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Important Irish Art 27th May 2015
www.adams.ieReserves
24.
Subject to the Auctioneer’s discretion, the seller shall be entitled prior to the auction to place a reserve on
any Lot. All reserves must be agreed in advance by the Auctioneer and entered on the Sale Order Form or sub-
sequently be confirmed in writing to the Auctioneer prior to auction. This also applies to changes in reserves.
A reserve may not be placed upon any Lots under ¤500 in value. The reserve shall be the minimum Hammer
Price at which the Lot may be sold by the Auctioneer. A reserve once in place may only be changed with the
consent of the Auctioneer. A commission shall be charged on the ‘knock-down’ bid for Lots which fail to reach
the reserve price. Such commission shall be 5% of the ‘knock-down’ bid. This commission and any VAT paya-
ble thereon must be paid before removal of the Lot after the auction. The minimum commission hereunder shall
be ¤50. The Auctioneer may in its sole discretion sell a Lot at a Hammer Price below the reserve therefore but
in such case the Proceeds of Sale to which the seller shall be entitled shall be the same as they would have
been had the sale been at the reverse.
Unless a reserve has been placed on a Lot in accordance with the provisions set out above such Lot shall be
put up for sale without reserve.
In the event that any reserve price is not reached at auction then for so long as the Lot remains with the
Auctioneer and to the extent that the Lot has not been re-entered in another auction pursuant to condition
31 the seller authorises the Auctioneer to sell the Lot by private treaty at not less than the reserve price. The
Auctioneer shall ensure that in such a case those conditions herein which concern mainly the buyer shall, with
any necessary modification, apply to such sale.
Commission
25.
The seller shall pay the Auctioneer commission at the rate of 10% on the Hammer Price of all Lots sold on
behalf of the seller at Irish Art Sales and 17.5% on the Hammer Price of all Lots sold on behalf of the seller at
Fine Art, Wine and Militaria Sales together with V.A.T. thereon at the applicable rate. The seller authorises the
Auctioneer to deduct from the Hammer Price paid by the buyer the Auctioneer’s Commission under this condi-
tion; VAT payable at the applicable rates and any other amounts due by the seller to the Auctioneer in whatever
capacity howsoever arising. The seller agrees that the Auctioneer may also receive commission from the buyer
pursuant to condition 13.
Insurance
26.
Unless otherwise instructed by the seller, all Lots (with the exception of motor vehicles) deposited with
the Auctioneer or put under its control for sale shall automatically be insured by the Auctioneer under the
Auctioneer’s own fine arts policy for such sum as the Auctioneer shall from time to time in its absolute discre-
tion determine. The seller shall pay the Auctioneer a contribution towards such insurance at the rate of 1.5%
of the Hammer Price plus VAT. If the seller instructs the Auctioneer not to insure a Lot then the Lot shall at all
times remain at the risk of the seller who undertakes to indemnify the Auctioneer and hold the Auctioneer harm-
less against any and all claims made or proceedings brought against the Auctioneer of whatever nature and
howsoever and wheresoever occurring for loss or damage to the Lot. The sum for which a Lot is covered for
insurance under this condition shall not constitute and shall not be relied upon by the seller as a representation,
warranty or guarantee as to the value of the Lot or that the Lot will, if sold by the Auctioneer, be sold for such
amount. Such insurance shall subsist until such time as the Lot is paid for and collected by the buyer or, in
the case of Lots sold which are not paid for or collected by the buyer by the due date hereunder for payment
or collection such due date or, in the case of Lots which are not sold, on the expiry of seven (7) days from the
date on which the Auctioneer has notified the seller to collect the Lots.
Recision of Sale
27
. If before the Auctioneer has paid the Proceeds of Sale to the seller the buyer proves to the satisfaction of
the Auctioneer that the Lot sold is a Forgery and the requirements of condition 20 are satisfied the Auctioneer
shall rescind the sale and refund to the buyer any amount paid to the Auctioneer by the buyer in respect of the
Lot.
Payment of Proceeds of Sale
28.
