Fine Watches and Luxury Accessories

Dreweatts & Dreweatts 1759 are trading names of Dreweatts 1759 Ltd. Dreweatts 1759 Ltd is registered in England, company number: 10758982, registered office: C/O Bishop Fleming LLP, 10 Temple Back, Bristol BS1 6FL. These Conditions of Sale and Business constitute the contract between Dreweatts 1759 Ltd (the “Auctioneer”) and the seller, on the one hand, and the buyer on the other. By bidding at the auction, you agree to be bound by these terms. IMPORTANT NOTICES Buying at Dreweatts There are several ways you can bid at a Dreweatts auction; in person, by leaving a commission or absentee bid, on the telephone where available and live via the internet – please make arrangements before the sale. THIS NOTICE APPLIES ONLY TO A PERSON WHO WISHES TO BID IN PERSON, OR BY LEAVING A COMMISSION OR ABSENTEE BID, AT A DREWEATTS PUBLIC AUCTION. For bidding at an online auction or for online bidding at a public auction please see our Online Auction Terms published on our website at www.dreweatts.com. Bidding in Person If intending to buy you are required to register your name and details at reception prior to the commencement of the auction. You will be required to provide a proof of identity and address to register for bidding. You will then be allocated a bidding number, which you use when bidding for an item. Commission Bids Dreweatts will execute bids on your behalf if you are unable to attend the sale. Commission or absentee bids are accepted either directly at reception, or can be sent by post, fax, email, telephone or via the website: www.dreweatts.com. Dreweatts will add these bids to the auctioneers’ sale book and will undertake to purchase the lots on your behalf as cheaply as allowed by other bids and reserves. If two buyers submit identical commission bids, Dreweatts may prefer the first bid received. Dreweatts does not accept liability for failing to execute commission bids, or for any errors or omissions. Condition Bidders must satisfy themselves as to the condition of each lot. Condition reports are available on request – see the Conditions of Business at the back of every catalogue forming part of these Auction Terms and Conditions for more information regarding condition reports. Requests for condition reports must be submitted by 4pm on the day prior to the auction; condition reports may be available alongside the lot description on the online catalogue at: www.dreweatts.com. Commission Charges All purchases are subject to a buyer’s premium, which is charged per lot at 27% of the hammer price (32.4% including VAT) up to and including £20,000, 26% (31.2% including VAT) of the hammer price from £20,001 up to and including £500,000, 20% (24% including VAT) of the hammer price in excess of £500,001. A theta symbol (θ) indicates that the lot is a zero rated item and therefore not subject to VAT on the buyer’s premium. This applies to bound books (manuscripts and printed), unframed maps and albums. In the event the lot has a dagger (†) beside the lot number in the catalogue, this indicates that the lot is owned by an entity or company required to pay VAT (generally not an Antique Dealer, as they operate under a dealers margin scheme). VAT is payable at 20% on the Hammer Price. Lots marked with a double dagger (‡) (presently a reduced rate of 5%) or Ω (presently at standard rate of 20%) have been imported from outside the UK under Temporary Admission regime and therefore the buyer must pay the import VAT at the appropriate rate on the duty inclusive hammer price. Payment Payment will be accepted, if you are a successful bidder, by debit card issued in the name of the Buyer by a UK bank and registered to a UK billing address; by all major UK issued credit cards issued in the name of the Buyer and registered to a UK billing address with the exception of Diners Club; by bank transfer direct into our bank account, Bank Details: NatWest, 30 Market Place, Newbury, Berkshire RG14 5AG. Account Name: Dreweatts 1759 Ltd. A/C: 62412949, Sort Code: 60-15-07, BIC: NWBKGB2L, IBAN: GB21NWBK60150762412949. The name of the bank account holder should match the name of the buyer. First time buyers who are not present at the saleroom are requested to pay by bank transfer. Υ CITES Regulations Please note that lots marked with the symbol (Υ) in this catalogue may be subject to CITES Regulations when exported. Relevant CITES Regulations may be found at www.gov.uk/guidance/cites-imports-and-exports Collection or Delivery Before being able to collect your purchases, you are required to pay the hammer price, plus the applicable commissions, and obtain a receipt acknowledging payment. Collection of the purchased lots is at the purchaser’s risk and expense and whilst Dreweatts do not provide packing and despatch service we can suggest some carriers. Dreweatts also require that all purchased items are collected within four working days of the sale to avoid a storage charge being applied. Storage Charges All items not collected by 4pm, within four working days of the sale, will be automatically removed to commercial storage and subject to a minimum storage charge of £20 (plus