Buyer Terms and Conditions
Premiums Buyers 18% + Vat
INFORMATION FOR BUYERS
1.
Introduction. The following
informative notes are intended to assist Buyers,
particularly those inexperienced or new to our
salerooms. All sales are conducted on our printed
Conditions of Sale which are readily available for
inspection and normally accompany catalogues. Our
staff will be happy to help you if there is anything
you do not fully understand.
2. Agency. As Auctioneers we usually
act as agents for the seller whose identity, for
reasons of confidentiality, is not normally disclosed.
Accordingly, if you buy your primary contract is with
the seller.
3. Estimates. Estimates are designed
to help buyers gauge what sort of sum might be
involved for the purchase of a particular lot. The
lower estimate may represent the reserve price and
certainly will not be below it. Estimates do not
include the Buyer’s Premium or VAT (where chargeable).
Estimates are prepared some time before the sale and
may be altered by announcement before the sale. They
are in no sense definitive.
4. Buyer’s Premium. The Conditions
of Sale oblige buyers to pay a buyer’s premium of 18%
on the hammer price of each lot purchased. In
addition, VAT is added to this premium (see below).
5. VAT. (*) indicates that VAT is
payable by the purchaser at the standard rate
(presently 20%) on the hammer price as well as beingan
element in the buyer’s premium. This imposition of VAT
is likely to be because the seller is registered for
VAT within the European Union and is not operating the
Dealers Margin Scheme or because VAT is due at 20% on
importation into the UK. The double symbol (**)
indicates that the lot has been imported from outside
the European Union and the present position is that
these lots are liable to a reduced rate of VAT (5%) on
the gross lot price (i.e. both the hammer price and
the buyer’s premium). Lots which appear without either
of the above symbols indicate that no VAT is payable
on the hammer price. This is because such lots are
sold using the Auctioneer’s Margin Scheme and it
should be noted that the VAT included within the
premium is not recoverable as input tax.
6. Conditions of lots. Please note
carefully the exclusion of liability for the condition
of lots contained in the Conditions of Sale. Intending
buyers have ample opportunity for inspection of goods
and neither the seller nor we as the auctioneers
accept any responsibility for their condition. In
particular, mechanical objects of any age are not
guaranteed to be in working order. However, in
specified circumstances lots mis described because they
are ‘deliberate forgeries’ may be returned and
repayment made. There is a 3 week time limit.
(The expression ‘deliberate forgery’ is defined in our
Conditions of Sale).
7. Condition reports. We may be able
to assist buyers unable to view by posting or emailing
a condition report, but these reports are based solely
on our own opinion and are for guidance only and no
responsibility is accepted for their accuracy.
Intending buyers are strongly encouraged to view.
(Please see our Conditions of Sale).
8. Electrical goods. These are sold
as ‘antiques’ only and if bought for use must be
checked over for compliance with safety regulations by
a qualified electrician first.
9. Export of goods. Buyers
intending to export goods should ascertain (a) whether
an export licence is required and (b) whether there is
any specific prohibition on importing goods of that
character because, e.g. they may contain prohibited
materials such as ivory. Ask us if you need help.
10. Bidding. Bidders may be required
to register before the sale commences and lots will be
invoiced to the name and address on the registration
form. Some form of identification may be required if
you are unknown to us. Please enquire in advance about
our arrangements for telephone bidding.
11. Commission bidding. Commission
bids may be left with the auctioneers indicating the
maximum amount to be bid excluding,buyer’s premium.
They will be executed as cheaply as possible having
regard to the reserve (if any) and competing bids. If
two buyers submit identical commission bids the
auctioneers may prefer the first bid received. Please
enquire in advance about our arrangements for the
leaving of commission bids by telephone or fax.
12. Methods of payment. As a
general rule any cheques tendered will need to be
cleared before removal of the goods is permitted.
Please discuss with our Office in advance of the sale
if other methods of payment are envisaged (except
cash).
13. Collection and Storage. It is important that goods are
paid for and collected promptly. Storage charges of £5.00 per lot per week may be applied if the lots are not collected within 5 working
days unless prior arrangements have been made.
14. Artist's Retail Right (AAR).
Lots by living artists and the descendants of artists deceased within the
last 70 years are entitled to receive a resale royalty each time their work
is bought. The right is calculated in Euros and only applies when the sale
price reaches or exceeds the sterling equivalent of €1,000. It is
calculated on a sliding scale starting at 4% of the hammer price for lots
selling between €1,000 and €50,000. The fee will be charged to the
buyer and included on your invoice, in addition to the buyer's premium
and any other fees. The fee is paid to the artist's collecting society and
no ARR is retained by ourselves. Full details can be found on the Design
& Artists' Copyright Society website.