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:
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.
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.
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 at CABRAL MONCADA LEILÕES website, 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 received after his register and is responsible for his use.
Online purchase orders cannot be canceled or revoked and are confidential
The potential online buyer accepts that his online purchase orders at the CABRAL MONCADA LEILÕES website, 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 plataform 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
5.000
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).
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:
Please take good note that credit cards and cash payment will not be accepted.
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 Morada: Rua Borges Carneiro, nº19, A - 1200-617 – Lisboa
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
Free of charge
30 € + 2 € per day
30 € + 1 € per day
Online auctions – selling to a third party in case of lack of payment
If the online buyer fails to pay the full amount of the sale within ten (10) days from the date of the item auction, CABRAL MONCADA LEILÕES may, at any time, for itself and on behalf of the seller and without any possibility of the buyer to demand any compensation or reparation for this fact, to sell the item to a third party for the amount due or to put it to sell again in one live or online auction.
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