Aurum India: The Rare Legacy Collection

Buyer Terms and Conditions Msaber Limited; Company Registration: 14703573; Registered Address: Airport House Business Centre, Purley Way, Purley, Surrey, United Kingdom, CR0 0XZ Introduction MSaber Limited hereinafter referred to as Aurum carries on business, including the conduct of Auctions, on these general conditions. This includes any business with Bidders, Buyers, Vendors, consignors, users of this website, and with all those present on the Premises prior to or in connection with an Auction (all as hereinafter defined). Aurum acts on behalf of sellers as agent and retains the right to bid and complete a purchase through its own auctions. Bidders, Buyers and Vendors must read these terms and conditions fully before entering into transactions with Aurum. 1. Definitions The following defined terms are used in these Conditions: "Auction" means any Auction conducted by Aurum, either at their premises or elsewhere (including any internet-based auctions); "Auctioneer" means Aurum or its authorised Auctioneer, as appropriate; "Bidder" means a bidder at an Auction, including bidders personally present at the venue and those bidding by telephone or over the internet or otherwise; "Buyer" means the bidder whose bid was the last bid when the Auctioneer brings down the hammer or the time for an online auction lot and any extended bidding time ends; "Conditions" means these terms and conditions; ?Consigned Property" means the items consigned by the Vendor to Aurum for offer at an Auction; "Deliberate Forgery" means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source but which is unequivocally described by Aurum in the catalogue as being the work of a particular creator and which at the date of the sale had a value materially less than it would have had if it had been in accordance with the description; "Aurum", or "Company" means MSaber Limited a company registered in England and Wales under registration number 14703573 whose registered address is at Airport House Business Centre, Purley Way, Purley, Surrey, United Kingdom, CR0 0XZ; "Hammer Price" means the level of bidding reached (at or above any reserve) when the Auctioneer brings down the hammer; "Includes" means "includes but not limited to", and "including" means "including but not limited to" "Lot" means any Consigned Property accepted by Aurum for offer at Auction; "Stated Rate" means Aurum's published rates of commission for the time being and value added tax thereon (as communicated in Schedule 2 to these terms and conditions); "Terms of Consignment" means any stipulated terms and rates of commission on which Aurum accepts instructions from Vendors or their agents; "Total Amount Due" means the Hammer Price in respect of the Lot sold together with any premium, commission, value added tax chargeable and any additional charges payable by a defaulting Buyer under these Conditions; "Vendor" or "Seller" means the vendor of an item (including Consigned Property) which is submitted to Aurum for offer for sale at an Auction; "Website" means this website which can be found at https://www.liveauctioneers.com/ "You" means any person with whom Aurum do business with, including any user of the Website. "We" means MSaber Ltd, its employees or agents 2. Website 2.1 Your use of the Website is governed by all legal terms listed at https://www.liveauctioneers.com/termsandconditions. You may access most areas of the Website without registering your details with either Aurum or the Website. Certain areas of the Website are only open to you if you register. By accessing any part of the Website, you shall be deemed to have accepted the conditions stated at https://www.liveauctioneers.com/termsandconditions in full. If you do not accept these terms in full, you must leave the Website immediately. 2.2 Any rights not expressly granted in the conditions at https://www.liveauctioneers.com/termsandconditions are reserved. 3. Visitor Material and Conduct 3.1 All Visitor Material and Conduct is governed by the legal terms listed at https://www.liveauctioneers.com/termsandconditions 3.2 In addition to Clause 3.1 other than personally identifiable information, which is covered under the Website Privacy Policy (see https://www.liveauctioneers.com/privacy), any material you transmit or post to the Website in reference to any Auctions undertaken by Aurum shall be considered non-confidential and non-proprietary. Aurum shall have no obligations with respect to such material. Aurum and its designees shall be free to copy, disclose, distribute, incorporate and otherwise use such material and all data, images, sounds, text and other things embodied therein for any and all commercial or non-commercial purposes. 