If the auction sale goes well you will benefit from the high price of sale. If it does not, you are assured of receiving at least the reserve price you have been guaranteed.
Similar to an insurance contract and against the payment of a fee, Art Auction Guarantee will guarantee:
- The price of the reserve (as mentioned on the auction mandate with the auction house); so that no matter what happens during the auction the owner is sure to receive at least the reserve price, minimum amount the owner agreed to sell the piece for in auction.
- A minimum agreed upon price of sale to the owner above the reserve price; as the contract that guarantee the reserve price only, this contract guarantees also that the seller receives the agreed amount, the piece being effectively sold or not in auction.
Before the auction
We will analyse the mandate in detail, as well as the piece presented for sale in auction against the value you wish to be guaranteed upon.
There is a standard auction guarantee contract pricing that is a % of the amount guaranteed + a share of the profit between the seller and Art Auction Guarantee. The auction guarantee contract conditions may also be tailored to specific requirements of a client, for a single piece or for an entire collection.
After the auction
In the event the piece does sell in auction, the auction house will obtain the payment from the buyer and wire the proceed of the sale.
In the case the piece remains unsold, there will be a transfer of ownership of the art piece to Art Auction Guarantee and the payment to the owner of the agreed upon price as mentioned in the contract signed.