A NEWLY DISCOVERED PAINTING BY CIMABUE AT AUCTION

GENERAL TERMS AND CONDITIONS
1. These general terms and conditions shall apply to each of
the ACTEON group auction house, namely HÔTEL DES VENTES
DE SENLIS (Actéon Senlis) registered under number 2002-085,
COMPIÈGNE ENCHÈRES (Actéon Compiègne) registered under
number 110-2018 and HÔTEL DES VENTES DE LILLE SOLFÉRINO
(Actéon Lille) registered under number 135-2019.
2. The sale by public auction of the Cimabue’s painting, coorganised
by COMPIÈGNE ENCHÈRES and HÔTEL DES VENTES
DE SENLIS will be included in COMPIÈGNE ENCHÈRES’ official
sale record.
3. Any prospective bidder expressly acknowledges that the
painting’s sale by public auction is subject to the present General
Conditions of Sale and to any rule deemed to be part of it, in
particular those contained within the registration form.
Prospective bidders are invited to read them carefully, ACTÉON
group auction houses, the auctioneers, their staff and particularly
the expert of this painting, ÉRIC TURQUIN EXPERTISE SAS,
are available to provide any clarification. The present General
Conditions of Sale can be downloaded in French and in English on
the website acteon.auction.
The indications given in the present conditions and, more generally,
any mention communicated before the sale, are subject to change
up until the auction. They may be amended by way of notices
posted in the saleroom and announced by the auctioneer before
the start of the auction. Any such modifications will be included in
the official sale record signed by the auctioneer.
4. COMPIÈGNE ENCHÈRES acts as an operator of voluntary auction
sales. It offers the corresponding ethical and organisational
guaranties and, in this capacity, acts as agent for the seller.
Consequently, the sale is concluded directly between the seller and
the buyer, and COMPIÈGNE ENCHÈRES is not part of this contract.
5. It shall be the sole responsibility of the prospective bidder, as
of the bidder or successful buyer, to provide all the necessary
information requested by COMPIÈGNE ENCHÈRES in accordance
with the applicable legal provisions and regulations and the
present general conditions.
REGISTERING TO BID
Any person who wishes to bid at the auction organised
by COMPIÈGNE ENCHÈRES must register no later than
Wednesday, 23 October at 6PM at the following address:
senlis@acteon.auction in order to complete a registration form
with all appropriate documents and information (proof of identity
etc.).
Any bidder must be able to prove sufficient solvency and
COMPIÈGNE ENCHÈRES reserves the right to request any
appropriate document such as a bank letter of credit.
If the registration process is incomplete, COMPIÈGNE ENCHÈRES
reserves the right to refuse that person’s participation.
PRESENTATION OF THE PAINTING AND PRE-SALE
EXHIBITION
Any information about the painting that is provided is done so
based on existing knowledge available to the auction house with
regards to the state of the art, science and technology.
With regard to the age of the work, bidders must accept that there
is some degree of uncertainty for a work that is several centuries
old.
An exhibition will be held prior to the auction in order to allow
prospective bidders to examine the object personally, view, inspect
and evaluate it themselves. It is their responsibility to examine it
properly, if needs be with the assistance of an expert or restorer of
their choice. Every bidder is deemed to have examined the object.
Dimensions are for reference only. The object is sold as is at the
moment of the auction, with its possible defects and imperfections.
Complaints regarding wear, minor accidents, usual restorations
and conservation measures, will not be taken into consideration.
Estimates are subject to change until the start of the auction.
BIDDING PROCESS
1. Any person shall be eligible to bid on the object by adhering to
the present conditions of sale and subject only to the registration
requirements.
The sale is conducted in euros. The auctioneer manages the sale
and conducts the auction, he advances the bidding at levels he
considers appropriate. He may withdraw the object at the auction
in the interest of the seller.
In the case of two simultaneous bidding, the auctioneer will
give priority to the bid taken from the saleroom. Failing that, the
auctioneer will resume the auction in order to decide between the
bidders. Neither ACTEON group companies nor its auctioneers
can be held responsible for any potential technical incidents,
which might affect the auction process.
2. Bids can be placed in different ways and all necessarily require
prior registration. Bids can be placed in the saleroom. They can
also be placed by telephone or through the internet. Finally, they
can be placed through a written bid form.
