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Live Customer Guide

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SOCIEDADE COMERCIAL DE LEILÕES “O PREGÃO”, LDA.
Rua Miguel Lupi 12 A/D • 1200-725 Lisboa • Portugal • Tel (+351) 21 395 47 81 • Fax (+351) 21 395 51 15 • info@cml.pt • www.cml.pt

Pessoa colectiva 503 556 858 • Matriculada na Conservatória do Registo Comercial sob o mesmo número • Capital Social € 60.000,00
Autorização DGAE para o Exercício da Actividade Leiloeira de 23.11.2015 • Apólice de Seguro de Resp. Civil Hiscox € 200.000 nº 2503667
Representantes legais: Miguel Cabral de Moncada - NIF 153528362 • Pedro Maria de Alvim - NIF 180311336


INTRODUCTION

Founded in 1996 and located in the centre of Lisbon, CABRAL MONCADA LEILÕES is a Portuguese company specialized in ANTIQUES AND WORKS OF ART and MODERN AND CONTEMPORARY ART, operating in two major areas - LIVE AND ONLINE AUCTIONS and VALUATIONS - and two complementary ones - EXPERT APPRAISALS and CONSULTANCY.

Its activity is subject to Decree-Law 155/2015, which establishes the legal framework regarding the auction activity and to the Business Conditions available in all its catalogues and at the website at www.cml.pt.

CABRAL MONCADA LEILÕES holds the necessary authorization to operate (DGAE, 23.11.2015), under the HISCOX Civil Liability Insurance Policy 2503667. It is co-managed by partners Miguel Cabral de Moncada and Pedro Maria de Alvim.

In addition to its own auctions, CABRAL MONCADA LEILÕES is able to organise large or small specific thematic auctions either on a one-off basis or every so often at the request of either individuals or corporate enterprises.

CABRAL MONCADA LEILÕES also provides regular consultancy, valuation and expert appraisal services, particularly on antiques, furniture, paintings, sculpture and sacred art, Portuguese art, silver, jewellery, Oriental and European porcelain, faience, tapestries, bronze and metal ware, objects of art, books, manuscripts, book bindings, publications and engravings, etc., for inheritance, insurance, auction sales, property inventory updates purposes, etc.

The present CUSTOMER GUIDE is a short summary, merely for information, of the BUSINESS CONDITIONS in force (February 2018) (see www.cml.pt) and an explanation of the steps to follow in order to sell or to buy in our auctions –a comprehensive FAQ section.

Preliminary remark: all auctions – live or online – operated by CABRAL MONCADA LEILÕES are subject to the BUSINESS CONDITIONS in force; CABRAL MONCADA LEILÕES online auctions and online bidding at CABRAL MONCADA LEILÕES live auctions are subject furthermore to the specific adaptations and modifications as provided in the mentioned BUSINESS CONDITIONS.

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.

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 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 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 sell
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

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 (+TVA)
Assay Marks: Imprensa - Nacional-Casa da Moeda: in accordance with Portaria 403-B/2015. 

CITES – the Convention on International Trade in Endangered Species of Wild Fauna and Flora – certificate
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 (TVA exempted)

Administrative fee .....................................€ 10 (+ TVA)

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.

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:

  1. in person;
  2. written bidding / purchase order;
  3. telephone bidding request;
  4. 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.

Purchase Orders / Written bids

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.
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

ONLINE AUCTIONS

 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 - below CML Platform

How to bid in online auctions

Registration and bidding - online purchase orders

  1. In order to place an online bid, the potential online buyer should be of age, previously register at CML Platform, 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 should keep confidential the chosen password and any other means of authentication received during his register process at the CML Platform  or, should that be the case, at a Third Parties Platform, and is responsible for any unauthorized access to his account.

CABRAL MONCADA LEILÕES reserves the right to cancel or to suspend the register of anyone who failed to comply to his 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 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 outbid at any time you will receive an email indicating this. You may then choose to enter another bid or not.

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

Online bidding increments
Online bidding increments 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

5.00

Monitor your bids
Once you have left a bid on a lot, you will be notified on screen if you are the highest bidder or not. If you are subsequently outbid, 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 CML Platform 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 to the CML Platform 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 – bellow “Platform Operating Problems”.

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.

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

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 note: live auctions only; cash payment is not available in online auctions)

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

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 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

GENERAL DATA PROTECTION REGULATION

According to the GDPR and to its own Privacy Policy, available on Privacy Policy, 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 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 the current Business Conditions published in every Cabral Moncada Leilões catalogues and available on Business Conditions.

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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