Auction 225: Modern and Contemporary Art

Single session: May 13th, at 6pm

Exhibition: From the 6th to the 12th of May, from 2pm to 7pm

B. CONDITIONS REGARDING THE BUYERSB.1. REGISTERING

ART. 1 – Registration Requirements

In order to be able to place a bid, the potential buyer should be of age, previously register and have a bidding number. Such register must include the name, address, telephone number, taxpayer number and the signature of the prospective buyer or his empowered representative’s signature, in which he acknowledges and accepts this Business Conditions.

ART. 2 – Proof of Identification

“Cabral Moncada Leilões” reserves the right, upon registration or at a later date, to request the prospective buyer the submission of a valid and in force original identification document.

ART. 3 – Demand of Guarantee

“Cabral Moncada Leilões” also reserves the right, upon registration or at a later date, to demand any potential buyer a guarantee “Cabral Moncada Leilões”, according to its commercial and credit policies and to the potential buyer’s background, deems reasonable, regarding both the form and the amount.

ART. 4 – Prior Breaches

“Cabral Moncada Leilões” also reserves the right to refuse registration or ignore a bid to anyone who has not fulfilled the respective obligations punctually, including payment and withdrawal of one or more items in previous auctions.

ART. 5 – Representation by Third Parties

“Cabral Moncada Leilões” considers that whoever submits its registration as a potential buyer acts on its own behalf and can only act on behalf of a third party by delivering legally valid power of attorney for the purpose, up to two (2) working days before the sale of the item. In case the power attorney is validly challenged by the alleged granter, the alleged representative and bidder will be deemed as buyer.

B.2. BIDDING AND PURCHASE

ART. 6 – Bidding in person, Purchase orders, Phone Bidding and Online Bidding

Whenever a potential buyer wishes to ensure the actual bidding of one or more items, such prospective buyer shall attend and bid in person at the respective auction, as “Cabral Moncada Leilões” considers the presence of the potential buyer is, in any case, the most adequate way to safeguard his interests.

 a ) Purchase Orders

notwithstanding the previous articles, “Cabral Moncada Leilões” can bid on behalf of potential buyers who expressly request such bid through:

• the appropriate written form and under the conditions contained therein, provided that such document is received three hours before the start of the respective session; or
• one or more online platforms running the auction provided by “Cabral Moncada Leilões” provided that such purchase order is received in due time.

Purchase orders for a certain item will be executed by “Cabral Moncada Leilões” at the best possible price permitted by any other purchase orders or bidding received to the same item.

b) Phone Bidding

upon request of potential buyers, received at least three hours before the start of the session, “Cabral Moncada Leilões” is also available to make reasonable efforts to contact them by telephone, in order to allow their participation, by such means, at the bidding of one or more predetermined items;

c) Online Bidding

Through one or more online platforms running the auction provided by “Cabral Moncada Leilões” it might be possible, notwithstanding the purchase orders mentioned before, to bid online during the auction.

d) The execution of purchase orders and telephone and online bidding services referred to in the preceding paragraphs are provided as a courtesy to potential buyers who cannot be present and is confidential and free of charge; “Cabral Moncada Leilões” will conduct all reasonable efforts within its power to its proper and timely execution; however neither “Cabral Moncada Leilões” nor its officers, employees or associates may in any event be liable for any errors or omissions, even if negligent, that may eventually occur in the execution of such services; the specific case of online purchase orders or online bidding is also subject to Section D of the present Business Conditions.

ART. 7 – Bidding Evolution

It is up to the auctioneer to decide, with total discretion, the amount in which the bids evolve in the bidding of each item. However, the auctioneer should never exceed 10% of the previous bid, and no bid shall be less than € 10, except in online auctions.

ART. 8 – Right of first refusal and resolution of doubts

• “Cabral Moncada Leilões” will deem to be the buyer the one that, personally or through a third party duly empowered for the act, bids and wins the bidding of an item for the highest price, notwithstanding the possibility of exercise of the right of first refusal or option by official entities, in accordance with applicable law;
• Should several purchase orders and online bids of the same price be received for the same item, it will prevail the first to be registered at the “Cabral Moncada Leilões” online platform https://cml.liveauctions.pt
• It is up to the auctioneer to decide, with full discretionary power, any doubt that may arise, including the withdrawal of the item from the auction or the reposition of the item in auction; in such a case, the bidding is to begin by the item´s initial price.

