Page 50 - Sotheby's Imperial Chiense Porcelain Nov 4 2020 London

EU to avoid payment of VAT in the United any VAT charged on sales made to UK or EU out below. “Overhead Premium” is the allocation is a statement of opinion genuinely held 5. BIDDING AT AUCTION auction. Purchased lots are at the Buyer’s commence legal proceedings to recover the
Kingdom. Re-invoicing in this way may private residents unless the lot is subject Bidders’ attention is specifically drawn to of Sotheby’s overhead costs relating to by Sotheby’s. Any estimate may not be (a) Sotheby’s has absolute discretion to risk (and therefore their sole responsibility amounts due and legal costs. Sotheby’s will
make the lot ineligible to be re-sold using the to Temporary Admission and the property Sotheby’s facilities, property handling relied on as a prediction of the selling price refuse admission to the live auction. Bidders for insurance) from the earliest of i) take reasonable steps to notify the Buyer
margin scheme. is exported from the EU and the requisite Conditions 3 and 4 below, which require and other administrative expenses that is or value of the lot and may be revised who wish to bid in person must complete a collection or ii) the thirty-first calendar day prior to releasing such details to the Seller.
them to investigate lots prior to bidding
export papers provided to Sotheby’s within payable by the Buyer on the Hammer Price from time to time in Sotheby’s absolute after the live auction. Until risk passes,
Sotheby’s will transfer all lots sold subject one month of collection of the property. and which contain specific limitations and at the rates set out in the guide to Buying discretion. Paddle Registration Form and supply such Sotheby’s will compensate the Buyer for any 9. BIDDER’S AND/OR BUYER’S
to Temporary Admission to its Customs exclusions of the legal liability of Sotheby’s at Auction in the sale catalogue plus any information and references as required by loss or damage to the lot up to a maximum WARRANTIES
warehouse immediately after sale. • Sotheby’s is not able to cancel or refund and Sellers. The limitations and exclusions applicable VAT or amount in lieu of VAT; (e) No representations or warranties are Sotheby’s. Bidders act as principal unless of the Purchase Price paid. Buyers
any VAT charged on sales to UK or EU relating to Sotheby’s are consistent with made by Sotheby’s or the Seller as to they have Sotheby’s prior written consent to (a) The Bidder and/or Buyer warrants that:
5. EXPORTS FROM THE private residents unless the lot is subject its role as auctioneer of large quantities of “Purchase Price” is the Hammer Price and whether any lot is subject to copyright or bid as agent for another party. Bidders are should note that Sotheby’s assumption (i) The Bidder and/or Buyer is not subject
EUROPEAN UNION to Temporary Admission and is shipped as goods of a wide variety and Bidders should applicable Buyer’s Premium, Overhead whether the Buyer acquires copyright in personally liable for their bid and are jointly of liability for loss or damage is subject to to trade sanctions, embargoes or any other
The following amounts of VAT may be described above. pay particular attention to these Conditions. Premium, ARR and VAT; any lot. and severally liable with their principal if the exclusions set out in Condition 6 of the restriction on trade in the jurisdiction in
Conditions of Business for Sellers.
