L 382 - Antiques, Modern and Contemporary Art Live Online Auction

PALÁCIO DO CORREIO VELHO - LEILÕES E ANTIGUIDADES, S.A. (hereafter PALÁCIO DO CORREIO VELHO) will conduct its business activity in accordance with these Terms and Conditions of Sale and any other terms and conditions that are individually specified.



I - GENERAL SECTION

Article 1

(Object)

The present Terms and Conditions of Sale regulate the business activity of the company PALÁCIO DO CORREIO VELHO and govern any contractual relations established with it.



Article 2

(Definitions)

In these Terms and Conditions of Sale, the following definitions apply:

a) Catalogue / Digital Catalogue / Brochure - Any and all of PALÁCIO DO CORREIO VELHO's advertising, brochures, price lists or other publications, regardless of their nature.

b) Buyer's Commission - The commission charged on a purchase, calculated as a percentage of the Hammer Price and paid by the Buyer at the Applicable Rate.

c) Sales Commission - The commission charged on a sale, to be deducted from the Hammer Price and borne by the Seller at the Applicable Rate.

d) Buyer - The person who, in accordance with these Terms and Conditions of Sale, has presented the highest bid at the time the Hammer Price is reached, represented directly or via a third party.

e) Expenses - The costs incurred by PALÁCIO DO CORREIO VELHO, according to the price list in force, in relation to the sale of any lot, associated with cataloguing fees, illustrations, publications, advertising, restoration, insurance, packaging, storage and transport of the lots, plus VAT applicable to such Expenses.

f) Deliberate Fake - An imitation produced with the intent of deceiving others concerning the authorship, origin, date, age, period, culture, source or any other essential detail of an item, whenever a divergence exists in relation to the description provided in the catalogue and when, at the date of the sale, the imitation has a lower material value to that which it would have had if the description provided in the catalogue work were accurate.

g) Live Online Auction - Live streamed live auction headed by an auctioneer where bidding is possible in real-time through PALÁCIO DO CORREIO VELHO's digital channels.

h) Online Auction - Automated and timed auction achieved through a software implementation provided by PALÁCIO DO CORREIO VELHO's partner INVALUABLE.

i) Online Store | Direct Sales - The sale of works of art outside of an auction setting through PALÁCIO DO CORREIO VELHO's digital channels and its network of contacts.

j) Total Amount Due - The Hammer Price of a sold lot, plus the Buyer's Commission and any potential additional charges and expenses due from the Buyer in the event of non-compliance, in accordance with the provisions established in Article 11.

k) Original Work of Art - Under the terms of article 54, no. 2, of the Authors' Rights and Ancillary Rights Code, an Original Work of Art corresponds to works of graphic or plastic art, such as pictures, collages, paintings, drawings, engravings, prints, lithographs, sculptures, tapestries, ceramics, glassware and photographs, provided they are made by the artist themselves or are copies considered to be original works of art, and should be numbered, signed or in any other manner authorised by them.

l) Hammer Price - The price for which a lot has been adjudicated by the auctioneer to the corresponding Buyer.

m) Amount Due - The net amount owed to the Seller, i.e. the Hammer Price of the sold lot, minus the Sales Commission at the Applicable Rate and the Expenses and any other amounts that the Seller owes PALÁCIO DO CORREIO VELHO on any basis, always subject to the addition of VAT at the applicable rate.

n) Applicable Rate - The rates that apply to the Sales Commission and Buyer's Commission, which are duly publicised or specified by PALÁCIO DO CORREIO VELHO.

o) Seller - the person or entity that signs an auction Sales Contract with PALÁCIO DO CORREIO VELHO.



II - BUYER'S TERMS AND CONDITIONS

Article 3

(The Buyer)

1 - The bidder with the highest bid at the time the Hammer Price is reached will be the Buyer - wherein the auctioneer is responsible for resolving, at their complete discretion, any doubt or conflict that may arise in this regard.

2 - PALÁCIO DO CORREIO VELHO considers that all bidders act on their own behalf and will only consider bidders acting in the name of another person if presented with a validly granted power of attorney to this effect, up to 2 (two) days before the auction.



Article 4

(Minimum Increase)

The auctioneer is entitled to refuse any new bid that is less than 5% higher than the previous bid or any other percentage set by the auctioneer, at his discretion.



Article 5

(Buyer's Commission)

The Buyer will pay a Buyer's Commission to PALÁCIO DO CORREIO VELHO at the Applicable Rate:

Live Auction / Live Online Auction - 18,00% + VAT at the applicable rate.

Online Auction - 18,00% + VAT at the applicable rate.

Online Store | Direct Sales - a) Sale of second hand goods - 18,00% + VAT at the applicable rate; b) Sale of new articles (Partner Companies) - VAT at the applicable rate will be added to the Hammer Price.



Article 6

(Payment)

1 - Without prejudice to the provisions established in Article 7 or any other provision on these Terms and Conditions of Sale, the Buyer must pay the Total Amount Due to PALÁCIO DO CORREIO VELHO within a maximum of 5 (five) business days counted from the auction date, and also supply his name, address, telephone contact, taxpayer number and, if requested, his Identity Card/Citizen Card number.

