Adam's Important Irish Art September 26th 2018

165 www.adams.ie Important Irish Art | 26th September 2018 29 . 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 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 (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 31 . 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 32 . 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 33 . 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 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 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.