Buying in auction

Buying in auction - Buying

Participating an auction

To participate in an auction it’s necessary to be registered at the Incanto Auction House and to have obtained a participation number. This number refers exclusively to a single auction.

If you haven’t registered as our clients yet, you will be asked to fill in the registration form, either at our office or directly online.
To register you must bring a valid proof of identity (such as a driving license, identity card or passport) and your taxpayer’s code number.
The means of bidding are the following:

  • in person
  • with a written bid
  • with a telephone bid
  • online

Bidding in person

To place your bid, simply show the auctioneer your participation number. This allows the auctioneer not to mistake a random gesture for an actual bid. The bidding increments are decided by the auctioneer and usually never exceed 10% of the previous bid. The auctioneer will take increasing bids on each lot, until only one bidder remains. The final bidder purchases the lot.

The ‘hammer price’ is the highest bid at which the lot is purchased. In accordance with the Condition of Sale, a commission inclusive of VAT is added to the ‘hammer price’. Each lot has a reserve price, agreed upon by Incanto and the Seller before the auction, which corresponds to the minimum selling price below which the lot cannot be sold. The reserve price is confidential and is defended by the auctioneer through adequate bids. If the bidding does not reach the reserve price during the auction, the lot remains unsold.

Absentee bids

It is possible to participate in an auction by means of a written bid.
In this case the buyer must fill in and sign the written bid form authorizing Incanto to purchase the lot/s he is interested in. The buyer must indicate the lot/s upon which he wishes to bid and the maximum bid amount he is willing to make. Incanto will try to purchase at the minimum possible price, considering the reserve price and the competing bids.

A commission of 24% inclusive of VAT is added to the winning bid. Incanto does not accept written bid forms for unlimited bid amounts.
In the event of identical bids, the lot will be assigned to the client whose bid was received earliest.
You can find a written bid form at the back of each catalogue and as download on our website.
The form should be returned to our office by email, by fax, by post or in person at Incanto by the day prior the auction.
After the auction, Incanto will inform successful ‘absentee’ bidders by email or by telephone.

 

Telephone bids

It is possible to participate in an auction by means of telephone bids. To do so the buyer has to fill in and sign a written bid form (indicating the lots he is interested in), returning it by email, by fax, by post or in person at Incanto by the day prior the auction.
A Incanto’s representative will contact the buyer prior to the specified lots, thus enabling him to take part in the auction and place bids as if he actually were in the saleroom.
The buyer can indicate on the form the maximum bid amount he is willing to make on the lot he is interested in, so that, should there be any problems with the telephone lines, the Incanto’s representative will be able to defend the buyer’s bid.

Telephone bidding is an additional service free of charge that Incanto offers its clients; Incanto cannot accept liability for failure to place such bids.
Telephone bidding cannot be fully guaranteed as telephone lines may be cut off or engaged. Incanto cannot accept telephone bids on lots of value inferior to EUR 500,00.

 

Online

It is possible to participate in an auction by means of online bids. Some selected auctions are present on LiveAuctioneers’ site and on Invaluable’s site for our customers to have the opportunity to buy lots online and in real time.

To place a bid you must be registered with LiveAuctioneers or Invaluable and be approved by Incanto Auction House for online participation sales.

Payment

You may pay the lots purchased immediately after the auction and anyway no later than 10 days after the auction.

The following payment methods are accepted:

  • cash, subject to certain restrictions
  • bank draft, subject to preventive approval of the issuing bank
  • personal check, subject to agreement with Incanto
  • wire transfer, to be paid to:


INCANTO SRL
BANCA DEL PIEMONTE AG. 13
CORSO EINAUDI 15/D
10129 TORINO
ABI: 03048
CAB: 01013
CIN: B
BIC: BDCPITTT
IBAN: IT04B0304801013000000086638

The buyer is responsible for any export license charges.

Pick up and delivery

Upon payment, the buyer has to pick up the lots purchased, either in person or arranging to have them delivered/shipped.
Incanto does not carry out delivery but, if requested, can supply contacts of  qualified firms to arrange packing and delivery of the purchased lots. All packing and delivery/shipping expenses are to be paid by the buyer.
Incanto cannot accept liability for anything related to delivery/shipping, therefore the buyer must refer directly to the carrier.

Storage and insurance

The purchased lots are covered by Incanto Auction House insurance for up to 10 days after the sale date, which is also the deadline for payment and pickup. A possible further insurance may be contracted only if specifically requested by the buyer.
After the payment and pickup deadline, Incanto will no longer be liable for the care and any spoilage or deterioration of the lots. Furthermore, Incanto Auction House will have the right to charge the buyer for storage expenses.