Guide for Prospective Buyers
1. Buyer’s Premium Rates
The buyer’s premium payable by the buyer of each lot is at a rate
of 25% on the first £10,000, then 20% up to £250,000 and
12% on the amount by which the hammer price exceeds
£250,000, plus an amount in respect of VAT thereon (see below).
2. VAT on Hammer Price and Buyer’s Premium and VAT Symbols in
the Catalogue Property with no VAT symbol
Where there is no VAT symbol, Summers Place Auctions Ltd
are able to use the Auctioneer’s Margin Scheme and VAT will
not normally be charged on the hammer price.
Summers Place Auctions Ltd must bear VAT on the buyer’s premium
and hence will charge an amount in lieu of VAT at 17.5% on this
premium, which will not be shown separately on the invoice.
Property with a † symbol
These items will be sold under the normal UK VAT rules and VAT
will be charged at 17.5% on both the hammer price and buyer’s
premium.
Property with a symbol
It is assumed that items sold to buyers whose address is in the
European Union (EU) will be remaining in the EU. The property
will be invoiced as if it had no VAT symbol.
It is assumed that items sold to buyers whose address is outside
the EU, will be exported from the EU. The property will be
invoiced under the normal VAT rules (see ‘Property with a †
symbol above).
Property sold with a ‡ or Ω symbol
These items have been imported from outside the EU to be sold
at auction under temporary importation. When Summers Place
Auctions Ltd release such property to buyers in the UK, the buyer
will become the importer and must pay Summers Place Auctions Ltd
import VAT at the following rates on the hammer price:
‡ @ 5%
Ω @ 17.5%
Summers Place Auctions Ltd must bear VAT on the buyer’s premium
and hence will charge an amount in lieu of VAT at 17.5% on this premium, which
will not be shown separately on the invoice.
VAT Refunds
VAT may be cancelled or refunded on export if strict conditions are
met. For advice, please contact Letty Stiles on 01403331336.
Sales and Uses Taxes
Buyers from outside the UK should note that local sales taxes or
use taxes may become payable upon import of items following
purchase (for example, the Use Tax payable on import of purchased
items to certain states of the USA). Buyers should obtain their
own advice in this regard.
Artist’s Resale Right
Purchase of lots marked with the following symbol (Å) will be
subject to payment of the Artist’s Resale Right, at a percentage of
the hammer price calculated as follows:
Portion of the hammer price (in €) Royalty Rate
From 0 to 50,000 4%
From 50,000.01 to 200,000 3%
From 200,000.01 to 350,000 1%
From 350,000.01 to 500,000 0.5%
Exceeding 500,000 0.25%
The Artist’s Resale Right payable will be the aggregate of the
amounts payable under the above rate bands, subject to a
maximum royalty payable of €12,500 for any single work each
time it is sold. The maximum royalty payable of €12,500 applies to
works sold for €2 million and above. Calculation of the artist’s
resale right will be based on the Pounds Sterling / Euro reference
exchange rate quoted on the date of the sale by the European
Central Bank.
3. Before the Auction
Pre-sale Estimates
Pre-sale estimates are intended as a guide for prospective buyers
but all lots can realise prices above or below the pre-sale
estimates. Seller’s confidential reserves are set no higher than the
low pre-sale estimates, except in the rare circumstance in which
the reserve has been set in a foreign currency and the exchange
rate has fluctuated.
It is advisable to consult us nearer the time of sale as estimates
can be subject to revision. The estimates printed in the auction
catalogue do not include the buyer’s premium or VAT.
Estimates in Euros
This sale is conducted in Pounds Sterling. The rate of exchange
used was at the time of the production of this catalogue and you
should treat any estimates in or Euros as a guide only.
Provenance
In certain circumstances, Summers Place Auctions Ltd
may print in the catalogue the history of ownership of a work
of art if such information contributes to scholarship or is otherwise
well known and assists in distinguishing the work of art.
However, the identity of the seller or previous owners may not
be disclosed for a variety of reasons. For example, such information
may be excluded to accommodate a seller's request for confidentiality
or because the identity of prior owners is unknown given the age of
the work of art.
Condition of Lots
All lots are available for inspection and Condition Reports are
available on request. However, all lots are of an age and type
which means that they may not be in perfect condition and should
be viewed by prospective bidders; please refer to Condition 3 of
the Conditions of Business for Buyers.
Electrical and Mechanical Goods
All electrical and mechanical goods are sold on the basis of their
artistic and decorative value only, and should not be assumed to
be operative. It is essential that any electrical system is checked
and approved by a suitably qualified electrician, prior to use.
4. The Auction
Auction speeds vary, and generally average between 50 and 120
lots per hour. The auctioneer will commence and advance the
bidding at levels and in increments he considers appropriate
(generally in increments of approximately 10% of the previous bid)
and is entitled to place a bid or series of bids on behalf of the
seller up to the reserve on the lots, without indicating he is doing
so and whether or not other bids are placed.
Please note Conditions 5 and 6 of the Conditions of Business for
Buyers contain additional information on bidding.