B.3. PAYMENT AND WITHDRAWAL

ART. 9 –Amount due / Buyer Commission

a) The buyer agrees to pay “Cabral Moncada Leilões” the total amount due for the sale of the item, i.e., the amount of the winning bid plus a commission, which includes VAT, according to the Special Regime for Item Sales at Auction, as follows:

up to and including € 300 – 24,60%;

in excess of € 300 up to and including € 1.000 – 22,14%;

in excess of € 1.000 up to and including € 3.000 – 18,45%;

in excess of € 3.000 up to and including € 20.000 – 14,76%;

on the portion of the hammer in excess of € 20.000 – 12,30%,

b) Should the purchase be executed through any other online platform than www.cml.liveauctions.pt , the buyer agrees to pay “Cabral Moncada Leilões” the total amount due for the sale of the item, i.e., the amount of the winning bid plus a commission, which includes VAT, of 24,60%.

c) In the exceptional cases indicated in the catalogue, VAT may be due on the amount of the bidding.

ART. 10 – Payment term

The buyer agrees to make the payment referred to in the previous article and withdraw the item within the ten (10) business days following the date of purchase and may be required, at the time of auction, to make a deposit of 30% of its value not covered by guarantee. After the said period of ten (10), “Cabral Moncada Leilões” reserves the right to charge interest at the legal rate for commercial operations.

ART. 11 – Transfer of ownership

The ownership of the item will only be transferred to the buyer after “Cabral Moncada Leilões” has been paid the total amount of the sale in cash, certified check or wire transfer. In case payment is made by check which is not certified, the item will only be considered to have been paid after good collection of such check, regardless of the item being already in possession of the buyer.

Until transfer of title, in accordance with the preceding paragraph, the item remains the property of the seller.

ART. 12 – Condition to Withdraw

The withdrawal of any item will only be authorized after the total amount of the sale has been paid.

ART. 13 – Liability for Withdrawals

The withdrawal and transportation of items is the sole responsibility of the buyer, and any assistance provided by “Cabral Moncada Leilões”, its officers, employees or associates is a matter of courtesy, and cannot have as an effect liability of any kind. The indication of any company or person to do so also excludes any responsibility of “Cabral Moncada Leilões”, its officers, employees or associates.

ART. 14 – – Liability after Withdrawals

Once the item has been withdrawn, or the deadline of ten (10) days is met without the withdrawal of the item by the buyer, the buyer will be liable for any loss or damage, including theft or robbery, which may occur regarding the item. The buyer is also liable for any expenses related to the removal, storage and/or insurance that may occur.

ART. 15 – Liability of “Cabral Moncada Leilões”

Any loss or damage, including theft or robbery, of an item auctioned and not collected, that occurs within the ten (10) days deadline referred to in Article 11, only grants the buyer the right to receive an amount equal to the one paid at the time for the item, and does not entitle him to any compensation, damages or interest.

ART. 16 – Non-payment consequences

If the buyer fails to pay the full amount of the sale within ten (10) days from the date of the item auction, “Cabral Moncada Leilões” may, at any time, for itself and on behalf of the seller and without any possibility of the buyer to demand any compensation or reparation for this fact:

a) file a lawsuit to recover the full amount of the sale;

b) notify the buyer of the cancellation of the sale, subject to the right of “Cabral Moncada Leilões” to receive the commission owed by the buyer and the consequent possibility of legal action being brought for the collection of such debt.

The alternatives prior shall be understood without prejudice to any other rights that “Cabral Moncada Leilões” may be entitled to, including the right to claim payment of interest and costs of removal, storage and / or insurance of the item that may occur. Similarly, in case “Cabral Moncada Leilões” chooses initially the hypothesis a), such choice shall be without prejudice to the right to terminate such action at any time and annul the sale pursuant to b).

B.4. LIABILITY OF “CABRAL MONCADA LEILÕES”

ART. 17 – Liability for descriptions

“Cabral Moncada Leilões” is responsible for the accuracy of descriptions (which should be understood as references to time, style, author, materials and condition) of items in its catalogs, without prejudice of the possibility of such descriptions being publicly and verbally corrected until the moment of the sale.