cancelled or refunded provided Sotheby’s Buyers intending to export, repair, restore or “Reserve” is the (confidential) minimum (f) Subject to the matters referred to at 3(a) bidding as agent. which it does business as well as under
receive the appropriate export documents alter lots sold under Temporary Admission 1. INTRODUCTION Hammer Price at which the Seller has to 3(e) above and to the specific exclusions (b) Where available, telephone bids are (d) For all items stored by a third party and the laws of the European Union, the laws
within the time limits stated: (a) Sotheby’s and Sellers’ contractual not available for collection from Sotheby’s of England and Wales, or the laws and
(‡ or Ω symbols) and therefore transferred agreed to sell a lot; contained at Condition 4 below, Sotheby’s offered as an additional service for no extra premises, the supply of authority to release
Property with no VAT symbol (see to Customs Warehouse after sale should relationship with prospective Buyers is “Seller” is the person offering a lot for shall exercise such reasonable care when charge, at the Bidder’s risk and shall be to the Buyer shall constitute collection by regulations of the United States, and is not
owned (nor partly owned) or controlled by
paragraph 1) notify the Shipping Department before governed by: sale (including their agent (other than making express statements in catalogue undertaken with reasonable care subject to the Buyer. such sanctioned person(s) (collectively,
The amount in lieu of VAT charged on collection. Failure to do so may result in the (i) these Conditions of Business; Sotheby’s), executors or personal descriptions or condition reports as is Sotheby’s other commitments at the time of “Sanctioned Person(s)”); and
Buyer’s Premium and Overhead Premium import VAT becoming payable immediately representatives); consistent with its role as auctioneer of lots the live auction; Sotheby’s therefore cannot (e) All packing and handling is at the Buyer’s
may be refunded provided the purchaser and Sotheby’s being unable to refund the (ii) the Conditions of Business for Sellers in the sale to which these Conditions relate, accept liability for failure to place such bids risk. Sotheby’s will not be liable for any (ii) the funds used for purchase and
resides outside of the United Kingdom VAT charged on deposit. displayed in the saleroom and which are “Sotheby’s” means Sotheby’s, the unlimited and in the light of: save where such failure is unreasonable. acts or omissions of third party packers or settlement of the lot(s) are not connected
and the property is exported from the EU available upon request from Sotheby’s UK company which has its registered office at (i) the information provided to it by the Telephone bids may be recorded. shippers. with nor have any link to nor are derived
within 3 months of the sale. Sotheby’s must 6. VAT REFUNDS FROM HM salerooms or by telephoning +44 (0)20 34-35 New Bond Street, London W1A 2AA; Seller; (c) Online bids are made subject to the from any criminal activity, including without
REVENUE AND CUSTOMS
be provided with the appropriate proof 7293 6482; “Sotheby’s Company” means both Additional Terms and Conditions for Online 8. REMEDIES FOR NON-PAYMENT limitation tax evasion, money laundering,
of export immediately after export of the Where VAT charged cannot be cancelled or (iii) Sotheby’s Authenticity Guarantee as Sotheby’s in the USA and any of its (ii) scholarship and technical knowledge; Bidding (published below and available on Without prejudice to any rights the Seller terrorist activities or other criminal activity,
goods. refunded by Sotheby’s, it may be possible published below; subsidiaries (including Sotheby’s in and www.sothebys.com or via the Sotheby’s may have, if the Buyer without prior and the Bidder/Buyer is neither under
to seek repayment from HM Revenue and agreement fails to make payment for the lot investigation, nor has been charged with or
Property with a † symbol Customs. Repayments in this manner (iv) any additional notices and terms London) and Sotheby’s Diamonds SA and (iii) the generally accepted opinions of App) which apply in relation to bids convicted of without limitation, tax evasion,
The VAT charged upon the hammer price are limited to businesses located outside published by Sotheby’s, including the guide its subsidiaries (in each case “subsidiary” relevant experts, in each case at the time submitted via an Online Platform, in addition within five days of the live auction, Sotheby’s money laundering, terrorist activities or
may be refunded provided the purchaser the UK. to Buying at Auction; and having the meaning of Section 1159 of the any such express statement is made. to these Conditions of Business. may in its sole discretion (having informed other criminal activity.
the Seller) exercise one or more of the
resides outside of the United Kingdom Companies Act 2006);
and the property is exported from the EU Claim forms are available from: (v) in respect of online bidding via an “VAT” is Value Added Tax at the prevailing 4. EXCLUSIONS AND LIMITATIONS 6. CONDUCT OF THE AUCTION following remedies: (b) Where the Bidder is bidding on behalf of
OF LIABILITY TO BUYERS
within 3 months of the sale. Sotheby’s must HM Revenue and Customs Online Platform, the Additional Terms and rate. Further information is contained in the (a) Unless otherwise specified, all lots are (a) store the lot at its premises or elsewhere another person or acting as agent (in either
