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 15% on importation into the UK. (*) Indicates that VAT is payable by the purchaser at the standard rate on the hammer price as well as being an element in the buyer's premium.
Further details can be obtained from our office.
Currently this is 4% on any items sold at 1000 Euros or over, diminishing above 50,000 Euros. Buyers of the re- sold art of living artists and those deceased up to 70 years before the sale date will be charged the royalty where applicable. In addition, VAT is payable on this premium (see below).Īrtists Re-Sale Right. The Conditions of Sale oblige buyers to pay a buyer's premium of 15% on the hammer price of each lot purchased. Estimates are prepared some time before the sale and may be altered by announcement before the sale. Estimates do not include the Buyer's Premium or VAT (where chargeable). The lower estimate may represent the reserve price and certainly not below it. Accordingly if you buy, your primary contract is with the seller.Įstimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. Our staff will be happy to help you if there is anything you do not fully understand.Īs auctioneers we usually contract as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed. All sales are conducted on our printed Conditions of Sale which are readily available for inspection and normally accompany catalogues. The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms.
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