VAT) per lot and to a further storage charge of £3 (plus VAT) per lot per part or full day thereafter. These charges will be the sole liability of the purchaser and will be billed directly to them by Sackville-West Moving & Storing; Sackville-West Moving & Storing may be willing to adjust their charges if they are instructed by the purchaser to deliver to them. On payment of all sales and storage costs, items will be available for collection by appointment from Sackville-West Moving & Storing (Andover), tel: + 44 (0) 2080 909988, email: office@sackvillewest.co.uk. These charges are set by Sackville-West Moving & Storing; we recommend that you contact them directly regarding queries relating to these charges and other questions relating to storage. Staff at the saleroom will be unable to answer questions relating to items that have been removed from the saleroom. Further Information The colours printed in the catalogue are not necessarily a true reflection of the actual item. All weights and measures given in the catalogue should be regarded as approximate. Valuation Services Dreweatts provides a range of confidential and professional valuation services to private clients, solicitors, executors, estate managers, trustees and other professional partners. These services include auction valuations, insurance valuations, probate valuations, private treaty valuations, valuations for family division or for tax purposes. For more information, please see our website: www.dreweatts.com/valuations/ For directions to Donnington Priory, please see our website: www.dreweatts.com/contact-us/. Parking is available at Donnington Priory in two car parks on either side of the saleroom. INFORMATION FOR BUYERS AT PUBLIC AUCTION 1.Introduction. The following notes are intended to assist Bidders and Buyers, particularly those inexperienced or new to our salerooms. All of our auctions and sales are conducted on our printed Auction Terms and Conditions, including these Conditions of Sale and Business, which are readily available for inspection and normally accompany catalogues. Our staff will be happy to help you if there is anything you do not fully understand. Any particular auction and/or any particular lot in an auction may be subject to different or additional terms which will be published in our auction catalogue. All auctions and sales of wines and spirits, jewellery, watches and clocks are subject to the special terms set out in the relevant Notices in relation to those items published in our auction catalogue and, in the event of any conflict or inconsistency, those special terms prevail over any other terms in our Auction Terms and Conditions. By bidding at the auction, you agree to be bound by these terms. 2. Agency. As auctioneers we usually act as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed. Accordingly, if you buy at auction your contract for the item or items purchased is with the seller and not with us as the auctioneer. 3. Estimates. Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. Estimates may change and should not be thought of as the sale price. The lower estimate may represent the reserve price and certainly will not be below it. Estimates do not include the Buyer’s Premium or VAT (where chargeable). Estimates are prepared some time before the sale and may be altered by announcement before the sale. They are in no sense definitive. 4. Buyer’s Premium. The Conditions of Sale forming part of our Auction Terms and Conditions require the buyer to pay a buyer’s premium on the hammer price of each lot purchased. The buyer’s premium is 27% of the hammer price up to and including £20,000, 26% of the hammer price from £20,001 up to and including £500,000, 20% of the hammer price in excess of £500,001. VAT at the prevailing rate of 20% is added to buyer’s premium and additional charges as defined below. 5. VAT. A theta symbol (θ) indicates that the lot is a zero rated item and therefore not subject to VAT on the buyer’s premium. This applies to bound books (manuscripts and printed), unframed maps and albums. A dagger symbol (†) indicates that VAT is payable by the purchaser at the standard rate (presently 20%) on the hammer price as well as being an element in the buyer's premium. This imposition of VAT is likely to be because the seller is registered for VAT within the United Kingdom and is not operating the Dealers Margin Scheme. A double dagger (‡) indicates that the lot is being sold whilst subject to temporary importation and that import VAT at the reduced rate (currently 5%) calculated on the hammer price is due. (Ω) Indicates that the lot has been imported from outside the UK and that import VAT at the standard rate (currently 20%) calculated on the hammer price (inclusive of any applicable duty) is due. Lots offered subject to temporary importation (‡ or Ω) require relevant customs procedure to be completed prior to the property leaving Dreweatts’ premises or being exported. Dreweatts will issue the instruction to a customs broker or shipper upon receipt of full payment for the lots. The import VAT charged for lots with symbols ‡ or Ω can be refunded if Dreweatts is