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www.adams.ieImportant Irish Art | 28th September 2016
Reserves
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 subsequently 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 IR£100 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 payable thereon must be paid before removal of the Lot
after the auction. The minimum commission hereunder shall be IR £25. 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 condi-
tion 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 condition; 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 discretion determine. The seller shall pay the Auctioneer a contribution towards such insurance
at the rate of 1% 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 harmless 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 satisfac-
tion 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) work-
ing 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 feasi-
ble, 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 Irish Punts unless it was
agreed with the seller prior to the auction that the Proceeds of Sale would be paid in a currency (other than Irish
Punts) 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 com-
mission 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 con-
trary, 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 including
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).
Catalogue illustrations are included at the discretion of the Auctioneer. Illustration charges will be calculated on
the particular category of sale. These charges are subject to change. Irish Art Sale Illustrations: €150.00 full page,
€100.00 half page, €50.00 other sizes. Fine Art Illustrations: Scaled fee: €100.00 for lots sold for €3,000.00 and
over, hammer price, €50.00 for lots sold under €3,000.00 hammer price. All other sales: €25.00 per illustration. All
lots illustrated and not sold are charged €25.00 per illustration.
VAT
34. It is presumed, unless stated to the contrary, that the items listed herein are auction scheme goods as
defined in the Finance Act 1995.
35. Artist’s Resale Rights (Droit de Suite)
Government Regulations (S.1. 312/2006)
Under this legislation a royalty (droit de suite) is payable to artists or the artist’s heirs (if deceased in the last 70
years) of E.U. nationality on all works resold for €3,000 or more, other than those sold by the artist or the artist’s
agent.
The resale royalty payable is calculated as follows:
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From €3,000 to €50,000 4%
From €50,000.01 to €200,000 3%
From €200,000.01 to €350,000 1%
From €350,000.01 to €500,000 0.5%
Exceeding €500,000 0.25%
The total amount of royalty payable on any individual sale shall not exceed €12,500 The seller is liable for pay-
ment (paragraph 7.1 of Government Regulations (S.1. 312/2006) of this royalty on completion of the sale. The
artist may request from the Auctioneer any information necessary to secure payment.
The Auctioneer will automatically deduct the amount due from the proceeds of sale and will hold in trust for the
artist, their heirs or their representative for a period of 3 years from the date of sale. A vendor may choose to
check the ARR Waiver on the Sale Receipt Contract indicating that they accept sole responsibility for the payment
and authorises the Auctioneers to disclose their contact details to the artist, their heirs or their representative.