The Mandate to Sell Own Goods or Entire Collections at Auction
Mandate to sell
The commission to handle clients' works at auction will be formalised by means of a Mandate to Sell, which includes the agreed upon auction fees and any contributions for insurance, marketing, transport, authentication and any other expenses that may be necessary.The completion of the mandate requires the tax code number and a valid identity document for the entry in the Public Security Registers as required by the laws in force. Finally, two annexes make up the Mandate to Sell: the goods sheet and the General Terms and Conditions of Sale. The schedule of goods contains the complete list of the goods for sale with their agreed reserve prices, and the General Terms and Conditions of Sale are the collection of clauses that qualify the commercial relationship between the principal and Arcadia.
Reserve price
The reserve price is the confidential minimum price agreed between Arcadia and the auctioneer below which the lot cannot be sold.
It is strictly confidential, is not revealed by the Auctioneer at auction and is stated in the mandate to sell next to the description of each lot.
If the reserve price is not reached, the lot will be unsold and will be withdrawn from the auction.
Lots offered without reserve are marked OL (Open Offer) in the catalogue and are awarded to the highest bidder regardless of the estimates published in the catalogue.
Listing of lots in the catalogue - Auction results - Clearance
Prior to each auction, the consignor receives a communication with a list of the goods listed in the catalogue and their lot numbers. The auctioneer shall be notified of the auction result within two working days of the auction date.
Payment shall be settled within 40 working days from the date of the auction, and in any case 10 working days after collection by the seller.
Upon settlement, an invoice shall be issued containing details of the lots, the relevant sales commission agreed upon in the mandate, and any other agreed-upon expenses.
Right of Resale
Legislative Decree No. 118 of 13 February 2006 introduced the right of authors of works and manuscripts, and their heirs, to a royalty on the price of each sale, subsequent to the first, of the original work, the so-called "resale right". This fee is due if the sale price is not less than EUR 3,000.00 and is determined as follows:
- 4% for the portion of the sale price between € 3,000 and € 50,000;
- 3% for the portion of the sale price from € 50,000.01 to € 200,000;
- 1% for the portion of the sale price from € 200,000.01 to € 350,000;
- 0.5% for the portion of the sale price from € 350,000.01 to € 500,000;
- 0.25% for the portion of the sale price exceeding € 500,000
Arcadia is obliged to pay the "resale right" on behalf of the sellers to the Italian Society of Authors and Publishers (SIAE). Therefore, in the event that the lot is subject to the so-called "resale right" pursuant to Section 144 of Law 633/41*, Arcadia undertakes to pay the amount calculated in accordance with the law to the collecting agent on behalf of the seller.
Meaning of the symbols in the catalogues
| Lots owned by Arcadia | If lots are marked with this symbol, ownership belongs in whole or in part to Arcadia Auction House s.r.l.. |
| Interested Party | Indicates the case where bids may also be made on the lot by persons with an interest, such as a co-owner or executor who has sold the lot. |
| Without Reserve | Open bid. The reserve is the minimum auction price agreed between Arcadia and the Principal, below which the lot may not be sold. In the event that a lot is sold without a reserve, it will be marked with this symbol. |
| Right of Follow-up | For the lots marked with this symbol, the Buyer undertakes to pay the "Right of Resale", which it would be incumbent on the Seller to pay pursuant to Art. 152, Section I, Law No. 633 of 22 April 1941, in the amount determined in the "Right of Resale" section above. |
| Lot from enterprise | Lot from enterprise, where the award value is subject to VAT. |
| Lotto in regime di temporanea importazione | Lot under temporary importation |
| Libera Circolazione | Free Movement |
Meaning of terms in the catalogues
| Attributed to ... | Arcadia's opinion that it may be the work of the quoted artist, in whole or in part |
| Workshop of ... school of … |
Arcadia's opinion that it is the work of an unknown hand from the indicated artist's workshop, which may or may not have been executed under his direction or in the years following his death |
| Circle of … | According to Arcadia it is the work of an unidentified hand, not necessarily a pupil of the artist mentioned |
| From … | Copy of a known work by the indicated artist, but of unspecified date |
| Date subscribed | It is Arcadia's opinion that these data were added by a hand or at a time other than the artist indicated |
| Dated signed registered |
Arcadia's opinion is that the work appears to be truly signed, dated or inscribed by the artist who executed it |
| Defects | The lot has visible and evident missing, cracks or wear |
| Ancient elements | The objects in question were subsequently assembled using elements or materials from previous eras |
| Registered signature or bearing signature |
Arcadia's opinion that the signature was added at a different time by a different hand than the artist indicated |
| In style … | Opinion according to Arcadia of work in the style mentioned although it was executed at a later date |
| Additions and/or replacements | Mentioned only in cases where interventions are considered by Arcadia to be far above average and such as to compromise at least partially the integrity of the lot |
| "Name and Surname" (e.g. Mattia Preti) | Opinion according to Arcadia of work executed by the indicated artist |
| Restorations | Goods sold at auction, being antique or otherwise used, are in almost all cases subject to restoration |
| Century … | Dating as a guide only, which may include margins of approximation |
| Follower of … | According to Arcadia, he was an author who worked in the style of the artist |
| Style of … | Opinion according to Arcadia of work in the style of the indicated artist, but executed at a later date |
| 70 x 50 350 x 260 160 g |
The dimensions of paintings indicate first the height and then the base and are expressed in cm. The dimensions of works on paper are instead expressed in mm. The weight of silver objects is calculated net of metal, glass and crystal parts. |