The Room presumes that the depositor/vendor holds the necessary legal capacity to enter into contracts, peaceful possession and full powers of disposal over the assets auctioned or sold. The depositor/vendor hereby releases the Room from any liability and will entirely assume any consequences, loss and expenses that may eventually arise from defects in legal capacity, title or free disposal of the depositor/vendor, or as a result of third party claims over items deposited for auction or sale.Return to the list of questions
The depositor/vendor hereby authorises the Room to deduct from the final awarded price, or to bill, any expenses incurred up to the date of the auction, as well as any taxes levied on these expenses, at the rate in force and applicable at the time.
Said expenses will be paid to the Room further to either of the alternatives foreseen in the General Terms.Return to the list of questions
Should the depositor/vendor decide, following the appraisal of a lot and/or inclusion of a lot in a catalogue, to not carry out the sale in an auction, for which the Room’s mediation was requested, the latter will be entitled to demand 32% of the price, as expenses incurred and indemnification, representing its commissions, plus applicable VAT, expenses and storage services- at a rate of 5 €/day since the date indicated in the admission receipt or slip-, insurance, issue of the catalogue and transportation, should the depositor/vendor not have already paid for these items.
The lot will be returned to the depositor/vendor provided that it has paid the aforementioned items.Return to the list of questions
Upon settlement in favour of the depositor/vendor of the awarded price for the lot auctioned or sold, the Room will deduct 17% as commissions or duties, for its mediation, to which will be added applicable VAT.Return to the list of questions
If one month expires since a lot was awarded in an auction without the awardee/purchaser paying the final awarded price, the Room will use its best endeavours and take the necessary steps to obtain the relevant amounts from the awardee/purchaser; should these steps be unsuccessful, the depositor/vendor will have two options: (i) to hold another auction for the lot, or (ii) to duly empower the Room, its lawyers and/or court attorneys in order to bring a claim in court, in which case the depositor/vendor will bear any expenses arising from or accrued in such judicial proceedings.
In the event that the depositor/vendor does not act or instruct the Room in the terms of either of the foregoing alternatives, the depositor/vendor hereby expressly authorises the Room to directly sell the lot in question, without the need for prior notice, or to hold another auction, at the starting price and/or minimum sale price established at the time. For these purposes, the Room will be expressly empowered to use any means, systems and electronic/commercial supports it deems appropriate.Return to the list of questions
The Room will issue a settlement for the depositor/vendor of the relevant amount, after deductible expenses, Room commissions, copyright- if any- and tax, thirty days following the auction date, as long as the lot has been paid by the awardee/purchaser. In the event of non-payment by the awardee/purchaser, the provisions of the preceding Term will apply.
As an exception and if the Administration exercises its right of pre-emption, the relevant settlement will follow the payment procedure and timeframes specifically foreseen by law. In this case, the provisions of Term 17 will not apply.Return to the list of questions
The vendor will be responsible for obtaining and providing, at its sole cost, any legal and administrative documentation, licences and permits, including export and import licences, which may be eventually requested by any national and international Public Authorities and Administrations, to legally transport and distribute the items deposited in the Room for sale. Furthermore, the awardee will be in charge of obtaining and providing, as necessary, at its sole cost, any legal and administrative documentation, licences and permits, including export and import licences, which may be eventually requested by any national and international Public Authorities and Administrations, in order to legally transport the lots awarded and/or acquired in the Room. The procurement of this documentation will not affect any purchase; the awardee will pay the price of the lot to the Room and any other amounts accrued.Return to the list of questions