3.3 The obligations concerning the Acceptable Use of the Website as stated in the Website Site Usage Terms apply in full. 3.4 The obligations and terms and conditions stated in the Website Terms and Conditions apply in full. 4. Publicity 4.1 Any catalogue and buyer guides are provided for information and do not form part of these Conditions. However, the catalogue and the buyer guides may contain additional terms and conditions. Within any catalogue and buyer guides, the descriptions stated shall have the meanings ascribed to them in Schedule 1 of these Conditions. 4.2 Aurum reserves the right to use any photographs, background information, and research for publicity purposes both before and after the sale. 5. The Auction 5.1 Any Auction shall be conducted at the absolute discretion of the Auctioneer. 5.2 The Auctioneer shall conduct the Auction with reasonable skill and care. For example, what constitutes a bid shall be at the absolute discretion of the Auctioneer, acting with reasonable skill and care. 5.3 The Auctioneer shall have the right to refuse any bid which does not exceed the previous bid by at least 10% or by such greater proportion as the Auctioneer shall in his or her absolute discretion direct. 5.4 Where two or more bids at the same level are simultaneously received by the Auctioneer, the Auctioneer at his absolute discretion shall determine which bid to prefer. Subject to the foregoing, where two or more bids at the same level are simultaneously received by the Auctioneer, any bid by a Bidder personally present at an Auction shall take preference over any bid submitted by telephone or over the internet. Any bid made or attempted by telephone or over the internet shall be deemed to have been made only if received by the Auctioneer. 5.5 Aurum shall have the right, at its absolute discretion, to refuse admission to its premises, sales locations, viewing locations or attendance at (or participation in) any Auction by any person. 6. Bidders 6.1 Bidders may be required to register their particulars. Bidders attending in person may be required to satisfy Aurum's security arrangements before entering any part of the premises to view Lots or to bid. Such requirements to register their particulars will comply with both Aurum's requirements and the requirements for any third-party platform that Aurum may use from time to time. 6.2 Bidders will be required to provide additional proof of their identity to satisfy any requirements under the Proceeds of Crime Act 2002; Terrorism Act 2000 and the money laundering, terrorist financing and transfer of funds regulations 2017 (and any subsequent or supplementary legislation). Requirements to satisfy Aurum's obligations under this legislation shall be shared and satisfied prior to Aurum accepting the Bidder's registration. Aurum reserves the right to refuse any Bidder's registration in the event the Bidder refuses, or does not comply in a timely manner, any reasonable information request to enable Aurum to complete its anti-money laundering obligations. If an agent or representative is acting on behalf of the Buyer, or there is a different source of funds to the Bidder, then written evidence of their authority and to act in the capacity of the Bidder shall be required and further information obligations may be required prior to acceptance of the Bidders registration. 6.3 You accept full liability for all bids submitted via the Website for Lots listed in a Aurum auction. For timed, online auctions, your bid is binding the moment it is placed. Should a bid be placed in error on an online timed auction you must contact Aurum immediately. Aurum reserves the right to allow you to either withdraw or amend your bid. For the avoidance of doubt all bids placed within 24 hours of a timed, online auction Lot closing are considered final and binding. For bids placed in advance of live auctions (Absentee Bids), once a bid has been made by a Bidder on our Website, the bid can be lowered or increased up until 9am on the day of the auction. You must sign in to your account to change the bid, and you will receive an email confirmation for any changes made. Should a bid be placed in error on the website you must contact Aurum immediately. Failure to contact Aurum before the auction takes place will result in the bid being binding at the start of the Auction and the Bidder accepting liability for the full payment of the item if their bid is the last bid when the Auctioneer brings down the hammer. 6.4 Bidders using the live bidding facility on this Website are agreeing to the terms and conditions of sale for Aurum. Any successful bids using the live bidding facility will be subject to the usual Buyer's Premium as stated in Schedule 2 of these terms and conditions, plus VAT. 6.5 Subject to clause 5.3, the highest Bidder at the Hammer Price shall be the Buyer. Any dispute about a bid shall be settled at the Auctioneer's absolute discretion. 