The Fine Art Sale - Day One

SOCIETY OF FINE ART AUCTIONEERS AND VALUERS and the ROYAL INSTITUTION OF CHARTERED SURVEYORS CONDITIONS OF BUSINESS INFORMATION FOR BUYERS 1. INTRODUCTION. The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms. All sales are conducted on our printed Conditions of Sale 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. 2. AGENCY. As auctioneers Cheffins usually contract as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed. Accordingly, if you buy, your primary contract is with the seller. 3. ESTIMATES. Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. 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 oblige buyers to pay a buyer's premium at 23.4% on the hammer price of each lot purchased, which shall include VAT on the premium at the rate imposed by law. If using a live bidding platform there is a 3% surcharge. 5. VAT. (*) 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 European Union and is not operating the Dealers Margin Scheme or because VAT is due at 20% on importation into the UK. The double symbol (**) indicates that the lot has been imported from outside the European Union and the present position is that these lots are liable to a reduced rate of VAT (5%) on the gross lot price (i.e. both the hammer price and the buyer's premium). Lots which appear without either of 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 Premium is not recoverable as input tax. 6. Cheffins are, primarily, agents for the seller. We are dependent on information provided by the seller 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 or any 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. 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, we shall be liable for any defect 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 three 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 first. 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. 9. BIDDING. Bidders will be required to register before the sale commences and lots will be invoiced to the name and address on the registration form. 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 buyers? premium. 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, fax or email. 11. METHODS OF PAYMENT. As a general rule any cheques tendered will need to be cleared before removal of the goods is permitted. Please discuss with our Accounts Office in advance of the sale if other methods of payment are envisaged. (N.B. As a consequence of the Money Laundering regulations 2003, we are no longer able to accept cash payments in excess of £7,500. This includes single payments amounting to this sum or multiple payments totalling £7,500.) 12. REFUND POLICY. In specified circumstances lots misdescribed because they are ?deliberate forgeries? may be returned and repayment made. There is a three week time limit. (The expression ?deliberate forgery? is defined in our Conditions of Sale.) 13. 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. CONDITIONS OF SALE Cheffins carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale on the following General Condition and on such other terms, conditions and notices as may be referred to herein. 1. DEFINITIONS In these Conditions: (a) 'auctioneer' means Cheffins 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 Cheffins 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 and to satisfy any security arrangements before entering the auction room to view or bid. (b) 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 re-offering the Lot during the course of the auction or otherwise. The auctioneer shall act reasonably in exercising this discretion (c) Bidders shall be deemed to act as principals. (d) Once made, no bid may be withdrawn. (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 hammer price, together with a premium thereon of 23.4% which shall include VAT on the premium at the rate imposed by law. If bidding via an internet platform, there is an additional 3% surcharge. 5. VALUE ADDED TAX Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk or double asterisk. 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 the Information for Buyers for a brief explanation of the VAT position.) 6. PAYMENT (1) Immediately a Lot is sold you will: (a) give to us, if requested proof of identity, and (b) pay to us the total amount due in cash or in such other way as is agreed by us. (2) 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 express or implied. 7. TITLE AND COLLECTION OF PURCHASES (1) 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. (2) 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 or upon the clearance of any cheque used for payment after which you shall be responsible for any removal, storage and insurance charges. (3) No purchase can be claimed or removed until it has been paid for. 8. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES (1) 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: (a) to proceed against you for damages for breach of contract; (b) to rescind the sale of that Lot and/or any other Lots sold by us to you; (c) 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; (d) to remove, store and insure the Lot at your expense and, in the case of storage, either at our 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 five working days after the sale; (f) to retain that or any other Lot sold to you until you pay the total amount due; (g) to reject or ignore bids from you or your agent 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 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 (2) 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 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 their employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale. 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 save where such failure is unreasonable. 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 the auctioneer and the buyer that the seller 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. 12. AGENCY The auctioneer normally acts as agent only and disclaims any responsibility for default by the seller or buyer. 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 as notified to the consignor at the time of the entry of the Lot. 14. DESCRIPTIONS AND CONDITION (1) 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. This Condition is subject to the next following Condition concerning deliberate forgeries and applies save as provided for in paragraph 6 in ?Information to Buyers?. (2) 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. GENERAL Cheffins shall have the right at our discretion, to refuse admission to our premises or attendance at our auctions by any person. 17. Compensation (1) 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. (2) 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. 