How to buy at an Auction


If you have never been to our auctions, please read the following auction rules carefully. Each catalogue lists our staff who will gladly attend to you. Our sales personnel at the auction hall reception area can also assist you with any questions you may have.

I In General

1. Galerias Louis C. Morton, S.A. de C.V., herein known as “Galerias”, acts as a sales agent only for effects and belongings of third parties, presumed owners of such, manifested in previously signed agreements.

2. Information concerning origin, age, date, condition, authenticity and price of artworks are the sole responsibility of their owners.

3. All transactions will be in Mexican pesos and must meet minimum sales terms previously established by “Galerias”.

II Lots

1. Pieces to be auctioned will be grouped into one or more lots, ordered and numbered by “Galerias”.

2. Lots will carry written descriptions, and, in some cases be photographed for auction catalogues produced by “Galerias”.

3. “Galerias” will designate a location where lots will be shown and may be inspected at least three calendar days before auction. “Galerias” personnel will assist you in viewing lots close-up.

4. Lots will be auctioned in their as is condition at the time of auction and cannot be returned due to any damage, imperfection or restoration not mentioned in the catalogue. Decide on a maximum puchase price of a lot before you go to the auction. This ensures a better purchase. If in doubt, do not bid. If you are awarded a lot, you will be held responsible for its payment.

5. Estimated prices that appear under descriptions in catalogues are approximates of expected selling prices and do not include auction commissions. No estimated prices are assigned to lots valued at under $2500.00 pesos.

6.Lots to be auctioned are subject to minimum selling prices previously agreed to by the seller. Minimum selling prices may be changed only by expressed, written agreement between the seller and 'Galerias”.

7. A buyer, possible buyer or bidder will herein be known as “buyer”, a person who bids on lots during the auction.

III Register at the Auction

To bid at an auction, first proceed to the registration area to fill out your registration form.

1. “Galerias” requires, as guarentee for payment, that you leave a signed check, signed credit card or American Express voucher for the sale total, plus auction commission, plus sales tax on auction commission, made out to Galerias Louis C. Morton, S.A.de C.V. Credit card vouchers may be replaced by checks.

2. Auction commission (Premium): Each lot purchased will incur a 15% auction commission on gavel price, plus15% sales tax on auction commission. Example: If you purchase a lot for $5,000.00 pesos, the auction commission is $750.00 pesos. The sale tax on the auction commission is $112.50 pesos. The total payment amount is $5862.50.

3. Once a buyer has registered and left a security deposit, he will be given a numbered paddle, (same number appearing on registration form), that he, and only he, will use to place bids at the auction. Paddles must be returned when the auction ends. If a buyer makes no purchase, his security deposit will be returned.

4. When paying, the buyer is obliged to pay for the lot, plus 15% auction commission, plus corresponding sales tax on auction commission. If payments are made with American Express or other credit cards, an additional 6.6% commission will be charged, based on the total amount.

5. To place a bid or indicate agreement with the auctioneer's
proposed price, simply raise your paddle. Do it quickly to keep pace with the auction. Bids usually increase by 10% with each bid. (Refer to bids chart.)

6. The buyer who makes the last, or highest bid and no other bids are subsecuently submitted, is considered to have purchased a lot at the fall of the gavel.

IV Absentee Bids

Personnel authorized by “Galerias” may bid and stand in for buyers at an auction at no extra cost to the buyer and under the following conditions:

1.The buyer may make his bid known to “Galerias” up until four hours before the auction, in person, at our office, through registered receipt, or, by fax, or email to ofertasenausencia@lmorton.com. Both registration forms and auction catalogues are available at our offices.

2.Buyers must inform “Galerias” of their top bid limit for each bid.

3. In the case that the top absentee bid limit set by the buyer matches that of the last bid at the auction, “Galerias” is authorized to raise the absentee bid on the absentee bidder’s behalf. If authorization not be the case, the buyer at the auction will have priority over the lot. This information will be considered confidential.

4. All absentee bidders registered at “Galerias” must leave a signed check, or signed credit card or American Express voucher, made out to GALERIAS LOUIS C. MORTON.S.A. de C.V., as guarantee for payment.

5. All lots will be sold at the lowest prices allowed by other bids accepted at the auction.

6. In the case that two or more absentee bidders submit equal bids on one same lot, preference will be given to the buyer who submitted his bid first, by date and time. In other circumstances, all other auction rules will apply.

7. “Galerias” is NOT responsible for any unsuccessful absentee bids.

8. “Galerias” DOES NOT accept bids with no limits.

V Phone Bids

1. Bids may be phoned in while the auction is being conducted. A written request must be delivered to “Galerias” at least two working days before the auction. Additionally, each lot of your interest must be valued at $15,000.00 or more. Absentee bidding rules apply. You may place your bids and send documentation by fax or email them to ofertasenausencia@lmorton.com.

2. Phone bids without limits are not accepted.

VI The Auction

1. When the auction begins, the auctioneer will indicate the lot to be auctioned, by means of corresponding catalogue number, or by giving a description and initial bidding price.