6.6 Bidders are deemed to act as principals unless there is a written prior consent by Aurum that a Bidder is acting as an agent for a named principal. Such consent being subject to satisfactory compliance by the agent and named principal of Aurum requirements under clause 6.2 6.7 Bidders are strongly encouraged to attend the Auction in person. Bidders shall be responsible for any decision to bid for a particular Lot and shall be deemed to have carefully inspected and satisfied themselves as to its condition. Neither Aurum nor its employees or agents shall be responsible for any consequential loss incurred by the Bidder, their employees or agents, howsoever caused due to neglect or default in doing or failing to carefully inspect the particular Lot and satisfied themselves as to its condition. 6.8 Bidders are given ample opportunities to view and inspect before any sale and prospective Buyers must satisfy themselves as to all matters pertaining to the particular Lot or Lots the Bidder in their absolute discretion may choose to bid on. Neither Aurum nor its employees and agents nor the Vendor accept liability for the correctness of such opinions, and all conditions and warranties, express, implied or statutory are hereby excluded. 7.?The Buyer 7.1 Immediately after a Lot is sold, the Buyer shall: 7.1.1 give to Aurum their name and address and, if requested proof of identity, and 7.1.2 upon receipt of a written invoice pay to Aurum the Total Amount Due in the currency of the written invoice within the payment terms stated on the invoice. 7.2?Aurum may, at its absolute discretion, agree credit terms with the Buyer before an Auction under which the Buyer may be entitled to take possession of Lots up to an agreed value in advance of payment by a stipulated future date of the Total Amount Due such terms to be clearly stated on the invoice presented to the Buyer. In the event of a conflict between the terms agreed and the terms stated on the invoice, the terms on the invoice shall prevail 7.3?Neither cheques nor third party references, credit facility with other auction houses shall be acceptable as payment of a presented written invoice by Aurum unless Aurum in its absolute discretion permits payment by such method. The only acceptable methods of payments are: (1) Bank transfers to or other similar form of electronic payments which results in an immediate transfer of funds to the account as stated on the face of the invoice; and (2) Cash up to a maximum amount of 5000 GBP (or equivalent) 7.4?Any payments by a Buyer to Aurum may be applied by Aurum towards any sums owing from that Buyer to Aurum on any account whatever without regard to any directions of the Buyer or his agent, whether express or implied. 7.5?Buyer's fees and premiums will be charged and payable as stated in Schedule 2 of these terms and conditions (plus VAT). 8. The Purchase Price 8.1?On the first 100,000 GBP, or equivalent if the currency of the sale is not GBP, of the Hammer Price (of any individual Lot) the Buyer will pay the Hammer Price and a buyer's premium as stated in Schedule 2 of these terms and conditions (plus VAT). The said premium is payable by buyers. 8.2?On the excess over 100,000 GBP, or equivalent if the currency of the sale is not GBP of the Hammer Price (of any individual Lot), the Buyer will pay the Hammer Price and a buyer's premium as stated in Schedule 2 of these terms and conditions (plus VAT). The said premium shall not be negotiable and is payable by all Buyers of lots with a Hammer Price in excess of 100,000 GBP, or equivalent if the currency of the sale is not GBP. The Vendor authorises Aurum to retain beneficially the premium payable by Buyers. 8.3?Value Added Tax (VAT), where applicable, will be charged on all transactions in accordance with UK laws prevailing at the time of the sale. All bidders and buyers must refer to Aurum's VAT basis and application which are stated in Schedule 3 of these terms and conditions. 8.4?Aurum reserves the right to revise commission charges at any time 9. Title and Collection of Purchases 9.1?The ownership of any Lot purchased shall not pass to the relevant Buyer until they have made payment in full to Aurum of the Total Amount Due. No purchase can be claimed or removed until it has been paid for and payment has cleared. 9.2?Buyers shall at their own risk and expense take away any Lot that they have purchased and paid for not later than 5 working days following the day of the Auction after which they shall be responsible for any removal, storage and insurance charges as per Schedule 2 to these terms and conditions. Any storage and delivery costs shall be settled in advance by the Buyer prior to release of the Lot to their possession. 