police auctions | Lexicon of auctions in France

Lexicon of auctions in France





A term pronounced by the auctioneer and accompanied by a hammer to signify that an object offered for sale becomes the property of the person who has made the highest bid. Only the word "adjudged" formalizes the auction and transfers ownership of the lot to the highest bidder.

Generally, it is specified if the property is awarded to a person on the phone, to a person having left a purchase order to the SVV, the expert or the commissionaire.

Workshop of ...
Mention in the description of a work of art followed by a name of artist, it guarantees that the work was executed in the workshop of the master cited or under his direction1.

Assigned to...
Mention in the description of a work of art followed by a name of artist, it guarantees that the work or the object was executed during the period of production of the mentioned artist and that serious presumptions designate that like the author who is likely2.

Advanced
Since the law of 10 July 2000 came into force, SVVs are allowed to give sellers an advance on the expected proceeds from the sale of property they own3. This advance is made on the SVV's own funds.



B
Cultural property
This legal term refers to objects of art and collectibles or antiques. The law of 10 July 2000 submits electronic auctions to the authorization of the Council for Voluntary Sales.

Stolen or disappeared
The rule remains a presumption of ownership, however, recent jurisprudence tends to require the organizer of a sale to be interested in the regularity of the sale of the object entrusted to him4. The Commercial Code also requires SVVs to keep a police register and a directory of their minutes5.

Invitation to tender
The tender slip is the list of items won by a buyer. It specifies the hammer price and the fees for each lot. It stands as proof of purchase.



C
Catalog
Printed work containing the description, the serial number of the sale and sometimes the photograph of each of the furniture and objects constituting the sale. Lot estimation may also be mentioned, but it is optional. The catalog must describe the objects sold in such a way that the purchaser can not conceive of any doubt as to the identity and real qualities of these objects, thus incurring the responsibility of their authors (SVV and experts). The terms used for the description must therefore comply with the definitions established by Decree No. 81-255 of 3 March 19816.

cleric
Collaborator of the SVV. He conducts expertise and inventories, prepares sales, provides information and takes purchase orders during the exhibition. He sometimes presents the lots during the sale. In general, he performs the common tasks within a SVV.
Government Commissioner
The Government Commissioner is a magistrate of the Public Prosecutor's Office placed at the Board of Sales. In addition to respecting the law, it has a dual role:

Advisory: it gives opinions on applications for approval of SVVs and experts, but also on all questions submitted to the Board of Sales.
Disciplinary: he receives and investigates complaints and may refer the disciplinary Board of Sales.
His observations are attached to the annual report of the Board of Sales.

Auctioneer empowered
Main article: Auctioneer.
Judicial auctioneer
Main article: Auctioneer.
agent
A commissionnaire or "red collar" is a warehouseman of the Union of Commissionaires of the Auction House (UCHV), created in 1834. They are recognizable by their black jacket with red glue, on which is embroidered a number. They are organized as a corporation, and are composed exclusively of Savoyards. Their commitment is done by cooptation. In 1860, Napoleon III recognized the Savoyard monopoly on UCHV. The corporation had 90 members in 1891 and 110 in 1920, unchanged since. Each commissionaire owns his number, which he sells to his successor. The one who starts is called a bis and for 6 months he will work under the supervision of a godfather by wearing a black collar. At the end of 3 months, the 110 red collars meet and vote by majority the employment of the bis. In this case, he will complete his apprenticeship before donning the famous red collar jacket. It is said then that it is in foot. The bis inherits the number of its seller (which appears on the red collar of the jacket) and also its sobriquet. There is no hierarchy, no seniority, no salary grid, the company is divided into 110 equal parts. All decisions are submitted to a plenary vote by secret ballot. The brigadiers who constitute the office are elected for a period of 2 years. The income of the company is paid into a common fund and redistributed equitably among the members according to the days worked by each, the days off and the holidays are unpaid. The UCHV, which is in fact a transport and services company, benefits from a de facto monopoly but not from right with the Hotel Drouot. The mode of operation of the corporation induces a rotation of the tasks to be performed and not a specialization of the work. So each one is in turn carrier, team leader, ripper, director on the table and every 4 years, each driver for a year. Some fixed positions, elected by their peers, escape the rotation, it is the manager, the brigadiers, the mechanic and the 2 storekeepers who deal with deposits in the basement7.