18. Any notice to any buyer, seller, bidder or viewer may be given by first class mail or Swiftmail in which case it shall be deemed to have been received by the addressee 48 hours after posting. 19. 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 within the catalogue. 20. 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. 21. English law applies to the interpretation of these Conditions. Company Details: Cheffins, Clifton House, 1-2 Clifton Road, Cambridge, CB1 7EA Tel: 00 44 (0)1223 213343 Fax: 00 44 (0)1223 271949 E-mail: fine.art@cheffins.co.uk Condition Reports 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. Please refer to our Terms and Conditions Important Notice for Buyers of Ceramics and Glass Key to Ceramic & Glass cataloguing (D) Damage (R) Restoration (W) Wear and Fritting Important Notice for Buyers Droit de Suite Please note that the 'Artist's Resale Right' regulations will be in effect during some sales. It is a measure designed to supply living artists and artists who have died within the last 70 years, with a percentage of the amount that their works sell for at auction. The items to which this charge may apply include all types of pictures and some ceramics, glassware, tapestries, photographs, furniture and decorative arts. Lots where Droit de Suite may be payable are indicated by a § after the lot number. The levy is imposed upon items which make upwards of 1,000 Euros (converted at the current rate of exchange on the day of the sale) and the buyers of the items to which the measure applies will be charged for the royalty in accordance with the table below. Portion of the Sale Price Royalty Rate From 1,000 - 50,000 euro 4% From 50,000.01 - 200,000 euro 3% From 200,000.01 - 350,000 euro 1% From 350,000.01 - 500,000 euro 0.5% Exceeding 500,000 euro 0.25% For Example: If a painting sells for £1,500 (hammer price), it will be subject to the usual Buyer's Premium (23.4% including VAT) and an additional charge of £60 as the royalty rate being 4% of £1,500. For more information please contact the office. Alternatively visit the following website for more information http://www.dacs.org.uk An Explanation of Cataloguing Practice A work catalogued with the name(s) or recognised designation of an artist, without any qualification is, in our opinion, a work by the artist. In other cases the following expressions, with the following meanings are used: 'Attributed to...' - in our opinion probably a work by the artist in whole or in part 'Studio of...' - in our opinion a work executed in the studio or 'Workshop of...' workshop of the artist, possibly under his supervision 'Circle of...' - in our opinion a work of the period of the artist and showing his influence 'Follower of...' - in our opinion a work executed in the artist's style but not necessarily by a pupil 'Manner of...' - in our opinion a work executed in the artist's style but of a later date 'After...' - in our opinion a copy (of any date) of a work of the artist 'Signed...', 'Dated...', 'Inscribed...' - in our opinion the work has been signed/ dated/ inscribed by the artist - the addition of a question mark indicates an element of doubt 'With signature...', 'With date...', 'With inscription...' - in our opinion the signature/ date/ inscription is by a hand other than that of the artist All measurements are in centimetres, height before width. Important Notice for Buyers of Jewellery: Treatment and Condition of Gemstones Gemstones are often treated to enhance their colour and improve their appearance. They may be heated or treated by oil or resin to intensify colour and transparency. Other techniques such as dyeing, irradiation, coating and impregnation may also be used. Be aware that unless the catalogue description specifically states that the stone is natural, we have assumed that any treatment may not be permanent and that special care of the stone may be needed in the future. Payment & Collection Payment All purchases must be paid for in full on the day of the sale. After the sale you will receive an invoice for the full amount by post and by email where you have 5 working days to complete payment. Please refer to our Terms and Conditions We accept the following methods of payment: Bank Transfer - direct to our bankers, Barclays Bank Bene't St, Cambridge, Sort Code: 20-17-19, Account number: 50690961, IBAN: GB22BARC20171950690961, Swift Code: BARCGB22 Cash - As a consequence of the Money Laundering Regulations 2003, we are no longer able to accept cash payments for sums in excess of £7,500. This includes single payments amounting to this sum or multiple payments totalling £7,500. Cheques - supported by a valid guarantee card, Cheques are accepted entirely at our discretion (please note you must allow 6 working days for a cheque to clear before we release any goods purchased). Debit cards - payments can be made in person or over the telephone (please note there is a £200 limit for payments over the telephone). Credit cards - are subject to a surcharge of 2%. Payments can be made in person or over the telephone (please note there is a £200 limit for payments over the telephone). Collection and Clearance In some circumstances small or portable lots may be collected during the sale on production of a purchaser's sale receipt. Our staff are here to help, but please remember that the smooth conduct of the sale has to be their first consideration at all time. We do not have facilities for the storage of sold items on the Premises therefore all sold lots must be collected no later than 10 days after the sale. After this date all uncollected lots may be removed to a storage facility and may be subject to a removal charge. Stored items can only then be collected by prior appointment. Goods will not be delivered until all outstanding charges have been settled. Packing & Shipping We regret we are unable to provide any onsite packing services. However if the items are small and light weight we may be able to accommodate but at our discretion. Otherwise we recommend Mail Boxes Etc., Melvyn Ince, International Shipping or Alban Shipping who will collect from Cheffins and offer cartage to international and domestic locations. They will be pleased to provide prompt individual quotations directly. We can also recommend other carriers or shippers on an individual basis. Mail Boxes Etc. 23 King Street, Cambridge, CB1 1AH Tel: +44 (0)1223 361601 Email: info@mbecambridge.com www.mbe.uk.com Melvyn Ince International Shipping Little Haven 42 Beatrice Road Wisbech Cambridgeshire, PE13 3PE Tel/Fax: + 44 (0)1945 464781 Email: melvynince@aol.com Alban Shipping Unit 4, Premier Business Park Dencora Way Luton, Bedfordshire, LU3 3HP Tel: +44 (0)1582 493099 Fax: +44 (0)1582 490147 www.albanshipping.co.uk