9.3?Buyers who intend to export the purchased lot must make their own arrangements to export in accordance with the applicable laws of the UK and the destination country. 10.?Default by Buyer 10.1 Aurum act as agent for the Vendor, therefore, Aurum is not responsible for default by the Vendor or the Buyer. 10.2 If any Lot is not paid for in full and taken away in accordance with these Conditions, or if there is any other breach of these Conditions, Aurum as agent for the Vendor shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise all or any of the following rights and remedies: (a) to proceed against the Buyer for an action for debt or damages for breach of contract; (b) to rescind the sale of that Lot and/or any other Lots sold by Aurum to the defaulting Buyer; (c) to re-sell the Lot by Auction or private treaty. If a lower Hammer Price is achieved on the re-sale than that achieved on the original sale the defaulting Buyer shall be liable for the difference (after crediting any part payment and adding any re-sale costs). Aurum will account to the Vendor for any surplus achieved on a re- sale, however, it shall only be required to account to the Vendor for any resulting deficiency in the event that it receives payment of such sum in full from the defaulting Buyer. (d) to remove, store and insure the Lot at the expense of the defaulting Buyer and, in the case of storage, either at Aurum ' premises or elsewhere; (e) to charge interest at a rate not exceeding 1.5% per month on the total amount due to the extent it remains unpaid for more than 2 working days after the sale; (f) to retain that or any other Lot sold to the defaulting Buyer until that Buyer pays the total amount due; (g) to reject or ignore bids from the defaulting Buyer at future Auctions or to impose conditions before any such bids shall be accepted; (h) to apply any proceeds of sale of other Lots due or in future becoming due to the defaulting Buyer towards the settlement of the total amount due and to exercise a lien on any of the Buyer's property in Aurum ' possession for any purpose. 10.3 We shall, as agent for the Vendor and on our own behalf pursue these rights and remedies only so far as is reasonable to make appropriate recovery in respect of breach of these Conditions. 11. Description and Conditions 11.1 Whilst Aurum seek to describe lots accurately, it may be impractical for Aurum to carry out exhaustive due diligence on each lot. Prospective Bidders are given ample opportunities to view and inspect before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description of a lot. Bidders are welcome to make an appointment to view any lots listed on an online only auction. Prospective bidders also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price involve matters of opinion. Subject to the foregoing neither we the auctioneer nor our employees or agents nor the Vendor accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition or quality of lots, express, implied or statutory, are hereby excluded. 11.2 Condition Reports. Reports on the condition of any lot are offered by the Auctioneers as a statement of opinion only, and not of fact. Aurum are not liable for any errors or omissions contained therein. The bidder must satisfy themselves to the condition of any given lot prior to bidding. Aurum will not be held responsible for any damage or defect that has not been notified to the Buyer. Catalogue illustrations are for guidance only and will not convey full information as to the actual condition of lots. 11.3 Where the term (a/d) is used this refers to a lot being "as found", it is used for guidance only and indicates in our opinion there is significant damage or repair to an item, the omission of this term does not indicate there is not significant damage or repair to an item and Aurum are not liable for the omission of this term. 11.4 Private treaty sales made on these premises under these Conditions are deemed to be sales by auction for the purposes of consumer legislation. 12. Deliberate Forgeries 12.1 Subject to clause 12.2, any representation or statement by Aurum (including in any catalogue) as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Prospective Buyers are given ample opportunities to view and inspect before any sale and prospective Buyers must satisfy themselves as to all such matters. Neither Aurum or its employees or agents nor the Vendor accept liability for the correctness of such opinions and all conditions and warranties, express, implied or statutory are hereby excluded. 