Selling at Auction

FREE CONFIDENTIAL VALUATIONS

All Gregory’s staff and experts are at your service for free confidential valuations of the items you wish to sell by auction. To obtain a valuation, you can make an appointment by telephone and then bring the items to our premises in Bologna or alternatively, you can send us an e-mail with photographs of the item, supported by documentation containing all necessary information such as size, provenance, bibliography, expertise, purchase documents. Home valuations can also be arranged by appointment.

RESERVE PRICE

The reserve price is the minimum price below which the lot may not be sold. The price is agreed, in confidence, by Gregory’s and the seller and it is strictly confidential, not being revealed by the auctioneer, and it is reported in the sale contract alongside the description of each lot. It may be equal to or higher or lower than the estimate shown in the catalogue. If the reserve price is not achieved, the lot is deemed unsold and will be withdrawn from the auction. The auction house deducts a commission on the sale price of 14% (with a minimum of €30) and 1% as an insurance payment.

SALE CONTRACT

If you decide to appoint Gregory’s to sell your items at auction, we ask you to sign a sale contract containing all the terms and conditions, of which you will receive a copy, also containing a list of the items to be auctioned and the reserve price for each one, the agreed buyer’s premium and any contributions to insurance, transport and all other necessary expenses.

After the auction all sellers will receive a statement containing a list of their own lots and their sale price.

For unsold lots, an agreement can be reached to reduce the reserve price allowing the necessary time to make other attempts to sell the items, including by way of private transactions. If such an agreement has not been reached, the items must be collected by and at the expense of the seller within 30 days of the auction date. After that period of time storage and transport costs will be charged  (126.00 euro/week).

PAYMENTS

30 working days after the auction date, Gregory’s will pay the sum due for the sale by cheque, to be collected from our offices or by bank transfer made out to the account held in the name of the owner of the lots, provided that the buyer has honoured his or her obligation to pay, assumed at the time of sale, and provided that there no complaints or disputes have arisen over the goods sold. When payment is made, an invoice will be issued detailing the sale prices, commission and all other expenses. In all circumstances, the balance payable to the seller will only be paid by Gregory’s after full payment has been received from the buyer.

RESALE RIGHT

Under Italian Legislative Decree 118 of 13/2/2006 which came into force on 9 April 2006, in Italy the “Resale Right” (Droit de Suite), that being the right of artists (living or dead for fewer than 70 years) of works of figurative art and manuscripts to receive a percentage of the sale price of the original works whenever they are sold after the first time. This right is to be paid by the seller and will be calculated on a sale price equal to or over 3,000 euro. This right may not amount to more than 12,500 euro for each lot. The amount for the resale right is calculated as follows.

– 4% of the sale price when this is up to 50,000 euro
– 3% of the sale price when this is between 50,000.01 and 200,000 euro
– 1% of the sale price when this is between 200,000.01 and 350,000 euro
– 0.50% of the sale price when this is between 350,000.01 and 500.000.01 euro
– 0.25% of the sale price when this is over 500,000 euro

The resale right charged to the seller will be paid by Gregory’s to SIAE (The Italian Society of Authors and Publishers) as prescribed by law.

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