Guide.
As indicated in the Endangered Species
section, Sotheby’s is not able to assist buyers
with the shipment of any lots with this symbol
into the US.
A buyer’s inability to export or
import any lots with this symbol cannot justify a
delay in payment or a sale’s cancellation.
∏ Monumental
Lots with this symbol may, in our opinion,
require special handling or shipping services
due to size or other physical considerations.
Buyers are advised to inspect the lot and to
contact Sotheby’s prior to the sale to discuss
any specific shipping requirements.
Premium Lot
In order to bid on “Premium Lots” ( in print
catalogue or in eCatalogue) you
will be requested to complete a Premium Lot
pre-registration application.
You must arrange
for Sotheby’s to receive your pre-registration
application at least three working days before
the sale.
Please bear in mind that we are unable
to obtain financial references over weekends or
public holidays.
Sotheby’s decision whether to
accept any pre-registration application shall be
final.
If your application is accepted, you will be
provided with a special paddle number.
If all lots
in the catalogue are “Premium Lots”, a Special
Notice will be included to this effect and this
symbol will not be used.
Please refer to VAT information for Buyers for
VAT symbols used in this sale.
Value Added Tax
(VAT) may be payable on the hammer price
and/or the buyer’s premium and overhead
premium.
Buyer’s premium and overhead
premium may attract a charge in lieu of VAT.
Please read carefully the “VAT INFORMATION
FOR BUYERS” printed below.
Sotheby’s must bear VAT on the buyer’s
premium and overhead premium and hence
will charge an amount in lieu of VAT at the
standard rate on these premiums.
This amount
will form part of the buyer’s premium and
overhead premium on our invoice and will not be
separately identified.
A limited range of goods,
including most books, are not liable to VAT and
therefore no amount in lieu of VAT will be added
to the premiums.
Please see ‘Exports from the United Kingdom’
for the conditions to be fulfilled before the
amount in lieu of VAT on the buyer’s premium
and overhead premium may be cancelled or
refunded.
Buyers requiring an invoice under the normal
VAT rules, instead of a margin scheme invoice,
should notify the Post Sale Service Department
on the day of the live auction and an invoice with
VAT on the hammer price will be raised.
Buyers
requiring re-invoicing under the normal VAT
rules subsequent to a margin scheme invoice
having been raised should contact the Post Sale
Services Department for assistance.
These lots will be invoiced under the margin
scheme.
Sotheby’s must bear VAT on the
buyer’s premium and overhead premium and
hence will charge an amount in lieu of VAT at the
standard rate on this premium.
This amount
will form part of the buyer’s premium and
overhead premium on our invoice and will not be
separately identified.
(VAT-registered buyers from the UK should
note that the invoice issued by Sotheby’s for
these items is not suitable evidence in respect
of import VAT.)
On request, immediately after sale, the
Temporary Admission Department can ask
HM Revenue and Customs to generate a C79
certificate Otherwise Sotheby’s may re-invoice
the lot as if it had been sold with a † symbol and
charge VAT at the standard rate on both the
hammer price and premium and provide a tax
invoice to the buyer.
Re-invoicing in this way may
make the lot ineligible to be re-sold using the
margin scheme.
Sotheby’s will transfer all lots sold subject
to Temporary Admission to its Customs
warehouse immediately after sale.
(no VAT symbol) or the normal VAT rules (†
symbol), Sotheby’s is provided with appropriate
documentary proof of export from the UK.
Buyers carrying their own property should
obtain hand-carry papers from the Shipping
department to facilitate this process.
• for lots sold under Temporary Admission (‡ or
Ω symbols), and subsequently transferred to
Sotheby’s Customs Warehouse (into Bond).
The
property must be shipped as described above
in the paragraph headed Property with a ‡ or a
Ω symbol.
• buyers carrying their own property must
obtain hand-carry papers from the Shipping
Department for which a small administrative
charge will be made.
