Mandate of sale

Estimate

During the valuation, a minimum and a maximum estimate are given for each work. The two values correspond to the price range within which the lot should be sold at auction. These valuations are made by our experts on the basis of certain data from our sales, taking as terms of comparison the most recent and relevant past cases.

Reserve price

The reserve price is the limit below which the lot cannot be sold. It may be the same as or lower than the minimum estimate given in the valuation. If the reserve price is not reached during the auction, the lot will remain unsold

Starting price

This is the amount from which, during the completion of the catalogue, the department manager, at his discretion, decides to start the auction. It can be equal to or lower than the reserve price depending on the sales strategy and cannot be higher than the minimum estimate.

Commission

This is calculated on the hammer price for each single lot: 21% below EUR 500 and 16% above this threshold.

Advance on Sale

For consignments of a minimum of EUR 3,000.00, an advance service is available to the consignor of up to 50% of the sum of the reserve prices for each single mandate of sale. This amount will be discounted at the time of payment for the works sold. This service is optional; it can be provided at the request of the consignor and granted at the discretion of the auction house, subject to acceptance of the terms and conditions and the agreed reserve prices.

Auction guarantee

In case of unsold lots, the guarantor (the auction house itself or a third party it represents) undertakes to purchase the lot for the the reserve price which will then be paid to the consignor after deducting the expenses foreseen by the mandate of sale. In the event of a sale, on the other hand, the auction house undertakes to pay the consignor the reserve price minus the expenses foreseen by the mandate of sale + 50% of the upside (difference between the reserve price and the hammer price). The remaining 50% will be paid to the guarantor. This service is optional; it can be provided at the request of the consignor and granted at the discretion of the auction house, subject to acceptance of the terms and conditions and the agreed reserve prices.

Insurance

All the works delivered to the auction house are covered by ‘nail-to-nail’ insurance, therefore from the time of delivery until sale or return.