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Important information for Bidders & Buyers
Storage, collection and shipping logistics
IMPORTANT INFORMATION FOR BIDDERS & BUYERS
Conditions of Business
All lots are offered subject to Graham Budd Auctions Ltd's Conditions of Business which you can view here.
Estimates and Reserves
Estimates are published as a guide only and are subject to review. The actual hammer price of a lot may be higher or lower than the range of figures given and there are no predetermined starting prices. Estimates can be subject to revision in which case a saleroom notice will be posted. The estimates printed in the auction catalogue are exclusive of buyer’s premium and VAT.
All lots are subject to reserves. The reserve price is never set higher than the low pre-sale estimate.
Buyer’s Premium & VAT
A buyer’s premium of 15% is applicable to all lots in this sale.
The buyer’s premium is subject to VAT at the standard rate (currently 17.5%). Lots are normally offered for sale under the auctioneer’s margin scheme and VAT on the Buyer’s Premium is payable by all buyers. The exception is where lot are marked with a † VAT symbol. These items will be sold under the normal UK VAT rules and VAT will be charged at 17.5% (the current rate) on both the hammer price and the buyer’s premium.
Pre-Sale Exhibition
All our auctions are on public view prior to the sale. See Calendar for details.
Condition Reports
All prospective bidders are encouraged to attend the pre-sale exhibition and view lots in person. If this is not possible, however, we will be pleased to provide condition reports on lots where practical. All condition reports are provided in good faith. Buyers are reminded that it is their responsibility to satisfy themselves over the condition of lots (refer to Conditions of Business paragraphs 3 a & b).
Artist's Resale Rights
Some lots may be subject to artist's resale rights and will have a special symbol printed in the catalogue. Purchase of these lots will be subject to the payment of an Artist's Resale Right, at a percentage of the hammer price calculated as follow:
Portion of the hammer price (in Euros) Royalty Rate
Under 1,000 Nil
1,000-50,000 4%
50,000-200,000 3%
For further information on Artist's Resale Rights see Design and Artists Copyright Society (DACS) website www.dacs.org.uk
Bidding in Person
To bid with us you must register to obtain a bidding number. Before the auction, fill in the form at the registration desk, provide proof of identity and you will be given a paddle number. All lots sold will be invoiced to the name and address in which the paddle has been registered and may not be transferred to other names and addresses. If you instruct an agent to bid on your behalf you will need to provide a letter of authority and they will also need to provide proof of identity. Graham Budd Auctions reserves the right to refuse. Please hand back the paddle after use.
Absentee bids
Graham Budd Auctions Ltd will be pleased to execute bids on behalf of those clients unable to attend the sale in person. All bids must be submitted in writing in good time and lots will always be purchased as inexpensively as possible (depending on any other bids received, reserves & competition in the saleroom). It will be possible to arrange auction room telephone bidding, but subject always to the availability of lines & staffing. These services are offered free of charge and are subject to our Conditions of Business.
Click here for a printable bidding slip.
If you intend to fax your completed bidding slip to us please note that during the exhibition and on sale day the correct fax number to use is 020 7293 6933. At all other times please send to our regular office fax number of 020 8366 2525.
Payment
Payment is due in sterling immediately after the sale and before purchases can be released. Payments in person can be made in the saleroom on the day of the auction, after this payments must be made by post, card transactions by telephone or electronic transfer to our bank. Graham Budd Auctions Ltd welcome the following Methods of Payment:
Credit/Debit Card
We are pleased to accept major credit cards (regrettably we are unable to accept American Express card payments), for which a surcharge will be made of 3% of the transaction total. This is to cover the charge made to us by our bank. There is no charge for payments made by debit card.
Sterling Bankers Draft or Building Society Cheque
Drawn on a recognised UK bank or building society.
Sterling Cheque or Cash
Please note that we require seven days to clear sterling cheques where the amount exceeds the cheque card guarantee limit, unless special arrangements have been made with the auctioneer in advance of the sale, normally the presentation of a letter of guarantee from your bank. We always reserve the right to hold goods until a cheque is cleared. Cash payments will not be accepted above £6,000.
STORAGE, COLLECTION AND SHIPPING LOGISTICS
On receipt of cleared funds, lots can be collected from the Sotheby’s Olympia saleroom during the auction or immediately after its completion. Thereafter, all purchase lots will be transferred to Graham Budd Auctions Ltd's appointed shippers and storers, Connoisseur International Fine Art Ltd.
Connoisseur will store and insure all purchased lots free of charge for a period of 14 days following the auction. Thereafter, uncollected lots will incur a handling fee of £5 (plus VAT) per lot, storage charges of £2.50 (plus VAT) per lot per week (or part thereof) and storage insurance at a rate of 0.1% of the purchase price per lot per month (or part thereof). Purchases can be collected in person from Connoisseur's premises or by the buyer’s authorised agent or shipper. Please ensure that you or your agent are in possession of your invoice and a form of personal identity.
Connoisseur can supply competitive worldwide quotations for the packing and shipping of purchases using reliable couriers. Inland UK deliveries can be arranged by Royal Mail Special Delivery or parcel delivery services. Connoisseur can also assist in the application for any export license should they be required. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements.
Connoisseur International Fine Art Ltd
Unit 4 Heathrow International Trading Estate
Green Lane, Hounslow, Middlesex
TW4 6HB
Tel: 020 8572 2955
Fax: 020 8577 3893
E-Mail: info@cifa-uk.com
Driving Directions
From Sotheby’s Olympia take the A4 travelling west and join the M4. Leave the motorway at Junction 3 (Heathrow Terminal 4). Take the first exit, proceed forward over two sets of traffic lights crossing the A4 and A30. After the second set of lights, take the first left onto Green Lane. Then take the first right for Connoisseur.
