What does it mean to buy by way of Auction or Public Divestments (Public Institution property sales)?

Those who have knowledge of the Auction market and public property disposals, or those who’ve only approached it briefly, know that there is a sizeable amount of movable (cars, jewelry, furniture, etc.) and immovable property sold, but only a small part is to be considered truly worthy.

Furthermore, from the beginning, to the publication of the auction ad and the submission of the bids, there are numerous phases that require very careful analysis and evaluation. One has to know how to juggle diverse unwritten administrative

practices, rules and traditions. The performance viability depends on the type of procedure, the court and the type of sale.

We believe that all this must not deflect from the fact that such operations can bring, in their complexity, particularly favorable results.

We intervene at the time of property selection and decision making over the offer, which is made in complete autonomy by the client, using an ad hoc methodology, SAVE RE:

S ELECTION. Selection from thousands of ads according to economic criteria and quality/aesthetics. The selection can also be made according to the client’s necessities (Auction Hunter).

ANALYSIS. Analysis of the documentation.

VERIFICATION. Verification of the property through on-site visits and interviews with workers, inspection.

EVALUATION. Evaluation and calculation of maintenance costs.

REPORT. Due diligence and memorandum for defining price objective, identifying the correct market price, estimated return from the investment.

EXECUTION. Execution through bid drafting.


From the 4th edition (1729-1738) of the Crusca Academic Dictionary – Volume 4, pag. 331:

Definition: v. to know (from Italian Sapere). Lat. scientia, sapientia. Gr. σοφία.

Example: Dant. Inf. 7. He who made all of Heaven’s features, In His transcendent wisdom gave them guides.

Example: G. V. 8. 6. By reason of his knowledge and power he was much redoubted and feared.

Example: Albertano from Brescia. cap. 50. Adunque è da vedere, che cosa è il cominciamento del savere, e cosa sia il savere. (meaning: It remains to be seen, what is the beginning of knowledge, and what is knowledge.)

Example: E Albert. referred to: Cominciamento del savere è la paura d’Iddio. (meaning: The beginning of knowledge is the fear of God.)

The company’s name, “TOK”, is thought after the sound of the auctioneer’s gavel at the precise moment in which a deal is closed.



We select the best opportunities throughout thousands of ads on a daily basis.

The first selection represents important worth for the investor as far as addressing goods of keen interest. Financial resources are scarce and for that reason they must be directed towards unique opportunities.

For some of these riches, a brief report is drawn up with supporting documents not easily had and photos or videos deriving from possible surveys. In addition, an evaluation is done considering not only the appraisal but also the timeframe in which it was made (often, appraisals are not in line with the real estate’s economic

cycle at the moment of sale) and the market’s current conditions. The file’s procedural history is analysed.

In some cases, the documentation is not readily accessible or available, only through under counter payments. These payoffs are justifiable under diverse expenditures incurred by anaylsis and surveys. The payment requested is absolutely inferior to that which would be sustained through personal verification.


Due diligence of the Auction. The analysis application and research, heart of the decision-making process.

All of the property’s technical aspects of estimate and urban planning are analysed, as well as the verification of involving property laws —or other property rights,— technicalities and more.


Verification & Evaluation

Assistance in Auction participation.

Anyone interested in bidding in an Auction may contact us for assistance. With this expert advice one may take advantage of different, important services such as:

  • explanations regarding procedure;
  • retinue for site inspections or availability of documentation from first-hand inspections;
  • previously prepared administrative documentation. This is a delicate subject matter, as erroneously appraising bid documents or failing to follow

specific procedures to the misdoing of all the work done before the tendering session;

  • assisting court or authority relations where the auction is being held;
  • the presence of a network of trustworthy professionals which allow for the right counsel in a variety of areas for bidding (attorneys, architects, notaries, accountants, art critics). It is understood that the buyer may at any time feel free to use his own team of professionals.


Due diligence and memorandum to define the target price.

On concluding the activity, the SAVE-RE report is shared in which the investment opportunity and the target price for obtaining the object of profit is established.

The target price is not the auction price: when bidding, it is necessary to first

establish the highest bid one is willing to make in case of relaunch.

The client may decide quite independently whether or not to participate and determines the highest bid to offer.



Upon expiration of bid submission, a tender meeting in court is planned —or, more frequently, at the notary’s or the accountant’s studio— during which bids are opened or relaunched.

The tender meeting is an extremely delicate moment where the importance of not

getting caught up in relaunching is vital and maintaining fixed profitabilities.

Our service does not only provide attendance during these meetings, but continues providing the client with assistance even after adjudication.