Adam's Mid-Century Modern November 13th 2018

124 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 togeth- er 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 vehi- cles) 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 indem- nify 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 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 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 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 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 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 proof- ing 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 31. Where any Lot fails to sell at auction the Auctioneer shall notify the seller according- ly and (in the absence of agreement between the seller and the Auctioneer to the con- trary) 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 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 sub- sequent 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 provided 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 illustra- tion. VAT 34. It is presumed, unless stated to the contrary, that the items listed herein are auc- tion 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: __________________________________________ 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. 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.