instructed to re-export the property or if the VAT liability is transferred to another Temporary Admission authorisation. Lots which appear without the above symbols 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 buyer's premium is not recoverable as input tax. 6. Description and Condition. Condition reports are provided on our website or upon request. The absence of a report does not imply that a lot is without imperfections. The detail in a report will reflect the estimated value of the lot. Large numbers of such requests received shortly before the sale may mean that reports cannot be provided for all lots. Members of staff are not trained restorers or conservators and, particularly for higher value lots, you should obtain an opinion from such a professional. Dreweatts is not liable for damage to gilded picture frames, plaster picture frames or picture frame glass; if a Lot is or becomes dangerous, we may dispose of it without notice to bidders in advance in any manner we see fit and will be under no liability for doing so. We recommend that you always view a lot in person. We are dependent on information provided by the seller about a lot and whilst we may inspect lots and act reasonably in taking a general view about them we are normally unable to carry out a detailed examination and frequently no examination of lots in order to ascertain their condition in the way in which it would be wise for a buyer to do. Intending buyers have ample opportunity for inspection of goods and, therefore, accept responsibility for inspecting and investigating lots in which they may be interested, and the corresponding risk should they not do so. Please note carefully the exclusion of liability for the condition of lots contained in the Conditions of Sale. Neither the seller nor we, as the auctioneers, accept any responsibility for their condition. In particular, mechanical objects of any age are not guaranteed to be in working order. However, in so far as we have examined the goods and make a representation about their condition in the auction catalogue, we shall be liable for any defect which is not reflected in that representation and which that examination ought to have revealed to the auctioneer but which would not have been revealed to the buyer had the buyer examined the goods. Additionally, in specified circumstances lots misdescribed because they are ‘deliberate forgeries’ may be returned, and repayment made. There is a 3-week time limit. (The expression ‘deliberate forgery’ is defined in our Conditions of Sale). 7. 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 before use. 8. 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. Private overseas buyers can only receive goods free of VAT or have the VAT amount refunded if Dreweatts acts as exporter in relation to the sale, the goods are exported within 3 months of the sale and Dreweatts is in possession of adequate export documents. The VAT refunds are available for transactions exceeding £2,500. If you arrange for the goods to be picked up/delivered to you directly we will charge UK VAT at the appropriate rate and no refund will be available. Please note, buyers are responsible for completing the importation procedures as well as the payment of any relevant duty/VAT payable on importation into the destination country. Where the purchase has been made in the business or trading name, VAT refund will be available on proof of export provided within 3 months of the sale. 9. Bidding. Bidders will be required to register before the sale commences and lots will be invoiced to the name and address on the sale registration form. Bidders are required to provide a government issued identity document and a proof of address. Some form of identification may be required if you are unknown to us. Please enquire in advance about our arrangements for telephone bidding. 10. Commission bidding. Commission bids may be left with the auctioneers indicating the maximum amount to be bid excluding buyer's premium. Dreweatts will add these bids to the auctioneers’ sale book and they will be executed as cheaply as possible having regard to the reserve (if any) and competing bids. If two buyers submit identical commission bids the auctioneers may prefer the first bid received. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax. Dreweatts does not accept liability for failing to execute commission bids, or for any errors or omissions. 11. Methods of Payment. Payment will be accepted, if you are a successful bidder, by debit card issued in the name of the Buyer by a UK bank and registered to a UK billing address; by all major UK issued credit cards issued in the name of the Buyer and registered to a UK billing address with the exception of Diners Club; by bank transfer direct into our bank account, Bank Details: NatWest, 30 Market Place, Newbury, Berkshire RG14 5AG. Account Name: Dreweatts 1759 Ltd. A/C: 62412949, Sort Code: 60-15-07, BIC: NWBKGB2L, IBAN: GB21NWBK60150762412949. The name of the bank account holder should match the name of the buyer. First time buyers who are not present at the saleroom are requested to pay by bank transfer. 