HOW TO SELL

HOW TO SELL
01

Valuation

Please send clear photographs of the items to be reviewed with all the information available, including: name of the artist, title of the artwork, size, medium, date of creation, exhibition history, provenance, certificates, and condition, etc. Based on the information that you provide, we will make a provisional estimate, which is subject to revision after the item’s condition has been examined by us. Alternatively, a private sale arrangement or valuation for multiple works is also available. For further assistance, please contact us directly by phone or email.

02

Delivery Arrangements

After the provisional estimate is agreed upon, the items to be auctioned are required to be delivered to SBI for condition inspection and further examination. As the consignor, you are responsible for all the associated delivery charges, including packing, shipping, insurance and fees at the customs (if sent from abroad). However, our staff, if contacted beforehand, can help coordinate the procedures related to importing through Japan customs and arrange the local logistics.

Please note that, if you bring your items to us in person without any import records from the customs, the local consumption tax cannot be exempt or refunded, and will be deducted from the payment to you.

If you have a large number of properties, or property of a particular size or shape that is difficult to ship, please consult us beforehand.

03

Pricing

To appeal to the largest number of prospective buyers, we will suggest a catalogue estimate range based on the provisional estimate and the condition of the item. In addition, we will discuss any reserves we recommend for the item and the rate for our commission fee to you.

Please note that the commission fee with SBI will be no more than 15% of the hammer price (VAT excl.), except when the hammer price is less than JPY 100,000. In that case, the commission fee will be uniformly JPY 10,000.

Additional sale-related expenses include insurance, storage fees, loss/damage liability, catalogue photography charges, illustration charges, and payment for the copyrighted images used. There are also fees applied on certain occasions, including fees for framing, restoration, and appraisal or authentication of the artworks. SBI will discuss these charges with you at the time of consignment.

04

First-time Customers

Those selling with us for the first time are required to verify their identity and address before a consignment agreement can be signed. To complete this once-off process, consignors must provide identification and personal information, and sign up as a member with us.
You are welcome to attend the auction where your property is offered for sale, or you can login to your member account to watch it online. 

05

Consignment Agreement

Before the auction, we will draw up a consignor’s agreement for you, which sets out the rate for our commission fee, reserves for the item, sale-related expenses, and the terms and conditions according to which the items will be auctioned.

Please note that the address listed in the agreement can only be the address that was registered and verified when the consignor signed up as a member. If there are any changes in your address, especially after the agreement has been signed, please contact us and provide a proof of your updated address. In this case, with the revised information, we are required to redraft a new consignment agreement, which needs to be signed by both parties.

06

Payment

SBI will notify the consignor about the status of lots offered for sale immediately after the auction, and send our payment statement within two weeks, which will detail your sale results and net returns, based on the hammer price less a commission and any agreed-upon expenses.

Provided payment has been received from the buyers, we will make the payment of the aforementioned net returns to the consignor’s designated bank account within 35 weekdays after the auction.

Please note that the name on the receiving bank account and the name of the consignor should be the same, which is required to be clearly indicated in the consignment contract.

07

Bought In

If bidding on the item fails to reach the reserve price, we will not sell the piece at auction. Yet we will keep the consignor updated if there are interests in buying within one week after the auction. If the item is not sold afterwards, it will be returned to the consignor within two weeks after the auction. Charges, such as shipping, handling, and appraisals that were agreed upon pre-sale will be borne by and invoiced to the consignor.

08

Insurance and Loss/ Damage Liability

The consignor is responsible for insuring the property throughout the entire time period from when the property is transported to our company to the point when the rights of its ownership are transferred to the buyer.

Along with the storage charge, fees will be charged for damage insurance with a non-life insurance company for 0.5% of the lower estimate.

However, this insurance coverage does not include earthquakes, typhoons or any natural disasters. We recommend that you consult with your own insurance companies in the case of high value properties.

Contact

SBI Art Auction Co., Ltd.

7F, TFT Building East Wing, 3-6-11 Ariake, Koto-ku, Tokyo, Japan 135-8071

Tel: 03-3527-6692 Fax: 03-3529-0777 E-mail:artauction@sbigroup.co.jp

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