2 - When clients register with PALÁCIO DO CORREIO VELHO, their credit details are requested. If the client fails to provide payment, PALÁCIO DO CORREIO VELHO can charge the amount in question to the Credit Card provided, through its partner STRYPE.

3 - At the time the Hammer Price is reached, PALÁCIO DO CORREIO VELHO may require the Buyer to provide a deposit of at least 30% of the Total Amount Due.



Article 7

(Credit Terms)

Prior to the auction, PALÁCIO DO CORREIO VELHO may choose, at its own discretion, to negotiate and agree to special credit terms to be granted to the Buyer, which will enable the Buyer to take possession of the purchased lots, up to a specific value, before paying the Total Amount Due, wherein the latter payment must be made on a date agreed with PALÁCIO DO CORREIO VELHO.



Article 8

(Transfer of Ownership of the Lots)

Once a lot or lots are adjudicated, the Buyer gains the right to possession of said lot or lots, but the title transfer of said items will only happen after full payment of the Total Amount Due.



Article 9

(Collection of Purchased Lots)



1 - Without prejudice to any special conditions agreed upon under the terms of Article 7, the Buyer must, at their own expense, collect the lot(s) they purchased within a maximum of 8 (eight) business days from the date of the auction, after payment of the Total Amount Due to PALÁCIO DO CORREIO VELHO, or solicit a transport budget from PALÁCIO DO CORREIO VELHO.

2 - If the purchased lot(s), after payment has been made, is (are) not collected within the stated timeframe of 8 (eight) business days, the Buyer will be responsible for all transport, storage, and insurance expenses incurred by PALÁCIO DO CORREIO VELHO after the deadline specified above has been reached, in accordance with the price list in force. PALÁCIO DO CORREIO VELHO can invoke the right of retention and retain the lot(s) until all the expenses listed above have been payed.

3 - If the Buyer, after having bought the lot(s), does not collect it (them) within 30 (thirty) days of payment and does not contact PALÁCIO DO CORREIO VELHO regarding its (their) collection, they fully and unconditionally authorize PALÁCIO DO CORREIO VELHO to sell the lot(s) in order to cover all expenses incurred by PALÁCIO DO CORREIO VELHO in relation to it (them).

4 - If the sale of the lot(s) results in a positive balance, the amount reached will be transferred to the bank account (IBAN) the Client provides.

5 - PALÁCIO DO CORREIO VELHO staff will only partake in the packing and handling of purchased lots as a gesture of courtesy from PALÁCIO DO CORREIO VELHO to its customers, which will only take place if PALÁCIO DO CORREIO VELHO decides it will, especially when perishable objects are concerned.

6 - PALÁCIO DO CORREIO VELHO cannot, under any circumstance, be liable for damage done to glass objects, mirrors, frames or ceramics, no matter the origin of said damage.

7 - PALÁCIO DO CORREIO VELHO may, in regard to Live Auctions / Live Online Auctions, whenever the Buyer requests it, recommend packing, transportation, restoration or other companies to the Buyer. PALÁCIO DO CORREIO VELHO is not in any way responsible for the actions or decisions of said companies.



Article 10

(Buyer's responsibility for Purchased lots)

1 - After collection of the lots, or after expiry of the deadline specified in Article 9, point 1, whichever occurs first, the Buyer will be liable for loss or damage to the lots that he has purchased.

2 - After the deadlines specified in the previous point, PALÁCIO DO CORREIO VELHO and its representatives, workers or employees cannot be held liable for any losses or damages of any nature, even if they are caused by negligence or any other cause.



Article 11

(Failure to Pay or to Collect Purchased lots)

If any lot is not paid for in full and collected during the established deadlines and in accordance with the terms and conditions established in Articles 6 and 9 or if non-compliance with either or both of the aforementioned provisions takes place, PALÁCIO DO CORREIO VELHO, in its capacity at the Seller's representative, may, without prejudice to any other rights to which it is entitled, adopt one or more of the following courses of action:

a) Charge the amount in debt to the Credit Card provided when the Buyer registered in PALÁCIO DO CORREIO VELHO's website.

b) Initiate legal proceedings against the Buyer in order to be compensated for losses deriving from non-compliance with the contract.

c) Charge late payment interest at the prevailing legal rate on the Total Amount Due until full receipt thereof.

d) Dissolve any contract whose object is the lot(s) that has/have been sold to the non-complying Buyer, in the auction in question or any other auction, if full payment of the Total Amount Due and/or collection of the lots fails to occur within an 8 (eight)-day additional deadline, which is expressly granted herein by PALÁCIO DO CORREIO VELHO as a final opportunity for compliance. This deadline will be counted from the last day of the deadline set in art. 6, point 1 of these Terms and Conditions of Sale.

