The ItaliMalangatana - Confirmação de Registo‏an - The last work of Mater Malangatana

 

FAQ

Frequently Asked Questions

  1. When the auction starts and ends?
  2. What is the artwork auctioned?
  3. Where the artwork may be found?
  4. Who can participate in the auction?
  5. A company may participate in the auction?
  6. How can I participate in the auction?
  7. Can the winner be kept anonymous?
  8. What is the starting value of the artwork?
  9. Is there minimum amount between bids?
  10. Can I correct or delete my bid?
  11. Who will be the winner of the auction?
  12. How is the winner of the auction announced?
  13. What will be the price for the artwork?
  14. How should I pay for the artwork?
  15. In what terms and conditions is the work delivered to the winner?
  16. What happens if I win the auction and do not pay the artwork?

Answers

  1. When the auction starts and ends?

    The auction starts at 9 p.m. on 6th May, 2011 and ends at 8 p.m. on 6th July, 2011, local time of Mozambique (UTC/GMT + 2h).

  2. What is the artwork auctioned?

    The artwork to be auctioned is an art car painted by the Mozambican artist Malangatana Valente Ngwenya. The support of the work is a Fiat 500 1.4 Pop white color, which can be seen in http://www.fiat500.com.pt/pt/500c/versoes/#a500c_pop. On this car, the artist created a decorative painting in honor of the woman in the Mozambican communities.

  3. Where the artwork may be found?

    The work is currently on exhibit at the premises of Técnica Industrial, belonging to Grupo João Ferreira dos Santos, where it can be seen by the general public. More information on the exhibition of the work can be found on the website www.jfs.co.mz.

  4. Who can participate in the auction?

    All individuals or legal persons who met the material and financial conditions in order to comply with the terms of the Regulation of the Auction and to assume the responsibility underlying the participation in an auction (including the payment of the winning bid amount) may participate in the auction. You should not participate in the auction if you can not ensure the full payment of the value of your bid.

  5. A company may participate in the auction?

    Yes. Legal persons validly constituted in accordance with applicable law may register on the website and participate in the auction. To participate in the auction, the company must be properly represented by a person with representative powers to bind the company.

  6. How can I participate in the auction?

    In order to participate in the auction, you should carry out the registration within the auction website, without which you will not be allowed to bid on the artwork. To do the registration on the auction website you should create a previous account in «Portal Sapo». For this purpose, you should fill out a specific registration form available.

  7. Can the winner be kept anonymous?

    The winner of the auction may be kept anonymous if you choose this option during the registration process. In this case, the identification of the winner will not be disclosed to the general public.
    The anonymity option does not prejudice the right of Public Authorities from requesting information on the auction participants at any time.
    Nonetheless, even if you choose anonymity, during the auction only the value of the last bid will be visible on the first page of the website. The identification of the bidder will not be revealed.

  8. What is the starting value of the artwork?

    The initial value of the artwork shall be 125.000,00 USD (one hundred and twenty five thousand American dollars).

  9. Is there minimum amount between bids?

    The minimum amount for each bid is 2.500,00 USD (two thousand and five hundred American dollars), meaning that a bid will only be registered in the system if it is superior to the previous bid by at least 2.500,00 USD.

  10. Can I correct or delete my bid?

    Please pay attention to the fact that you should always confirm the terms of your bid before registering it in the system. As a rule, bids are irrevocable and binding on the bidder after registration in the system.
    However, exceptionally, a bid may be corrected or eliminated (e.g. in case of patent miscalculation or writing errors). For this purpose, you must send a message to the contact available on the website within 2 hours after confirmation of the bid. The arranger of the auction shall take a decision regarding your request within 24 hours from the date of receipt of your request.

  11. Who will be the winner of the auction?

    The winner of the auction shall be the bidder that validly registers in the system the bid of the highest amount for purchasing the artwork, provided that the reserve price has been exceeded. If the reserve price has not been exceeded, the seller has the option to sell the artwork to the bidder that has registered the highest bid value, in which case this will be the winner of the auction

  12. How is the winner of the auction announce?

    The winner will be announced at the closing gala of the auction. However, if the winner has chosen for anonymity, his identity will not be disclosed to the general public.

  13. What will be the price for the artwork?

    The price of the artwork corresponds to the value of the winning bid. This value must be delivered to the seller on the terms and conditions best described in the Regulation.

  14. How should I pay for the artwork?

    The artwork shall be paid by wire transfer to the account identified in the Regulation of Banco Comercial e de Investimentos — BCI, located in Mozambique, within 5 working days from the date of closing of the auction.

  15. In what terms and conditions is the work delivered to the winner?

    After the deposit of the amount of the winning bid, the work will be delivered by the seller “as is” at the moment of the closing date of the auction.
    The seller will be responsible for supplying/dispatching the artwork in FOB (Free on Board) Maputo conditions, as internationally set out in Incoterm 2000, published by the International Chamber of Commerce.

    Charges provided for in Mozambican law applicable to the seller for selling and delivering the artwork will be borne by the seller. All special taxes pertaining to the transmission of intellectual property and all other charges due in the destination country of the artwork will be borne by the buyer.
  16. What happens if I win the auction and do not pay the artwork?

    It is an indispensable condition of the participation in the auction that each bidder can guarantee the payment of the amount of their bid(s).

    If the winning bidder does not meet the material and financial conditions deemed necessary to pay the price of the artwork, he will be fully liable for all damages, costs and losses caused.
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