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Reserves
25
. 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 €150 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
€50. The Auctioneer may in its sole discretion sell a Lot at a Hammer Price
below the reserve thereon 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
26.
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 all other Sales together with VAT thereon at the applicable rate.
Minimum charges are detailed below. The seller authorises the Auction-
eer 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.
Minimum Charges: Each individual lot is subject to a minimum fee of €3.00
plus VAT, with a minimum charge per account of €50.00 plus VAT.
Insurance
27
. 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 1.5% 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 harmless against any
and all claims made or proceedings brought against the Auctioneer of what-
ever 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.
Illustration Charges:
27a
. 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 all other sizes. Fine art illustrations: Scaled fee
€100.00 for lots sold for €3,000.00 hammer price & over, €50.00 for lots
sold under €3000.00 hammer price. Contemporary picture illustrations:
€25.00 per illustration. All lots illustrated and not sold are charged at €25.00
per illustration.
Recision of Sale
28.
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 Forg-
ery 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
29
. 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
30
. 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) calcu-
lated at the rate of exchange quoted to the Auctioneer by its bankers on the
date of payment. All payment instructions must be in writing.
Charges for Withdrawn Lots
31
. Once catalogued. Lots withdrawn from sale before proofing/publica-
tion 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
32
. Where any Lot fails to sell at auction the Auctioneer shall notify the sell-
er 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 Auc-
tioneer 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
33
. 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
provided by the seller at any time in its absolute discretion (whether or not
in connection with the auction).
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.
Artist’s Resale Rights (Droit de Suite)
35.
Government Regulations (S.1. 312/2006), under this legislation a royalty
(Droit de Suite) is payable to living artists of E.U. Nationality on all works
resold for €3,000 or more, other than sold by the artist or the artist’s agent.
The resale royalty payable is calculated as follows
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 payment (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. Unless otherwise directed by the vendor, the Auctioneer will auto-
matically deduct the amount due from the proceeds of sale and will hold in
trust for the artist or their representative the said sum.