12. Collection and storage. Please note what the Conditions of Sale state about collection and storage. It is important that goods are paid for and collected promptly. Any delay may involve the buyer in paying storage charges. 13. λ Artist's Resale Right (Droit de Suite) Royalty Charges. Under Artist’s Resale Right (ARR) UK art market professionals (including, but not limited to, auctioneers, art dealers and galleries) are required to collect a royalty for works of art produced by qualifying artists each time a work is resold during the artist’s lifetime and for a period up to 70 years following the artist’s death. This payment is only applicable to qualifying works of art when the hammer price reaches or exceeds £1,000. The charge is calculated on the portions of the hammer price according to the following rate bands: Royalty Rate Portion of the hammer 4% up to £50,000 3% between £50,000.01 and £200,000 1% between £200,000.01 and £350,000 0.5% between £350,000.01 and £500,000 0.25% in excess of £500,000 The royalty charge is capped at £12,500 per artwork. All royalty charges are passed on, no handling costs or additional fees with respect to these charges will be retained by Dreweatts. The ARR charge is VAT exempt. All items in this catalogue that are marked with λ are potentially qualifying items. The charge will be added to the buyer’s invoice and must be paid before items can be released to the buyer. TERMS OF CONSIGNMENT FOR SELLERS IN PUBLIC AUCTIONS The sale of goods at our public auctions and a seller’s relationship with us are governed by our Auction Terms and Conditions including these Terms of Consignment for Sellers in Public Auctions and our Conditions of Sale for Public Auctions. Any particular auction and/or any particular lot in an auction may be subject to different or additional terms which will be published in our auction catalogue or separately announced prior to the auction. All auctions and sales of wines and spirits, jewellery, watches and clocks are subject to the special terms set out in the relevant Notices in relation to those items published in our auction catalogue and, in the event of any conflict or inconsistency, those special terms prevail over any other terms in our Auction Terms and Conditions. Please note that our Auction Terms and Conditions including these Terms of Consignment for Sellers in Public Auctions and our Conditions of Sale for Public Auctions relate to auctions held in our salerooms and we have separate terms and conditions for our online auctions. If you, or another person acting on your behalf, provide goods to us to sell on your behalf at one of our auctions this signifies that you agree to and will comply with our Auction Terms and Conditions including these Terms of Consignment for Sellers in Public Auctions and our Conditions of Sale for Public Auctions. 1. Interpretation. In these Terms the words ‘you’, ‘yours’, etc. refer to the Seller and if the consignment of goods to us is made by an agent or otherwise on the Seller’s behalf we assume that the Seller has authorised the consignment and that the consignor has the Seller’s authority to contract. All obligations that apply to the Seller under these Terms of Consignment for Sellers in Public Auctions shall apply to the owner of the goods and their agent jointly and separately. Similarly the words ‘we’, ‘us’, etc. refer to the Auctioneers. 2. Warranty. The Seller warrants that possession in the lots can be transferred to the Buyer with good and marketable title, free from any third party right and encumbrances, claims or potential claims. The Seller has provided all information concerning the item’s ownership, condition and provenance, attribution, authenticity, import or export history and of any concerns expressed by third parties concerning the same. 3. All commissions and fees are subject to VAT at the prevailing rate. 4. Commission is charged to sellers and all selling terms are available from our salerooms. 5. Removal costs. Items for sale must be consigned to the saleroom by any stated deadline and at your expense. We may be able to assist you with this process but any liability incurred to a carrier for haulage charges is solely your responsibility. 6. Loss and damage of goods. (a) Loss and Damage Warranty - Dreweatts is not authorised by the FCA to provide insurance to its clients, and does not do so. However Dreweatts for its own protection assumes liability for property consigned to it at the lower pre-sale estimate until the hammer falls. To justify accepting liability, Dreweatts makes a charge of 1.5% of the hammer price plus VAT, subject to a minimum charge of £1.50, or if unsold 1.5% of our lower estimate. The liability assumed by Dreweatts shall be limited to the lower pre-sale estimate or the hammer price if the lot is sold. Dreweatts is not liable for damage to gilded picture frames, plaster picture frames or picture frame glass; if the Lot is or becomes dangerous, we may dispose of it without notice to you in advance in any manner we see fit and will be under no liability for doing so. (b) If the owner of the goods consigned instructs us in writing not to take such action, the goods then remain entirely at the owner’s risk unless and until the property in them passes to the Buyer or they are collected by or on behalf of the owner, and clause 6 (a) is inapplicable. 