e) Resell the lot in question or initiate proceedings for it to be resold, at auction or via a privately negotiated sale, in which case the non-complying Buyer will be liable to pay PALÁCIO DO CORREIO VELHO any outstanding amount in relation to the Total Amount Due (after deduction of any partial payment that has occurred and addition of any supplementary cost arising from the respective sale), wherein any remaining amount, if it exists, shall pertain to the non-complying Buyer.

f) Remove, store and insure the lot(s) at the non-complying Buyer's expense, wherein PALÁCIO DO CORREIO VELHO shall decide whether or not the storage should occur in its own warehouses or in other warehouses chosen by it.

g) Withhold the lot in question or any other lot that has been sold to the non-complying Buyer in the auction in question or in any other auction, and only release it after full payment of the Total Amount Due.

h) Reject or ignore any bid presented by the non-complying Buyer or by another person acting in their name in any subsequent auction or request and obtain a deposit by the non-complying Buyer before accepting or considering any bid presented in the future.

i) Take any steps that are deemed to be appropriate, at any time, in order to receive full payment of the Total Amount Due from the non-complying Buyer, and also achieve compensation for the existing debit from the sales price of any item owned by the non-complying Buyer that at any time is held by PALÁCIO DO CORREIO VELHO, on any basis.



Article 12

(Rights to Depictions and Publications after the Sale)

The Buyer grants to PALÁCIO DO CORREIO VELHO the right to use texts, photographs, illustrations or other items referred to in article 23 of these Terms and Conditions of Sale, at its own initiative, at any time after the auction has been held.



Article 13

(State and Authenticity of the Lots)

1 - Considering that the items sold at auction normally are of significant age, all items are sold in the state in which they are found - defects, imperfections and any descriptive errors or omissions included.

2 - Any illustrations or depictions in catalogues are solely intended for identification of the items put up for sale.

3 - Buyers accept the lots in the state in which they were found prior to the auction, and are free to judge whether or not the lots correspond to the description that has been supplied.

4 - Neither PALÁCIO DO CORREIO VELHO, nor its representatives, workers or employees can be held liable for any errors related to the description, genuineness or authenticity of any lot, given that no guarantee is provided by PALÁCIO DO CORREIO VELHO, or by its representatives, workers or employees in this regard.

5 - In the event that any lot is demonstrated to constitute a Deliberate Fake, the Buyer may return this lot to PALÁCIO DO CORREIO VELHO within a maximum of 5 (five) years counted from the auction date, wherein it should be returned in the same state in which the lot was found at the auction date, accompanied by a report, certified by an entity of recognized prestige and credibility, specifying the defects and falsifications of the lot, its number and the date of the auction in which it was purchased.

6 - If PALÁCIO DO CORREIO VELHO considers that a lot constitutes a Deliberate Fake and the Buyer is still the owner of the purchased item, the sale and purchase will be considered null and without any effect and the amount of the price will be returned, without the Seller being entitled to present any opposition thereof.

7 - The provisions established in the previous points will not, however apply if:

a) The description in the catalogue at the time of sale stood in accordance with the generalised opinion of experts or informed persons on this matter or if the description referred to the existence of diverging opinions between these experts or informed persons.

b) The only method of determining, at the date of publication of the catalogue, that the item constitutes a Deliberate Fake, consists of unproven scientific procedures or procedures that are only accepted after publication of the catalogue or that involve an impractical procedure.

8 - The Buyer's rights foreseen in this clause are restricted to the amount of the price paid, and the Buyer cannot claim any loss, injury or damage suffered or expense incurred.

9 - The beneficiary of the regime foreseen in this clause will be exclusively the original Buyer i.e. the person who acquired the item in the auction, identified by the invoice issued by PALÁCIO DO CORREIO VELHO, in respect to the sold item, lot(s).



Article 13-A

(Purchase of parts of, products of or other items derived from animals and/or plants acquired and introduced in Portugal before the 1975 CITES Convention came into force)

1 - The Buyer of an item that, because of its origin, is certified by the ICNF as being a part of, product of or derived from animals and/or plants and has been acquired and introduced in Portugal before the 1975 CITES Convention came into force, assumes the obligation to make arrangements with the ICNF for the title transfer of the certificate of the item.

2 - The Buyer cannot in any way make PALÁCIO DO CORREIO VELHO liable for any lack of compliance regarding the obligations, namely those related to the ICNF, that the owners of items of this origin must observe.



III - SELLER'S TERMS AND CONDITIONS

Article 14

(Guarantee of Ownership and Availability of the Item)

1 - The items sold in an auction are put up for sale under the terms of a contract signed between the Seller and PALÁCIO DO CORREIO VELHO.

2 - The Seller undertakes to inform PALÁCIO DO CORREIO VELHO concerning the respective ownership of the item, in particular on what basis it was acquired and its respective source.

3 - The Seller guarantees to PALÁCIO DO CORREIO VELHO and to the Buyer that it is the legitimate owner of the item or is legally authorised by the owner to sell the item in question.

4 - The Seller of an item which is not held by PALÁCIO DO CORREIO VELHO or does not lie under its control, assumes, before PALÁCIO DO CORREIO VELHO and the Buyer, the obligation to place the item at the Buyer's disposal as soon as the latter so requests.