12.2 Any Lot which proves to be a Deliberate Forgery may be returned to Aurum by the Buyer within 21 days of the Auction provided it is in the same condition as when bought and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If Aurum is satis??ed from the evidence presented that the Lot is a Deliberate Forgery Aurum shall refund the money paid by the Buyer for the Lot (but not the amount of any consequential loss, damages, expenses or interest) provided that (1) if the catalogue description re?ected the accepted view of suitably experienced and skilled individuals as at the date of sale or (2) the Buyer personally is not able to transfer a good and marketable title to Aurum. 13. Limitations of Liability 13.1 All members of the public on the premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. 13.2 Any indemnity under these Conditions shall extend to all actions, costs, expenses, claims and demands whatsoever suffered or incurred by the person entitled to the benefit of it and Aurum declares itself to be a trustee of the benefit of every such indemnity so far as it is expressed to be for the benefit of its employees and agents. 13.3 While Aurum endeavours to ensure that the information on sections of the Website under the direct editorial control of Aurum is correct, Aurum does not warrant the accuracy and completeness of the material on the Website whether or not such material is or is not under the direct editorial control of Aurum. Aurum may make changes to the material under the editorial control of Aurum on the Website, or to the products and prices described in it, at any time without notice. The material under the editorial control on the Website may be out of date, and Aurum makes no commitment to update such material. 13.4 The material under the direct editorial control of Aurum on the Website is provided "as is", without any conditions, warranties or other terms of any kind. Accordingly, to the maximum extent permitted by law, Aurum provides you with the material under Aurum?s direct editorial control on the basis that Aurum excludes all representations, warranties, conditions and other terms which, but for this legal notice, might have effect in relation to the Website. 14. Warranty of Title and Availability. The Vendor warrants to the Auctioneer that the Vendor is the true owner of the property consigned or is properly authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third-party claims. 15. Dispute Resolution 15.1 Any dispute arising between the parties out of or in connection with these Terms and Conditions shall be dealt with in accordance with the provisions of this clause 15. 15.2 The dispute resolution process may be initiated at any time by either party serving a notice in writing on the other party that a dispute has arisen. The notice shall include reasonable information as to the nature of the dispute. 15.3 The parties shall use all reasonable endeavours to reach a negotiated resolution through the following procedures: 15.3.1 Within 7 days of service of the notice, a responsible principal of each of the parties shall meet to discuss the dispute and attempt to resolve it; and 15.3.2 if the dispute has not been resolved within 7 days of the "rst meeting of the party principals, then the matter shall be referred to the Managing Directors (or persons of equivalent seniority within the parties). The Managing Directors (or equivalent) shall meet within 7 days to discuss the dispute and attempt to resolve it. 15.4 The specific format for the resolution of the dispute under clause 15.3 shall be left to the reasonable discretion of the parties but may include the preparation and submission of statements of fact or of position. 15.5 Until the parties have completed the steps referred to in clauses 15.2 and clause 15.3, and have failed to resolve the dispute, neither party shall commence formal legal proceedings except that either party may at any time seek urgent interim relief from the courts. 16. General 16.1?Any notice to any Buyer, Vendor, Bidder or viewer may be given by email in which case it shall be deemed to have been received by the addressee 48 hours after sending. All notices for Aurum must be emailed to info@Aurumauctions.com 16.2?No change or modification of the Terms and Conditions (including change orders) is valid unless it is in writing and signed by the Buyer and the Company. 16.3?If any part of the Terms and Conditions is held invalid, unenforceable or void by a court of competent jurisdiction, the Terms and Conditions are considered divisible as to such part, and the remainder of the Terms and Conditions are valid and binding as though such part was not included in the Terms and Conditions to the fullest extent permitted by law. 16.4?These Conditions and any disputes or claims arising out of or in connection with it or their subject matter or formation (including non-contractual disputes or claims) are governed by and construed in accordance with the law of England and Wales. 