How to participate in the Auction
Participating in an auction, to buy, as well as to SELL AT AUCTION, is easier than you might think, even if you have never participated.
Participation in the auctions organised by Faraone Casa D'Aste and bidding for lots may take place directly in the auction room, on the day set at the indicated location where the auction will be held. If you prefer or do not have the possibility to participate in person, you may participate by Correspondence, by Telephone, online via our website www.faraonecasadaste.it or via the Faraone Casa D'Aste APP.
The staff of Faraone Casa d'Aste will be pleased to assist you in everything necessary to explain the various methods of participation detailed below and to help you fill out the necessary forms.
Registration and Offers
Registration
Participation in the Auction, by any of the methods expressly described below, is subject to the prior registration of the participant, by filling in the PARTICIPATION CARD for participation in the auction room or the BIDDING CARD for submitting a bid by Correspondence or for booking participation by telephone. These forms must be delivered to the offices of Faraone Milano in via Montenapoleone, 9, or filled in on our website in the section MY FARAONE .
For the validation of the registration and to allow the participant to be able to formulate the bids, Faraone Casa d'Aste reserves, at its own discretion, the right to ask the participant to provide suitable guarantees before the auction, as better indicated below.
Registration for participation in the auction, by whatever means, must take place the day before the auction
If you wish to participate in order to acquire one or more lots for a total amount exceeding euro 10,000, you will need to provide the appropriate guarantees by contacting our office to agree on the terms and conditions, no later than 48 hours before the auction. In case you wish to participate in order to acquire one or more lots for a total amount higher than euro 10,000 and you have never purchased at one of our auctions, in addition to contacting our staff, you will have to provide a pre-authorisation on your credit card equal to the auction fees of 26% on euro 10,000, even if you wish to acquire lots for higher amounts. At the time of the auction, if the total amount sold is less than 10,000 euros, you will only be charged the corresponding fees, while if the total amount is more than 10,000 euros, you will be charged the auction fees on the total amount of lots sold.
Offer
The award of the goods is made to the highest bidder, irrespective of the method of participation, with a special declaration by the Auctioneer that is valid as acceptance of the bid of the participant in the auction.
The starting auction base is at the sole discretion of the Auctioneer. The room auctions shall have minimum bids as indicated below, but the Auctioneer shall have total discretion in adhering to this rule and in accepting or not accepting bids.
Auction Fees
Auction fees are equal to 26% up to euro 100,000, equal to 20% for between euro 100,000 and euro 500,000, and equal to 16% for the portion exceeding euro 500,000, all including VAT as provided for by current regulations. Any further charges or taxes related to the purchase shall in any case be borne by the successful bidder.
Adjudication and Down Payment
The adjudication price is the figure at which the lot is awarded. The successful bidder, if in the room, must go to the registration desk to sign the adjudication report, indicating the lot awarded and the amount of the adjudication, and to pay an amount equal to the auction fee, as well as to return the pallet.
The successful bidder who did not participate in the auction room, but who participated, by written bid by Correspondence or by telephone or via our web platform, after the adjudication, will be charged an amount equal to the auction fees on the total amount of all adjudicated lots, from the credit card left as guarantee. Please refer to the following paragraphs for further details.
Lot delivery and payment
The lot or lots adjudicated must be collected within 15 (fifteen) days from the adjudication, at the headquarters of Faraone Casa d'Aste in Via Monte Napoleone 9, Milan, upon payment of the balance to which the lot was adjudicated by the Auctioneer in addition to the auction fees if not already charged. After 15 days, custody costs will be applied, equal to 10% of the value of all lots adjudicated with a minimum of euro 100, for each week of delay.
Faraone Casa d'Aste is available to organise transport to the buyer's domicile, whose charges and responsibilities will be at the buyer's total expense.
Participation in the hall
Participation in the Auction in the auction room is subject to the participant's prior registration, by filling in the appropriate PARTICIPATION FORM or by registering on our website in the MY FARAONE section, attaching a copy of a valid identity document and credit card data . The paper copy of the participation form, if not filled in online, may be delivered within the day before the auction, at the premises of Faraone Casa d'Aste in via Monte Napoleone 9, Milan.
