available on the website www.cml.pt, CABRAL MONCADA LEILÕES will promise to process collected personal data in a lawful manner, respecting the principles of good-faith and in the strictest confidentiality and assures furthermore that collected personal data are adequate, relevant and not excessive concerning the purposes for which they were collected and processed.

CITES - CONVENTION ON INTERNATIONAL TRADE OF ENDANGERED SPECIES OF WILD FAUNA AND FLORA
Each and every one of the lots 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.

LEGAL FRAMEWORK REGARDING JEWELLERY AND MARKING – LAW 98/2015
As prescribed in the Law nr. 98/2015, of August 18th, and Law nr. 44/2016, of August 17th, each and every one of the lots made of precious metals, put up on auction by CABRAL MONCADA LEILÕES, is in compliance with the referred to Law and its respective regulation, being also duly marked, according to the law.

This abstract has been provided as an information guide. It is not a substitute nor does it excuse from the consultation of the current Business Conditions published in every Cabral Moncada Leilões catalogues and available on the website www.cml.pt.
In case of any discrepancy between the Portuguese version and the English version of the Business Conditions, the Portuguese version shall always prevail.

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