Auction Rules
Bidder Registration
To join the Live Auction all prospective buyers should either register on the website (visit registration page) or accomplish the Bidder Registration Form (download it here) and submit it through any of the following means:
1. by emailing to nicolepaterno@alumni.ateneo.edu;
2. by delivering to the Ateneo Alumni Association (AAA) Office at Room 102, Bellarmine Hall, Ateneo de Manila University, Loyola Heights, Quezon City;
3. by faxing to 02-926-6046; or
4. by submitting directly at Finale Art File from Thursday 29 September to Saturday 1 October 2011.
Bidder Registration and a valid Bidder Number are required for participation in the Live Auction.
Early Bidding
1. The Live Auction will be open for early bidding once the artworks are posted online at www.ateneoartauction.com.
2. The early bidder should first register on the site or accomplish and submit the Early Bid Form through any means mentioned above.
3. AAA will acknowledge acceptance of the early bid and indicate the time and date of acceptance via email.
4. Early bids begin at the Starting Bid indicated for each artwork.
5. Several early bids may be placed if needed.
6. AAA will update the bids for each lot as higher bids are accepted.
7. If identical bids are received for the same lot, the earlier bid will take precedence.
8. Should an early bidder offer the highest bid at the end of the Auction, the bidder assumes full responsibility for the lot.
9. Deadline for submission of all early bids for the Live Auction on Friday, September 30, 2011.
Early Bidding Through the Online System
- Bidders must be registered online before they can bid.
- A bidder will be notified by the system if he/she is currently the highest bidder or has been outbidded.
- The bidder will be notified by email if he/she has been outbidded therefore giving the bidder a chance to place a newer bid.
Bidding Increments
For the Live Auction, the following bidding increments will be followed:
| PhP5,000.00 to PhP10,000.00 | by PhP1,000.00 |
| PhP10,000.00 to PhP50,000.00 | by PhP2,000.00 |
| PhP50,000.00 to PhP100,000.00 | by PhP5,000.00 |
| PhP100,000.00 to PhP300,000.00 | by Php10,000.00 |
| PhP300,000.00 to PhP600,000.00 | by Php20,000.00 |
| PhP600,000.00 to PhP1,000,000.00 | by PhP50,000.00 |
| Above PhP1,000,000.00 | at auctioneer’s discretion |
Live Auction
1. Lots for Live Auction will be offered for live bidding at 4:00 pm on Saturday 1 October 2011.
2. All early bids will be presented by the duly designated AAA representative during the Live Auction.
3. The auctioneer may vary the increments during the course of the Live Auction at his or her discretion.
4. The fall of the auctioneer’s hammer indicates the final bid, at which time the buyer assumes full responsibility for the lot.
5. Hammer price does not include 12% VAT.
Payments
1. Payments must be made upon sale.
2. Payment by cash or manager’s check will enable immediate release of the purchased lot.
3. Checks should be made payable to the Ateneo Alumni Association, Inc. The buyer may only acquire the lot once the check is cleared by the bank.
4. Credit card transactions will be accepted.
5. All payments should be in Philippine Pesos.
Forms
The Bidder Registration Form and the Early Bid Form are both available online and at the Ateneo Alumni Association Office.
