Sell / Buy

  • How to sell

    IDENTIFICATION OF SELLERS

    Persons wishing to sell property at the auctions organised by the Auction Room will be required to submit, along with the duly filled-in Sell Order form, the following documentation:

    • In the case of individuals, their Spanish National Identity Document or valid identity document bearing photograph. If the sale or deposit is carried out on behalf of a third party, their representative will need to provide written authorisation to act on their behalf in addition to Spanish National Identity Document or valid identity document, accepting authenticity of document and responsibility for acting on behalf of this third party.
    • In the case of companies, the public deed of incorporation, the official Tax Identification Number (N.I.F) card and documentation proving sufficient powers to act on behalf of the company.

    PROPERTY CONSIGNMENT AND COSTS

    The vendor confirms that he/she is the owner of the property consigned, or that he/she holds valid authorisation from the legitimate owner for disposing of property not subject to claims, charges or other encumbrances. ISBILYA SUBASTAS S.L. (hereinafter the Auction Room) reserves the right to accept or reject property offered for auction or direct sale. Once property has been accepted by the Auction Room and handed over by the vendor, the Auction Room will become the custodian of the property. Where applicable, it will be assessed and valued by qualified staff, and restored, framed or cleaned, or other similar services performed if requested by the vendor, who will bear all costs arising, paying in advance having first accepted the quote prepared to this end.

    INSURANCE POLICY

    ISBILYA SUBASTAS S.L. holds an insurance policy covering possible damage to or loss of property held on consignment, insuring the value agreed as starting price, less commission fee.

    AUCTION STARTING PRICE

    The auction starting price of each lot, which is the minimum sale price of each lot unless a reserve price (the minimum price below which the lot may not be sold) has been specified, will be mutually agreed between the Auction Room and the vendor.

    DIRECT SALE PRICE

    The direct sale price is the price at which the Auction Room may sell a specific lot, both prior to the auction in the case of lots initially intended for direct sale and in the case of lots which remain unsold after the auction. This price will be mutually agreed between the Auction Room and the vendor.

    CARRIAGE

    Carriage of property for auction to the Auction Room premises shall be arranged by the vendor at his/her own risk and expense. In the event of the vendor requesting arrangement of such services, the packing and carriage costs for the property to be auctioned shall be borne by the vendor and paid in advance.

    REPRODUCTION RIGHT

    Through the Sell Order or once the property has been consigned, the vendor grants the Auction Room full rights to photograph or video the property whose sale is entrusted to the Auction Room and to circulate the photographs or videos at its discretion. The costs of management and inclusion in the catalogue, and of reproduction through recordings or photographs, shall be borne by the vendor or consignor in accordance with the price schedule below (prices shown excluding VAT):

    General costs:

    PRICE RANGE AMOUNT
    From 0 to 299 € 10,00 €
    300 € to 1.299 € 20,00 €
    1.300 € or more 30,00 €

    PAYMENT TO VENDOR

    Once the lot has been successfully knocked down, the Auction Room will pay to the vendor the amount corresponding after deduction of the commission fee agreed for Auction Room services, costs where applicable, copyright – if applicable – and taxes, after thirty (30) days have elapsed since the date of the auction, provided that the lot has been paid for by the successful bidder/buyer (except in cases of the State exercising right of first refusal, in which case the procedures and timescales provided under law to this end will apply).

    UNSOLD LOTS

    Lots put up for auction but not knocked down at the auction arranged for this purpose will be automatically assigned to direct sale and may be sold by the Auction Room at the direct sale price agreed with the vendor. The vendor has fifteen (15) calendar days to withdraw the lots not knocked down at auction or sold through direct sale, calculated from the date of the auction at which they were offered. After this period, the vendor must pay the amount of two (2) euros per day per painting and object and three (3) euros per day for other personal property to cover the costs of storage and safekeeping. Similarly, after two (2) months have elapsed, the vendor expressly authorises the Auction Room, as broker and without being required to give prior notice, to put the property up for auction again, being permitted automatically to reduce the auction starting price and direct sale price agreed by thirty per cent (30%); it may make the same reduction successively every two (2) months afterwards.

    EARLY WITHDRAWAL OF LOTS

    If the vendor, on his/her own initiative, withdraws the lots before the auction date, he/she must pay the Auction Room a brokerage fee of 21%, plus VAT, of the agreed starting price.

    ORGANISATION OF LOTS

    The Auction Room reserves the right to organise lots, change them or subdivide them into various lots at its own discretion. Likewise at its own discretion, the Auction Room may combine two or more lots into one or withdraw them before the auction date.

    ORGANISATION OF THE AUCTION

    The Auction Room will be responsible for organising the auction, specifying the date and the time, the lots included, order of sale and other conditions, and may make changes to these details as it wishes.

    How to buy

    IDENTIFICATION OF BIDDERS

    Persons wishing to take part in the auction will need to provide:

    • In the case of individuals, their Spanish National Identity Document or valid identity document bearing photograph. If individuals are bidding on behalf of a third party, they will need to provide written authorisation to act on their behalf in addition to Spanish National Identity Document or valid identity document.
    • In the case of companies, the public deed of incorporation, the official Tax Identification Number (N.I.F) card and documentation proving sufficient powers to act on behalf of the company.

