Subsection 4: Auctions.

Sales are announced at least ten days in advance by public notice or, where applicable, by printed and distributed catalogues, special notices and public display of the items to be sold. The notice shall indicate the expiry dates of the loans whose pledged assets are being offered for sale, the nature of the items and the conditions of the sale.

Sales are carried out by the auctioneers attached to the establishment as appraisers. They are assisted, where necessary, by auctioneers and clerks chosen and paid by them. Failing this, sales are carried out by the public or ministerial officers competent to carry out public sales under the conditions set out in article 3 of the order of 26 June 1816 which establishes, in execution of the law of 28 April…

Judicial auctioneers or other public officials are allocated a proportional fee on the proceeds of sales, the amount of which is set by decision of the Guidance and Supervisory Board, to cover the costs of the auction and sales. The establishment may charge a proportional fee on the proceeds of sales, which shall be set in the same manner. It may also levy, for sales of pledged property that have…

The objects awarded, including those made up or set, in platinum, gold or silver, which do not bear the guarantee mark, but which the successful bidder agrees to have broken and taken out of service, will be returned to him as soon as he has paid the price. Items made of platinum, gold or silver, which do not bear the guarantee mark, but which the successful bidder wishes to keep…

Sales are made exclusively in cash and in euros. Judicial auctioneers, or other public or ministerial officers entrusted with sales under the conditions set out in article D. 514-17, are liable to the institution for the amount of the bids recorded in the sales reports and the ancillary fees collected by them on behalf of the institution.