To comply with recent regulatory changes in the European Union, Invaluable has implemented a new verification process for bidders who plan to bid €7,500 or more at an EU-based auction.
You can learn more about these changes by clicking here.
To comply with the Fifth EU Money Laundering Directive, a mandatory verification process will go into effect for all bidders who intend to transact with an EU-based auction house at a value of €10,000 or greater.
If you are bidding €7,500 or more at an auction based in the EU, you will be asked to first verify your account. As of January 2020, bids above €7,500 placed by unverified users will not be accepted in EU auctions.
No, the verification process is free to all bidders transacting on either the Invaluable marketplace or a website powered by Invaluable Private Label.
Yes, verification is secure. Our partner, Jumio, is PCI Level 1 compliant and regularly conducts security audits, vulnerability scans, and penetration tests to ensure compliance with security best practices and standards. They are a trusted global leader for AI-powered verification.
You only need to go through verification once to bid on the Invaluable marketplace. Your verification will be in effect as long as the information provided in your documents continues to match the name and billing address listed in your Invaluable account.
Please note, if you are bidding on any websites based in the European Union powered by Invaluable White Label, you will be required to complete a separate verification to remove your bid limit on that site as well.
If your account is not verified, your bid limit will be €7,500 to allow for any additional fees beyond the hammer price, including shipping and buyer’s premium, when bidding with EU-based auction houses.
There is no further €7,500 bid limit once your account has been verified. However, you will still be subject to bid limits set by individual houses, which they enforce at their discretion.
To check the bid limit for auctions you’ve registered for, go to the Auctions section of your account.
The verification process is quick and can be completed in about 5 minutes.
It is not possible to expedite verification. Please be sure to complete your verification process well in advance of bidding live.
You will need a government-issued ID. Passports, driver’s licenses, and identity cards (including residence permits) are accepted forms of government-issued IDs.
This verification process does not require a background check.
After completing the process, you will see a verification status badge on your Invaluable profile page once you have been verified.
If your verification fails, we will update your verification status on your Invaluable profile page. You will be able to try again in the event that a typo or unintended error was made during the initial verification process.