5 - The Seller assumes the obligation to indemnify PALÁCIO DO CORREIO VELHO, its representatives, workers or employees, and the Buyer for any damages or losses that they incur in because of non-compliance with any of the provisions specified in the previous points.



Article 14-A

(Conditions for the sale at auction of parts of, products of or other items derived from animals and/or plants acquired and introduced in Portugal before the 1975 CITES Convention came into force)

1 - The Seller of parts of, products of or other items derived from animals and/or plants acquired and introduced in Portugal before the 1975 CITES Convention came into force, namely: items in ivory, rhinoceros, tortoise and coral, among others that, given their origin, require a certification to be issued by the ICNF, must deliver proof to PALÁCIO DO CORREIO VELHO of the respective certification up to 15 days before the date scheduled for the auction. If the Seller does not comply, they can incur in a penalty: PALÁCIO DO CORREIO VELHO can refuse to auction said item, and the Seller must refund PALÁCIO DO CORREIO VELHO for all expenses that the latter has borne for the inclusion and preparation of that item for auction.

2 - If so agreed between the Seller and PALÁCIO DO CORREIO VELHO, the latter may take charge of the process of legalisation of the item, with the Seller undertaking the obligation to sign the ICNF forms presented by PALÁCIO DO CORREIO VELHO, or, if the Seller is not the owner of the item, to procure a form signed by the respective owner, and also the obligation to deliver to PALÁCIO DO CORREIO VELHO all documents and declarations required, on that date and for this purpose by ICNF and also, to authorise any expert examinations of the item demanded by that authority.



Article 14-B

(Legal Regime of Jewellery and Assayer's Offices - Law no. 98/2015, of 18/08)

All assets composed of precious metals that PALÁCIO DO CORREIO VELHO, puts up for sale, fulfil provisions contained in Law no. 98/2015 of the 18th of August and the corresponding regulation, and are duly assayed. PALÁCIO DO CORREIO VELHO will deduct the fees charged by INCM [Portuguese Mint] to the hammer price whenever the assets that are not assayed must be assayed in accordance to the Fee Table foreseen in Ordinance no. 403-B/2015 (that can be consulted at https://www.incm.pt/portal/uco_precario.jsp), plus the service fee stated in our Price List.



Article 15

(Reserve prices)

1 - On the date of signature of the contract with PALÁCIO DO CORREIO VELHO, the Seller is entitled to agree a reserve price, setting the minimum Hammer Price below which the lot in question cannot be sold. In the event that the Seller accepts to put the lot up for auction without a reserve price, this implies that it can be sold below the minimum estimate, to the highest bidder.

2 - After contracting the reserve price of the lot, there cannot be any alteration to the terms and conditions of the reserve price without PALÁCIO DO CORREIO VELHO's consent.

3 - The Seller undertakes not to withdraw the items put up for auction after the date of their consignation for sale. If the seller withdraws the items, Article 22 applies.

4 - Even if a reserve price has been agreed upon, if PALÁCIO DO CORREIO VELHO so decides, it may sell the item at a Hammer Price below the reserve price, but in this case, the Seller will be entitled to receive an amount identical to that which would have been paid to them if the lot had been sold for the reserve price.



Article 16

(Deduction of Sales Commissions and Expenses)

The Seller authorises PALÁCIO DO CORREIO VELHO to deduct from the Hammer Price the amount of the Sales Commission owed to the latter, at the Applicable Rate, together with the Expenses inherent to the Sales Contract.



Article 17

(Insurance)

1 - PALÁCIO DO CORREIO VELHO will insure the items that are held in its possession for sale.

2 - The Seller will bear the costs related to the insurance premium, regardless of the nature of the item in question, unless there is an agreement to the contrary and authorises PALÁCIO DO CORREIO VELHO to deduct the amount of the insurance premium from the Hammer Price.

3 - All items that are insured by PALÁCIO DO CORREIO VELHO have a deductible of €1,000 (one thousand euros) per contingent event, and the aforementioned deductible will be applied to any indemnity payments made.

4 - If the Seller or the owner of the item intend to insure it, they should do so for the value that PALÁCIO DO CORREIO VELHO considers the minimum estimate at each moment in time. The insurance coverage shall remain valid until the Seller ceases to have the title of the item or until the item must be collected by the Seller or by the owner of the item.

5 - In the aforementioned case and in other cases in which PALÁCIO DO CORREIO VELHO does not insure the items due to the express decision of the Seller or the owner of the items, the Seller or the owner of the items will be the only ones responsible for the items and neither PALÁCIO DO CORREIO VELHO nor any of its representatives, workers or employees, can be held liable for any losses or damages, even when those might result from negligence or any other cause.

6 - Under no circumstances can PALÁCIO DO CORREIO VELHO be held liable for damages to glass objects, mirrors, picture frames or pottery items.