    KNOCKING DOWN OF LOTS

    Lots will be knocked down to the highest bidder. The Auction Room will appoint an auctioneer in charge of managing the auction who will knock down lots to the highest bidder. The highest bidder will automatically be bound to buy the lot for the amount bid, plus taxes, fees and any costs, and may not subsequently back out of the purchase.

    The State may exercise first refusal and pre-emptive rights on all the pieces included in the auction.

    FEES PAYABLE BY SUCCESSFUL BIDDER TO THE AUCTION ROOM

    The buyer/successful bidder will pay the Auction Room a brokerage fee of twenty-one per cent (21%) of the auction price, VAT included.

    PAYMENT AND STORAGE COSTS

    The buyer/successful bidder must pay for fees, costs and applicable taxes and collect lots within a maximum of ten (10) calendar days, after which time he/she will be charged interest for delayed payment as provided for by Law 3/2004 of 29 December. After this period has elapsed, he/she will also be liable to pay the amount of two (2) euros per day per painting and object and three (3) euros per day for other personal property to cover the costs of storage, insurance and safekeeping.

    HANDOVER

    The Auction Room will only hand over the lots knocked down once these and any amounts outstanding in respect of same have been paid in full.

    DEPOSIT

    The Auction Room may require payment of a deposit by bidders in order for them to take part in the auction; this requirement will be notified in the announcement of the auction and will never be more than 5% of the starting price of the lot. Successful bidders’ deposits will be considered, where applicable, as payment on account against amounts owed. Unsuccessful bidders’ deposits will be returned to them within three (3) days of the date the auction was held. The Auction Room may, when it deems appropriate, request bidders to provide bank references proving their solvency.

    PAYMENT METHODS

    Payment of lots successfully bid for may be made in the following ways:

    • In cash for amounts up to 2500 euros, in accordance with Law 7/2012 of 29 October.
    • Via bank transfer to the Auction Room’s current account.
    • Via banker’s cheque.

    BIDDING AT AUCTIONS

    Persons wishing to bid at auctions will need to fill in a request form for the bidding paddle for purchases in accordance with the terms of the auction. These forms are available on the tables set up for this purpose, where bidders will be given the corresponding numbered bidding paddle.

    BIDS MADE IN WRITING AND BY TELEPHONE

    Bids in writing and by telephone may be accepted; to do so the forms provided for this purpose by the Auction Room must be fully filled in. In the event of various written bids for the same amount being received for the same lot, the written bid which arrived first will be given priority. Similarly, in the event of a tie between a bid made in the Auction Room or by telephone and a bid made in writing, the bid in writing will be given priority. Bids in writing will be managed by the auctioneer or Auction Room staff who will bid up to the maximum amount authorised, attempting to knock down the lot at the lowest price permitted by competing bids and reserve prices, if these have been set. This system will not reveal that it is distance selling, in accordance with the provisions of article 38 of the Act on a Regulatory Framework for Retail Trade. The Auction Room reserves the right to refuse bids in writing received during the three (3) hours prior to the auction starting, without being required to give any justification or explanation whatsoever. In addition, telephone bids will only be permitted for lots whose starting price is five hundred (500) euros or more. The order to take part in the auction by telephone means that the bidder undertakes to cover the starting price as a minimum.

    DISAGREEMENTS

    In the event of uncertainty or disagreement regarding the successful bid or auction price between two or more bidders and, in general, any discrepancy between bidders at an auction, the auctioneer has the final say and will decide who has made the winning bid. Furthermore, if the auctioneer is unable to settle any disagreement or discrepancy between bidders there and then, the Auction Room will have the powers to arrange a new auction for the lot in question.

    CARRIAGE

    Carriage of property knocked down shall be arranged by the vendor at his/her own risk and expense. In the event of the successful bidder requesting arrangement of such services, the packing and carriage costs for the property knocked down shall be borne by the successful bidder and paid in advance.

    EXHIBITION

    During the period leading up to the auction when items are on display, the buyer may check and assess him/herself the condition of pieces in which interested, check the reliability of the catalogue and form his/her own opinion in this respect. The data and information in the catalogue represent a judgement/opinion made in good faith by the Auction Room’s experts having undertaken study and research and taking into account the statements of the owners and/or vendors of property. However, the Auction Room accepts no responsibility whatsoever for the accuracy and precision of such judgements/opinions, the catalogue being merely for guidance and non-binding. Lots will be auctioned as-is, and no claims will be accepted regarding imperfections, broken items, restored items, etc., which already existed during the period in which the property in question was on display, even if not stated in the catalogue.

    EXPORT LICENCES

    All customers must ascertain if the pieces purchased require export licences before being taken out of Spain. The customer will bear the cost of any duties payable, where applicable, to the Ministry of Culture. The customer is responsible for obtaining the aforementioned export licence, and not obtaining it or a delay in obtaining it will not exempt them under any circumstances from paying for the piece, which they must do within ten days following the auction.