The VAT refund will be
processed once the appropriate paperwork has
been returned to Sotheby’s.
Buyers should 2.
obtain their own advice in this regard
In the event that Sotheby’s ships items for a
purchaser in this sale to a destination within
a US state in which Sotheby’s is registered to
collect sales tax, Sotheby’s is obliged to collect
and remit the respective state’s sales/ use ta
in effect on the total purchase price (includin
hammer price, buyer’s premium, overhea
premium, artist’s resale right levy and an
requested shipping services including insurance
as applicable) of such items, regardless of th
country in which the purchaser resides or i
a citizen
Where the purchaser has provided
Sotheby’s with a valid Resale Exemption
Certificate prior to the release of the property,
sales/ use tax will not be charged
“Buyer’s Premium” is the commission payable
by the Buyer on the Hammer Price at the rates
set out in the guide to Buying at Auction plus any
applicable VAT or an amount in lieu of VAT;
“Counterfeit” is as defined in Sotheby’s
“Hammer Price” is the highest bid accepted
by the auctioneer by the fall of the hammer, (in
the case of wine, as apportioned pro-rata by
reference to the number of separately identified
items in that lot), or in the case of a post-auction
sale, the agreed sale price;
“Overhead Premium” is the allocation of
Sotheby’s overhead costs relating to Sotheby’s
facilities, property handling and other
administrative expenses that is payable by the
Buyer on the Hammer Price at the rates set
out in the guide to Buying at Auction in the sale
catalogue plus any applicable VAT or amount in
Clients
who wish to provide resale or exemption
documentation for their purchases should
contact Post Sale Services.
Clients who wish to have their purchased lots
shipped to the US by Sotheby’s are advised to
contact the Post Sale Manager listed in the front
of this catalogue before arranging shipping.
CONDITIONS OF BUSINESS FOR
The nature of the relationship between
Sotheby’s, Sellers and Bidders and the terms
on which Sotheby’s (as auctioneer) and Sellers
contract with Bidders are set out below.
BUYERS
Authenticity Guarantee;
Bidders’ attention is specifically drawn to
Conditions 3 and 4 below, which require them
to investigate lots prior to bidding and which
contain specific limitations and exclusions of
the legal liability of Sotheby’s and Sellers.
The
limitations and exclusions relating to Sotheby’s
are consistent with its role as auctioneer of
large quantities of goods of a wide variety and
Bidders should pay particular attention to these
Conditions.
1. 5
• Sotheby’s is not able to cancel or refund any
VAT charged on sales made to UK residents
unless the lot is subject to Temporary Admission
and the property is exported from the UK and
Sotheby’s is instructed to ship directly.
EXPORTS FROM THE UNITED KINGDOM
The following amounts of VAT may be cancelled
or refunded provided Sotheby’s receive the
appropriate export documents within the time
limits stated:
• Sotheby’s is not able to cancel or refund any
VAT charged on sales to UK residents unless the
lot is shipped as described above.
Buyers intending to export, repair, restore or
alter lots sold under Temporary Admission (‡
or Ω symbols) and therefore transferred to
Customs Warehouse after sale should notify the
Shipping Department before collection.
Failure
to do so may result in the import VAT becoming
payable immediately and Sotheby’s being
unable to refund the VAT charged on deposit.
“Purchase Price” is the Hammer Price and
applicable Buyer’s Premium, Overhead
Premium, ARR and VAT;
“Reserve” is the (confidential) minimum 2.
Hammer Price at which the Seller has agreed
to sell a lot;
PROPERTY WITH A † SYMBOL
These items will be sold under the normal
UK VAT rules and VAT will be charged at the
standard rate on the hammer price, buyer’s
premium and overhead premium.
Please see ‘Exports from the United Kingdom’
for the conditions to be fulfilled before the VAT
charged on the hammer price may be cancelled
or refunded.