be provided with the appropriate proof VAT Overseas Repayments Unit Conditions for Online Bidding published guide to Buying at Auction. (a) Sotheby’s shall refund the Purchase offered subject to a Reserve, which shall be at the Buyer’s sole risk and expense; case, for the purposes of this Condition
of export immediately after export of the PO Box 34, Foyle House below and available on www.sothebys. Price to the Buyer in circumstances where no higher than the low presale estimate at 9(b), the “Agent”) for another party (the
goods. com and the Sotheby’s App, in each case 3. DUTIES OF BIDDERS AND it deems that the lot is a Counterfeit and the start of the live auction. (b) cancel the sale of the lot; “Principal(s)”), the Agent warrants in its own
Duncreggan Road, Londonderry as amended by any saleroom notice or OF SOTHEBY’S IN RESPECT each of the conditions of the Authenticity capacity (in addition to the warranties set
Property with a ‡ or a Ω symbol Northern Ireland, BT48 7AE auctioneer’s announcement at the live OF ITEMS FOR SALE Guarantee has been satisfied. (b) The auctioneer has discretion at any (c) set off any amounts owed to the Buyer out in Condition 9(a)) that:
The Temporary Admission VAT charged on Tel: +44 (0)2871 305100 auction. time to refuse any bid, withdraw any lot, by a Sotheby’s Company against any
the hammer price may be refunded under Fax: +44 (0)2871 305101 (a) Sotheby’s knowledge in relation to each (b) In the light of the matters in Condition 3 re-offer a lot for sale (including after the fall amounts owed to Sotheby’s by the Buyer in (i) the Principal(s) is not a Sanctioned
the following circumstances:- enq.oru.ni@hmrc.gsi.gov.uk (b) As auctioneer, Sotheby’s acts as agent lot is partially dependent on information above and subject to Conditions 4(a) and of the hammer) if he believes there may be respect of the lot; Person(s) nor owned (or partly owned) or
for the Seller. A sale contract is made
• Sotheby’s is instructed to ship the directly between the Seller and the Buyer. provided to it by the Seller, and Sotheby’s 4(e), neither any Sotheby’s Company nor error or dispute, and take such other action (d) apply any payments made to Sotheby’s controlled by Sanctioned Person(s);
is not able to and does not carry out
the Seller:
property to a place outside the EU 7. SALES AND USE TAXES However, Sotheby’s may own a lot (and exhaustive due diligence on each lot. as he reasonably thinks fit. by the buyer as part of the Purchase Price (ii) the funds used for purchase and
and Buyer’s Expenses towards that or any
• The property is hand carried from the UK Buyers should note that local sales taxes or in such circumstances acts in a principal Bidders acknowledge this fact and accept (i) is liable for any errors or omissions (c) During the live auction, the auctioneer other lot purchased by the Buyer, or to any settlement of the lot(s) are not connected
with, nor have any link to any criminal
in information provided to Bidders by
will commence and advance the bidding
directly outside the EU and Sotheby’s pre use taxes may become payable upon import capacity as Seller) and/or may have a legal, responsibility for carrying out inspections Sotheby’s (or any Sotheby’s Company), shortfall on the resale of any lot pursuant activity, including without limitation tax
lodge the export entry with HMRC of items following purchase (for example, beneficial or financial interest in a lot as a and investigations to satisfy themselves as at levels and in increments he considers to paragraph (h) below, or to any damages
use tax may be due when purchased items secured creditor or otherwise. to the lots in which they may be interested. whether orally or in writing, whether appropriate and is entitled to place a bid or suffered by Sotheby’s as a result of breach evasion, money laundering, terrorist
• The VAT liability is transferred to your are imported into certain states in the US). negligent or otherwise, except as set out in series of bids on behalf of the Seller up to of contract by the Buyer; activities or other criminal activity and that
shipper’s own Temporary Admission or Buyers should obtain their own advice in 2. COMMON TERMS (b) Each lot offered for sale at Sotheby’s Condition 3(f) above; the Reserve on the lot, without indicating he the arrangements between the Agent and
Customs Warehouse arrangement prior to this regard. In these Conditions of Business: is available for inspection by Bidders prior (ii) gives any guarantee or warranty to is doing so and whether or not other bids (e) reject future bids from the Buyer or the Principal(s) of the lot(s) or otherwise do
collection from Sotheby’s. to the sale. Sotheby’s accepts bids on are placed. render such bids subject to payment of a not, in whole or in part facilitate tax crimes;
In the event that Sotheby’s ships items for a “ARR” is applicable artist resale right royalty lots solely on the basis that Bidders (and Bidders and any implied warranties and deposit;
Under all other circumstances Sotheby’s purchaser in this sale to a destination within payable by the Buyer on the qualifying independent experts on their behalf, to conditions are excluded (save in so far as (d) Subject to Condition 6(b), the contract (iii) the lot(s) purchased by the Agent or
is required to complete the importation a US state in which Sotheby’s is registered Property; the extent appropriate given the nature such obligations cannot be excluded by law) between the Buyer and the Seller is (f) charge interest at 6% per annum above the Principal(s) is not being purchased for