Article 18

(Dissolution of the Contract by the Buyer)

If, before PALÁCIO DO CORREIO VELHO settles the Amount Due to the Seller, the Buyer formalises its intention to dissolve the contract in accordance with Article 13 and if PALÁCIO DO CORREIO VELHO considers that the Buyer has justified grounds for such a decision, it may dissolve the contract and return the amounts that have been paid to PALÁCIO DO CORREIO VELHO in relation to the lot(s) in question to the Buyer.



Article 19

(Payment of the Amount Due)

1 - PALÁCIO DO CORREIO VELHO will transfer the Amount Due to the Seller 30 (thirty) days after the date on which the last session of the auction was held and after having received due payment for the items sold.

2 - If PALÁCIO DO CORREIO VELHO has not received the Total Amount Due from the Buyer until the date mentioned in the previous point, PALÁCIO DO CORREIO VELHO will settle the Amount Due within a maximum of 5 (five) business days counted from the date on which it receives the Total Amount Due from the Buyer.

3 - As an alternative to the provisions stipulated in the previous points, PALÁCIO DO CORREIO VELHO may choose to settle the Amount Due to the Seller even if the Buyer has not paid the Total Amount Due within the deadline specified in point 1, in which case ownership of the lot will be transferred to PALÁCIO DO CORREIO VELHO.

4 - If PALÁCIO DO CORREIO VELHO has agreed upon credit terms with the Buyer after having consulted with the Seller, PALÁCIO DO CORREIO VELHO will settle the Amount Due to the Seller within the agreed upon deadlines.



Article 20

(Failure to Pay the Total Amount Due)

1 - If the Buyer fails to pay the Total Amount Due to PALÁCIO DO CORREIO VELHO within a maximum of 30 (thirty) days counted from the date on which the auction was held, PALÁCIO DO CORREIO VELHO will ponder and decide, in conjunction with the Seller, the most appropriate conduct to be pursued, under the terms of Article 11, in order to obtain payment of the Total Amount Due.

2 - If the inherent circumstances of the respective case do not enable PALÁCIO DO CORREIO VELHO to obtain instructions from the Seller in relation to the appropriate conduct to be adopted in the case foreseen in the previous point, the Seller hereby expressly authorises PALÁCIO DO CORREIO VELHO to agree to special payment conditions for the Total Amount Due, remove, store or insure the sold lot, resolve any retentions formulated by or against the Buyer, under the terms and conditions that PALÁCIO DO CORREIO VELHO, at its own discretion, deems to be correct and appropriate in order to collect the sums due from the Buyer to the Seller and, if necessary, dissolve the contract, returning the amount paid to the Buyer or adopting any of the forms of conduct specified in Article 11.



Article 21

(Deduction of Other Debts)

The Seller expressly authorises PALÁCIO DO CORREIO VELHO to deduct from the net amount owed to them by virtue of the Amount Due, any amounts that are owed by the Seller as the Buyer of other items, whereby there may be compensation between any credits that exist.



Article 22

(Charges Related to Withdrawn Lots)

If a Seller decides to cancel a Sales Contract, PALÁCIO DO CORREIO VELHO reserves the right to charge a commission equal to 10% of the highest estimate of the Sales Contract of the item(s) that has/have been withdrawn at the time of cancellation, plus VAT at the applicable rate and any Expenses that have been incurred in that can be imputed to the item(s) in question.



Article 23

(Rights to Depictions and Publications)

The Seller grants to PALÁCIO DO CORREIO VELHO the right to photograph and publish texts, photographs or illustrations of any kind, and in any form, in relation to any lot held by PALÁCIO DO CORREIO VELHO for the purposes of sale, and to also use these texts, photographs or illustrations of any kind, together with any others that are supplied by the Seller, at its own initiative, at any time, whether or not connected to the organisation of the auction.



Article 24

(Unsold Lots)

1 - If it has not been possible to sell any specific lot, PALÁCIO DO CORREIO VELHO will communicate this fact to the Seller.

2 - The Seller must decide, within a maximum of 8 (eight) business days, after having received notice, whether to put the lot up for auction again or withdraw it. Both decisions are subject to payment of any Expenses due.

3 - If the Seller agrees to put the lot up for auction again, they agree that PALÁCIO DO CORREIO VELHO can reduce the minimum estimated value or the Reserve Amount of the lot by 30% in Live Auctions/Live Online Auction and by 50% in Online auctions. If the lot remains unsold after a second attempt of sale at auction, the percentages described above carry over to a third attempt.

4 - Following a third failed attempt of sale at auction, the Seller must, after having been contacted, collect their lot in the 8 (eight) days following contact.

5 - If the Seller does not collect their item(s) well within the time period established in point 4 of this Article, PALÁCIO DO CORREIO VELHO reserves the right to, within 30 (thirty) days after said period has expired, sell the lot at auction without a Reserve Amount and deduce any amount due to PALÁCIO DO CORREIO VELHO from the Hammer Price, including (without any established maximum value) any expenses related to removal, storage and insurance of the lot, as well as other Expenses owed, the Sales Commission at the Applicable Rate and any other reasonable expenses, before presenting the balance to the Seller, or, if they can't be located, depositing it in a bank account owned by PALÁCIO DO CORREIO VELHO, but whose balance belongs to the Seller.



