Advance Bidding For certain sales, bidders 3.
may submit bids in advance of the live auction
(“Advance Bid”) through an Online Platform, as
described above in “BEFORE THE AUCTION”
section or by submitting your maximum bid
in writing to the Bids Department
For these
sales, if you submit an Advance Bid prior to
the live auction, the system will automatically
bid on your behalf up to and including your
predetermined maximum Advance Bid in
response to other bids and will alert you via
email and push notifications (if enabled on
your device).
During the live auction, if your
Advance Bid remains as the leading bid, the
auctioneer will execute your bid on your behalf
in response to other bids.
You may also continue
to bid during the live auction above your
predetermined maximum Advance Bid via an
Online Platform using the Live Online Bidding
method described below.
AFTER THE AUCTION agreement, Sotheby’s may grant buyers it
deems creditworthy the option of paying for
Invoices Successful bidders will receive an
their purchases on an extended payment term
invoice detailing their purchases and giving
basis.
instructions for payment and clearance of
Credit terms must be arranged prior to
goods.
In advance of determining whether to
grant the extended payment terms, Sotheby’s
Payment is due immediately after the may require credit references and proof of
sale and may be made by Sterling Wire Transfer identity and residence.
or Sterling Cheque.
Payments by Sterling Cash
and by Credit/Debit Cards are also accepted
subject to certain restrictions and/or surcharges
– please see below.
EXPLANATION OF SYMBOLS
All shipments should be unpacked and
checked on delivery and any discrepancies
notified immediately to the party identified The following key explains the symbols you
in your quotation and/or the accompanying may see beside the lots of property included in
documentation.
If an agent is advising you or bidding on your
behalf with respect to a lot identified as being
subject to an irrevocable bid, you should request
that the agent disclose whether or not he or she
has a financial interest in the lot.
this sale.
the sale.
Export The export of any lot from the UK or
import into any other country may be subject
to one or more export or import licences being
granted.
It is the buyer’s responsibility to obtain
any relevant export or import licence.
The denial
of any licence required or delay in obtaining such
licence cannot justify the cancellation of the
sale or any delay in making payment of the total
amount due.
Sotheby’s, upon request and for
an administrative fee, may apply for a licence to
export your lot(s) outside the UK.
Sotheby’s, upon request and for an
administrative fee, may apply for a licence to
export your lot(s) outside the UK.
• A UK Licence is necessary to move cultural
goods valued at or above the relevant UK
Licence limits from the UK.
○ Guaranteed Property
The seller of lots with this symbol has been
guaranteed a minimum price from one auction
or a series of auctions.
This guarantee may be
provided by Sotheby’s or jointly by Sotheby’s
and a third party.
Sotheby’s and any third
parties providing a guarantee jointly with
Sotheby’s benefit financially if a guaranteed lot
is sold successfully and may incur a loss if the
sale is not successful.
A third party providing a
guarantee jointly with Sotheby’s may provide
an irrevocable bid, or otherwise bid, on the
guaranteed property.
If the Guaranteed Property
symbol for a lot is not included in the printing
of the auction catalogue, a pre-sale or pre-lot
announcement will be made indicating that
there is a guarantee on the lot.
If every lot in a
catalogue is-guaranteed, the Important Notice
in the sale catalogue will so state and thi
symbol will not be used for each lot
△ Property in which Sotheby’s has an
Lots with this symbol indicate that Sotheby’s
owns the lot in whole or in part or has an
economic interest in the lot equivalent to an
ownership interest.
Ownership Interest
⊻ Interested Parties
Lots with this symbol indicate that parties with
a direct or indirect interest in the lot may be
bidding on the lot, including (i) the beneficiary
of an estate selling the lot, or (ii) the joint owner
of a lot.
If the interested party is the successful
bidder, they will be required to pay the full
buyer’s premium and overhead premium.
In
certain instances, interested parties may have
knowledge of the reserve.