16.5?A person who is not party to these Terms and Conditions shall not have any rights under or in connection with them under the Contracts (Rights of Third Parties) Act 1999. Schedule 1 Note: The de??nitions are explained through the following examples. 527 AD ? a Good that bears a date upon it or that can otherwise be dated with precision; 6th century AD ? a Good that can be dated with considerable con??dence to a speci??c period; Circa 6th century AD ? a Good that can be approximately dated by comparison with other pieces; Probably 6th century AD ? a Good that is likely to be of this period in the light of similar pieces; Possibly 6th century AD ? a Good that might be of this period by comparison with Goods of a broadly similar character; and Undated - no date is known or suggested for this Good. 6th Century AD or later ? a Good that is dated to a speci??c period but may also be a revival of style of a later date. Signed ? a work bearing the signature of the named Artist; Attributed to ? a work of the period of the artist which may be in whole or in part the work of the artist named; Circle of ? a work of the period of the artist and showing his in?uence; Follower of ? a contemporary or nearly so work executed in the style of the artist; Manner of ? a work executed in the style of the artist but of a later date; After ? a copy of any date of a work of the artist. Style - an item made in the style of an earlier age but thought to be probably of later date. Archaistic - an item made in the style of a much earlier age; Grand Tour - an item usually of some age but in the style of an earlier age; After the Antique - an item made as a reproduction, usually of quite modern date; and Faux - used descriptively when the material used is probably imitative in character. Relic ? a Good that may have survived from an earlier time, especially one of historical interest or an antique Original - any work considered to be the ??rst authentic example of an artist?s piece. An original work would not include any subsequent prints, reproductions, or imitations of the work. Schedule 2 Buyers Premium Due and payable by the Buyer Base: First 100,000 GBP (or equivalent) of Hammer Price Amount: 30% of Hammer Price Base: Excess over 100,001 GBP (or equivalent) of Hammer Price Amount: 20% of Hammer Price Shipping and Insurance The Buyer is under no obligation to use Aurum?s Shipping or Insurance. Shipping Should the Buyer request Aurum Auctions to arrange shipping on behalf of the Buyer, the shipping costs shall be quoted and invoiced to the Buyer. All shipping quotes and delivery service fees provided by Aurum Auctions are final and non-negotiable. The quoted amount must be paid in full to release the shipment of the Purchased Lot(s). Insurance Aurum Auctions offers Buyers insurance for goods in transit from Aurum Auctions? premises to the Buyer?s delivery address. The premium chargeable for this insurance is outlined below. This insurance is provided on a per-invoice basis, therefore there will be a single charge for all items on an invoice. Should the Buyer only require some items to be insured, the Buyer is requested to contact Aurum Auctions and discuss their specific requirements. Aurum reserves the right to change these insurance charges from time to time based on the prevailing insurance market. Buyers are encouraged to contact Aurum Auctions to obtain the most up to date insurance quotes. The insured sum for the purpose of this insurance is the total of the Hammer Price plus Buyers Premium for all Purchased Lots on the Buyer?s invoice (Total Price). Destination - UK Total Price: ?0 - ?1,000 Insurance Charge: ?20 Total Price: ?1,001 - ?5,000 Insurance Charge: ?35 Total Price: ?5,001 - ?25,000 Insurance Charge: ?45 Total Price: ?25,001 - ?50,000 Insurance Charge: ?60 Purchased Lots with a Total Price in excess of ?50,000 are subject to specific contracts of insurance that will be quoted for post auction Destination - Rest of World excluding UK Total Price: ?0 - ?1,000 Insurance Charge: ?30 Total Price: ?1,001 - ?5,000 Insurance Charge: ?50 Total Price: ?5,001 - ?25,000 Insurance Charge: ?60 Total Price: ?25,001 - ?50,000 Insurance Charge: ?75 Purchased Lots with a Total Price in excess of ?50,000 are subject to specific contracts of insurance that will be quoted for post auction For the avoidance of doubt, any lots purchased in currencies other than GBP will be converted from the purchase currency to GBP using the Midmarket rate on the day the invoice is raised. This