7. Illustrations and Photographs. The cost of any illustrations or photographs is borne by you. The copyright in respect of such illustrations and photographs shall be the property of us, the auctioneers, as is the text of the catalogue. 8. Minimum bids and our discretion. Goods will normally be offered subject to a reserve agreed between us before the sale in accordance with clause 9. We may sell Lots below the reserve provided we account to you for the same sale proceeds as you would have received had the reserve been the hammer price. If you specifically give us a “discretion” we may accept a bid of up to 10% below the formal reserve. 9. Reserves. (a) You are entitled to place prior to the auction a reserve on any lot consigned, being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and we may decline to offer goods which in our opinion would be subject to an unreasonably high reserve (in which case goods carry the storage and loss and damage warranty charges stipulated in these Terms of Consignment). (b) A reserve once set cannot be changed except with our consent. (c) Where a reserve has been set which we consider unreasonably high, an unsold charge will be payable in the event that the lots fails to sell, being the agreed selling terms calculated on the reserve, LDW at 1.5% and any photographic charges. (d) Where a reserve has been placed only we may bid on your behalf and only up to the reserve (if any) and you may in no circumstances bid personally. (e) Reserves are not usually accepted for lots expected to realise below £100. 10. Electrical items. These are subject to detailed statutory safety controls. Where such items are accepted for sale you accept responsibility for the cost of testing by external contractors. Goods not certified as safe by an electrician (unless antiques) will not be accepted for sale. They must be removed at your expense on your being notified. We reserve the right to dispose of unsafe goods as refuse, at your expense. 11. Soft furnishings. The sale of soft furnishings is strictly regulated by statute law in the interests of fire safety. Goods found to infringe safety regulations will not be offered and must be removed at your expense. We reserve the right to dispose of unsafe goods as refuse, at your expense. The rights of disposal referred to in clause 10 and 11 are subject to the provisions of The Torts (Interference with Goods) Act 1977. 12. Description. Please assist us with accurate information as to the provenance, lawful import etc. of goods where this is relevant. There is strict liability for the accuracy of descriptions under modern consumer legislation and in some circumstances responsibility lies with sellers if inaccuracies occur. We will assume that you have approved the catalogue description of your lots and that your lots match those descriptions unless informed to the contrary. Where we are obliged to return the price to the buyer when the lot is a deliberate forgery under Condition 15 of the Conditions of Sale and we have accounted to you for the proceeds of sale you agree to reimburse us the sale proceeds and in any event within 7 days of our written notice to do so. 13. Unsold. If an item is unsold it may at our discretion be re-offered at a future sale. Where in our opinion an item is unsaleable you must collect such items from the saleroom promptly on being so informed. Otherwise, storage charges may be incurred. We reserve the right to charge for storage in these circumstances at a reasonable daily rate. 14. Withdrawn and bought in items. These are liable to incur a charge of 15% commission, 1.5 % Loss and Damage Warranty and any other costs incurred including but not limited to illustration and restoration fees all of these charges being subject to VAT on being bought in or withdrawn after being catalogued. 15. Conditions of Sale. You agree that all goods will be sold on our Conditions of Sale for Public Auctions. In particular you undertake that you have the right to sell the goods either as owner or agent for the owner with good and marketable title and free and clear of any third party rights or claims. You undertake to compensate us and any buyer or third party for all losses liabilities, costs and expenses suffered or incurred arising out of or in connection with any breach of this undertaking. We will also, at our discretion, and as far as practicable, confirm that an item consigned for sale does not appear on the Art Loss register, which is administered by an independent third party. 16. Due Diligence checks and Anti-Money Laundering Procedures Under the money laundering regulations in force we are required to carry out relevant due diligence checks. This includes verifying the identity of all customers we transact with as well as any beneficial owners on behalf of whom they may transact. Vendors who are unable to or refuse to supply required identification documents and proof of address will not be able to consign to Dreweatts auctions. Copies of customer due diligence checks will be stored for as long as it is necessary to satisfy legal requirements in an appropriate storage facility, which for the avoidance of doubt may include storage solely in electronic form. We reserve the right to withhold the monies owed until the vendor provides the information necessary to complete the anti-money laundering checks. 