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HOW TO BUY | At an auction
You enter the world of auctions, where you can find antiques, modern and contemporary art, jewelry, books, furniture and more.
Some people consider an auction a complicated process-Surprise!- buying at an auction is simple, requiring neither previous registration nor invitation.
Just go, enjoy and take home what you like. Here are some tips to enjoy your first auction.
Is the auction open to the public?
Yes, it’s free and open to the public. You are welcome without invitation, even if you are not sure that you’ll buy a lot. (A lot is any piece or group of pieces up for auction. A lot is numbered and appears in its corresponding catalogue.
What should I do before the auction?
You may attend the exhibition to view the lots that are to be auctioned.
On auction day you will be registered and given a numbered paddle to make bids on a lot.
Upon registration, you will be asked for your name, address and security deposit for your purchase (cash, check, credit card).
What do the estimated prices in the catalogue mean?
Each lot in the catalogue is given a low and high estimate, indicating to a prospective buyer a range in which the lot might sell at auction.
When possible, the estimates are determined on previous auction records of comparable pieces.
How does an auction work?
When your chosen lot appears, raise your paddle when the auctioneer announces a price you agree to. The auctioneer will continue to raise the price as long as there are persons bidding on that same lot.
The last announced bid will be the accepted selling price when indicated by the fall of the auctioneer’s gavel (gavel price).
This final price plus a Premium of 17% plus a sales tax (17% from Premium) is what you will pay for your lot.
Can I make bids without going to the auction?
Yes. There are two simple ways to handle absentee bidding:
• In writing.
Fill out an absentee bidding form, indicating lot(s), number(s) and your highest bid(s) , A Luis C. Morton representative will bid for you.
• By Phone.
Before the auction, choose the lot(s) you wish to bid on. When your lot appears, a representative will call you and will pass on your bid(s) to the auctioneer.
Our catalogues contain lot descriptions, photographs, estimates auction and exposition dates, schedules, instructions and absentee bidding forms.
If you wish to receive continuous information about our auctions send us an e-mail at: atenciĂłn.clientes@lmorton.com
How does an auction works?
| 1 | Initially, the auctioneer will indicate the lot to be sold, by means of catalogue number, or by description and characteristics and an opening price. |
| 2 | The auction of each lot begins when the auctioneer shouts out its opening price. Bidders will either increase their bids or accept the price proposed by the auctioneer. The auctioneer may open and increase bids for the seller until a retainer price is reached, or through bids by other buyers. |
| 3 | For the auctioneer to declare a lot sold there cannot be any further higher bids; the last price announced by the auctioneer will be the price paid by the buyer. |
| 4 | Bids that result in final sales follow the this chart: |
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$500| 5 | The person for whom the auctioneer reserves the lot becomes the owner and subsequently will pay the following: |
| 6 | Upon acquiring merchandise “Galerias” will give the owner a certificate of ownership, receipt, and will finalize the sale through check, credit card or American Express, whatever be the case. |
| 7 | Returned checks will cause a 20% charge over the total price. |
| 8 | Merchandise will be transported by the buyer. |
| 9 | Purchases under $10,000 (ten thousand pesos) plus auction commission and corresponding sales tax for credit card use, will be charged the same day of purchase. |
| 10 | Request an invoice for your company at the moment of payment. You must have your “Registro Federal de Causantes”. There will be NO changes in invoices. |
| 11 | Once merchandise is acquired it cannot be exchange or returned. |
| 12 | Merchandise is auctioned and acquired as is; we recommend you visit our exhibition to verify exact lots and to check characteristics and specifications you require. |
