Terms & Conditions
GLOSSARY OF TERMS
The following are examples of the terminology used in this catalogue. Any statement as to authorship, attribution, origin, date, age, provenance and condition is a statement of opinion and is not to be taken as a statement of fact.
Please read carefully the terms of the Authenticity Guarantee and the Conditions of Business for Buyers.
Antonio Canova
In our opinion a work by the artist. In the case of 19th century sculpture this indicates that the work was made in our opinion either by the artist or by a foundry or editor who had the rights to reproduce the artist’s original model either during the artist’s lifetime or for a defined posthumous period. (When the artist’s forenames are not known, a series of asterisks, followed by the surname of the artist, whether preceded by an initial or not indicates that in our opinion the work is by the artist named).
Attributed to Antonio Canova
In our opinion probably a work by the artist but less certainty as to authorship is expressed than in the preceding category.
Manner of Antonio Canova
In our opinion a work in the style of the artist and of a later date .
After Antonio Canova
In our opinion a copy at a later date of a known work by the artist. In the 19th century this indicates that in our opinion the work was made by a foundry or editor at a later date and apparently without exclusive rights.
Italian 18th century
In our opinion a work from that region and of that date.
Probably Italian 18th century
In our opinion a work that is likely to be from that region and/or of that date but less certainty as to the region and/or date than is expressed in the preceding category.
In renaissance style
In our opinion a work executed in the style of the renaissance but not necessarily of that period.
The term signed and/or dated and/or inscribed means that in our opinion the signature and/or date and/or inscription are original to the model or authorized by the sculptor’s studio or editor but not necessarily from the hand of the artist.
The term bearing the signature and/or date and/or inscription means that in our opinion the signature and/or date and/ or inscription have been added at a later date.
Dimensions are given height before width.
Condition of lots
Condition is only noted in the catalogue where an item is severely distressed. Prospective purchasers making commission bids without viewing the sale can be given condition reports on any lot on request.
It is essential for buyers to satisfy themselves as to the condition of lots prior to the sale and to arrange their own insurance cover against loss and damage immediately after the sale. Please refer to the Conditions of Business for Buyers.
SUMMERS PLACE AUCTIONS AUTHENTICITY GUARANTEE
If Summers Place Auctions Ltd sells an item which subsequently is shown to be a “counterfeit”, subject to the terms below Summers Place Auctions Ltd will set aside the sale and refund to the Buyer the total amount paid by the Buyer to Summers Place Auctions Ltd for the item, in the currency of the original sale.
For these purposes, “counterfeit” means a lot that in Summers Place Auctions Ltd reasonable opinion is an imitation created to deceive as to authorship, origin, date, age, period, culture or source, where the correct description of such matters is not reflected by the description in the catalogue (taking into account any Glossary of Terms). No lot shall be considered a counterfeit by reason only of any damage and/or restoration and/or modification work of any kind (including repainting or over-painting).
Please note that this Guarantee does not apply if either:
(i) the catalogue description was in accordance with the generally accepted opinion(s) of scholar(s) and expert(s) at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or
(ii) the only method of establishing at the date of the sale that the item was a counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical to use; or likely to have caused damage to the lot or likely (in Summers Place Auctions Ltd reasonable opinion) to have caused loss of value to the lot; or
(iii) there has been no material loss in value of the lot from its value had it been in accordance with its description.
This Guarantee is provided for a period of five (5) years after the date of the relevant auction, is solely for the benefit of the Buyer and may not be transferred to any third party. To be able to claim under this Guarantee, the Buyer must:-
(i) notify Summers Place Auctions Ltd in writing within three (3) months of receiving any information that causes the Buyer to question the authenticity or attribution of the item, specifying the lot number, date of the auction at which it was purchased and the reasons why it is thought to be counterfeit; and
(ii) return the item to Summers Place Auctions Ltd in the same condition as at the date of sale to the Buyer and be able to transfer good title in the item, free from any third party claims arising after the date of the sale.
Summers Place Auctions Ltd has discretion to waive any of the above requirements. Summers Place Auctions Ltd may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the field, mutually acceptable to Summers Place Auctions Ltd and the Buyer. Summers Place Auctions Ltd shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Summers Place Auctions Ltd decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports.
