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info@adams.ieAuctioneer 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
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 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
29. 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) 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 Auction-
eer 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 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 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).
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 automatically deduct the
amount due from the proceeds of sale and will hold in trust for the
artist or their representative the said sum.