The aim of Subastas Bilbao XXI S.L. is to be an intermediary either by deposit, or exhibition or auction of any kind of objects of art, jewellery, collection pieces and further ancient and modern products.
The saleroom will establish, together with the depositor, the initial price of the object to be auctioned. The initial price will constitute the minimum price of sale in auction. Subastas Bilbao XXI S.L. reserves the right to exhibit, make pictures and illustrate the objects provided for their sale.
Subastas Bilbao XXI S.L. holds an insurance policy covering any wrecks or damages and guarantying the agreed value shown in the catalogue. The saleroom commissions will be therefore deducted from the said policy.
Once the auction is finished, the 20% commission over the final price will be deducted from the sale price, apart from the corresponding taxes.
The liquidation of the auctioned objects will be made within a 45 working days deadline from the date of the auction, as long as these objects had been paid to the saleroom.
If the supplier decided to withdraw unilaterally a lot, always before the publication of the catalogue, s/he would have to pay to the saleroom the agreed commissions, the taxes corresponding to those commissions, the expenses derived from storing, transportation, cleaning, insurance, certificates, etc. Subastas Bilbao XXI S.L. will deduct it from the lot liquidation. In no case will these lots be removed after the catalogue edition.
Subastas Bilbao XXI S.L. has the right to sell the lots unsold in the auction with the estimated initial price. If here was an offer lower than that price, it would only be sold by agreement between the saleroom and the transferor.
If the unsold lots are not removed within 3 months, they could be auctioned with an initial price a 30% lower than the agreed price, unless the parties had agreed a different price.
Those authors whose works are subjected to Law 22/87 of the Intellectual Property will have the corresponding deduction when applicable. The seller will pay for it.
In case a lot is not removed in the auction, the storing expenses, after the 35 days period, will cost to the owner €5 per day.