INTRODUCTION
(a) Sotheby’s and Sellers’ contractual relationship
with prospective Buyers is governed by:
(i) these Conditions of Business;
(ii) the Conditions of Business for Sellers displayed
in the saleroom and which are available upon
request from Sotheby’s UK salerooms or by
telephoning +44 (0)20 7293 6482;
(iii) Sotheby’s Authenticity Guarantee as published
below;
“Seller” is the person offering a lot for sale
(including their agent (other than Sotheby’s),
executors or personal representatives);
“Sotheby’s” means Sotheby’s, the unlimited
company which has its registered office at 34-35
New Bond Street, London W1A 2AA;
“Sotheby’s Company” means both Sotheby’s
in the USA and any of its subsidiaries
(including Sotheby’s in London) and Sotheby’s
Diamonds SA and its subsidiaries (in each case
“subsidiary” having the meaning of Section 1159
of the Companies Act 2006);
(v) in respect of online bidding via an Online
Platform, the Additional Terms and Conditions
for Online Bidding published below and available
on www.sothebys.com and the Sotheby’s App, in
each case as amended by any saleroom notice or
auctioneer’s announcement at the live auction.
Property with no VAT symbol (see paragraph 1)
The amount in lieu of VAT charged on Buyer’s
Premium and Overhead Premium may be
3.
VAT AND OTHER TAX
INFORMATION FOR BUYERS
refunded provided the purchaser resides PROPERTY WITH A α SYMBOL
outside of the United Kingdom and the property
Items sold to buyers whose address is in the is exported from the UK within 3 months of
UK will be assumed to be remaining in the UK.
Sotheby’s must be provided with the
property will be invoiced as if it had no VAT appropriate proof of export immediately after sym
ol (see ‘Property with no VAT symbol’ export of the goods.
the sale.
above).
Auction; and
Property with a † symbol
The VAT charged upon the hammer price may
be refunded provided the purchaser resides
outside of the United Kingdom and the property
is exported from the EU within 3 months of
the sale.
Further information is contained in the guide to
Buying at Auction.
Sotheby’s must be provided with the
appropriate proof of export immediately after
export of the goods.
(iv) any additional notices and terms published
by Sotheby’s, including the guide to Buying at
“VAT” is Value Added Tax at the prevailing rate.
Property with a ‡ or a Ω symbol
The Temporary Admission VAT charged on
the hammer price may be refunded under the
following circumstances:-
• Sotheby’s is instructed to ship the property to
a place outside the UK
• The property is hand carried directly from the
UK and Sotheby’s pre lodge the export entry
with HMRC
6.
VAT REFUNDS FROM HM
Where VAT charged cannot be cancelled or
refunded by Sotheby’s, it may be possible
to seek repayment from HM Revenue and
Customs.
REVENUE AND CUSTOMS
Repayments in this manner are
limited to businesses located outside the UK.
Email the Overseas Repayment Unit
newcastle.oru.hmrc.gsi.gov.uk
Use this email to contact HMRC about
reclaiming VAT paid in the UK if your business is
based overseas.
The following paragraphs are intended to
give general guidance to buyers on the VAT
and certain other potential tax implications
of purchasing property at Sotheby’s.
The
information concerns the most usual
circumstances and is not intended to be
complete.
Sotheby’s is unable to provide tax
advise to you and recommends you obtain
independent tax advise.
In all cases the relevant
tax legislation takes precedence and the VAT
rates in effect on the day of the live auction
will be the rates charged except for lots sold
subject to Temporary Admission for which the
applicable rate will be that in force at the time
of collection.
It should be noted that, for VAT
purposes only, Sotheby’s is not usually treated
as an agent and most property is sold as if it is
the property of Sotheby’s.
In the following paragraphs, reference to VAT
symbols shall mean those symbols located
beside the lot number or the pre-sale estimates
in the cataloguing (or amending sale room
notice).