17. Authority to deduct commission and expenses and retain premium and interest. (a) You authorise us to deduct commission at the stated rate and all expenses incurred for your account from the hammer price and consent to our right to retain beneficially the premium paid by the buyer in accordance with our Conditions of Sale for Public Auctions and any interest earned on the sale proceeds until the date of settlement. (b) In case of lots unsold at auction you authorise us at our discretion to reoffer such lots and negotiate a sale within seven days of the auction date, in which case the same charges will be payable as if such lots had been sold at auction and so far as appropriate these Terms apply. 18. Warehousing. We disclaim all liability for goods delivered to our saleroom without sufficient sale instructions and reserve the right to make minimum warehousing charge of £10 per lot per day. Unsold lots are subject to the same charges if you do not remove them within a reasonable time of notification. If not removed within three weeks we reserve the right to sell them and defray charges from any net proceeds of sale or at your expense to consign them to the local authority for disposal. 19. Settlement. After sale settlement of the net sum due to you normally takes place within 28 days of the sale unless the buyer has not paid for the goods or the checks necessary under the current Money Laundering Regulations have not been completed. In this case no settlement will then be made but we will take your instructions in the light of our Conditions of Sale for Public Auctions. You authorise any sums owed by you to us on other transactions to be deducted from the sale proceeds. You must note the liability to reimburse the proceeds of sale to us as under the circumstances provided for in Condition 12 above. You should therefore bear this potential liability in mind before parting with the proceeds of sale until the expiry of 28 days from the date of sale. CONDITIONS OF SALE FOR PUBLIC AUCTIONS Dreweatts carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale by auction at our salerooms on our Auction Terms and Conditions or Public Auctions including these Conditions of Sale for Public Auctions and all bidders, buyers and others participating in a public auction accept that these terms apply to the exclusion of any terms and conditions contained in any of those person’s own documents even if the same purport to provide that that person’s own or some other terms prevail. Any particular public auction and/or any particular lot in an auction may be subject to different or additional terms which will be published in our online auction catalogue. Please note that our Auction Terms and Conditions including these Conditions of Sale for Public Auctions relate to auctions held in one of our salerooms and we have separate terms and conditions for our online auctions. 1. Definitions In these Conditions: (a) “auctioneer” means the firm of Dreweatts or its authorised auctioneer, as appropriate; (b) “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 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; (c) “hammer price”means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer; (d) “terms of consignment”means the stipulated terms and rates of commission on which Dreweatts accepts instructions from sellers or their agents; (e) “total amount due” means the hammer price in respect of the lot sold together with any premium, Value Added Tax chargeable and any additional charges payable by a defaulting buyer under these Conditions; (f) “sale proceeds” means the net amount due to the seller, being the hammer price of the lot sold less commission at the stated rate, Value Added Tax chargeable and any other amounts due to us by the seller in whatever capacity and however arising; (g) “You”, “Your”, etc. refer to the buyer as identified in Condition 2. (h) The singular includes the plural and vice versa as appropriate. 2. Bidding procedures and the Buyer (a) Bidders are required to register their particulars before bidding by completing a sale registration form and to satisfy any security arrangements before entering the auction room to view or bid; (b) Under the money laundering regulations in force we are required to verify the identity of all customers we transact with as well as any beneficiaries on behalf of whom they may transact. Customers who are unable to or refuse to supply required identification documents and proof of address will not be able to bid in Dreweatts auctions. Copies of customer due diligence checks will be stored for as long as it is necessary to satisfy legal requirements in an appropriate storage facility which for the avoidance of doubt may include storage solely in electronic form. (c) the maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer’s absolute discretion by reoffering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion. (d) Bidders shall be deemed to act as principals. (e) Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved. 3. Increments. Bidding increments shall be at the auctioneer’s sole discretion. 