Valuation:
This is the determination of the value of a property given after an appraisal. Often the value indicated is a "low estimate"/"high estimate" range. Our photo estimates are always given subject to an on-the-spot valuation. We may give two types of estimate depending on the circumstances:
The realisable value estimate, which is the value that the item should fetch at public auction. This is the value recorded in inheritance or partition inventories; it is given to our sellers before the decision is made to put the item up for sale and is included in the auction catalogues.
The replacement value estimate, used in insurance inventories. This is the value that could be asked to buy an equivalent object after a loss from an antique dealer, a salon, a gallery, etc. This amount is higher than the estimate at realisable value.
Appraisal:
This is the identification of an item, in terms of its material, dating and possible attribution to an artist. It is through expertise that the authenticity of a work or object is confirmed. This appraisal can be carried out by an auctioneer, but auctioneers are often assisted by experts for items requiring specific skills.
There is a charge for this appraisal work when it is written, but an appraisal followed by a sale is free of charge. This expertise guarantees authenticity and engages the responsibility of our auction house and that of the expert.
Artist appraisal committee :
A committee is a group of specialists in the work of a given artist. The members of these committees may be relatives or heirs of the artist, art historians, the authors of the catalogue raisonné of the work or collectors, etc.
They meet to examine and give an opinion on the authenticity of a work. When the attribution is confirmed, the committee generally issues a certificate of authenticity or a certificate of inclusion in the catalogue raisonné.
This certificate may be issued free of charge or for a fee.
Resale rights :
Authors (and their successors for 70 years) of original works of graphic and plastic art receive a royalty proportional to the sale price of their works, on successive sales of these works, particularly in the context of public auctions.
The rate of resale right is 4% of the sale price when the sale price is less than or equal to €50,000 and greater than or equal to €750. Where the sale price exceeds €50,000, the resale right is calculated on a sliding scale and may not exceed €12,500.
Capital gains tax:
Private individuals are subject to capital gains tax on all auctions of €5,000 or more. Payment of the flat-rate capital gains tax is in full discharge of income tax. The auction house must collect this tax on behalf of the State and is obliged to pay it in the month following the sale.
On presentation of a dated proof of ownership, giving a precise description of the item, sellers may decide to opt for the general capital gains tax regime, in which case they will benefit from an allowance. Assets held for more than 21 years are therefore exempt under this system. The following are also exempt from capital gains tax:
- property sold by a joint estate within 2 years of the opening of the estate, subject to a detailed inventory estimate.
- property sold by persons whose tax domicile is abroad.
Statement of sale :
The sales statement is the document detailing, lot by lot, the result of a sale and the various costs and taxes deducted. This document is sent by email to the seller 10 days after the sale, and can also be consulted on your personal MILLON account on this site. Rachat / Invendu : A lot included in a sale may not be sold for several reasons:
- either the amount of the bids did not reach the reserve price stipulated in the sale mandate;
- or when no bids are placed during the sale.
In the event of an unsuccessful sale, MILLON will provide free storage for 60 days. During this period, the seller, in agreement with the auction manager, will have the option of re-submitting the lots subject to a readjustment of the estimates in order to offer them a new sales opportunity or to take back their goods.