Subsection 1: Operators of voluntary sales of furniture by public auction

Only operators meeting the conditions defined in this article may organise and conduct voluntary sales of movable property by public auction and electronic auctions. I.-If a natural person, the operator of voluntary sales of movable property by public auction must: 1° Be French or a national of a Member State of the European Union or another State party to the Agreement on the European Economic Area; 2° Not have been…

Continuing professional training is compulsory for natural persons who manage voluntary sales of furniture by public auction, within the meaning of article L. 321-9. The Conseil d’Etat decree provided for in article L. 321-38 sets the nature and duration of the activities that may be validated under the obligation mentioned in the first paragraph of this article.

I.-When organising or conducting voluntary sales of furniture by public auction, the operators mentioned in article L. 321-4 act as agents for the owner of the property or its representative. The mandate shall be drawn up in writing. Operators of voluntary sales of furniture by public auction mentioned in the same article L. 321-4 shall take all appropriate measures to ensure the security of the voluntary sales by public auction…

The operators referred to in Article L. 321-4 must provide evidence of: 1° The existence in a credit institution of an account intended exclusively to receive funds held on behalf of others; 2° Insurance covering their professional liability; 3° Insurance or a guarantee guaranteeing the representation of the funds mentioned in 1°. Any information relating to the nature of the financial guarantees provided for in 1° to 3° shall be…

The operators mentioned in Article L. 321-4 provide the Conseil des Maisons de Vente with all relevant details concerning the premises where exhibitions of furniture offered for sale and public auction sales are usually held and the infrastructure used in the case of electronic auctions. When the exhibition or sale takes place on other premises, or remotely by electronic means, they shall notify the Council in advance. They shall also…

Only persons meeting the conditions mentioned in 1° to 3° of I of article L. 321-4 are authorised to direct the sale, to designate the last bidder as the successful bidder or to declare the property not awarded and to draw up the minutes of this sale. The minutes are drawn up no later than one clear day after the close of the sale. It shall mention the name and…

The operators referred to in Article L. 321-4 shall keep a daily register pursuant to Articles 321-7 and 321-8 of the Penal Code as well as a directory in which they record their minutes. They must keep this register and directory in electronic form, under conditions defined by decree. This register and directory may be grouped together. .

The reserve price is the minimum price agreed with the seller below which the property may not be sold. If the property has been estimated, this price may not be set higher than the lowest estimate appearing in the advertisement, or publicly announced by the person conducting the sale and recorded in the minutes. Article L. 442-5 is applicable to any seller who habitually resells new goods in their original…

An operator of voluntary sales of movable property by public auction mentioned in Article L. 321-4 may guarantee the seller a minimum auction price for the property offered for sale. If the property has been estimated, this price may not be set at an amount higher than the lowest estimate mentioned in article L. 321-11. If the guaranteed minimum bid price is not reached at the auction, the operator is…

An operator of voluntary sales of movable property by public auction mentioned in article L. 321-4 may grant the seller an advance on the auction price of the property offered for sale.