GLOSSARY AND FREQUENTLY USED CONCEPTS
For these terms and conditions, as well as for all VERITAS’ communications:
Portfolio – Any and every publicity, brochure, pricelist, or publication by VERITAS.
Piece(s), Goods, or Lot(s) – Any articles or objects marketed by VERITAS, which can be
original works of art, or not.
Original Work of Art - Defined according to the article 54, No. 2, on the Code of Copyright
and Related Rights, as any graphic or plastic work, such as a painting, collage, painting,
drawing, silkscreen, engraving, print, lithography, sculpture, tapestry, ceramic, glass, and
photography, executed by the author or copies that are considered original works of art, in
which case they must be numbered, signed or in any other way authorized by the author.
Bid – Offer a certain price for a specific lot at an auction.
Hammer Price – The price at which the merchandise is knocked down to the final bidder.
Prospective Buyer – Any person of legal majority registered at the auction who can him/
herself or via a representative, according to these terms and conditions, bid for the lots
showcased at the auction.
Buyer – Any person of legal majority and registered at the auction that places or has a representative
place the highest bid, and to whom the auctioneer grants the Hammer Price.
Purchase Commission – Commission regarding the piece(s) or lot(s) purchase, applied to
the hammer price, including VAT at the applicable rate in force, and paid by the buyer at
the applicable rate.
Vendor – Person or entity who celebrates a consignment agreement to sell and/or place
good at an auction.
Sales commission – Commission regarding the sales, to be deducted from the hammer
price, including VAT at the applicable rate in force, and supported by the vendor at the
Applicable Rate – Corresponds to the rates that are applicable to the sales commission
and to the purchase commission, and that are adequately publicized or specified by VERITAS.
PURCHASE CONDITIONS AT AN AUCTION
ARTICLE 1 – REGISTRATION
a. In order to be considered a buyer or a potential buyer, the registration is necessary
before the auction starts and the bidding number is assigned. In order to register, the
potential buyer must be of legal majority and supply the information regarding his/her
civil and tax identification, as well as his/her address and phone number, and stating upon
registration that he/she knows and accepts the present terms and conditions.
b. VERITAS may require the presentation of a valid and original document for identification.
c. VERITAS considers that the potential buyer acts on his/her own behalf, except when as
a representative of a third party, in which case a valid power of attorney must be provided.
ARTICLE 2 – RIGHT OF ADMISSION
a. VERITAS reserves the right of admission, presence, or registration at their auctions, as
well as the right to ignore any bid that has not adequately complied to these terms and
conditions, namely in regards to payment obligations and picking up the goods bought
at previous auctions.
b. PA guarantee for the amount and method of payment can be requested at any time to
any potential buyer.
ARTICLE 3 – BIDDING AND BUYING
a. VERITAS considers that the best way to participate in an auction is for the potential
buyer to be physically present, except when the auction is held exclusively online. If this is
not possible, there are two alternatives available to participate in the auction:
i. Written bidding, without adversely affecting what is anticipated on the previous articles,
the auctioneer can bid on behalf and at the expense of the potential buyers who explicitly
request it on an adequate form that should be filled in according to the instructions there
listed, as long as this form is received at least 3(three) hours before the auction starts;
ii. Bidding by phone, which can be requested by the buyer, by previously indicating which
lots he/she wants to bid on the phone, as well as indicating the telephone number(s)
through which he/she can be contacted with a minimum of a 3(three) hour notice before
the auction starts. A phone bid implies that the buyer is committed to at least cover the
minimum estimate on the portfolio. If it is not possible, for any reason, to call the potential
buyer on the phone, VERITAS reserves the right to bid on his/her behalf for the minimum
value on the portfolio for that (those) specific lot(s).
b. The services mentioned on this article, specifically the written and phone bidding service,
are provided as a courtesy to potential buyers who cannot attend the auction, and
are as such classified and free of charge.
c. Despite what is mentioned above, VERITAS, as well as its employees, representatives,
or co-operators, must not be held accountable for any mistake, error, or failure that may
occur, even if it is their fault.
d. VERITAS cannot act on its own behalf as a buyer at an auction.
e. VERITAS considers a buyer to be the person who has registered or is adequately represented
by a third party, bids and buys for the highest bid, in which case the auctioneer
must decide with an utter discretionary power upon any doubt that arises during the auction,
and he/she can withdraw or put back in auction any lot.
f. In an exclusively held online auction, all registered bids made by online bidders are purchase
and sale contracts and are considered final and binding. Should two bidders make
an equal maximum offer, only the first one received by VERITAS shall be valid.
ARTICLE 4 – RISING BIDS
a. With an utter and complete discretionary power, it is up to VERITAS to decide the
amount added between bids for each lot, though it must never exceed the previous bid by
more than 10%, nor can he/she accept a bid below €10.
b. The auctioneer has the right to refuse any bid that does not exceed the previous bid
in at least 5%.
c. In an exclusively held online auction, the increments required for each bid are indicated
in the bidding interface and lower bids will not be accepted.
