Sell at Auction
Selling throw Auction Affair is simple, convenient and safe!
Simple: you will find on the website the form to fill out with the list of your precious items, a brief description and some pictures. If we deem your items suitable for auction, we will contact you and shortly after you will receive a visit by our expert. Together you will decide whether to sign or not a mandate to sell with Auction Affair.
Suitable: you will set up with our expert the financial terms that are best for you and it would preserve prices and commissions as flexible as possible that you will pay to Auction Affair in case of sale. At this point Auction Affair will prepare the catalogue which will be published on the website at least one month before the auction.
Safe: Auction Affair will not pick up the items from your premises and you will remain the depository for the whole period from signature of the asset sale mandate to the auction. This way will continue to enjoy total control over your assets. You must only remain available to receive the visit of those who will want to see the items in person.
With Auction Affair you will enjoy even more guarantees. Once your item has sold and once the payment has been received for it from purchaser, Auction Affair will issue an irrevocable bank order in your favour for the amount due to you. Now all you have to do is to deliver the items sold.
Generally there is a reserve price assigned to any auctioned item. The reserve is the lowest price that the seller is willing to accept for the item being auctioned. If the auction expires without the reserve price be reached, the auctioneer announces that the item remains unsolved. In some cases the auctioneer may apply a "Conditional Knockdown". This is a case when the reserve price was not reached but there are good chances of making a deal with the seller. Best bidder of an auction ending with "Conditional Knockdown" will be contacted by Auction Affair for more information. it is understood that the best bidder undertakes for a period of 8 days from the end of the auction to purchase the item if the seller decides to accept the bid.
On April 9, 2006 the Legislative Decree No. 118 dated February 13, 2006 was enacted into law, implementing the European Directive 2001/84/EC, which introduced copyright protection for works of art and manuscripts for the authors and their heirs up to the seventy-year following the death of the author with the right to receive a remuneration on the price of each sale of the original after the first one (known as "Resale Right"). The "Resale Right" is only effective when the price of the sale is not less than 3,000.00 euros. The rates are calculated as follows:
– 4% for the portion of the sale price between € 0 and € 50,000.00;
– 3% for the portion of the sale price between € 50,000.01 and € 200,000.00;
– 1% for the portion of the sale price between € 200,000.01 and € 350,000.00;
– 0.5% for the portion of the sale price between € 350,000.01 and € 500,000.00;
– 0.25% for the portion of the sale price higher than 500,000.00 euro.
AUCTION AFFAIR S.r.l., being an auction house, is required to pay the "Resale Right" to the Italian Society of Authors and Publishers (S.I.A.E.). Lots marked with the symbol (®) are subjected to the "Resale Right" in the percentage indicated above for a total amount not exceeding 12,500.00 euros. In addition to the Auction Price, Purchasing commissions and other Expenses, the Purchaser agrees to pay the "Resale Right", which would be paid by the seller according to article 152, paragraph I, of Law No. 633 dated April 22, 1941.