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How to Purchase in Auction |
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You are entering the world of auctions, a world where it is exciting to purchase Antiques, Modern and Contemporary Art, Jewelry & Watches, Books and Documents ancient and contemporary, and Decorative Arts Collection wines.
Some people believe that the auction is a complicated process. Surprise! Buying from at an auction is simple and requires no invitation, registration, or anything like that.
Simply go, enjoy the moment and give yourself the pleasure of taking it all in. Here are some tips for you to make your first experience pleasurable.
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Know the process of an auction
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- At the start the auction, the auctioneer shall indicate the lot up for auction, either by the appropriate number according to the auction catalog or by reading the description, characteristics and the starting price.
- The auction of each item will begin when the auctioneer verifies the starting price and then the bidders may make effective bids or accept the position offered by the auctioneer. The auctioneer may open the bidding on any lot by placing a price on behalf of a seller. The auctioneer may bid for the lot on behalf of the seller up to the reserve price, through successive or consecutive bids or by placing bids in response to other buyers.
- For the auctioneerto be awarded a lot, it would require no previous bids to improve, so the price mentioned by the auctioneer will be the hammer price or price to be paid by the tenderer.
- Bids, the amount the bidder offers regarding previous position or starting price, will be governed within the following parameters:
Starting Price: |
Bidding Increment: |
De:
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A:
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$100 |
$1,000 |
$100 |
$1,000 |
$5,000
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$200 |
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$500 |
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$800 |
$5,000 |
$10,000
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$500 |
$10,000 |
$20,000
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$1,000 |
$20,000 |
$50,000
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$2,000 |
$50,000 |
100,000
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$5,000 |
$100,00 |
Henceforth
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$10,000 |
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- The person awarded the lot by the auctioneer becomes the owner, and as a result must pay the following:
a. The selling price of the lot or auction hammer.
b. An amount equivalent to 20% of the price mentioned in point (a) by way of commission (Premium).
c. The Value Added Tax on the commission.
d. When payment is made by credit card or American Express bank will add 6.6% of the total amount, by way of commission for using credit card.
- If check bounces, a charge of 20% of the total transaction.
- Transport duties are on by the buyer of the lot.
- Purchases under $ 10,000.00 (ten thousand dollars 00/100 MN) will be charged to your credit care the same day, plus the percentage of the auction commission, VAT and the charge for card use.
- Bills require the name of your company, please ask at the time of settlement, showing Federal Causing Register. No change in bills.
- Once awarded a lot, No reclamations or cancellations.
- Merchandise of the auction can change, so we recommend you go to our exhibitions or fully verify that the lot up for auction meets the conditions and characteristics of your interests
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