ARTICLE 5 – CONDITION AND DESCRIPTION OF THE LOTS
The lots taken to auction will be bought where and in the condition they are in, and it is
the potential buyer’s responsibility to analyse their condition during their public exhibition
on the days before the auction, as well as how accurate the description on the portfolio,
references to possible restorations, flaws, faults, and imperfections.
ARTICLE 6 – PAYMENT AND PICKING UP THE ACQUIRED LOTS
a. According to the price list at VERITAS, the buyer is committed to paying VERITAS, the
total amount due for buying the goods, i.e., the final bid amount, plus a 17% commission,
plus VAT according to the Special Arrangements for Sale by Public Auction.
b. The buyer is committed to pay as per the previous condition, and also to pick up the
goods up to 5(five) business days after the purchase takes place; a deposit of 30% may be
required upon purchase, if there is not a guarantee to cover it already.
c. Once these 5(five) business days are through, the auctioneer reserves the right to
charge interest at the legal rate for commercial transactions.
d. The lots purchased by the buyer can only be picked up once the total amount is paid
to the auctioneer.
ARTICLE 7 – OWNERSHIP OF THE PURCHASED GOODS OR LOTS
a. The ownership of the purchased good or lot is only transferred to the buyer once the
auctioneer is paid the total amount in cash, certified check, or bank transfer. In case the
payment is made with a non-certified check, the total amount is only considered paid for
once the check is credited, no matter if the good or lot is already with the buyer, or not.
b. While the ownership transfer conditions mentioned above are not verified, the lot remains
property of the seller.
ARTICLE 8 – PICK-UP AND TRANSPORTATION OF THE PURCHASED GOODS OR LOTS
a. Handling, packaging, picking up, and transportation of the purchased lot(s) are the
buyer’s sole responsibility. As such, any support provided or mediated by VERITAS, their
employees, representatives, or cooperators, is a courtesy, with the permission of the
buyer, and under his utter and complete responsibility, and VERITAS must not be held
accountable for any sort of damage, even if it is the consequence of neglect.
b. 5(five) business days after the purchase, if the goods have not been picked up by the
buyer, he/she will be accountable for any loss or damage that may occur to it. The buyer
is also accountable for all the expenses of applicable removal, storage, and/or insurance.
c. In case the good is partially or completely paid for, but has not been picked up within
5(five) business days as mentioned above, and a loss or damage of the good occurs,
including theft or robbery, the buyer is only entitled to receiving the amount paid to date
for the good, and there is no place for a compensation or interest.
ARTICLE 9 – LACK OF PAYMENT OR MISSED COLLECTION OF GOODS OR LOTS ACQUIRED
a. If the buyer does not pay the total amount due to the auctioneer within 21 (twenty-one)
days after the purchase, VERITAS may, at any time, demand compensation on its own
behalf or on behalf of the vendor and without the buyer being able to claim any compensation
or indemnity for this fact, exercise one or more of the following rights, as long as
they are not incompatible:
i. Take legal action for the collection of the total amount due;
ii. Terminate the contract on the grounds of definitive non-performance, notifying the
buyer of this fact, without prejudice to the provisions of paragraph c. below;
iii. Charge late payment interest at the legal rate over the amount due as of the 22nd
(twenty-second) day until the date of full settlement of the amount due;
iv. Retain any goods sold to the buyer in default, in the auction in question or any other,
making them available only and after total payment of the amount owed;
v. Take any type of measures that may be appropriate to obtain total or partial payment
of the defaulting buyer's debt, such as withholding any goods, for any reason whatsoever,
that are in VERITAS' possession;
vi. The above mentioned situations must be understood without harm of any other rights
that VERITAS may have, including the right to claim interest and expenses on handling,
packaging, removal, transportation, and insurance of the goods.
b. The defaulting buyer, who has not collected the acquired lot(s) even though they have
paid for them, will be the only one responsible for all the costs related with handling,
packaging, removal, transportation, storage, and insurance of the goods, and VERITAS
can decide if the storage will be done in its own warehouses or in others.
c. In the case foreseen in sub-paragraph a. ii., VERITAS can make use of all the amounts
delivered by the buyer as a down payment and/or principle of payment, without prejudice
of the right to compensation for the exceeding damage, namely to reimburse costs
and expenses incurred, payment of interests and commissions, among others, for which
VERITAS reserves the right to take legal action for the collection of the total amount due.
ARTICLE 10 – PHOTOGRAPHY AND PUBLICATION COPYRIGHTS AFTER PURCHASE
The buyer hereby authorizes VERITAS to photograph, publish, publicize, and use on any
form and at any time, for commercial, cultural, academic, or other purposes, which may
or may not be related to the auction, the image and description of all the goods that were
acquired through VERITAS.
GENERAL TERMS AND CONDITIONS
Perihasta, Lda, a company limited by shares, hereinafter called “VERITAS” or “the auctioneer”, conditions its activity to the terms and conditions described on the articles below, and to any
other specific conditions, adequately expressed or made public. The presented conditions to buy or sell at an auction must be understood as a business system as a whole.