Third party account
An account opened by an SVV with a credit institution and intended exclusively to receive funds held on behalf of others8. All funds collected on behalf of sellers and their counterpart must be deposited there9. No other transactions must be performed on this account. The funds can only be placed for the benefit of the seller and with his agreement. The account or accounts of third parties must never be debtors.

Conditions of sale
The terms of sale are the terms that the SVV undertake as an auction organizer vis-à-vis their buyers, they must therefore have read and accept them to acquire (tacit acceptance) . We find in particular:

the means of conducting the auctions (in person, by telephone, by written or electronic purchase order) and the manner in which auction results will be communicated to persons who have placed purchase orders;
a limitation clause of responsibility concerning the state of the lots (optional);
sales charges, terms of payment (bank transfer, check, credit card, etc.) as well as the time within which payment will be made;
the conditions and costs of the collection of the purchases, including the charges applicable to the lots that are not withdrawn immediately, the responsibility for the goods purchased after the award and the conditions for the export of the lots;
where applicable, the obligation to pay import VAT.
confidentiality
SVVs are bound by professional secrecy as regards the identity of sellers and buyers, as well as more generally all the information which is not directly related to the objects put on sale.
Sales Council
Main article: Sales Council.
Crier
This is, as its name suggests, the one who announces the auction. It is also the link between the auctioneer and the room: he gives the ballots and takes the proofs of payment and the identity of the buyers. He is also authorized to take purchase orders for others.

D
Right of first refusal
The law of December 21, 1921, grants the State, through its national museums, the right to substitute the last bidder to acquire an object in public sale. Once the award is made, the right of pre-emption is exercised on the proposal of the Ministry of Culture, on behalf of the national museums.

E
Bid
Offer greater than the previous bid or bid during the auction.

Main article: Auction.
Estimate
Evaluation of the price of a work made by an authorized person in a sales or study company, it can be an auctioneer, a clerk or an expert. This estimate is usually a price range between the low estimate and the high estimate. The low estimate is greater than or equal to the reserve set by the seller10.

Study
Office of an auctioneer, ministerial officer, the only person authorized to direct a judicial sale.

Expert
Person working on behalf of a sales company and assisting the auctioneer in identifying and estimating assets. These experts are recognized specialists in their field who carry out the research necessary for the correct qualification of the object. The expert is subject to a decanal prescription for the identification of goods. The Sales Council publishes the list of approved experts, although sales companies can work with unapproved experts.

Exposure
Presentation of the lots offered for sale, it is usually subject to a particular and neat implementation. It takes place the day before the sale (or during the previous few days) and the morning of the sale.

F
Crazy auction
Main article: Crazy bid
This is what is called an auction carried by a person who is unable to honor him. The subject of the dispute is put back for sale and the difference with the new auction price is then the responsibility of the bidder.

M
Shop
Room adjoining the auction room to store items already presented and auctioned. Buyers, in possession of their withdrawal ticket delivered to the auction, go there at the end of the sale to collect their lots from the commissionaire in charge of the store.

Set price
First price announced by the auctioneer (or the expert presenting the lot) from which the auction begins. It is lower than the low estimate.



O
Purchase order
A buyer who can not go to a sale may mandate an authorized third party to bid on his behalf. The agent may be the auctioneer (or one of his representatives), the expert, the crier or a commissionaire. This purchase order is done free of charge.

These purchase orders can take three forms:

The fixed order: the principal authorizes the third party to raise the bids up to a ceiling.
Telephone order: The principal is called during the auction to carry out his / her auctions remotely.
Internet order: the principal monitors the evolution of Internet auctions in real time and can therefore bid directly on auctions. (This auction mode is still underdeveloped).


P
Reserve price
Minimum set by the seller below which the auctioneer can not award the property. It is less than or equal to the low estimate10 and remains confidential.
R
Redemption
When an object does not reach the reserve or has not found a buyer, the object is removed and returns to its owner, it is called a redemption. The auction house may then request so-called "redemption fees". If applicable, they generally correspond to 3% of the amount of the last auction or, if not, the low estimate.

A lot that is not awarded during the auction can be the subject of a purchase proposal within 3 weeks of the sale. The offer is then sent to the owner who is free to accept or reject it.

Sales Request or Sales Requisition
Mandate whereby the seller authorizes the auctioneer to proceed with the sale of his property. This request contains the description of the lots, their state, their estimate and the reserve price. The prior signature of this document is mandatory for the auction of a lot and place the object under the responsibility of the auction house (until the auction), without transferring ownership.