4. The purchase price. The buyer shall pay the purchase price together with a premium thereon of 30% which shall include VAT on the premium at the rate imposed by law. The buyer will also be liable for any royalties payable under Droit de Suite as set out under Information for Buyers. 5. Value Added Tax. Value Added Tax on the hammer price is imposed by law on all items affixed with a dagger (†) or double dagger (ǂ). Value Added Tax is charged at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant Lots. (Please refer to “Information for Buyers” for a brief explanation of the VAT position). 6. Payment. (a) Immediately a Lot is sold you will: (i) give to us, if requested, proof of identity, and (ii) pay to us the total amount due or in such other way as is agreed by us. (b) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent, whether expressed or implied. (c) In order to comply with money laundering regulations we reserve the right to require proof of source of funds and/or confirmation of the nature and source of wealth for all receipts of monies from clients directly or from third parties for payments on behalf of clients. Lots will only be released once the appropriate once we have completed necessary checks under the current Money Laundering Regulations. 7. Title and collection of purchases. (a) The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the total amount due. (b) You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 3 working days following the day of the auction after which you shall be responsible for any removal, storage and insurance charges. (c) No purchase can be claimed or removed until it has been paid for and we have completed necessary checks under the current Money Laundering Regulations. 8. Remedies for non-payment or failure to collect purchases. (a) 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, we, as agent for the seller and on our own behalf, shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise one or more of the following rights and remedies: (i) to proceed against you for damages for breach of contract; (ii) to rescind the sale of that Lot and/or any other Lots sold by us to you; (iii) to resell the Lot (by auction or private treaty) in which case you shall be responsible for any resulting deficiency in the total amount due (after crediting any part payment and adding any resale costs). Any surplus so arising shall belong to the seller; (iv) to remove, store and insure the Lot at your expense and, in the case of storage, either at our premises or elsewhere; (v) 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 3 working days after the sale; (vi) to retain that or any other Lot sold to you until you pay the total amount due; (vii) to reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted; (viii) to apply any proceeds of sale of other Lots due or in future becoming due to you towards the settlement of the total amount due and to exercise a lien (that is a right to retain possession of) any of your property in our possession for any purpose until the debt due is satisfied. (b) We shall, as agent for the seller 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 9. Third party liability. All bidders, buyers and other members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury or for the safety of the property of persons visiting prior to or at a sale (except in each case as may be required by law by reason of our negligence) 10. Commission bids. Whilst prospective buyers are strongly advised to attend the auction and are always responsible for any decision to bid for a particular Lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition, we will if so instructed clearly and in writing execute bids on their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any failure to do so. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made. 11. Warranty of title and availability. The seller warrants to the auctioneer and you that the seller is the true owner of the property consigned or is properly authorised by the true owner to consign for sale and is able to transfer good and marketable title to the property free from any third party claims. Save as expressly set out above, all other warranties, conditions or other terms which might have effect between the Seller and you, or us and you, or be implied or incorporated by statute, common law or otherwise are excluded to the fullest extent permitted by law. 12. Agency. The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers. 13. Terms of sale. The seller acknowledges that Lots are sold subject to the stipulations of these Conditions in their entirety and on the Terms of Consignment for Public Auctions as notified to the consignor at the time of the entry of the Lot. 14. Descriptions and condition. (a) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers 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 applied to a lot. Prospective buyers 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. We undertake that any such opinion shall be honestly and reasonably held and accept liability for opinions given negligently or fraudulently. Subject to the foregoing neither we the auctioneer nor our employees or agents nor the seller 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. Dreweatts is not liable for damage to gilded picture frames, plaster picture frames or picture frame glass; if the Lot is or becomes dangerous, we may dispose of it without notice to you in advance in any manner we see fit and will be under no liability for doing so. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 “information to buyers”. (b) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation. 15. Forgeries. Notwithstanding the preceding Condition, any Lot which proves to be a deliberate forgery (as defined) may be returned to us by you 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 we are satisfied from the evidence presented that the Lot is a deliberate forgery we shall refund the money paid by you for the Lot including any buyer’s premium provided that (1) if the catalogue description reflected the accepted view of scholars and experts as at the date of sale or (2) you personally are not able to transfer a good and marketable title to us, you shall have no rights under this condition. The right of return provided by this Condition is additional to any right or remedy provided by law or by these Conditions of Sale. 16. Privacy Notice. We will hold and process any personal data in relation to you in accordance with our current privacy policy, a copy of which is available on our website www.dreweatts.com/privacy-policy/ General 17. We shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person. 18. (a) Any right to compensation for losses liabilities and expenses incurred in respect of and as a result of any breach of these Conditions and any exclusions provided by them shall be available to the seller and/or the auctioneer as appropriate. (b) Such rights and exclusions shall extend to and be deemed to be for the benefit of employees and agents of the seller and/or the auctioneer who may themselves enforce them. 19. Any notice to any buyer, seller, bidder or viewer may be given by first class mail, email or Swiftmail in which case it shall be deemed to have been received by the addressee 48 hours after posting. 20. Special terms may be used in catalogue descriptions of particular classes of items in which case the descriptions must be interpreted in accordance with any glossary appearing at the commencement of the catalogue. 21. Any indulgence extended to bidders, buyers or sellers by us notwithstanding the strict terms of these Conditions or of the Terms of Consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect. 22. These Conditions shall be governed by and construed in accordance with English law and the parties irrevocably submit to the exclusive jurisdiction of the English courts.

λ - Indicates that this lot may be subject to Artist’s Resale Right (Droit de Suite) royalty charges. Y - Indicates that this lot may be subject to CITES regulations when exported. † - Indicates that VAT is payable by the purchaser at the standard rate of 20% on the hammer price as well as being charged on the buyer’s premium. Ɵ - Indicates that the lot is a zero rated item and therefore subject to buyer’s premium of 26% exclusive of VAT (0% VAT). ‡ - Indicates that the lot is being sold whilst subject to temporary importation and that import VAT at the reduced rate (currently 5%) calculated on the hammer price is due. Ω - Indicates that the lot has been imported from outside the UK and that import VAT at the standard rate (currently 20%) calculated on the hammer price (inclusive of any applicable duty) is due. β - Indicates that the lot is offered in Bond. This applies to wine. Bidding will be at duty paid prices other than for those lots marked ‘IN BOND/β’. NOTE: the import VAT charged for lots with symbols ‡ or Ω can be refunded if Dreweatts is instructed to re-export the property or if the VAT liability is transferred to another Temporary Admission authorisation.

An additional 5% (6% inc VAT) internet surcharge is charged for all successful bids left via Live Auctioneers

In order to comply with current Money Laundering Regulations, it is our policy to conduct appropriate Know Your Client checks on any buyers who transact at the threshold of £8,000 or more. Buyers will be required to provide the following information: For individuals, official photo identification (a government issued ID document such as passport or driver’s licence) and a proof of address (utility bill, bank statement or driver’s licence). For legal entities, a certificate of incorporation (or equivalent), a register of shareholders/directors and ID documentation from the directors and beneficial owners of the business. We reserve the right to withhold the purchased lots until such checks have been completed.