Bidding in the sale room
In order to be allowed to bid in the saleroom, you must ask for a
personal numbered paddle upon registration.
Telephone bidding
Should you wish to bid by telephone, a telephone line can be
organised with COMPIEGNE ENCHERES, within the limit of the
number of telephone lines available. These services are offered as
a convenience in order to allow persons who cannot attend the
auction in the sale room to bid.
Any request for a telephone line requires a purchase order worth
the value of the low estimate.
For security reasons telephone conversations may be recorded
and stored by the ACTEON group companies for the sole purposes
of the sale.
It will not be possible to place bids through the internet for
this painting. The auction sale will be retransmitted live on
interencheres.com.
ACTEON group companies cannot guarantee the efficiency of
these bidding methods and cannot be held liable for failing to
reach any person registered on the telephone or for a connection
problem, whatever the reason.
Bidding through an agent
It is possible to bid through a duly authorized agent. Any person
is deemed responsible for his or her bids. Those who register on
behalf of a third party must provide a written authorisation upon
registration.
Any person who places a bid and the third party who executes it on
his or her behalf - are considered jointly liable for the bid. In case of
any dispute raised by the principal, the person who placed the bid
may be alone held liable.
Written bids
In order to be taken into account written bids must indicate a
maximum bid amount in both words and numbers. The ACTEON
group company will execute the bid on your behalf, making every
effort to purchase the item for as little as possible and never
exceeding your limit by more than one bid in order to decide
between two bidders in case of a tie.
AUCTION
The successful buyer is the person who makes the highest and
last bid accepted by the auctioneer. When the auctioneer brings
down the hammer, the successful buyer becomes the owner of
the object and consequently becomes liable for the purchaser’s
obligations.
The official sale report signed by the auctioneer is an irrevocably
admissible proof of the auction and of all its components.
Once sold, the painting is at the full risk and responsibility of the
successful buyer. The successful buyer is in charge of insuring
its acquisition, and the ACTEON group companies cannot be held
liable for any damage it may suffer, and this as of the fall of the
hammer.
PRE-EMPTION
The French state is entitled to use a right of pre-emption on works
of art, which are put up for sale at public auction. In that case,
the State shall be substituted for the successful buyer by making
its declaration to the auctioneer immediately after the striking of
the auctioneer’s hammer. In order to be effective, the State must
confirm its intention to pre-empt the painting within 15 days.
PAYMENT
Upon conclusion of the auction, the successful buyer shall be liable
for all sums due: the total purchase price is the hammer price to
which is added the buyer’s premium of 20% (excluding VAT) of the
hammer price, and any other applicable taxes, duties or rights.
The full amounts due by the successful buyer must be paid
immediately after the conclusion of the auction.
The billing address is the one communicated by the successful
buyer when registering to bid. Neither the name of the registered
person nor its address can be amended after the conclusion of
the auction.
The successful buyer is expected to pay in euros and the payment
may be made by bank transfer, bank cheque or cheque. It is only
possible to pay in cash up to 1 000 euros, except if the successful
buyer can justify that he is not a French tax resident and that he
is not acting for the purposes of a professional activity, in which
case, he can pay in cash up to 15 000 euros.
The VAT that is applicable on the day of the auction is to be levied
on the margin: it is applied to the buyer’s premium. To date in
France, the applicable VAT is 20%. The VAT is by right added to the
amount of the said commission and will not appear on the receipt
issued in the name of the successful buyer.
The VAT can be reclaimed under the following conditions:
- If the successful buyer is a professional from another Member
State of the Union and has an Intercommunity VAT registration
number, it is his or her responsibility to justify this matriculation
and give any other relevant supporting documents regarding the
transport to another Member State, to COMPIÈGNE ENCHÈRES
within the month (1) following the sale, in accordance with
applicable administrative and tax rules.
- If the successful buyer is not a resident of the European Union,
the VAT levied on the margin will be reimbursed by sending
COMPIÈGNE ENCHÈRES the export document duly stamped by
customs on both recto and verso, proving that the exportation of
the object actually occurred within two months of the auction.
DELIVERY OF THE PAINTING
It is the responsibility of the successful buyer to pay for and take
possession of the object without undue delay after the conclusion
of the auction.
