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WHAT YOU NEED TO KNOW ABOUT AN AUCTION

 

 

 

 

The auctions and examinations of the “Rakursi” auction house are public and open to anyone wishing to participate. Anyone, regardless whether a potential buyer or not, may participate in the examination and attend the auction.

By participating in the auction the bidder accepts the auction house’s conditions.

The works of art offered at an auction are called lots. Examine the lots you are interested in and familiarize yourself with the principles of bidding before registering for participation. Determine the sum you wish to bid on a certain lot.

To participate in an auction, you need to register.Registration is done by filling in a registration form with your personal data, address and phone number. This form is included with the catalogue of the auction; it can also be downloaded from the “Rakursi” auction house’s website. Registration can be done at any time after the auction date has been announced or immediately before the auction commences. After registering, you will receive a number to bid by.

For the auction to go smoothly, it is advisable you leave yourself enough time before the auction’s beginning to register and receive a number. The employees of the auction house will be in the auction room two hours before the starting time and will assist you with the forms.

The auctions follow the order of the lots in the catalogue. A catalogue of the works offered for sale is published for every auction. The catalogue is published in the website of the auction house and is printed about one month prior to the announced date of the auction. Anyone can purchase the catalogue from the auction house, order it by phone or over the Internet, or subscribe for receiving it throughout the year. With the catalogue, you can inform yourself of the works of art being offered – it contains a color picture and a description of the title, technique, dimensions, year of creation, information about the artist, history and other information for every work of art.

Examination of the works offered at the auction can be done several days prior to the announced date – from 11 am to 7 pm and on the day of the auction – from 11 am to 3 pm in the “Rakursi” art gallery, located at 4a “Han Krum” St., Sofia. On these dates you may personally examine the works and obtain information from the auction house’s specialists.

BIDDING AT THE AUCTION CAN BE DONE IN PERSON, BY TELEPHONE, OR WRITTEN

All persons bidding in the auction are assumed to be doing so on their own behalf and they carry personal responsibility for their bids.

Decide on the way you would like to bid. If you participate in person, you need to register in the way described above.

Bidding is done by lifting up the number received upon registration. When you wish to bid, lift the number up and wait until the auctioneer marks down your bidding. The auctioneer will continue taking in bids from all participants interested until only one bidder remains. The last person to bid is the buyer of the work. The auctioneer drops the hammer, announces the last “hammer price” and the number that won the bidding. In case of an argument, i.e. if two or more participants have announced bidding by giving a sign and each of them claims to have won the work that the auctioneer has declared “sold,” the auctioneer immediately subjects the same lot to a new bidding, starting with the last price offered by the bidders and open for participation by everyone attending.

If you are unable to attend the auction in person, you may submit a filled in form for absentee/telephone bidding, which is included in the back of the catalogue and in the website of the auction house. Print out the offer form, indicate the number and title of the lot you wish to bid for, fill in your highest price for the item and all other fields and send the scanned offer to the auction house by mail or e-mail at least 24 hours prior to the auction. The employees of the “Rakursi” auction house will attempt to secure the lot for you at the lowest possible price. The address for sending written offers is: 1000 Sofia, 4a “Han Krum” St.,e-mail: info@auction-rakursi.com

In case several equal absentee bidding forms are received for the same item, the first received offer will be given priority.

The house accepts bidding by telephone for items over 600 BGN in value. In this case, the form for telephone bidding needs to be filled out under the same conditions. Our employees will contact you to confirm before the auction. The auction assistant will relay the bidding information for you over the telephone. This service is free for the customer. The “Rakursi” auction house bears no responsibility in case it is technically impossible to establish telephone connection with the participant.

The prices of the lots are listed in BGN. The starting price is published opposite each lot in the catalogue.

Bidding for the lots is carried out according to the increment. The bid increment increases as follows:

up to 500 BGN – by 20 BGN
from 500 to 1000 BGN – by 50 BGN
from 1000 to 5000 BGN – by 100 BGN
over 5000 BGN – by 500 BGN

The auctioneer may change the increment at his discretion.

In addition to the price reached for a certain item, the winning participant pays a premium to the “Rakursi” auction house (“premium from the buyer”) as follows:

for items up to 10 000 BGN – 10%
for items from 10 000 to 20 000 BGN – 8 %
for items over 20 000 BGN – 6%

Example: If an item worth 35 000 BGN is won, 10% are paid to 10 000 BGN (1000 BGN), 8% for the part between 10 000 and 20 000 BGN (800 BGN) and 6% for the part over 20 000 BGN (900 BGN) or the cumulative premium the buyer pays is 2700 BGN.

Payment for won lots is done immediately following the auction or up to 3 workdays afterwards, in cash or by bank transfer.

Receiving of the works occurs immediately after payment is completed – immediately following the auction or in a 3-workday term after its conclusion. In cases of bank transfers, buyers may only receive an item after “Rakursi” auction house has received the price of the item in full.

 

 

 

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