Article 25

(Sale of Original Works of Art)

1 - If the item sold at auction is an Original Work of Art, other than a work of architecture or applied arts, the author of the work, if it is not the Seller, will be entitled, under the terms of art. 54, no. 1, of the Authors' Rights Code, to a share of the price obtained in the sale, on a tax-free basis.

2 - Under the terms of art. 54, no. 7 of the Authors' Rights Code, the Seller of the Original Work of Art is responsible for the payment of the share specified in this clause, and therefore the Seller promises to deliver the respective amount to the author of the work.

3 - In the event that the author of the Original Work of Art contacts PALÁCIO DO CORREIO VELHO in order to receive payment of the share specified in this clause, PALÁCIO DO CORREIO VELHO will inform the author of the Seller's identification and respective contact details and the terms under which the sale was carried out, in order to enable the author to exercise his legal right in relation to the Seller.

4 - In case the author of the original work of art is represented by "SPA - Sociedade Portuguesa de Autores, C.R.L." [Portuguese Authors Society], Palácio do Correio Velho will deduct the amount due for the Copyright from the hammer price and deliver it to "SPA - Sociedade Portuguesa de Autores, C.R.L." [Portuguese Authors Society], with discharging effect, in accordance with the Protocol signed with this entity.

5 - The share referred to in point 1, is set, under the terms of art. 54, no. 4 of Authors' Rights Code, in the following manner, and cannot exceed €12.500,00:

a) 4% of the price of a sale between €3,000 and €50,000;

b) 3% of the price of a sale between €50,000.01 and €200,000

c) 1% of the price of a sale between €200,000.01 and €350,000

d) 0,5% of the price of a sale between €350,000.01 and €500,000

e) 0,25% of the price of a sale higher than €500,000.01



IV - FINAL AND GENERAL PROVISIONS

Article 26

(Intervention of PALÁCIO DO CORREIO VELHO)

PALÁCIO DO CORREIO VELHO will intervene in the sale in its capacity as the Seller's representative, and therefore, cannot be held liable by the Seller or Buyer for any fault or omission.



Article 27

(Depictions in catalogues, website or social media platforms)

Visualisation of the depictions in PALÁCIO DO CORREIO VELHO's catalogues, website or on social media platforms does not detract from the need to observe the depicted items directly, in order to check that the depiction conforms to the original and its details.



Article 28

(Opinions of PALÁCIO DO CORREIO VELHO)

1 - Any representation or declaration made by PALÁCIO DO CORREIO VELHO, in any catalogue, website or social media platform in relation to the authorship, attribution, genuineness, origin, date, age, source, state or sales price estimate, should be understood as a mere statement of opinion.

2 - Any interested person should solely act in accordance with their own judgment, in relation to the aforementioned matters and neither PALÁCIO DO CORREIO VELHO nor its workers, representatives or employees, are liable for the accuracy of such judgments.



Article 29

(Bids placed by PALÁCIO DO CORREIO VELHO)

Although it is understood that the Buyers' interests will be best served through their physical presence at auction or active participation in online bidding platforms, PALÁCIO DO CORREIO VELHO may issue bids in the name of interested Buyers, if it receives instructions to this effect from them. However neither PALÁCIO DO CORREIO VELHO nor its representatives, workers or employees, can be held liable for any negligence or fault in the execution of such tasks or any omission related to them.



Article 30

(Telephone Bids)

The decision to place a telephone bid implies that the potential buyer will undertake to pay at least the value of the minimum estimate. In the event of an impediment in making a telephone connection, PALÁCIO DO CORREIO VELHO will place a bid equal to the minimum estimate in the potential buyer's name. Telephone bids are constrained by the availability of PALÁCIO DO CORREIO VELHO's telephone lines. Access to the telephone bidding service implies completion, signature and delivery of the respective form up to 4 hours prior the start of the auction. Neither PALÁCIO DO CORREIO VELHO nor any of its representatives, workers or employees can be held liable for errors or faults in the execution of this bidding service that may raise from deficiencies in telephone connections, difficulties in the reception of bids or their transmission to the auctioneer. If the Buyer does not comply with the present article, PALÁCIO DO CORREIO VELHO reserves the right to disallow them from using this service.



Article 31

(Auction Refusals)

1 - PALÁCIO DO CORREIO VELHO can refuse the admission or presence of any person in any of its auctions at its own discretion.

2 - PALÁCIO DO CORREIO VELHO may also, at its own discretion, refuse any bid, divide any lot, combine two or more lots, withdraw any lot from auction or, in the event of litigation or doubt, put any lot up for auction more than once.



Article 32

(Communications)

PALÁCIO DO CORREIO VELHO's communications addressed to Sellers, owners, potential bidders or Buyers will be made by fax, email, telephone and, if sent by registered post, will be deemed received within 48 hours after they have been sent.



Article 33

(Personal data)

1 - The Buyer or Seller grants their informed consent for processing of their personal data, under the terms of Law 67/98, of the 26th of October, wherein such processing will be carried out within the framework of the exemption authorisation no. 3/99 (Comissão Nacional de Protecção de Dados).