ART. 18 – Condition status and Particular Cases

All items are sold in their current condition, and it is up to potential buyers to personally confirm, by prior examination of the item, the accuracy of the description in the catalog, particularly with regard to possible restoration, faults or defects mentioned therein.

a) in case of items that include mechanisms, such as clocks and music boxes, when the description of the catalog does not explicitly mention any “need to repair the mechanism” or equivalent, the item’s mechanisms will be deemed to be functioning;

b) in the cases referred to in the preceding paragraph, the liability of “Cabral Moncada Leilões” is restricted to the mere operation of the mechanism, and not to its perfect functioning, and ceases, in any case, at the time of withdrawal of the item by the buyer.

c) The mention of signatures, initials, names, brands or existing acronyms in an item and its mere factual transcription in its description does not imply the assignment of authorship by “Cabral Moncada Leilões” except in the cases where this authorship is specifically assumed at the beginning of the description.

ART. 19 – Discrepancy of Descriptions

Once a relevant discrepancy is verified (i.e., involving a significant change in the value of the item) between the description and the reality of the item at the time of the auction, the buyer, and only him, may, for a period of three years from the date of auction, request the reimbursement of the full amount of the sale through the return of the item, in the condition it was at the time of the auction. However, the buyer will not be entitled to any compensation, damages or interest.

ART. 20 – Burden of Proof

It is up to the buyer to demonstrate the existence of the relevant discrepancy between the description and the reality of the item, under the terms and for the purpose of the preceding articles.

ART. 21 – Expert Opinion

“Cabral Moncada Leilões” may require the plaintiff buyer to file a written statement with an attached expert opinion signed by a recognized expert in domestic or international markets, without prejudice to its right, in any case, and at all time, to oppose to the expert opinion presented with another of equivalent value.

ART. 22 – Pictures

The photographs or representations of the items in the catalog are intended solely for identification of the items subject to sale.

ART. 23 – Claims by Third Parties

“Cabral Moncada Leilões” is not liable before the buyer for an item that, for reasons attributable to the seller or a third party, is subject to claims or grievances and / or seized, provisionally or permanently, by the competent authorities, regardless of the date in which the complaint, claim or seizure has been determined or enforced, and the nature or amount of any loss or damage that may arise therefrom, which shall be claimed by the buyer directly to the seller or third party that caused them.

ART. 24 – Limits to the transfer, exportation and similar activities

“Cabral Moncada Leilões” is also not liable before the buyer of an item that is prohibited from leaving the country or subject to any encumbrance, charge or restriction, related to its holding, use, enjoyment or transmissibility, including under legislation protecting cultural heritage, regardless of the date of its classification, inventory or enrollment and of the nature or amount of any loss or damage that may arise to the buyer from such restriction, which must be claimed by the buyer directly to the seller or third party who caused it. Similarly, it is the buyer's responsibility to find out about (and, if applicable, obtain) any (i) licenses and other formalities or restrictions on exports from Portugal to the country of intended destination by the purchaser, and (ii) licenses and other formalities or restrictions on importation into the country of intended destination by the purchaser - e.g., some countries place restrictions on the import of goods incorporating vegetable or animal elements.

ART. 25 – Limitation of Liability

Except in case of willful misconduct, the liability of “Cabral Moncada Leilões” before the buyer is, in any case, limited to the amount actually paid for the purchase of the item.

C. CONDITIONS REGARDING BOTH SELLERS AND BUYERS

ART. 1 – Independence

“Cabral Moncada Leilões”, respective partners or legal representatives, their spouses, ascendants or descendants do not act, under any circumstance, in its own name as sellers or buyers of the items placed at auction

ART 2. – Permission to Publish

The seller and the buyer expressly authorizes “Cabral Moncada Leilões” to photograph, publish, publicize and use, in any form and at all times, for commercial, cultural, academic or other purposes, related or not to the auction, the image and description of all items that have been sold or acquired through it.

