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Ces enchères se déroulent à la bougie, en audience publique. Une qu’après l’extinction des deux nouvelles bougies sans enchère survenue
survivance historique ? pendant leur durée. Les avocats-défenseurs inscrits au tableau seront
En quelque sorte... Aussitôt que les enchères sont ouvertes, il sera seuls admis à enchérir pour autrui, sans avoir à justifier de leur pouvoir
allumé successivement des bougies préparées de manière que chacune et à faire connaître le nom de leur mandant séance tenante. Attention,
ait une durée d’environ une minute. L’adjudication ne pourra être faite toute personne pourra, dans les huit jours qui suivront l’adjudication, faire
qu’après l’extinction de trois bougies allumées successivement. S’il ne une surenchère, pourvu qu’elle soit du sixième au moins (En France c’est
survient pas d’enchères pendant la durée de ces bougies, le poursui- du dixième au moins) du prix principal de la vente. Lorsque l’acquéreur
vant sera déclaré adjudicataire pour la mise à prix. Si pendant la durée n’est pas en mesure de payer le lot et les frais afférents à la vente, le lot
d’une bougie, il survient des enchères, l’adjudication ne pourra être faite peut être remis aux enchères. Cela s’appelle la folle enchère.

Unda Maris: an exceptional sale – by candlelight

Lawyer, Jean-Charles Gardetto, reveals the mysteries behind auctions and talks about the recent sale of
the Villa Unda Maris, located on the rock of Monaco, sold at auction for €75 million.

Which law applies to auctions that take place between €500,001 and €2,000,000; and 20% hours later, the lot was sold for €75.3 million.
in the Principality? of the amount of the auction for lots awarded If the amount seems astronomical, it is well
As stated in Law 1.448 of 28 June 2017, relating over €2,000,001. Registration fees - ie 2% of below the estimate made by the experts - one
to private international law, “The contract for the auction price - are also levied, during the of them estimated the property at €75,000 per
the sale of goods by auction is governed by registration formality, on transfers or civil or square metre, so the price could therefore have
the law of the state in whose territory the legal acts. soared to €165 million euros...This type of real
auction takes place, if the place of sale can be estate sale is not common, usually taking place
determined”. It is, therefore, Monégasque law Which costs are covered by the seller? after a foreclosure.
that applies to auction contracts (in particular The seller does not receive the full amount
Law 1.104 of 29 December 1978 concerning for which the lot was sold. The auction house These auctions take place by candlelight, in a
public sales of furniture). Any legal action falls will take a second commission which can be public hearing. Is this a vestige of the past?
under the exclusive jurisdiction of the courts negotiated before the lot is auctioned. In a way. As soon as the auctions are open,
of the Principality of Monaco. Please note, the candles are lit successively, prepared in such
auction house acts as agent for the seller. It What about lots from countries outside the a way that each has a duration of about one
is not party to the contract between the buyer European Union? minute. Bids can only be made after the
and the seller. To this must be added an import fee of 5.5% extinction of three successively-lit candles.
of the auction price and 20% for jewellery If there is no bid during the duration of these
Which costs are covered by the buyer? and watches, automobiles, wines and spirits. candles, the pursuing party will be declared
Auction houses are commissioned for their successful bidder for the starting price. If
services. This commission, payable by the Is taxation attractive in Monaco? during the duration of a candle, there is a bid,
buyer, is equivalent to a percentage of the Yes. Individuals residing in Monaco (other than the auction can only be finalised after the
auction price. Please note that the amount may persons of French nationality) are not subject extinction of the two new candles without any
vary from one sale to another and from one in the Principality to any tax on income, capital bid occurring during their duration. The defence
house to another. For example, according to gains or capital. A Monégasque resident, or a lawyers registered on the roll will be the only
the latest news, at Artcurial, the buyer must, in Monégasque, will therefore not be subject to ones allowed to bid on behalf of others, without
addition to the hammer price and 20% VAT, pay tax on capital gains realised during an auction. having to justify their power or to make known
25% of the amount of the auction for lots of €1 However, in France, capital gains taxes apply the name of their client immediately. Please
to €150,000; 20% of the amount of the auction to any property sold with a value greater than note, any person may, within eight days of the
for lots from €150,001 to €1,800,000; and 12% €5,000 hammer price, excluding tax. auction, come in with a higher bid, as long as
of the amount of the auction for lots over it is at least one sixth (in France, at least one
€1,800,000. At the Monte Carlo Auction House, In January, the Villa Unda Maris on the rock tenth) of the main price of the sale. Should a
the buyer must, in addition to the hammer price was sold at auction for €75 million in the buyer be unable to pay for the lot and the costs
and 20% VAT, pay 25% of the amount of the court of appeal. Does this happen often? of the sale, the lot can be put up for auction
auction for lots auctioned up to €500,000; 23% This auction was exceptional! The starting again – this is known as irresponsible bidding.
of the amount of the auction for lots auctioned price was set at €60 million. Two and a half

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