2 - The Buyer's or Seller's personal data will be collected and processed for the purposes of processing the contractual obligations of PALÁCIO DO CORREIO VELHO, and also for the purposes of sending information concerning auctions and/or other events organised by PALÁCIO DO CORREIO VELHO and for sending the Buyer or Seller promotional information.

3 - The Buyer or Seller will be entitled to access and be informed about their personal data.

4 - In order to gain access to the personal data that has been stored and request any alteration, correction or elimination thereof, the Buyer or Seller may send a letter to Calçada do Combro, 38 A - 1º - 1200-114 Lisbon, a fax to nº 213 460 498 or an e-mail to [email protected].



Article 34

(Auctions carried out solely through digital platforms)

Conditions for clients that elect solely to use digital platforms are adapted according to the following points:

1 - Depictions of lots

Depictions of lots may not clearly show their condition. Viewing the images on PALÁCIO DO CORREIO VELHO's website is not a substitute for physically observing the lots depicted in order to check that the depicted item conforms to the original and its details. The client may also request a Condition Report in order to better analyse the state of the item.

2 - Communications

All communications from PALÁCIO DO CORREIO VELHO to its Buyers, Sellers or potential bidders, will take place by email, telephone or post. Communications sent by registered post, will be deemed received within 48 hours after they have been sent.



Buyer's Terms and Conditions

3 - Online Registration

In order to bid, the potential Buyer must be an adult and be registered in PALÁCIO DO CORREIO VELHO's website (www.pcv.pt). They must have filled in their name, address, taxpayer number, telephone number, email and credit card information. The registration will only be complete after the Buyer has sent an identification document and accepted the Terms & Conditions of Sale.



4 - Buyer

a) PALÁCIO DO CORREIO VELHO considers the Buyer to be the person who has presented the highest bid at the time the Hammer Price is reached. This does not detract from the right of first offer or first refusal by official bodies pursuant to the legislation in force.

b) PALÁCIO DO CORREIO VELHO considers that all bidders act on their own behalf and will only consider bidders acting in the name of another person if presented with a validly granted power of attorney to this effect.

c) PALÁCIO DO CORREIO VELHO reserves the right to ask the Buyer for the original or a copy of a valid identification document, during or after registration.

d) PALÁCIO DO CORREIO VELHO reserves the right to reject or ignore any registration or bid presented by a non-complying Buyer or by any other person acting in their name regarding the payment or withdrawal of one or more lots from previous auctions.



5 - Online Bidding

a) Online bids will only be accepted through the website www.pcv.pt or through the websites of PALÁCIO DO CORREIO VELHO's partners at the time of bidding. The bidder and potential Buyer must register under the terms of Article 34, point 3 of the present Terms & Conditions of Sale.

b) PALÁCIO DO CORREIO VELHO, its board of directors and its representatives, workers or employees cannot be held liable for any errors or failures related to online bidding.

c) The bidder and potential Buyer accepts that their online bids on the PALÁCIO DO CORREIO VELHO website or those of its partners are final and cannot in any way be annulled or repealed. PALÁCIO DO CORREIO VELHO cannot be held liable for errors or mistakes made by the bidder or potential Buyer during online bidding.

d) PALÁCIO DO CORREIO VELHO reserves the right to start an auction or bidding of a lot when it considers it appropriate or reasonable to do so.



6 - Bidding Increments

a) Bidding increments are established by PALÁCIO DO CORREIO VELHO based on the following table of increments:

€ 0,00 - € 49,00 | € 10,00
€ 50,00 - € 199,00 | € 20,00
€ 200,00 - € 399,00 | € 20,00
€ 400,00 - € 999,00 | € 50,00
€ 1.000,00 - € 2.999,00 | € 200,00
€ 3.000,00 - € 4.999,00 | € 200,00
€ 5.000,00 - € 9.999,00 | € 500,00
€ 10.000,00 - € 19.999,00 | € 1.000,00
€ 20.000,00 - € 49.999,00 | € 2.000,00
€ 50.000,00 - € 99.999,00 | € 5.000,00
€ 100.000,00 - + | € 10.000,00

b) The implemented system on the PALÁCIO DO CORREIO VELHO website will under no circumstances automatically bid on behalf of the seller up to the reserve price or higher.



7 - Maximum offers

a) Maximum registered offers by bidders will not be broadcast by PALÁCIO DO CORREIO VELHO.

b) Maximum registered offers are managed by the PALÁCIO DO CORREIO VELHO website, which means that the value of the lot will be automatically incremented as long as there are bids being placed.

c) Bidders that choose to place the maximum offer will be bidding the base value for bidding if there are no other bids on the lot or the following bidding value designated for the lot if there are. The bidding value in question will depend on other potential maximum offers registered previously.



8 - Buyer's Commission

As described in Article 5 of the Terms & Conditions of Sale.



