The paragraph numbers refer to these conditions as printed on the Entry Form and in the catalogue.
Buyers Premium
A buyers premium of 20% of the hammer price is payable by the buyer, together with VAT on this premium unless specified otherwise in the auction catalogue.
Droit de Suite
From 14th February 2006 all UK art market professionals are required to collect a royalty payment for all works of art that have been produced by living artists. This payment is only calculated on qualifying works of art, which are sold for a hammer price more than the UK sterling equivalent of EURO 1,000 - the UK sterling equivalent will fluctuate in line with prevailing exchange rates.
It is entirely the responsibility of the buyer to acquaint himself with the precise EURO to UK Sterling exchange rate on the day of the sale in this regard. and the auctioneer accepts no responsibility whatsoever if the qualifying rate is different to the rate indicated.
All items in the catalogue that are marked with (maybe subject to droit de suite) are potentially qualifying items, and the royalty charge will be applied if the hammer price achieved is more than the UK sterling equivalent of EURO 1,000. The royalty charge will be added to all relevant buyers' invoices, and must be paid before items can be cleared. All royalty charges are passed on to the Design and Artists Copyright Society ('DACS'), no handling costs or additional fees with respect to these charges will be retained by the auctioneers.
The royalty charge that will be applied to qualifying items which achieve a hammer price of more than the UK sterling equivalent of EURO 1,000, but less than the UK sterling equivalent of EURO 50,000 is 4%. For qualifying items that sell for more than the UK sterling equivalent of EURO 50,000 a sliding scale of royalty charges will apply - for a complete list of the royalty charges and threshold levels, please see www.dacs.org.uk. There is no VAT payable on this royalty charge.
Export Of Goods
Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character because, e.g. they may contain prohibited materials such as ivory. Ask us if you need help.
Electrical Goods
These are sold as 'antiques' only and if bought for use must be checked over for compliance with safety regulations by a qualified electrician first.
12. The highest bidder acceptable to the Auctioneer shall be the Buyer. The Auctioneer shall have absolute discretion to settle any dispute and to refuse bids or to advance the bidding as seen fit.
13. Every bidder shall be deemed to act as principal unless in receipt of written acknowledgement by the Auctioneer that the bidder is acting as agent on behalf of a disclosed principal.
14. The Buyer must complete a registration form prior to bidding and will be given a paddle number. The Auctioneer may refuse a bid or re-offer a Lot if a Buyer has not registered and/or has no current paddle number. Following a successful bid the Buyer shall pay the Auctioneer in full the Hammer Price (plus VAT payable in accordance with clause 15 below), together with a premium of 20% of the Hammer Price and VAT at the standard rate on the premium, within two working days of the day of the sale.
15. Lots that are subject to VAT on the hammer price are marked in the catalogues with a (*) star.
Buyers from outside the European Union must pay the vat, this will then be refunded to the buyer on provision of the necessary proof of export.
VAT, which is applied to the Buyer's Premium and or the Vendors Commission and all other charges , cannot be refunded and must be paid in full in all circumstances.
Lots which appear without the (*) symbol indicate that no VAT is payable on the hammer price. This is because such lots are sold using the Auctioneers' Margin Scheme and it should be noted that the VAT included within the Premium is not recoverable as input tax.
16. The ownership of a Lot shall not pass to the Buyer and the Buyer shall not be entitled to remove any Lot until he has made full payment to the Auctioneer of the total amount due. Payment shall be deemed to have been made only after the Auctioneer has received cash or sterling bankers draft or the Buyers cheque has been cleared.
17. All furniture and rug lots must be cleared by 5.00pm on the Monday following the sale. All other lots must be cleared by 5.00pm on the Wednesday following the sale. Rosebery's will strictly enforce a storage charge of £2 per lot per day + VAT after these times.
18. Should a Buyer breech either of conditions 14 and 17 the Auctioneer, at his absolute discretion and without prejudice to any other rights he may have, may exercise any of the following rights and remedies:-
(a) Proceed against the Buyer for breech of contract;
(b) rescind the sale of all or any Lots sold to the Buyer;
(c) re-sell all or any Lots by public auction or private treaty and deficiencies in the purchase price resulting from such sale (after giving credit for any prior payment received from the Buyer) together with full costs incurred in connection with the Lot or Lots shall be paid to the Auctioneer by the Buyer. Any surplus over the proceeds of the sale shall go to the Seller;
(d) remove, store and insure (on any premises) the Lot or Lots at the expense of the Buyer;
(e) charge interest on the purchase price of 5% over the base lending rate of the National Westminster Bank PLC on any amount out-standing from the Buyer more than 7 days after the date of sale;
(f) retain the Lot or any other Lot sold to the Buyer at the same or any other auction and release the same only after payment of the full purchase price.
(g) reject any bids made by or on behalf of the Buyer at the same or any other future auction, or obtain part payment before accepting any future bids;
(h) apply any proceeds of sale then due or at any time thereafter becoming due to the Buyer towards settlement of the total amount due and exercise a lien on any property of the Buyers which is in the Auctioneers possession for any purpose.
19.
(a) Many items are of an age or nature which precludes their being in perfect condition. The catalogue description is for guidance only and does not imply an item is free from defects nor does a reference to specific defects imply the absence of others.
(b) Prospective Buyers are strongly advised to examine personally any goods in which they are interested before the auction takes place. The Auctioneer can provide condition reports on request but provide no guarantee to reports given other than in relation of forgeries as referred to in clause 19(d).
(c) Any Lot which is claimed by the Buyer to be a forgery may be returned to the Auctioneer, in the same condition in which it was sold, within two weeks of the sale. If the Auctioneer is satisfied that the claim is justified and that the Buyer is able to transfer good marketable title to the Lot free from any third party claims Rosebery's will rescind the sale and refund any amount paid by the Buyer to Rosebery's for the Lot.
(d) Any claim by the Buyer under this condition shall be limited to the amount paid by the Buyer to the Auctioneer for the Lot.
20. The Auctioneers will, on the Buyer's written instructions, execute bids on their behalf, but neither the Auctioneer nor his employees nor agents shall be liable for any neglect in doing or failure to do so.
21. These conditions shall be governed by and construed in accordance with English Law.
October 2009