ART. 3 - For the resolution of any dispute between the parties concerning the interpretation or validity of the Contract, including the present business conditions, as well as its implementation and enforcement, the court of the district of Lisbon shall be exclusively competent.

D. CONDITIONS REGARDING ONLINE AUCTIONS AND ONLINE BIDDING IN LIVE AUCTIONS

The precedent Business Conditions apply to “Cabral Moncada Leilões” online auctions and online bidding at live auctions with the following adaptations and modifications, due to its specificity:

ART. 1 - Platforms

“Cabral Moncada Leilões” provides online-only auctions at the “Cabral Moncada Leilões” internet website at www.cml.pt – below, “CML Platform”.

“Cabral Moncada Leilões” provides also online bidding at its live auctions through determined international online platforms run by Third Parties - below, “Third Parties Platforms”

ART. 2 Online auction catalogues

The catalogues with the image and description of each and every item included in online auctions are only available in digital version at “CML Platform”.

ART. 3 - Online register

• In order to bid at an online auction, the potential buyer should be of age, previously register at CML Platform, mandatorily fulfilling the name, address, taxpayer number, telephone number and email, and declaring to acknowledge and to accept the present Business Conditions.
• In order to give Purchase Orders and to bid online at a live auction the potential buyer should be previously registered in one of the Third Parties Platforms in which that auction has been provided by “Cabral Moncada Leilões”, complying to the rules and accepting the terms and conditions of such Platform. Doing so and giving Purchase Orders or Bidding online at a “Cabral Moncada Leilões” live auction, the potential buyer accepts to comply to the present Business Conditions, which, in case of contradiction, will prevail over the terms and conditions of the Platform.
•  The potential online buyer should keep confidential the chosen password and any other means of authentication received during his register process at the “CML Platform” or, should that be the case, at a Third Parties Platform, and is responsible for any unauthorized access to his account.
• “Cabral Moncada Leilões” reserves the right to cancel or to suspend the register of anyone who failed to comply to his obligations in due time, namely the payment or the withdraw of one or more items, in previous auctions.

ART. 4 – Purchase Orders and Online Bidding at Online Auctions

• Purchase orders and online bidding can only be accepted when presented through the CML Platform, after register of the potential online buyer according to item a) of the previous article;
• Online purchase orders and online bidding can only be accepted when its value is equal or superior to the base value of each item;
• Online purchase orders for a certain item will be automatically executed by “Cabral Moncada Leilões” for the best price allowed by the existence any other online purchase orders or online bidding received for the same item;
• Online bidding increments will not exceed in any case 10% of the value of the precedent bid;
• Online purchase orders received and accepted by “Cabral Moncada Leilões” are confidential;
• The potential buyer accepts that his online purchase orders and online bidding at the CML Platform, once accepted, are final and cannot, by no means, be canceled or revoked until the term of the correspondent online auction.

ART. 5 - Payment and withdrawal at online auctions

a) The online buyer agrees to pay “Cabral Moncada Leilões” the total amount due for the sale of the item, i.e., the amount of the winning bid plus a commission, which includes VAT, according to the Special Regime for Item Sales at Auction, as follows:

up to and including € 300 – 24,60%;

in excess of € 300 up to and including € 1.000 – 22,14%;

in excess of € 1.000 up to and including € 3.000 – 18,45%;

in excess of € 3.000 up to and including € 20.000 – 14,76%;

on the portion of the hammer in excess of € 20.000 – 12,30%,

b) In the exceptional cases indicated in the catalogue, VAT may be due on the amount of the bidding.

c) The online buyer agrees to make the payment referred to in the previous items and withdraw the item within ten (10) days following the date of purchase;

d) The payment can be made through cash (maximum € 2.500), ATM, wire transfer, or by certified check; should the payment be made by check which is not certified, the item will only be considered to have been paid after good collection of such check, regardless of the item being already in possession of the buyer;

e) The ownership of the item will only be transferred to the buyer after “Cabral Moncada Leilões” has been paid the total amount of the sale in cash, certified check or wire transfer.