2. The auction of each lot will begin when the auctioneer announces the initial bidding price. Buyers may then place bids or agree to the auctioneer’s proposed price.
The auctioneer may start bids on any lot by announcing a price from the seller.
The auctioneer may set a price on a lot for a seller, until reaching reserve price, through successive or consecutive bids, or by placing bids from other buyers.

3. In order for the auctioneer to sell a lot, it is necessary that there not be any more bids higher than the last. The last price announced by the auctioneer is the gavel, or sale price that will be paid by the buyer.

4. Bids, in other terms, an amount offered in response to a previous bid, or initial bid, follow the following chart:

Initial Bid: Bid Increase: De: A:     $100 $1,000 $100   $1,000 $5,000 $200     $500       $800 $5,000 $10,000 $500   $10,000 $20,000 $1,000   $20,000 $50,000 $2,000   $50,000 100,000 $5,000   $100,00 En adelante $10,000

5.The person to whom the auctioneer assigns a lot becomes the owner of that lot, and, as a result, will pay the following:

a. Sale price of the auctioned lot.
b. 15% commission (premium) on sale price in point a.
c. Sales Tax on commission.
d. 6.6% commission on total cost if payment is made by American Express or any other credit card.

6. When merchandise is purchased, “Galerias” personnel will give the buyer a sales slip and statement, and, fill out the check or credit card or American Express voucher, whatever be the case.

7. In the case of a returned check, 20% of the total amount will be charged.

8. Buyers must transport their own merchandise.

9. Purchases of under $10,000.00 pesos, as well as corresponding commission and sales tax, will be charged to credit cards on the same day as purchase.

10.If your company requires an invoice, please supply the correct R.F.C.when making payment. NO changes will be made on invoices.

11. There are no returns on lots.

12. Merchandise is auctioned and sold as is. It is highly recommendable that you visit our exhibitions so as to make sure the lot of your interest meets your expectations.

Seller´s Guide

The following may be accepted on consignment: modern and contemporary art works, antiques, furniture, jewelry, watches, old books, etchings, documents, wines, estates and collections.

No objects valued under $5,000.00 pesos are accepted. Exceptions may be made based on a lot’s historical value or place of origin.

GENERAL COMMISSIONS CHART ON RESERVED LOTS
Based on gavel(selling)price

Gavel price (sale price)   Commission   De $ 100 to $ 4,999   20% plus sales tax   De $ 5,000 to $ 10,999   15% plus sales tax   De $ 11,000 to $ 20,999   13% plus sales tax   De $ 21,000 and over   10% plus sales tax

UNRESERVED
All lots consigned without reserve price will incur a one-time-only 12% commission, nor will they incur publicity, handling or insurance fees. The size of the photograph will be determined by estimates.

PUBLICITY
Lots are photographed to be exhibited in the auction and on-line catalogues. These may also be used for other publicity purposes, such as: bulletins, posters, cards, and the press, among others.
Prices and sizes of photographs are based on estimate prices.

Estimated Price   Fee   De $ 1,000 to $9,999 1/4 page $ 500 plus sales tax   De $ 10,000 to $ 49,999 1/2 page $ 800 plus sales tax   De $ 50,000 to $ 99,999 1 page $ 1,200 plus sales tax   De $ 100,000 and over Page / detail $ 1,800 plus sales tax

INSURANCE
Based on a percentage of reserve price.
1.5% Pieces in general
2% On pieces of jewelry and watches

Based on estimated low selling prices of unsold lots.

Estimated low price   Handling   Under $ 5,000   $ 100 plus sales tax   $ 5,001 to $ 10,000   $ 200 plus sales tax   $ 10,001 and over   $ 500 plus sales tax

ESTATES AND COLLECTIONS
Commissions for estates and collections do not appear on charts and will be treated separately.

TAXES
8% ISR tax will be withheld on all lots sold, less commission, photographs and insurance. In case a buyer does not wish this amount to be withheld, the buyer will sign a standardized document, releasing Galerias Louis C. Morton of any and all responsibility.

BOOKS, DOCUMENTS AND WINES
RESERVE COMMISSIONS
Based on gavel (selling) price:

Gavel price (sale price)   Commission   $ 100 a $ 1,999   20% plus sales tax   $ 2,000 a $ 4,999   17% plus sales tax   $ 5,000 a $ 9,999   15% plus sales tax   $ 10,000 a $20,999   13% plus sales tax   $ 21,000 and over 10% plus sales tax

UNRESERVED COMMISSIONS
General chart commissions will be applied to books on consignment with no reserve price.

PUBLICITY
All books with estimates of over $5,000.00 pesos will be photographed for the auction and on-line catalogues. These photographs may be used in bulletins, posters, cards, and the press, among others. Galerias Louis C. Morton charges $400.00 pesos per photograph.

Insertion: $100.00 pesos per lot.

Estimated low price   Handling   Under $ 5,000   $ 25.00 plus sales tax   $ 5,000 to $ 10,000   $ 75.00 plus sales tax   $ 11,000 and over   $ 100.00 plus sales tax

Insurance and taxes fees will be applied from the general chart.

PAYMENT DATES
Payment days are 30 days after an auction, as long as buyers have paid lots in full.