In the event the
interested party’s possible participation in the
sale is not known until after the printing of the
auction catalogue, a pre-lot announcement will
be made indicating that interested parties may
be bidding on the lot.
(□) No Reserve
Unless indicated by a box (﹤), all lots included
in this sale are offered subject to a reserve.
A reserve is the confidential hammer price
established between Sotheby’s and the seller
and below which a lot will not be sold.
The
reserve is generally set at a percentage of
the low estimate and will not exceed the low
estimate for the lot.
Where a lot is offered
“without reserve” absentee bids will be executed
at a minimum of 10% of the low estimate.
If
any lots included in a sale are offered without a
reserve, these lots are indicated by a box (﹤).
If
all lots included in a sale are offered without a
reserve, a Special Notice will be included to this
effect and the box symbol will not be used for
each lot.
Collection It is Sotheby’s policy to request
proof of identity on collection of a lot.
Lots
will be released to you or your authorised
representative when full and cleared payment
has been received by Sotheby’s.
If you are in
doubt about the location of your purchases,
please contact the Sale Administrator prior to
arranging collection.
Please note that items
marked with a ‘W’ in the catalogue will be sent
to Sotheby’s Greenford Park Fine Art Storage
Facility immediately following the sale and
therefore buyers are requested to arrange early
collection of their goods as they will be subject
to handling and storage charges after 30 days.
Removal, storage and handling charges may
be levied on uncollected lots.
Please refer to
Condition 7 of the Conditions of Business for
Buyers published below.
• It is against Sotheby’s general policy to accept
single or multiple related payments in the form
of cash or cash equivalents in excess of the local
currency equivalent of US$10,000.
• It is Sotheby’s policy to request any new
clients or buyers preferring to make a cash
payment to provide: proof of identity (by
providing some form of government issued
identification containing a photograph, such as
a passport, identity card or driver’s licence) and
confirmation of permanent address.
Thank you
for your co-operation.
Cheques should be made payable to Sotheby’s.
Although personal and company cheques drawn
in pounds sterling on UK banks are accepted,
you are advised that property will not be
released until such cheques have cleared unless
you have a pre-arranged Cheque Acceptance
Facility.
Forms to facilitate this are available from
the Post Sale Services Department.
Live Online Bidding If you cannot attend the
live auction, it may be possible to bid live online
via an Online Platform.
For information about
registering to bid via an Online Platform please
refer to sothebys.com.
Consecutive and Responsive Bidding The
auctioneer may open the bidding on any lot
by placing a bid on behalf of the seller.
The
auctioneer may further bid on behalf of the
seller, up to the amount of the reserve, by
placing consecutive or responsive bids for a lot.
Please refer to Condition 6 of the Conditions of
Business for Buyers published below.
Storage and handling charges may
apply.
For information concerning post sale
storage and charges, please see Sotheby’s
Greenford Park, Storage and Collection
Information published below.
Please refer to
Condition 7 of the Conditions of Business for
Buyers published below.
A UK Licence will be required for most items
over 50 years of age with a value of over
£65,000.
UK Licence Thresholds
British Historical Portraits
calculated as follows:
Some exceptions are listed below:-
Photographic positive or negative or
any assemblage of such photographs
UK LICENCE THRESHOLD: £10,000
Textiles (excluding carpets and tapestries)
Bank transfers Our bank account details are
UK LICENCE THRESHOLD: £12,000
shown on our invoices.
UK LICENCE THRESHOLD: £10,000
⊕ Property Subject to the Artist’s Resale Right
Purchase of lots marked with this symbol (吞)
will be subject to payment of the Artist’s Resale
Right, at a percentage of the hammer price
Interested Parties Announcement In situations
where a person who is allowed to bid on a lot
has a direct or indirect interest in such lot, such
as the beneficiary or executor of an estate
selling the lot, a joint owner of the lot, or a party
providing or participating in a guarantee of the
lot, Sotheby’s will make an announcement in the
saleroom that interested parties may bid on the
lot.