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% up to £250,000 and 20% 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 20% 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 20% 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 @ 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 and a fee of £30 plus VAT will be charged for this service. For advice, please contact us on 01403 331 331 .
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 ’▲’ will be subject to payment of the Artist’s Resale Right, at a percentage of the hammer price, when the sale price reaches or exceeds £1,000 calculated as follows:
Portion of the hammer price (in) Royalty Rate
Upto 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.
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.
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.
C.I.T.E.S.
All the relevant lots in this sale 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 responsability to satisfy themselves that the correct licenses can be obtained prior to bidding.
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
The auction takes place in the gallery 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 from www.summersplaceauctions.com website. 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.
Telephone Bids
If you cannot attend the auction, it is usually possible to bid on the telephone, (not available for sealed bids). 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.
Online Bidding
If you cannot attend the auction, you may wish to bid using our free (plus BP & VAT) online bidding platform Summers Place Live or alternatively use the.saleroom.com, which will incur an additional 5% of the hammer price plus VAT at the rate imposed .
Sealed Bid
For further information please see pages at the end of this section.
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 using mobile banking. Thereafter payments may also be made by electronic transfer to our bank. We regret that debit card and credit card payments will no longer be accepted. Cash will not be accepted.
Wire Transfers
Wire transfers can be made directly to our bank. Please contact us for further details.
Credit/Debit Card /Sterling Cheque
Regrettably we are no longer able to accept debit, credit cards or sterling cheques.
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 35 days 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.
Summers Place Auctions also reserves the right to charge storage fees of £10.00 per lot, per week, for any pieces left at Summers Place over a longer period than six weeks irrespective of whether they have been entered into a sale or not.
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.
CONDITIONS OF BUSINESS FOR BUYERS
1. INTRODUCTION
(a) The contractual relationship of Summers Place Auctions Ltd and Sellers with prospective Buyers is governed by:-
(i) these Conditions of Business for Buyers;
(ii) the Conditions of Business for Sellers displayed in the saleroom and available from Summers Place Auctions Ltd;
(iii) Summers Place Auctions Ltd ‘s Authenticity Guarantee; (iv) any additional notices and terms printed in the sale catalogue, in each case as amended by any saleroom notice or auctioneer’s announcement.
(b) As auctioneer, Summers Place Auctions Ltd acts as agent for the Seller. Occasionally, Summers Place Auctions Ltd may own or have a financial interest in a lot.
2. DEFINITIONS
“Bidder” is any person making, attempting or considering making a bid, including Buyers;
Buyer” is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer’s principal when bidding as agent;
“Seller” is the person offering a lot for sale, including their agent, or executors;
““Buyer’s Expenses” are any costs or expenses due to Summers Place Auctions Ltd from the Buyer;
“Buyer’s Premium” is the commission payable by the Buyer on the Hammer Price or winning sealed bid price at the rates set out in the Guide for Prospective Buyers;
“Hammer Price” is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price; “Purchase Price” is the Hammer Price plus applicable Buyer’s Premium and Buyer’s Expenses;
“Reserve Price” (where applicable) is the minimum Hammer Price at which the Seller has agreed to sell a lot.
The Buyer’s Premium, Buyer’s Expenses and Hammer Price are subject to VAT, where applicable.
3. EXAMINATION OF LOTS
(a) Summers Place Auctions Ltd knowledge of lots is partly dependent on information provided by the Seller and Summers Place Auctions Ltd is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions.
(b) All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elsewhere are statements of Summers Place Auctions Ltd opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at Summers Place Auctions Ltd absolute discretion.
4. EXCLUSIONS AND LIMITATIONS OF LIABILITY TO BUYERS
(a) Summers Place Auctions Ltd shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of Summers Place Auctions Ltd Authenticity Guarantee.
(b) Subject to Condition 4(a), neither Summers Place Auctions Ltd nor the Seller:-
(i) is liable for any errors or omissions in any oral or written information provided to Bidders by Summers Place Auctions Ltd, whether negligent or otherwise;
(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers;
(iii) accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by Summers Place Auctions Ltd in connection with the conduct of auctions or for any matter relating to the sale of any lot.
