Terms and Conditions for HVMC - H?tel des Ventes de Monte-Carlo
Conditions of Sale
Terms and conditions of sale
The auction house H?tel des Ventes de Monte Carlo acts as agent for the seller. It is not a party to the contract of sale that binds the buyer and seller.
The following terms and conditions of sale, as well as everything related to the sale, are governed by Monegasque law. All legal actions are within the jurisdiction of the Courts of the Principality of Monaco.
The sale takes place for payment in full and the currency is the Euro (?).
Guarantees
The descriptions in the catalogue are established by the H?tel des Ventes de Monte Carlo if no expert appraiser has assisted, and exclusively by the expert appraiser who assists as required. If necessary, corrections of the description or estimate can be made upon presentation of the object, which shall be pointed to potential purchasers and noted in the record of the sale. In the framework of assistance by an expert appraiser, said latter assumes full responsibility for initial descriptions or modifications made to the report. The liability of the H?tel des Ventes de Monte Carlo cannot be engaged in the event of dispute regarding the authenticity or condition of an item, since the H?tel des Ventes de Monte Carlo is bound by an obligation of means.
As concerns the condition of the lots offered, note that the lack of reference to the condition in the description given in the catalogue does not imply that the item is free from defects, and certain restorations that do not change its nature and period cannot be a cause of dispute. The item, in the absence of any mention, is considered sold in the state in which it is found. Experts are available to customers of the H?tel des Ventes de Monte Carlo prior to each sale to answer any questions concerning such matters.
No claim shall be accepted once the hammer falls.
Furniture, paintings and art objects
Furniture, paintings and art objects are sold in the state in which they are found.
The restoration or replacement of elements on furniture or an object that do not change the nature and authenticity of the furniture or object are considered usual upkeep.
Re-backing, doubling, and parquetry on a painting are protective measures and do not constitute defects if they are not reported.
Dimensions are provided for reference only.
Jewellery and watches
Coloured stones and pearls
A number of precious stones have been professionally treated for their embellishment (heat treatment and oiling for the gems, whitening of pearls). These operations are traditionally accepted by international jewellery traders.
For certain pieces of jewellery and with the client-seller's agreement, the H?tel des Ventes de Monte Carlo may obtain reports from gemological laboratories of international repute, which, if requested, may indicate the presence or absence of any heat treatment.
For large gemstones and pearls, the H?tel des Ventes will provide its clients with certificates established by internationally renowned laboratories prior to their sale. If the buyer wishes to have a different certificate from a laboratory of their choice, they must request it between 30 and 10 days prior to the sale. No claims regarding the certificates provided can be accepted after the sale.
Animal materials
Coral, ivory, tortoiseshell and all materials from endangered species can be sold in a public auction as long as they are an integral part of antique jewellery. Such materials present on modern jewellery will not be admitted.
Burmese stones
Jewellery studded with Burmese rubies or jadeite cannot be exported to the United States. However if they are accompanied by a certificate or an invoice, dated prior to October 2007, they may enter the American territory. Burmese rubies and jadeite can move freely in the European community.
Watches
All lots are sold in the state in which they are found. No claims may be brought against the H?tel des Ventes de Monte Carlo and its expert based on the presence of an old repair, on the initial sealing, or its functioning. The potential buyer may request a condition report from the expert before the sale.
Execution of the sale and auction
All potential buyers must identify themselves beforehand using a registration form made available at the entrance to the room by the staff of the H?tel des Ventes de Monte Carlo. She/he must provide a valid piece of identity and, if requested, proof of their bank details. A card bearing a number corresponding to the registration will be delivered to a buyer who will restore it when leaving the room. It is personal and allows the individual to bid during the sale.
The auction follows the numerical sequence of the catalogue, unless said order is modified at the discretion of the H?tel des Ventes de Monte Carlo.
The successful bidder is the highest and last bidder. In the case of a challenge at the time of award, especially in the case where several bidders claim to have made the same bid simultaneously, and the event is clearly established, although the word "Sold" was pronounced, the object is immediately put back on auction starting at the last amount obtained and those present shall be allowed to bid again.
References concerning the identity entered on the bid summary shall be identical to those made in the registration form. No changes of identity can be made without approval of the H?tel des Ventes de Monte Carlo managers.
Once the hammer falls, the buyer is responsible for the integrity of the object acquired, as well as its insurance.
Telephone Bids
All potential buyers identified by the H?tel des Ventes de Monte Carlo may bid by telephone during the sale. In order to be admissible, requests for telephone lines must be made in writing, accompanied by a valid piece of identity and a RIB (bank account information certificate). The H?tel des Ventes de Monte Carlo will contact the bidder by telephone during the auction; however, it declines all liability for any error or omission in connection with said service.
Imports
? Deposits preceded by this symbol are temporary imports from a non EU country. Their allocated price will be subject to VAT at 5.5 % (?) or 20% (?) in addition to legal costs. The VAT is recoverable in the event of re export outside the EU within one month on presentation of a customs document as evidence of reexport.
For jewellery and objects made of precious metal, the buyer will have to pay 2.5% on customs duties and 0.20% on a parafiscal charge in addition to 20% in VAT.
Reserve price and estimates
An estimate, which does not include costs borne by the purchaser or possible VAT in case of temporary importation, is given in front of each lot in the catalogue. Unless otherwise noted, all lots are offered with a reserve price established by contract with the seller under which the item cannot be awarded. In the absence of a reserve price fixed with the seller, no objection may be made by said latter in the event that the object would be awarded under the estimate range.
Pre-emption
The Monegasque State may exercise an option to purchase works of art offered for sale in the Principality of Monaco. The state replaces the last bidder. The pre-emption decision is made known to the bailiff immediately after the hammer falls. Said pre-emptive right must be confirmed within two weeks. In the absence of confirmation within said period, the object shall return to the last bidder.
Article 2-1 of Law No. 1014 of 29/12/1978 relative to the auction of furniture
Guarantees
Customs formalities are required for sending works of art to countries outside of the European Union. The buyer must check the rules in force in the destination country before making a purchase.
There are no customs formalities for works of art to be delivered in France or other countries of the European Union. Outside of the European Union, customs rules will be those in force in the country of destination of the work.
Fees
In addition to the hammer price, the buyer must pay a fee of 23% HT excluding VAT up to ? 500 000, 20% excluding VAT on amounts from ? 500 001 to ? 2 000 000 and 18% HT excluding VAT on amounts above ? 2 000 001.
Payment
The sale is strictly carried out for payment in full. The buyer must pay the purchase price, which includes the amount of the hammer price, fees, and taxes, if any:
- By certified bank check in Euro
- By bank transfer in Euro
- By Visa or MasterCard with proof of identity
- In cash in Euro up to an amount equal to or less than ? 30,000
In case of payment by American Express a fee of 2.75% will be added.
Cheques drawn on foreign banks will be accepted at the sole discretion of the managers of the H?tel des Ventes de Monte Carlo.
If the acquisition is not paid in full, the item cannot be handed over to the buyer.
The transfer of ownership from the seller to the buyer occurs only after the H?tel des Ventes de Monte Carlo has received payment, including commission.
The H?tel des Ventes de Monte Carlo reserves the right to cancel the sale and file a claim to seek damages against the defaulting buyer in the absence of payment by the buyer, after formal notice has remained without answer, and after a month has passed since the bid was accepted by fall of the hammer.