Items sold to buyers whose address is outside
the UK will be assumed to be exported from
the UK.
The property will be invoiced under
the normal VAT rules (see ‘Property sold with a
† symbol’ above).
Although the hammer price
will be subject to VAT this will be cancelled or
refunded upon export- see ‘Exports from th
United Kingdom’
However, buyers who are not
intending to export their property from the UK
should notify our Post Sale Services Department
on the day of the sale and the property will be re-
invoiced showing no VAT on the hammer price
(see ‘Property sold with no VAT symbol’ above).
3.
DUTIES OF BIDDERS AND OF SOTHEBY’S
IN RESPECT OF ITEMS FOR SALE
(a) Sotheby’s knowledge in relation to each lot
is partially dependent on information provided
to it by the Seller, and Sotheby’s is not able to
and does not carry out exhaustive due diligence
on each lot.
Bidders acknowledge this fact and
accept responsibility for carrying out inspections
and investigations to satisfy themselves as to
the lots in which they may be interested.
(b) Each lot offered for sale at Sotheby’s is
available for inspection by Bidders prior to the
sale.
Sotheby’s accepts bids on lots solely on
the basis that Bidders (and independent experts
on their behalf, to the extent appropriate given
the nature and value of the lot and the Bidder’s
own expertise) have fully inspected the lot prior
to bidding and have satisfied themselves as to
both the condition of the lot and the accuracy of
its description.
7.
SALES AND USE TAXES
Buyers should note that local sales taxes or
use taxes may become payable upon import of
items following purchase (for example, use tax
may be due when purchased items are imported
into certain states in the US).
(b) As auctioneer, Sotheby’s acts as agent for the
Seller.
A sale contract is made directly between the
Seller and the Buyer.
However, Sotheby’s may own
a lot (and in such circumstances acts in a principal
capacity as Seller) and/or may have a legal,
beneficial or financial interest in a lot as a secured
creditor or otherwise.
4.
PROPERTY SOLD WITH A ‡ OR Ω SYMBOL
These items have been imported from outside
the UK to be sold at auction under Temporary
Admission.
price:
‡- the reduced rate Under all other circumstances Sotheby’s i
Ω- the standard rate required to complete the importation and p
y the VAT due to HM Revenue and Customs pri
r You should also note that the appropriate rate to the property leaving its premises and so a V
T will be that in force on the date of collection of refund will not be possibl
the property from Sotheby’s and not that in
force at the date of the sale.
When Sotheby’s releases such
property to buyers in the UK, the buyer will • The VAT liability is transferred to your shipper’s
become the importer and must pay Sotheby’s own Temporary Admission or Customs
import VAT at the following rates on the hammer Warehouse arrangement prior to collection from
Sotheby’s.
All lots are offered
for sale in the condition they are in at the time
of the auction (whether or not Bidders are in
attendance at the auction).
Condition reports
may be available to assist when inspecting lots.
1.
Catalogue descriptions and condition reports
(c) Bidders acknowledge that many lots are
of an age and type which means that they are
not in perfect condition.
Proof of export required
• for lots sold under the margin scheme
COMMON TERMS
In these Conditions of Business:
“ARR” is applicable artist resale right royalty
payable by the Buyer on the qualifying Property;
“Bidder” is any person considering, making or
attempting to make a bid, by whatever means,
“Buyer” is the person who makes the highest bid
or offer accepted by the auctioneer, and includes
such person’s principal when bidding as agent;
“Buyer’s Expenses” are any costs or expenses
due to Sotheby’s from the Buyer, including
an amount in respect of any applicable VAT
thereon, and any Artist’s Resale Right levy
payable in respect of the sale of the Property;
and includes Buyers;
PROPERTY WITH NO VAT SYMBOL
Where there is no VAT symbol, Sotheby’s is able
to use the Auctioneer’s Margin Scheme and VAT
will not normally be charged on the hammer
price.
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SOTHEBY’S
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