(c) Without prejudice to Condition 4(b), any claim against Summers Place Auctions Ltd and/or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither Summers Place Auctions Ltd nor the Seller shall be liable for any indirect or consequential losses.
(d) Nothing in Condition 4 shall exclude or limit the liability of Summers Place Auctions Ltd or the Seller for death or personal injury caused by the negligent acts or omissions of Summers Place Auctions Ltd or the Seller.
5. BIDDING AT AUCTION
(a) Summers Place Auctions Ltd has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as Summers Place Auctions Ltd requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case Summers Place Auctions Ltd’s prior and express consent must be obtained).
(b) Summers Place Auctions Ltd advises Bidders to attend the auction, but Summers Place Auctions Ltd will endeavour to execute absentee written bids provided that they are, in Summers Place Auctions Ltd’s opinion, received in sufficient time and in legible form.
(c) When available, written and telephone bidding is offered as a free service at the Bidder’s risk and subject to Summers Place Auctions Ltd’s other commitments; Summers Place Auctions Ltd is therefore not liable for failure to execute such bids. Telephone bidding may be recorded.
6. IMPORT, EXPORT AND COPYRIGHT RESTRICTIONS
Summers Place Auctions Ltd and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance or any necessary import, export or other licence required by law, including licenses required by law under the International Trade in Endangered Species (CITES).
7. CONDUCT OF THE AUCTION
(a) The auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) if (s)he believes that there may be an error or dispute, and may also take such other action as (s)he reasonably deems necessary. (b) The auctioneer will commence and advance the bidding in such increments as (s)he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable.
(c) Subject to Condition 7(a), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer.
(d) Any post-auction sale of lots shall incorporate these Conditions of Business.
8. PAYMENT AND COLLECTION
(a) Unless otherwise agreed in advance, payment of the Purchase Price is due in pounds sterling immediately after the auction (the “Payment Date”).
(b) Title in a lot will not pass to the Buyer until Summers Place Auctions Ltd has received the Purchase Price in cleared funds. Summers Place Auctions Ltd will not release a lot to a Buyer before payment.
(c) The refusal of any licence or permit required by law, as outlined in Condition 6, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 8(a).
(d) The Buyer must arrange collection of lots within 35 working days of the auction. Purchased lots are at the Buyer’s risk from the fall of the hammer.
(e) All packing and handling of lots is at the Buyer’s risk. Summers Place Auctions Ltd will not be liable for any acts or omissions of third party removers or shippers.
9. REMEDIES FOR NON-PAYMENT
Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, Summers Place Auctions Ltd may in its sole discretion exercise one or more of the following remedies:-
(a) store the lot at its premises or elsewhere at the Buyer’s sole risk and expense;
(b) cancel the sale of the lot;
(c) set off any amounts owed to the Buyer by Summers Place Auctions Ltd against any amounts owed to Summers Place Auctions Ltd by the Buyer for the lot;
(d) reject future bids from the Buyer;
(e) charge interest at 4% per annum above NatWest Bank Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds;
(f) re-sell the lot by auction or privately, with estimates and reserves at Summers Place Auction Ltd.’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale;
(g) Exercise a lien over any Buyer’s Property in Summers Place Auctions Ltd’s possession, applying the sale proceeds to any amounts owed by the Buyer to Summers Place Auctions Ltd. Summers Place Auctions Ltd shall give the Buyer 14 days written notice before exercising such lien;
(h) commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs;
(i) disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings.
10. FAILURE TO COLLECT PURCHASES
(a) If the Buyer pays the Purchase Price but does not collect the lot within 35 days of the auction, the lot will be stored at the Buyer’s expense and risk at Summers Place Auctions Ltd’s premises or in independent storage.
(b) If a lot is paid for but uncollected within 6 months of the auction, following 60 days written notice to the Buyer, Summers Place Auctions Ltd will re-sell the lot by auction or privately, with estimates and reserves at Summers Place Auctions Ltd’s discretion. The sale proceeds, less all Summers Place Auctions Ltd’s costs, will be forfeited unless collected by the Buyer within 2 years of the original auction.
