Subastas Bonanova

RULES AND REGULATIONS FOR THE AMERICAN ‘KNOCK-DOWN’ AUCTION BASED ON THE SHOW OF HANDS, AS CARRIED OUT BY BONANOVA AUCTIONS.

Article 1.

The Auction Room is a Trading Centre, dedicated to the sale under the hammer, subsequent to a prior voluntary auction, of the goods, artistic objects and items of a similar nature which have been entrusted to it to that end.  Consequently, the Auction Room acts as mediator between the owner and/or seller of each lot, acting on behalf of said person, and potential purchasers.

Article 2.

The objects or works of art to be auctioned will be placed on show, at least six days prior to the Sale, in the premises of the Auction House to enable potential buyers to carry out a complete inspection and appraisal of the same. In accordance with international practice, the catalogued objects are sold with all their possible faults and imperfections.

Article 3.

All information contained in the catalogue with reference to the author, the authenticity of the piece, its origin, antiquity, provenance and the condition of the lot, is drawn up by the Auction Room after a thorough examination and the use of expert advice or, on the other hand, using the information provided by the seller.  Nevertheless, no responsibility whatsoever is accepted for its accuracy and/or veracity.

Article 4.

The Auction Room reserves the right to reorganise, change or divide the lots, in accordance with its reasoned, expert criterion; it may, in like manner, combine two or more lots, and/or withdraw them for justifiable reasons.

Article 5.

A. All persons wishing to take part in the Auction, should establish their legal status in the Auction Room, by filling in a Buyer’s Card and producing an original Identity Document; thereafter, they will be given a “Buyer’s Number" which will be their identification throughout the auction. B.Bidding procedure prior to the American Auction. All pieces on show are identified by a card showing the Lot Number and Starting Price. All bids made during the viewing period will be recorded on said card. To make a bid during the viewing, it is necessary to complete a “Bidding Card", containing the Buyer’s Number and personal details, the lots for which an offer is being made and the price offered; the card shall be given to the Room personnel who shall be responsible for updating the price of each lot. C.Conclusion of the American Auction based on the show of hands. To conclude the auction, the Auction Room will establish a time limit for the written and sight bids.  Thereafter, they will proceed with an auction based on the show of hands for all the lots under the hammer. The lots for which offers have been made will open at the highest recorded price and those for which there has been no activity will begin with their starting price. Any person with a Buyer’s Number and present in the Hall may participate in the auction.  Ultimately, the lot will be sold to the highest bid received. The Auction Room reserves the right to act on behalf of those bidders who have made written offers for different lots during the viewing in the course the auction based on the show of hands itself. Those bidders who have  previously requested that the Auction Room establish contact by telephone in respect of a specific lot may also participate in the auction, always assuming that the Starting Price is above 100 €. Telephone offers will receive exactly the same treatment as the bids made in the Hall. In the case of disagreement between two or more bidders about the value which has constituted the highest bid, the Chief Auctioneer, at his or her sole discretion, will have the power to adjudicate the lot to whomsoever he/she deems appropriate.

Article 6.

The “knockdown” price (or price under the hammer) will be increased by 20% (VAT included) to cover the auction fees.  The amounts corresponding to packaging costs, insurance, transport and storage of the objects or works, as accrued after the completion of the Sale, shall be satisfied and covered separately to the Auction Room by the final purchaser.  Notwithstanding the above, the sale of a lot shall be abrogated and its price paid back to the buyer, under the auspices of the Auction Room and once the seller has made prior restitution, if the former advises the Auction Hall, in writing within ten (10) days following the holding of the auction, that the lot is a deliberate forgery and provides irrefutable proof of the same. The amount the buyer may demand shall be limited to the exact amount paid for the lot and may not be extended to include any damages, losses or costs suffered and/or incurred.

Article 7.

Bids shall be established and/or increased as follows:-

From 5€ up to 100€: 5€ from 100€ up to 250€: 10€ from 250€ up to 500€: 25€ from 500€ up to 1000€: 50€ from 1.000€ up to 3000€: 100€ from 3.000€ up to 5.000€: 250€ from 5.000€ up to 10.000€: 500€ from 10.000€ up to 25.000€: 1.000€ from 25.000€ up to 50.000€: 2.500€ from 50.000 € and over  as determined by the auctioneer.

Article 8.

The Room may make bids, making them public in the act and depending on the circumstances of each auction, using the offers from bidders made by  telephone, fax and in writing up to 13:30 h. on the day of Auction.  Such lots will be sold at the lowest price permissible, depending on the value of the other bids. If more than one offer for a specific lot is received in writing with the same value, it will be adjudicated to the first offer received by the Auction House.

Article 9.

Sold lots must be paid for and taken away by the buyer within a maximum of five (5) days from the celebration of the auction, with all transport, storage and insurance costs being for the account of the buyer.

Article 10.

Should discrepancies arise between any of the parties during and/or after the celebration of the auction, the depositor/seller, the buyer/purchaser and the Auction Room itself, shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled.
In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.

Article 11.

The Auction Room reserves the right of admission to its premises and halls and at the same time reserves the right to bar the entrance of any specific person to any of its auctions.  The use of these rights is at the sole discretion of the Auction Room.

Article 12.

Both the seller and the buyer are obliged to comply with the contents of the Law for Intellectual Property, which establishes the right of the artist/artiste and his/her heirs for a period of 60 years, counting from the 1st of January following the death of the artist/artiste, to receive 3% of the value at which the transaction has been closed from the buyer, always assuming that the price under the hammer has been in excess of 1.800 euros. The Auction Room, with a view to ensuring compliance with said obligations, will make the correspondent retention from the buyer’s funds and will satisfy the rights of the artist/artiste, his/her heirs or accredited representatives. Should discrepancies arise between any of the parties during and/or after the celebration of the auction, the depositor/seller, the buyer/purchaser and the Auction Room itself, shall be subject to the jurisdiction of the Courts and Tribunals in Barcelona, thereby renouncing any other jurisdiction to which they may be entitled. In respect of the legal rights and subsequent effects of the operations in which the Auction Room participates, these shall be subject to the rule of Spanish Law and, more specifically, to the precepts regulating contracts of mediation and of warehousing.

Article 13.

Terminology used in the catalogue:-

Circa: approximately the year stated; Style: corresponding to the Style mentioned, not to the Period; Period: corresponding to the Period mentioned; Period y Style: corresponding the Period of the Style mentioned; Bid:  "bid" is understood to mean each additional increase, based on the different offers, which affects the price of the lot which is being auctioned. Bids will be based on the starting price. Bidder: a person who offers a price for a piece at auction. Sale: transfer of the property in a lot or lots by means of a bid at auction to a bidder/buyer.

Participation in the auctions organised by Bonanova Auctions implies the acceptance of the above mentioned Terms and Conditions.