The Auctioneer shall remit the Proceeds of Sale to the seller not later than thirty (30) days after the date
of the auction, provided however that, if by that date, the Auctioneer has not received the Total Amount Due
from the buyer then the Auctioneer shall remit the Proceeds of Sale within seven (7) working days after the
date on which the Total Amount Due is received from the buyer. If credit terms have been agreed between the
Auctioneer and the buyer the Auctioneer shall remit to the seller the Proceeds of Sale not later than thirty (30)
days after the date of the auction unless otherwise agreed by the seller.
If before the Total Amount Due is paid by the buyer the Auctioneer pays the seller an amount equal to the
Proceeds of Sale then title to the Lot shall pass to the Auctioneer.
If the buyer fails to pay the Auctioneer the Total Amount Due within fourteen (14) days after the date of the
auction, the Auctioneer shall endeavour to notify the seller and take the seller’s instructions on the course of
action to be taken and, to the extent that it is in the sole opinion of the Auctioneer feasible, shall endeavour
to assist the seller to recover the Total Amount Due from the buyer provided that nothing herein shall oblige
the Auctioneer to issue proceedings against the buyer in the Auctioneer’s own name. If circumstances do
not permit the Auctioneer to take instructions from the seller or, if after notifying the seller, it does not receive
instructions within seven (7) days, the Auctioneer reserves the right, and is hereby authorised by the seller at
the seller’s expense, to agree special terms for payments of the Total Amount Due, to remove, store and insure
the Lot sold, to settle claims made by or against the buyer on such terms as the Auctioneer shall in its absolute
discretion think fit, to take such steps as are necessary to collect monies due by the buyer to the seller and, if
necessary, to rescind the sale and refund money to the buyer.
Payment of Proceeds to Overseas Sellers
29.
If the seller resides outside Ireland the Proceeds of Sale shall be paid to such seller in Euro unless it was
agreed with the seller prior to the auction that the Proceeds of Sale would be paid in a currency (other than
Euro) specified by the seller in which case the Proceeds of Sale shall be paid by the Auctioneer to the seller
in such specified currency (provided that that currency is legally available to the Auctioneer in the amount
required) calculated at the rate of exchange quoted to the Auctioneer by its bankers on the date of payment.
Charges for Withdrawn Lots
30.
Once catalogued, Lots withdrawn from sale before proofing/publication of Catalogue will be subject to
commission of 5% of the Auctioneer’s latest estimate of the auction price of the Lot withdrawn together with
VAT thereon and any expenses incurred by the Auctioneer in relation to the Lot. If Lots are withdrawn after
proofing or publication of Catalogue they will be subject to a commission of 10% of the Auctioneer’s latest
estimate of the auction price of the Lot withdrawn together with VAT thereon and any expenses incurred by
the Auctioneer in relation to the Lot. All commission hereunder must be paid for before Lots withdrawn may be
removed.
Unsold Lots
31.
Where any Lot fails to sell at auction the Auctioneer shall notify the seller accordingly and (in the absence
of agreement between the seller and the Auctioneer to the contrary) such Lot may, in the absolute discretion of
the Auctioneer, be re-entered in the next suitable auction unless instructions are received from the seller to the
contrary, otherwise such Lots must be collected at the seller’s expense within the period of thirty (30) days of
such notification from the Auctioneer.
Upon the expiry of such period the Auctioneer shall have the right to sell such Lots by public auction or private
sale and on such terms as the Auctioneer in its sole discretion may think fit. The Auctioneer shall be entitled to
deduct from the price received for such Lots any sums owing to the Auctioneer in respect of such Lots includ-
ing without limitation removal, storage and insurance expenses, any commission and expenses due in respect
of the prior auction and commission and expenses in respect of the subsequent auction together with all
reasonable expenses before remitting the balance to the seller. If the seller cannot be traced the balance shall
be placed in a bank account in the name of the Auctioneer for the seller. Any deficit arising shall be due from
the seller to the Auctioneer. Any Lots returned at the seller’s request shall be returned at the seller’s risk and
expense and will not be insured in transit unless the Auctioneer is so instructed by the seller.
Auctioneer’s Right to Photographs and Illustrations
32.
The seller authorises the Auctioneer to photograph and illustrate any Lot placed with if for sale and further
authorises the Auctioneer to use such photographs and illustrations and any photographs and illustrations pro-
vided by the seller at any time in its absolute discretion (whether or not in connection with the auction).