11. DATA PROTECTION
(a) Summers Place Auctions Ltd will use information supplied by Bidders or otherwise obtained lawfully by Summers Place Auctions Ltd for the provision of auction related services, client administration, marketing and
as otherwise required by law.
(b) By agreeing to these Conditions of Business, the Bidder agrees to the processing of their personal
information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 11(a) and to Sellers as per Condition 9(i).
12. MISCELLANEOUS
(a) All images of lots, catalogue descriptions and all other materials produced by Summers Place Auctions Ltd are the copyright of Summers Place Auctions Ltd.
(b) These Conditions of Business are not assignable by any Buyer without Summers Place Auctions Ltd’s prior written consent, but are binding on Bidders’ successors, assigns and representatives.
(c) The materials listed in Condition 1(a) set out the entire agreement between the parties.
(d) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect.
(e) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of Summers Place Auctions Ltd.
Sealed Bid- How It Works
Our sealed bid auctions close at 4.00pm on the day 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 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, which can be securely uploaded via our website.
Sealed bids, when placed by telephone, are accepted only at the caller’s risk and must be confirmed by letter or e-mail to info@summersplaceauctions.com. You can also e-mail the completed sealed bid form to sealedbids@summersplaceauctions.com .
Next give us your bid(s).vThis can be done by filling in the bidding slip found in your catalogue. If you are sending your bidding slip to Summers Place Auctions by post, please mark the envelope “Sealed Bid” so that we know it contains a sealed bid and do not open it accidentally. Bids and IDs may also be sent by e-mail. If you choose to send the bid electronically please email sealedbids@summersplaceauctions.com. This is a closed mailbox and will not be opened before the advertised time. However, we strongly recommend that if you have not viewed the sale in person, that you ask for condition reports on any lots you are thinking of leaving bids on.
Sealed bid auctions differ from established auctions in that the bid left is the bid that will be exercised in full. Therefore, if you decide to leave a bid of, say, £900 on the lot estimated at £800-1000 and there is no higher bid (where two identical bids are received, the earliest received bid will take precedence), £900 will secure the lot subject to buyer’s premium and VAT on the premium.
We will contact you if you have been the successful bidder to inform you of the lot or lots that you have purchased, so that you can make payment and make arrangements for delivery. We have had many years of experience dealing with both UK carriers and international shippers and are happy to obtain quotations and facilitate transport and shipping of single lots and multiple purchases to anywhere in the world.
Sales results will appear on the Summers Place Auctions website. Please be mindful that we will have to process a large number of bids, which does take time. However, we will endeavour to get this accomplished as quickly as possible and will expect to have the results of the sale posted by the end of the day.
If you have never bid in a sealed bid sale before, here are some things to be aware of as regards leaving bids for this auction:
Every lot in the sale has a fixed reserve, (the minimum price for which the lot can be sold) and this is never above the low estimate, it can be slightly below, but in the vast majority of cases it is the low estimate.
The highest bid (as long as it is on or above the reserve) will be the winning bid. This is the ‘hammer price’ that the lot will be sold for.
You should consider leaving a bid of an odd amount in pounds, for example, rather that bidding £1,000, try say £1,004, as many lots have been bought for the sake of the odd £1!
You can tailor your bid in ways that are impossible to do in a live auction. For example, if you really like three lots, but only need one, and the piece you like the most is later in the sale, simply mark your order of preference. As long as your instructions are clear, having looked at any other bids left on the lots, we will do our best to comply with your preferences.
In the event of two identically highest bids, the earliest bid received will take precedence.
An auction price is made up of different components; the winning bid is called the ‘hammer price’; a commission, which is in addition to the ‘hammer price’ is payable to the auctioneers. This is known as the buyers premium, on which VAT is payable. Lots marked with ’P’ are subject to Artist Resale Right (ARR), which is 4% of the “hammer price”. All lots that have additional VAT are clearly marked in the catalogue with a †.