At the fall of the hammer, the risks associated with the ownership
are transferred to the successful buyer who assumes immediate
responsibility for insurance.
The effective delivery of the object to the successful buyer can
only intervene after full and clear payment of all amounts due
by him, notably the hammer price to which is added the buyer’s
premium and any taxes, duties or rights.
In particular, the cost of the author’s resale right must be borne
by the successful buyer. It applies to original works of art created
by living artists or by artists who have been dead for less than 70
year when the sale price reaches or exceeds 750 euros. According
to the French Intellectual Property Code, its rate is 4% for prices
between 750 € to 50 000 €, then 3% for prices between 50 001 €
to 200 000 €.
COMPIÈGNE ENCHÈRES retains the right to store the object in
any secured place of its choice, at the successful buyer’s expense
and risk. The successful buyer shall be automatically liable to
COMPIÈGNE ENCHÈRES for storage and insurance costs that
arise after the conclusion of the auction.
Collection shall take place at the location designated by
COMPIÈGNE ENCHÈRES under the responsibility of the successful
buyer and at his risks and expenses.
The object will be delivered to the successful buyer, or to the agent
mandated by him by special written proxy for that purpose.
FORCED EXECUTION - CANCELLATION
REITERATION OF THE AUCTION
In the event of the successful buyer’s failure to pay, COMPIÈGNE
ENCHÈRES will send him a formal notice. In the event of a failure
to pay after the sending of the formal notice:
- The seller will have the option to put the object up for sale by
reiteration d’enchère. This means that in this case the object will
be put up for sale in a new auction. If the hammer price obtained
from this new auction is lower than the hammer price obtained
at the first auction, the defaulting first successful buyer will be
automatically liable for the difference between the initial hammer
price and the subsequent hammer price, including any difference
regarding the buyer’s premium and the applicable VAT, increased
from any costs arising from the reiteration of the auction;
- If the seller does not opt for the resale of the object within the
three months following the date of the auction sale, COMPIÈGNE
ENCHÈRES will have the right, without prejudice to the seller’s
rights, to give notice to the defaulting buyer of the cancellation of
the sale (the sale will then be cancelled by rights and the defaulting
buyer will be liable for compensatory damages), or to proceed to
the forced enforcement of the same and of the payment of the
hammer price, increased by any fee, commission and tax at his
expense.
CUSTOMS FORMALITIES
The exportation of any goods outside French national territory
as well as the importation into any other given country may be
subject to customs authorization.
It is the buyer’s responsibility to obtain any necessary licence and/
or certificate of export, as well as any required documents.
The fact that any required authorization is denied or that its
obtention is delayed may in no way justify either the cancellation
of the sale nor any delay in the payment of the total amount due.
It shall be noted that the certificate of export for the painting has
already been requested. It is currently being processed by the
competent service of the French Ministry of Culture.
PERSONAL DATA
By using the services of ACTEON group companies, and notably
by registering to participate in an auction, you consent to the
collection and processing of your personal data in accordance with
our privacy policy available on demand from the relevant ACTEON
group company and available for download on COMPIÈGNE
ENCHÈRES sale page accessible on the interencheres.com
website.
In accordance with articles 38 to 40 of French Law No 78-17 of
6 January 1978 and with articles 15 to 21 of the Regulation (EU)
2016/679 of 27 April 2016, you are informed that you have the
following rights : right of access, right of rectification, right of
erasure, right to the limitation of the data processing and right to
object to the processing of your personal data in accordance with
the applicable privacy policy.
GOVERNING LAW AND JURISDICTION
By simply registering, any bidder expressly agrees to the present
general conditions and recognizes that French law shall be
exclusively applicable.
If it is not amicably settled, any dispute regarding the interpretation,
validity or execution of the auction of the Painting shall be referred
to the courts of Compiègne, France.
If any of the provisions of the present general conditions should be
held to be null and void the remaining provisions will remain valid
and applicable, by virtue of the principle of severability.
In case of any discrepancies between the French version and a
version translated into another language, the French version,
which is the legal one, prevails.
All actions of public liability against COMPIÈGNE ENCHÈRES and
the expert, ÉRIC TURQUIN EXPERTISE SAS, shall be limited in time
to within five years from the conclusion of the auction.