9 - Payment

In addition to Article 6 of the Terms & Conditions of Sale:

a) The Buyer must pay the Total Amount Due to PALÁCIO DO CORREIO VELHO immediately following the end of the auction.

b) If, within a maximum of 5 (five) workdays counting from the auction date, the aforementioned amount has not been paid, PALÁCIO DO CORREIO VELHO reserves the right to charge the client's registered Credit Card or to resell the lot(s) not paid for by the Buyer, either at auction or privately, without the non-complying Buyer being allowed to contest this or demand compensation.

c) Amounts can be paid with Credit Card (using STRYPE's system), Bank Transfer, Cash, and Cheque or by using PAYPAL. The lot(s) in question will only become available to the Buyer after payment is cleared.

d) Although the Buyer has the right of ownership of the lot at the moment of adjudication, the effective title transfer will only take place after full payment of the Total Amount Due.



10 - Transfer of Ownership of the Lot(s)

a) Title transfer of the adjudicated lot(s) to the Buyer will not take place until full payment of the Total Amount Due by the Buyer.

b) Any loss or damage - including robbery or theft - to the purchased lot(s) will only entitle the Buyer to compensation equal to the amount already paid for the asset, with no right to other compensation, indemnity or interest.



11 - Withdrawal of the Lot(s)

In addition to Article 9 of the Terms & Conditions of Sale:

a) If the Buyer does not chose to have the item delivered to them after the Total Amount Due has been paid, as per the conditions stated on PALÁCIO DO CORREIO VELHO's website, they have 8 (eight) workdays from the date of the auction to collect the lot(s) at the premises of PALÁCIO DO CORREIO VELHO.

b) If the purchased lot(s) is/are not collected within the deadline stipulated in subparagraph a), the Buyer will be liable for all expenses related to packaging, storage, handling, transport, and insurance of the lot(s), under the terms of the price list in force.



Article 35

(Jurisdiction)

The Lisbon District Court will be responsible for resolving any matters arising from the present Terms and Conditions, with express forgoing of any other court.



Article 36

(Arbitration)

Since PALÁCIO DO CORREIO VELHO is a service provider and an asset selling entity, in accordance to Law no. 144/2015 of the 8th of September, we hereby inform the consumer that in case of litigation, they can appeal to the Centro de Arbitragem de Conflitos de Consumo de Lisboa [Lisbon Centre for Consumer Conflict Arbitration], located in Rua dos Douradores, n.º 116, 2º, 1100-207 Lisboa or available at the following address: https://www.centroarbitragemlisboa.pt/



PALÁCIO DO CORREIO VELHO - LEILÕES E ANTIGUIDADES, S.A.

Payments for purchased lots

If you purchased a lot at auction you will receive an email with a purchase note with all purchased information and payment details. We partnered with STRIPE payments system in order to facilitate more digital payment methods, or alternitivly you can pay by our traditional payment methods: bank transfer, in person at our offices TPA (debit or credit).

Following your payment you will receive by email our final and legal invoice.

If you choose bank transfer, you must always place the number of your invoice as a reference along with the following elements:

Beneficiary Palácio do Correio Velho, SA

Bank BPI

NIB 0010 0000 20507500002 69

IBAN PT50 0010 0000 20507500002 69

Swift Code B B P I P T P L

Buyers Premium

O Palácio do Correio Velho adota uma comissão de compra de 17.08% em todos os lotes comprado, sobre esta comissão incide o IVA de 23% fazendo com que o valor total da comissão + o IVA seja 21%.

Palácio do Correio Velho has a Buyers Premium of 17,08% on all lots purchased, we must had 23% VAT for a total Buyers Premium of of 21% (tax included)

Taxes

Os bens em segunda mão em Portugal não têm qualquer imposto sobre eles, os 23% de IVA apenas é cobrado à taxa de serviço (comissão)

There are not taxes in Portugal for second hand goods, the 23% VAT TAX is only charged on top of the Buyers Premium.

Shipping Terms

Após a compra, e para evitar custos de armazenamento, os objetos devem ser recolhidos nas dependências do Palácio do Correio Velho no prazo de 8 (oito) dias úteis a contar da data do leilão.

O Palácio do Correio Velho através do nosso site irá colocá-lo em contacto com os nossos parceiros de transporte para obter um orçamento ou, em alternativa, poderá também providenciar o seu próprio transporte / transportadora para a recolha dos seus lotes.

Peça um orçamento aqui:
https://pcv.connectwp.invaluable.com/services/transportation/

After the purchase, and to avoid storage costs, the objects must be collected at the facilities of Palácio do Correio Velho within 8 (eight) working days counting from the auction date.

Palácio do Correio Velho will put you in contact with our Shipping partners in order to get a quote, or alternativley you can also arrange your own transportation / shippin company to pick up your lots.

Ask for a quote here:
https://pcv.connectwp.invaluable.com/services/transportation/

Condition Report

O Palácio do Correio Velho fornece condition reports de todos os lotes que mete em venda a pedido dos clientes interessados, na página de cada lote podem solicitar carregando em request more information.

We do provide condition reports on all lots we sell upon request from our customers.