ADAM'S - Important Irish Art Auction - 31st May 2017 (Click Lot title for more images and to Place Bid)

211

www.adams.ie

Important Irish Art | 31st May 2017

Payment of Proceeds of Sale

. The Auctioneer shall remit the Proceeds of Sale to the

seller not later than thirty (30) days after the date of the auc-

tion, 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 Auction-

eer shall remit to the seller the Proceeds of Sale not later

than thirty (30) days after the date of the auction unless oth-

erwise 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 sell-

er 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 pro-

ceedings against the buyer in the Auctioneer’s own name. If

circumstances do not permit the Auctioneer to take instruc-

tions 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

. 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 (pro-

vided 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 pay-

ment. All payment instructions must be in writing.

Charges for Withdrawn Lots

. Once catalogued. Lots withdrawn from sale before proof-

ing/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 commis-

sion hereunder must be paid for before Lots withdrawn may

be removed.

Unsold Lots

. Where any Lot fails to sell at auction the Auctioneer shall

notify the seller accordingly and (in the absence of agree-

ment 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 instruc-

tions 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 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 remit-

ting 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 ex-

pense and will not be insured in transit unless the Auctioneer

is so instructed by the seller.

Auctioneer’s Right to Photographs and Illustrations

. The seller authorises the Auctioneer to photograph and

illustrate any Lot placed with if for sale and further authoris-

es 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 con-

nection with the auction).

VAT

. 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 leg-

islation 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 Auc-

tioneer will automatically deduct the amount due from the

proceeds of sale and will hold in trust for the artist or their

representative the said sum.