Until transfer of title, the item remains the property of the seller;

f) If the online buyer fails to pay the full amount of the sale within ten (10) days from the date of the item auction, “Cabral Moncada Leilões” has the right to file a lawsuit to recover the full amount of the sale or to cancel the sale, according to clause 16 of the present Business Conditions, which is applicable;

g) The withdrawal and transportation of items is the sole responsibility of the buyer, and any assistance provided by “Cabral Moncada Leilões”, its officers, employees or associates is a matter of courtesy, and cannot have as an effect liability of any kind. The indication of any company or person to do so also excludes any responsibility of “Cabral Moncada Leilões”, its officers, employees or associates.

h) The rules established in the present article are applicable exclusively to online auctions. Online bidding and online purchasing at live auctions are subject to the precedent Sections rules applicable to Live Auctions.

ART. 6 – No right to withdraw

The online buyer at live or online auctions acknowledges and accepts that his purchase has been undertaken in an online auction and therefore does not benefits from the right of free resolution of the contract according the legislation concerning distance and off-premises contracts;

ART. 7 – Liability

The CML Platform operates, in each and all phases (including but not limited to, registration, access to the account by registered users, purchase orders and bidding management, determination of the winner bid and communication with the registered users) in a fully automatic mode. The Third Parties Platforms operate also automatically, at least in part. In both cases, periods of unavailability may occur to the CML Platform or to the Third Parties Platforms and/or problems and the appearance of faults in the functions, that may be caused to a variety of causes, including, namely, internet connection problems, electric overload, virus, cyber attacks, programming errors or inconsistencies – bellow “Platform Operating Problems”.

b) Online Auctions - Platform Operating Problems may compromise the achievement of one or more than one online auctions, or may affect, in a particular auction, one or more items (lots); likewise, Platform Operating Problems may affect the users in general, a group of users, or just a single user, which may, namely, be unable to register, to access his own account, to give a purchase order or a bid; or, being able to give a purchase order or a bid, such purchase order or bid was not taken into consideration, or not receiving certain communications (such as the reception of an higher bid) or receiving wrong communications.

c) Live Actions - Platform Operating Problems may affect online users, that can be unable to register, to access his own account, to give a purchase order or a bid; or, being able to give a purchase order or a bid, such purchase order or bid was not taken into consideration, or not receiving certain (such as the reception of an higher bid) or receiving wrong communications. Whenever a potential buyer wishes to ensure the actual bidding of one or more items, such prospective buyer shall attend and bid in person at the respective auction, as “Cabral Moncada Leilões” considers the presence of the potential buyer is, in any case, the most adequate way to safeguard his interests.

d) “Cabral Moncada Leilões”, as well as its officers, employees or associates “is not liable, in any case, for any Platform Operating Problems.

e) Should a Platform Operating Problem occur during an online auction, “Cabral Moncada Leilões” may, but is not compelled to, repeat the affected auction, or to put to sell again the affected items in a new live or online auction. Should a Platform Operating Problem occur during a live auction, it is up to the auctioneer to decide, with full discretionary power, any doubt that may arise, including the withdrawal of the item from the auction or the reposition of the item in auction, at the price it had when the doubt arose.

In case of any discrepancy between the Portuguese version and the English version of the Business Conditions, the Portuguese version shall always prevail.

IMPORTANT NOTICE

GENERAL DATA PROTECTION REGULATION

According to the GDPR and to its own Privacy Policy, available on the website www.cml.pt, Cabral Moncada Leilões will promise to process collected personal data in a lawful manner, respecting the principles of good-faith and in the strictest confidentiality and assures furthermore that collected personal data are adequate, relevant and not excessive concerning the purposes for which they were collected and processed.

CITES - CONVENTION ON INTERNATIONAL TRADE OF ENDANGERED SPECIES OF WILD FAUNA AND FLORA

Each and every one of the goods incorporating materials from endangered species of wild fauna and flora, put up on auction by Cabral Moncada Leilões, were certified in advance pursuant to CITES’s provisions. According to the law, the buyer should request the register in his own name near the competent authorities.

LEGAL FRAMEWORK REGARDING JEWELLERY AND MARKING – LAW 98/2015, of 18 of August and Dec. Lei nº 44/2016 de 17.8.2016

Each and every one of the goods made of precious metals, put up on auction by Cabral Moncada Leilões, is in compliance with the referred to Law and its respective regulation, being also duly marked, according to the law.