Buyer Terms and Conditions
Premiums Buyers 20% + 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 20% 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.