In certain instances, interested parties may
have knowledge of the reserves.
Employee Bidding Sotheby’s employees
may bid only if the employee does not know
the reserve and fully complies with Sotheby’s
internal rules governing employee bidding.
US Economic Sanctions The United States
maintains economic and trade sanctions
against targeted foreign countries, groups and
organisations.
There may be restrictions on the
import into the United States of certain items
originating in sanctioned countries, including
Burma, Cuba, Iran, North Korea and Sudan.
The
purchaser’s inability to import any item into the
US or any other country as a result of these or
other restrictions shall not justify cancellation or
rescission of the sale or any delay in payment.
Please check with the specialist department if
you are uncertain as to whether a lot is subject
to these import restrictions, or any other
restrictions on importation or exportation.
Currency Board As a courtesy to bidders, a
currency board is operated in many salerooms.
It displays the lot number and current bid in
both pound sterling and foreign currencies.
Exchange rates are approximations based on
recent exchange rate information and should
not be relied upon as a precise invoice amount.
Sotheby’s assumes no responsibility for any error
or omission in the currency amounts shown.
Purchases remaining at our New Bond Street
premises 90 days after the sale may be
transferred to Sotheby’s Greenford Park Fine Art
Storage (see Sotheby’s Greenford Park, Storage
and Collection information).
All such transferred
purchases will be subject to further storage and
handling charges from the point of transfer.
Loss or Damage Buyers are reminded that
Sotheby’s accepts liability for loss or damage to
lots for a maximum period of thirty (30) days
after the date of the live auction.
Please refer to
Condition 7 of the Conditions of Business for
Buyers published below.
Shipping Sotheby’s offers a comprehensive
shipping service.
Except if otherwise indicated
in this Buying At Auction Guide, our Shipping
Department can advise buyers on exporting and
shipping property, and arranging delivery.
If you
are bidding via an Online Platform, our shipping
calculator is available to help you determine
the delivery charges in relation to the item of
property on which you wish to bid.
We reserve the right to seek identification of
the source of funds received. For further assistance please contact: Post Sale
Services (Mon-Fri 9am to 5pm) Tel +44 (0)20
7293 5220 Fax +44 (0)20 7293 5910 Email:
ukpostsaleservices@sothebys.com
Please include your
name, Sotheby’s account number and invoice
number with your instructions to your bank.
Please note that we reserve the right to decline
payments received from anyone other than
the buyer of record and that clearance of such
payments will be required.
Please contact our
Post Sale Services Department if you have any
questions concerning clearance.
Card payment Sotheby’s accepts payment by
Visa, MasterCard, American Express and CUP
credit and debit cards.
Card payments may not
exceed £30,000 per sale.
All cards are accepted
in person at Sotheby’s premises at the address
noted in the catalogue.
With the exception of
CUP, card payments may also be made (a)
online at http://www.sothebys.com/en/invoice-
payment.html; (b) via the Sotheby’s App; (c)
by calling Post Sale Services at +44 (0)20 7293
5220; or (d) in person at Sotheby’s premises
in London.
⋑ Irrevocable Bids
Lots with this symbol indicate that a party
has provided Sotheby’s with an irrevocable
bid on the lot that will be executed during the
sale at a value that ensures that the lot will sell.
The irrevocable bidder, who may bid in excess
of the irrevocable bid, may be compensated
for providing the irrevocable bid by receiving
a contingent fee, a fixed fee or both.
If the
irrevocable bidder is the successful bidder, any
contingent fee, fixed fee or both (as applicable)
for providing the irrevocable bid may be netted
against the irrevocable bidder’s obligation to
pay the full purchase price for the lot and the
purchase price reported for the lot shall be net
of any such fees.
From time to time, Sotheby’s
may enter into irrevocable bid agreements
that cover multiple lots.
In such instances, the
compensation Sotheby’s will pay the irrevocable
bidder is allocated to the lots for which the
irrevocable bidder is not the successful
purchaser.
