* Artworks are selected based on their quality value, following appraisal procedures conducted by the administrators’ team; then, bring the object to the auction based on a base price agreed on by the specialists.
* The selected works are exposed to the public for two days; and the object will be auctioned following a ceremony in day 3.
* Only applicants signed up in advance and received bidding No., are entitled to participate in the auction. There is not restriction on purchase of bidding No.
* The auctioneer is not the works owner, and only proceeds to sell the property on behalf of the owner.
* The auctioneer’s commission is only for preparing the auction conditions
and its administration procedures and facilitating the biding.
* The buyer may attend the auction by signing up and filling in “Attendee Bid Form”; or bid to auction via phone call, as “Absentee Bid” by filling in “Absentee Bid Form”. The bidders may also bid to auction by signing up and filling in “Proxy Bid Form” via phone call and empower the auctioneer for bidding to auction by a threshold price and purchasing the prospect artwork.
* Under the prevailing law, payment of any tax levied on sell or purchase of the works, shall be borne by the seller and/or buyer and the auctioneer will not be responsible for this purpose.
* The auction is hammered on the higher price which ends the bidding. The final bidder is obliged to pay for works at the highest price the hammer falls and in case of refusal or fail to pay the works price at the due date, he/she shall accept to indemnify the works owner for the incurred losses or damages.
* The buyer shall pay 10% of the purchase price while the purchase contract is concluded (after the end of the auction at the auction house) and the outstanding portion of the price shall be paid to the auctioneer as the proxy of the works owner within 15 days at most.
* The purchased works will be handed over to the buyer domiciled in Iran within 7 working days; and to the buyers abroad within 15 days.
* “a base price is determined for each works that the bid started on and is increased as set forth below:”
* By IRR 190,000,000 each bid raises the price by IRR 10,000,000.
* From IRR 200,000,000 to IRR 290,000,000 each bid raises the price by IRR 20,000,000.
* From IRR 300,000,000 to IRR 390,000,000 each bid raises the price by IRR 30,000,000.
* From IRR 400,000,000 to IRR 490,000,000 each bid raises the price by IRR 40,000,000.
* From IRR 500,000,000 to IRR 990,000,000 each bid raises the price by IRR 50,000,000.
* From IRR 1,000,000,000 to IRR 1,990,000,000 each bid raises the price by IRR
100,000,000.
* From IRR 2,000,000,000 to IRR 2,990,000,000 each bid raises the price by IRR
200,000,000.
* From IRR 3,000,000,000 to IRR 3,990,000,000 each bid raises the price by IRR
300,000,000.
* From IRR 4,000,000,000 to IRR 4,990,000,000 each bid raises the price by IRR
400,000,000.
* From IRR 5,000,000,000 to IRR 9,990,000,000 each bid raises the price by IRR
500,000,000.
* From IRR 10,000,000,000 to IRR 49.990,000,000 each bid raises the price by IRR
1.000,000,000.
* From IRR 50,000,000,000 and over, each bid raises the price by IRR 2,000,000,000.
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