buyer's guide

Buyer's Premium Rates

The buyer's premium payable by the buyer of each lot is at a rate of 25% on the first £50,000, 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).

VAT & Taxes

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 20% on this premium, which will not be shown separately on the invoice.

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 @ 20%

Summers Place Auctions Ltd must bear VAT on the buyer's premium and hence will charge an amount in lieu of VAT at 20% 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 +44 (0) 1403 331331. Refunds are subject to an administration charge.

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.

 

C.I.T.E.S

All the relevant lots in the sales have been carefully vetted, mindful of current C.I.T.E.S. regulations, concerning the sale of endangered species. We are happy to provide advice on any lots, to overseas buyers concerning export restrictions; however, it is ultimately the buyers responsibility to satisfy themselves that the correct licences can be obtained from the relevant destination country’s authorities prior to bidding in the auction.

Artist's Resale Right

Purchase of lots marked with the following symbol ▲ 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 € 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.

Property with a ♠ symbol

Some of these items require specialist dismantling and may not be available for immediate collection after the sale. Intending purchasers should check the status of these lots before the sale.

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.

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.

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 using mobile banking, debit cards or by cheque. Payments may also be made by post, debit 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: 

Bank Transfer

We would prefer payment by Bank Transfers which can be made directly to our Bank. Please contact us by telephone or e-mail for further details.

Debit Cards

We are pleased to accept all major personal debit cards (regrettably we are no longer able to accept credit cards).

Sterling Cheque

Please note that we require seven working days to clear sterling cheques, unless special arrangements have been made with the auctioneer in advance of the sale. Goods cannot be released until the cheque is cleared

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. Please contact us on +44 (0) 1403 331331 or by e-mail to info@summersplaceauctions.com to discuss..

Collection and Storage

On receipt of cleared funds, lots can be collected from the Walled Garden, Summers Place, Billingshurst, West Sussex, RH14 9AB, Monday to Friday between 9.30am and 12.30pm and 2.00pm and 4.00pm. Collection of lots is strictly by prior appointment and must be arranged at least 48 hours in advance. If Lots have not been collected within 3 months of the auction date then storage charges may be applied at a rate of £10 per Lot per day. 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.

 

 

Next Auctions

Garden, Natural History and Tribal Art 25th & 26th September 2018 catalogue available end of August

Evolution
Evolution

Tuesday, 20th November 2018 13:00

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Garden, Natural History and Tribal Art Live Auction
Garden, Natural History and Tribal Art Live Auction

Tuesday, 12th March 2019 13:00

Remind me