Bidding in Person
To bid at auction you must register with us to obtain a bidding
number. Before the auction, fill in the form at the registration
desk, provide proof of identity, and you may be given a paddle
showing your bidding number. This paddle should be used for
bidding. The auctioneer will note this number when you purchase
a lot
Live Auctions
Our live auctions take place in May and October on a Tuesday and are on view from the Friday preceding . Viewing prior to this may be possible by private appointment. The auction takes place in a marquee on the lawn with each lot displayed on a plasma screen as it is sold. Prospective purchasers are encouraged to attend the sale and must register their details with us beforehand. Bidding is by numbered paddle.
Absentee Bids
If you cannot attend the auction we will be happy to execute written bids on your behalf, so long as you have registered your details with us beforehand. A bidding form may be downloaded by clicking here. A bidding form is also printed in the back of the catalogue. This service is confidential. Lots will always be bought as cheaply as is consistent with other bids, the reserves and other commission bids. To avoid confusion, the sale date, lot number and a brief description should be filled in and signed. Commission bids by email without a signature will not be accepted. In the event of identical bids, the earliest received will take precedence. Always indicate a top limit, i.e. the highest price you would bid if you were attending the auction. Don’t forget that buyers premium and any VAT applicable will also be added onto your bid if you are successful. “Buy” and unlimited bids will not be accepted. Please refer to our conditions of business for buyers, which is also printed in the back of our catalogues. To ensure a satisfactory service please ensure that we receive your bids at least 24 hours beforehand. The fax number for absentee bids is 00 44 (0)1403 331340.
Telephone bids
If you cannot attend the auction, it is usually possible to bid on the telephone on lots with a minimum low estimate of £1,000. You will need to have registered your details with us 5 days before the auction. As the number of telephones is limited, it is necessary to make arrangements on which lots you wish to bid on, at least 24 hours before the sale. We also suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you by telephone. Please refer to our conditions of business for buyers, which is also printed in the back of our catalogues.
Sealed bid auctions
Our sealed bid auctions will normally take place a week after the live auction, but are on view at the same time and are included in the same catalogue with an illustration, description and estimate. Clients wishing to leave bids should do so in writing, by fax or by emailing a signed scanned page detailing lot numbers, brief description and the bid(s) which they wish to leave. All clients should also have registered with us beforehand and provided photographic identification. All bids must be with us, at the latest, by the day before the published date of the sealed bid auction at which time the bids will be opened. The winning bid will be the highest left on each lot above the reserve. Bids are non sequential and the highest bid left is the price at which the lot is sold plus buyers premium and any VAT liable. In the event of there being two identical winning bids being left on the same lot, the earliest received bid shall take precedence. Summers Place Auctions decision on which is the winning bid shall be final.
Sale by private treaty
Summers Place Auctions shall, from time to time, be offering some lots for sale by Private Treaty in our architectural portfolio. These will usually comprise larger pieces of an architectural nature, which will require a longer period of planning and consultation than an auction can provide. Additionally if you are looking for a specific piece please let us know and we will use our worldwide network of trade and private clients to help source the most suitable item for you. Please contact us for further information.
Payment
Payment is due in sterling immediately after the sale and before purchases can be released. Payments in person can be made in the saleroom on the day of the auction and thereafter. Payments may also be made by post, card transactions by telephone or electronic transfer to our bank. Cash will not be accepted. Summers Place Auctions Ltd welcome the following methods of payment:
Credit/Debit Card
We are pleased to accept major credit cards (regrettably we are unable to accept American Express or Diners Club card payments), for which a surcharge will be made of 3% of the transaction total. This is to cover the charge made to us by our bank. There is no charge for payments made by debit card.
Sterling Banker’s Draft or Building Society Cheque and Electronic or Wire Transfer
Drawn on a recognised UK bank or building society. Wire Transfers can be made directly to our Bank, Nat West , Billingshurst Branch, 57 High Street, Billingshurst, West Sussex RH14 9FJ. A/C #66025184, sort code 60 02 31. IBAN GB91 NWBK 6002 3166 0251 84. Please contact us for further details.
Sterling Cheque
Please note that we require seven days to clear sterling cheques where the amount exceeds the cheque card guarantee limit, unless special arrangements have been made with the auctioneer in advance of the sale (normally the presentation of a letter of guarantee from your bank). We always reserve the right to hold goods until a cheque is cleared.
Collection and Storage
On receipt of cleared funds, lots can be collected from the Walled Garden, Stane Street, Billingshurst, West Sussex, RH14 9AB. If you are unable to collect your purchases yourself we would be delighted to obtain shipping quotes on your behalf. If Lots have not been collected within 35 days of the auction date then storage charges will be applied at a rate of £20 per Lot per week. Buyers are reminded that liability for loss and damage transfers to the buyer from the fall of the hammer. Whilst the majority of lots will remain in their location until collected, Summers Place Auctions accept no responsibility for any damage which may occur, even in the event of Summers Place Auction staff assisting carriers during collection.
Shipping
We are happy to arrange shipping quotations and have extensive experience in working in conjunction with leading domestic and international shippers. There is no charge for arranging quotations. For more details on shipping please click here.
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