Under such circumstances, the
total compensation to the irrevocable bidder
will not exceed the total buyer’s premium,
overhead premium and other amounts paid to
Sotheby’s in respect of any lots for which the
irrevocable bidder is not the successful bidder.
If the irrevocable bid is not secured until after
the printing of the auction catalogue, Sotheby’s
will notify bidders that there is an irrevocable
bid on the lot by one or more of the following
means: a pre-sale or pre-lot announcement,
by written notice at the auction or by including
an irrevocable bid symbol in the e-catalogue
for the sale prior to the auction.
From time to
time, Sotheby’s or any affiliated company may
provide the irrevocable bidder with financing
related to the irrevocable bid.
If the irrevocable
bidder is advising anyone with respect to the
lot, Sotheby’s requires the irrevocable bidder
to disclose his or her financial interest in the lot.
Sotheby’s recommends that you retain all
import and export papers, including licences,
as in certain countries you may be required to
produce them to governmental authorities.
Endangered Species Items made of or
incorporating plant or animal material, such as
coral, crocodile, ivory, whalebone, tortoiseshell,
etc.,
irrespective of age or value, may require a
licence or certificate prior to exportation and
require additional licences or certificates upon
importation to any country.
Please note that the
ability to obtain an export licence or certificate
does not ensure the ability to obtain an import
licence or certificate in another country, and vice
versa.
For example, it is illegal to import African
elephant ivory into the United States and there
are other restrictions on the importation of
ivory into the US under certain US regulations
which are designed to protect wildlife
conservation.
Sotheby’s suggests that buyers
check with their own government regarding
wildlife import requirements prior to placing a
bid.
It is the buyer’s responsibility to obtain any
export or import licences and/or certificates
as well as any other required documentation
(please refer to Condition 11 of the Conditions of
Business for Buyers published below).
Please
note that Sotheby’s is not able to assist buyers
with the shipment of any lots containing ivory
and/or other restricted materials into the US.
A
buyer’s inability to export or import these lots
cannot justify a delay in payment or a sale’s
cancellation.
Portion of the hammer price (in €)
From 0 to 50,000
Royalty Rate
From 50,000.01
to 200,000
From 200,000.01
to 350,000
From 350,000.01
Exceeding 500,000
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 euros for any single work each
time it is sold.
The maximum royalty payable of
12,500 euros applies to works sold for 2 million
euros and above.
Calculation of the artist’s
resale right will be based on the pound sterling
/ Euro reference exchange rate quoted on the
date of the sale by the European Central Bank.
4%
3%
1%
to 500,000 0.5%
0.25%
New Clients If you have opened a new account
with Sotheby’s since 1 December 2002,
and have not already provided appropriate
identification, you will be asked to present
documentation confirming your identity before
your property or sale proceeds can be released
to you.
We may also contact you to request a
bank reference.
Please provide government
issued photographic identification such as a
passport, identity card or driver’s licence and
confirm your permanent address.
We will send you a quotation for shipping your
purchase(s).
Transit risk insurance may also
be included in your quotation.
If the quotation
is accepted, we will arrange the shipping for
you and will despatch the property as soon as
possible after receiving your written agreement
to the terms of the quotation, financial release of
the property and receipt of any export licence or
certificates that may be required.
Despatch will
be arranged at the buyer’s expense.
Sotheby’s
may charge an administrative fee for arranging
the despatch.
◉ Restricted Materials
Lots with this symbol have been identified at
the time of cataloguing as containing organic
material which may be subject to restrictions
regarding import or export.
The information is
made available for the convenience of Buyers
and the absence of the Symbol is not a warranty
that there are no restrictions regarding import
or export of the Lot; Bidders should refer to
Condition 11 of the Conditions of Business for
Buyers.
Please also refer to the section on
Endangered Species in the Buying at Auction
The Conditions of Business require buyers to
pay immediately for their purchases.
However,
in limited circumstances and with the seller’s
SOTHEBY’S
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