value will be used to determine the insurance charges applicable. Value Added Tax (VAT) VAT, where applicable, will be charged on all transactions in accordance with UK laws prevailing at the time of the sale. All bidders must refer to Aurum?s VAT basis and application which are stated in Schedule 3 of these terms and conditions. Schedule 3 MSaber Limited is registered for VAT in the UK under VAT registration number: 478646141 We operate and account for VAT under both the Standard VAT rules and the Auctioneers' VAT Margin Scheme more details about the Margin Scheme can be found in VAT Notice 718 published in the HMRC website. VAT is always calculated on a lot-by-lot basis, and not combined with more than one lot from the same seller or buyer. 1.?VAT information for Buyers 1.1?For Lots sold under the Auctioneers' Margin Scheme, VAT is not added on to the hammer price 1.2?For Lots sold under the Auctioneers' Margin Scheme, VAT will be added to the buyer's premium but will not be disclosed as a separate figure; the buyer's premium and the VAT thereon will be combined and disclosed as one figure. 1.3?For Lots sold under the Auctioneers" Margin Scheme, UK and EU VAT registered buyers may not be able to reclaim the VAT amount from HMRC. If the buyer wishes to reclaim the VAT on the buyer's premium from HMRC, they can request for a VAT invoice and, upon providing satisfactory evidence of the buyer's VAT registration, we will produce a VAT invoice which will show the VAT separately. If a VAT invoice is issued at the buyer's request, the Lot will be automatically withdrawn from the Auctioneers" Margin Scheme and will be deemed as sold under the normal VAT rules, and the buyer will need to pay VAT on the hammer price. 1.4?For lots sold under the Standard VAT rules, the applicable UK VAT rates will be added on to the hammer price and the buyer's premium. The invoice produced for the buyer will display the VAT amounts charged separately. 1.5?Non-UK or EU VAT registered buyers can have most classes of VAT refunded on their purchases - please note that auctioneers are under no obligation to provide VAT refunds, although (and at its absolute discretion) Aurum may offer this service. HMRC are the ultimate refunding authority. VAT refunds are subject to provision of statutory export/import documentation. HMRC have decreed that VAT on buyer's premium is always payable whether the buyer is domiciled in the UK, the EU or outside the EU or wherever the goods are to be sent. Auctioneers cannot refund VAT on buyer's premium if the goods are sold under normal VAT rules. 1.6?VAT on Buyer's Premium (as per Schedule 2 to these terms and conditions) will be applied as follows: 1.6.1 Under the Auctioneers' VAT Margin Scheme VAT at the prevailing rate will be added to our premium but will not be disclosed as a separate figure on our invoice to the buyer; the premium and the VAT thereon will be combined and disclosed as one figure. 1.6.2 Under the Standard VAT Rules VAT at the prevailing rate will be added to our premium and disclosed separately on our invoice to the buyer. 1.7?VAT on any other fees which may be charged to the buyer will be charged at the prevailing rate under the Standard VAT Rules and disclosed separately on a VAT invoice. Charges to the buyer which are not the buyer's premium are not included within the Auctioneers' VAT Margin Scheme. 1.8?The VAT treatment of each lot will be displayed in accordance with section 3 of this Schedule 2.?VAT Symbols and Annotations The VAT treatment of each lot will be displayed by way of the following annotations and symbols: (1) The Auctioneers' VAT Margin Scheme VAT Code: M Symbol affixed on catalogue: No Symbol VAT Treatment: NO VAT is charged on the hammer price, The buyer's premium and seller's commission charged will be inclusive of 20% VAT. The VAT will not be disclosed separately and is not claimable back from HMRC. VAT Code: N Symbol affixed on catalogue: No Symbol VAT Treatment: No VAT is charged on both the hammer price and buyer's premium and seller's commission as the lot is a zero-rated item (2)?The Standard VAT rules VAT Code: V Symbol affixed on catalogue: *? VAT Treatment: Standard rated Lot. VAT at 20% added to the hammer price. VAT on buyer's premium at 20% shown separately Vat Code: W Symbol affixed on catalogue: &? VAT Treatment: Reduced rated Lot. VAT at 5% added to the hammer price. VAT on buyer's premium at 20% shown separately Vat Code: Z or E Symbol affixed on catalogue: @? VAT Treatment: Zero rated or exempt Lot. No VAT is charged on the hammer price. VAT on buyer's premium at 20% shown separately Note: The VAT rates stated above are valid at the time of publication and are subject to changes in accordance with the UK VAT laws.