The auction process
THE SYSTEM OFFERS MANY FEATURES TO FACILITATE THE ONLINE BIDDING PROCESS:
• The lot number with its image and description.
• Bid history for all previous bids on the current lot
buyers are bidding upon.
• A countdown icon (Adapted to each user’s
connection speed) indicating the time left for bidding.
• Access to a HELPLINE in the event of a connection
• Auction monitoring in major currencies.
• View of the paddle number and the location (room
or online) of the person bidding at that moment.
Antiquorum’s online interactive bidding system also offers buyers the option to place an online absentee bid. Absentee bids are accepted by the online server up to three hours before the start of the live interactive auction. To help familiarize prospective buyers with Antiquorum’s online bidding system, a bidding simulator is available on www.antiquorum.swiss.
PLEASE NOTE THAT ALL BID CONCELLATION MUST BE RECEIVED IN WRITING.
Previews are conducted by Antiquorum and MC Luxury Auction prior to each auction and details of these exhibitions are found at the beginning of every catalogue or online. Previews are open to the public and prospective buyers are encouraged to view and examine lots offered for sale prior to making their purchases.
Auctions are conducted in Euros in Monaco, in Swiss Francs in Geneva, and in HK Dollars in Hong Kong. A currency conversion board is made available in each saleroom and online, indicating approximate exchange rates for various major currencies.
Bidding usually opens below the low estimate figure of each lot and generally advances in increments of 10%, for example
from EUR 500 to 1,000 by EUR 50
from EUR 1,001 to 2,000 by EUR 100
from EUR 2,001 to 5,000 by EUR 200
from EUR 5,001 to 10,000 by EUR 500
from EUR 10,001 to 20,000 by EUR 1,000
from EUR 20,001 at the auctioneer’s discretion
* The auctionner may adjust the bidding increments at his/her discretion.
When the auctioneer’s hammer falls, the final bid has been reached and the auctioneer will record the bidder’s paddle number, or the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.
LOTS SOLD WITHOUT RESERVE
When the entire first part of the description is in red, this indicates that the lot is to be sold without reserve, as is also stated beneath or alongside the description. the absentee bid number. If your bids have been successful, you will be notified by means of an invoice sent by e-mail. You are also welcome to call Antiquorum the day after the auction to request the outcome of your bids.
LOTS FROM OUTSIDE UE
Lots from outside the UE : (identified by an*) are submitted to commissions and taxes :
• If the lot is delivered within the EU : a 20% import VAT is due on the hammer price with buyer’s premium, plus 120€ for termination of temporary export, at buyer’s expense.
• If the lot is delivered outside EU : 120€ for termination of temporary export is due, at buyer’s expense.
LOTS REQUIRING AN EXPORT LICENSE AND/ OR AN EXPORT PASSPORT
In accordance with the current legislation, lots of 50 years or older, with a value of 50’000 EUR or more (identified by an **), will require an export license and/ or an export passport, for which will apply on your behalf to the French Ministry of Culture. Note, it may take 1 to 3 month(s) to obtain this license or passport. Antiquorum (Antiquorum Genève SA, Antiquorum Auctioneer HK Ltd, MCLA, Antiquorum Auctioneer SRL) cannot be held responsible for any delays in the application process.
Price lists are made available online at www. antiquorum.swiss approximately 24 hours after the end of each auction.
Payment for purchased lots at any MC Luxury Auction and Antiquorum auction is due within 7 days of the sale date.
• For traditional auctions, in addition to the hammer price, the buyer’s premium for watches and jewels is : 30% including VAT (25% excluding VAT) until € 500 000, 24% including VAT (20% excluding VAT) from € 500 001 to € 5 000 000 and 15 % including VAT (12,5% excluding VAT) for all amounts in excess of € 5 000 001.
• Extended payment terms or special credit terms can be arranged on occasion, before the auction.
• For information regarding payment policies : please contact accounting department at Antiquorum Monaco, tel. +37797983144
• PAYMENT METHODS
Payment may be submitted in cash, by wire transfer, check (restrictions apply) or credit card (restrictions apply).
• WIRE TRANSFER Please refer to the wire transfer instructions as shown on your customer invoice.
• CASH is limited to the equivalent of € 10,000.
• CREDIT CARDS : Major credit cards are accepted (additional charge)
• There may be administration fee incurred for choosing electronic payment methods.
• For buyers having paid by credit card, a shipping delay of 3 to 7 working days may apply in order to do additional controls.
• CHECK payable to MC Luxury Auction S.A.M :
In case of payment by an ordinary check drawn from a French or Monaco bank, payment will be deemed complete only when the check has been cashed (delay of 10 working days). Antiquorum and MC Luxury Auction will deliver any purchase once the bank cheque has been cashed. Identity Document will be required. Cheques drawn on a foreign bank are not accepted.
COLLECTION For collection of lots purchased, the buyer will need to contact Antiquorum and MC Luxury Auction with instructions. Collection of purchased lots can only take place once the invoice has been paid in full. For more details, contact Antiquorum Monaco : tel. +37797983144 email : email@example.com
SHIPPING & INSURANCE
Winning lots (watches and jewelry only) are available for pick up at our Monaco office for buyers having selected the collect point Monaco and at our Hong Kong office for buyers having selected the collect point Hong Kong. All others will be shipped directly to their location as per buyer‘s instructions. Please note that buyers are responsible for all shipping fees and any other applicable fees including value added tax, customs duties etc… for importation to their respective countries. 1% of the hammer price plus premium will be charged to cover the insurance liability, as according to law once the hammer falls the buyer is responsible for the insurance of the lot.
Please note Antiquorum and Mc Luxury Auction are not responsible for shipping clocks, furnitures, voluminous and/or fragile items. Our shipping department will assist you in choosing a third party crating service.