For participation in the hall, regardless of when and how you registered, you will need to ask the staff for the special "Paletta" indicating your identification number. Bidding in the hall must be done by raising the Palette.
Participation by Correspondence
For the participation by correspondence, i.e. in writing, the participant must sign and deliver to Faraone Casa D'Aste the BID SHEET or must register on our website in the MY FARAONE section, within the day preceding the auction, attaching a copy of a valid identity document, and the credit card data. In the bidding form, in addition to one's personal data, the lot number and its description as well as the maximum bid for that individual lot must be indicated. The telephone participation column "Part. Tel." column must not be completed.
If the price at which the lot was awarded is lower than the maximum price indicated in the form, the award was made at that lower price.
Telephone participation
For participation by telephone connection, the participant must sign and deliver to Faraone Casa D'Aste the OFFER FORM or must register on our website in the MY FARAONE section, in both cases within 48 hours before the auction, attaching a copy of a valid identity document and the credit card data.
In the form, in addition to your personal data, you must mark with an "X" the telephone participation column "Part. Tel." and the lot number and description must be indicated.
Registration for telephone bidding entails the obligation to purchase at the auction base, whereby if there are no other bidders, you will be awarded the lot at the auction base and you will be obliged to pay the amount of the lot and the relevant auction fees, even if you are not available for any reason or the telephone line is disturbed.
The staff in charge of Faraone Casa d'Aste will contact you during the auction at the telephone number provided, approximately 5 minutes before the chosen lot is to be auctioned. The auction base is that communicated by the auctioneer, the bids will be communicated in real time by the participant to our staff who will transmit them to the auctioneer on your behalf and who in turn will communicate the bids of the other participants. In the event of a disrupted line, we will not be responsible for not being able to execute the bids you requested or for not being able to participate in the auction properly.
The customer requesting the telephone connection shall also be entitled to leave a maximum offer for Correspondence, which the agent shall handle on your behalf (in the event of no telephone contact) up to the agreed amount.
Participation in the "Live Auction"
Participation in the auction can also be done by following it via streaming and bidding online in real time via a computer, tablet or smartphone.
Participation in the Live Auction is subject to the participant's prior registration on our website in the MY FARAONE section or on the Faraone Casa D'Aste APP, by entering the requested data and attaching a copy of a valid identity document and your credit card details, on a special high-security secret site (Stripe) for the debiting of the auction fees, in the sole case of adjudication.
There will be some lots specifically marked for which you will not be able to participate via LIVE AUCTION, please check this in the catalogue before each auction.
Registration gives you access to streaming where you will be able to see in real time what the auctioneer is doing and bid directly online in real time from your own computer as indicated in the LIVE AUCTION section.
Participation in the 'Time Auction'
Faraone Casa D'Aste will regularly (usually every one or two months) offer Time Auctions or virtual auctions, whose participation can take place exclusively by accessing the website www.faraonecasadaste.itor through the Faraone Casa D'Aste App, after registering in the MY FARAONE section, entering the requested data as indicated for the Live Auction, which will take place without the presence of an auctioneer during the sale, as the award will be made automatically to the highest bidder.
It is defined as 'timed' simply because the possibility of bidding is limited to a predetermined duration, during which it will be possible, at any time, to make a maximum bid for a single lot. The auction will automatically start from a minimum price and bids will automatically increase only by the amount necessary to remain the highest bidder, within the specified maximum bid. For the technical details of how to participate, please refer to the appropriate timed auction section.
Following the adjudication of a lot, the successful bidder will receive by email the necessary information for the settlement of their purchases and the modalities for the collection of the lots at the headquarters in Milan, Via Montenapoleone,9. Upon request and at the expense of the successful bidder, Faraone Casa d'Aste can arrange home delivery by specialized courier.
The auction fees are the same as those indicated above.
Our timed auctions are not subject to the Right of Withdrawal (Art.15 D.Lgs n.185 of 22/05/99), as they are preceded by the display of the lots, which can be viewed before bidding, at our premises in Milan, Via Montenapoleone 9.
Contacts
The above is only an excerpt from the GENERAL TERMS OF SALE to be referred to in legal terms, which we kindly ask you to read carefully before participating in the auction.