and pay the VAT due to HM Revenue and to collect sales tax, Sotheby’s is obliged to and value of the lot and the Bidder’s own other than the express warranties given by concluded on the striking of the auctioneer’s HSBC Bank plc Base Rate from the Due the purposes of, or being used in any way
Customs prior to the property leaving its collect and remit the respective state’s sales “Bidder” is any person considering, making expertise) have fully inspected the lot prior the Seller to the Buyer in Condition 2 of the hammer, whereupon the Buyer becomes Date to the date the Purchase Price and connected with, or to facilitate breaches of
premises and so a VAT refund will not be / use tax in effect on the total purchase price or attempting to make a bid, by whatever to bidding and have satisfied themselves Sellers’ Conditions of Business; liable to pay the Purchase Price. relevant Buyer’s Expenses are received any applicable tax, anti-money laundering or
possible. (including hammer price, buyer’s premium, means, and includes Buyers; as to both the condition of the lot and the (iii) accepts responsibility to any Bidders (e) Any post-auction sale of lots offered at in cleared funds (both before and after anti-terrorism laws or regulations;
Proof of export required overhead premium, artist’s resale right “Buyer” is the person who makes the accuracy of its description. in respect of acts or omissions (whether auction shall incorporate these Conditions judgement); (iv) the Agent has conducted appropriate
levy and any requested shipping services highest bid or offer accepted by the negligent or otherwise) by Sotheby’s in as if sold in the live auction. customer due diligence on the Principal(s)
• for lots sold under the margin scheme including insurance, as applicable) of such auctioneer, and includes such person’s (c) Bidders acknowledge that many lots connection with the conduct of auctions or (g) exercise a lien over any of the Buyer’s of the lot(s) in accordance with all applicable
(no VAT symbol) or the normal VAT rules items, regardless of the country in which principal when bidding as agent; are of an age and type which means that for any matter relating to the sale of any lot. 7. PAYMENT AND COLLECTION property which is in the possession of anti-money laundering and sanctions laws
a Sotheby’s Company. Sotheby’s shall
(† symbol), Sotheby’s is provided with the purchaser resides or is a citizen. Where they are not in perfect condition. All lots are inform the Buyer of the exercise of any and regulations and the Agent does not
appropriate documentary proof of export the purchaser has provided Sotheby’s with “Buyer’s Expenses” are any costs or offered for sale in the condition they are in (c) Unless Sotheby’s owns a lot offered for (a) Unless otherwise agreed, payment know and has no reason to suspect that
from the EU. Buyers carrying their own a valid Resale Exemption Certificate prior expenses due to Sotheby’s from the Buyer, at the time of the auction (whether or not sale, it is not responsible for any breach of of the Purchase Price for a lot and any such lien and within 14 days of such notice the funds used for settlement are derived
property should obtain hand-carry papers to the release of the property, sales / use including an amount in respect of any Bidders are in attendance at the auction). these conditions by the Seller. Buyer’s Expenses are due by the Buyer in may arrange the sale of such property and from or connected with proceeds of any
apply the proceeds to the amount owed to
from the Shipping department to facilitate tax will not be charged. Clients who wish to applicable VAT thereon, and any Artist’s Condition reports may be available to (d) Without prejudice to Condition 4(b), any pounds sterling immediately on conclusion Sotheby’s; criminal activity including without limitation
this process. provide resale or exemption documentation Resale Right levy payable in respect of the assist when inspecting lots. Catalogue claim against Sotheby’s or the Seller by a of the live auction (the “Due Date”) tax evasion, or that the ultimate buyer(s) is
for their purchases should contact Post Sale sale of the Property; descriptions and condition reports may notwithstanding any requirements for (h) resell the lot by auction or private sale,
• for lots sold under Temporary Admission on occasions make reference to particular Bidder is limited to the Purchase Price with export, import or other permits for such lot. with estimates and reserves at Sotheby’s under investigation, or has been charged
(‡ or Ω symbols), and subsequently Services. “Buyer’s Premium” is the commission imperfections of a lot, but Bidders should regard to that lot. Neither Sotheby’s nor discretion. In the event such resale is for with or convicted of money laundering,
transferred to Sotheby’s Customs Clients who wish to have their purchased payable by the Buyer on the Hammer Price note that lots may have other faults not the Seller shall under any circumstances be (b) Title in a purchased lot will not pass until terrorist activities or other criminal activity;
Warehouse (into Bond). The property lots shipped to the US by Sotheby’s are at the rates set out in the guide to Buying expressly referred to in the cataloguing liable for any consequential losses. Sotheby’s has received the Purchase Price less than the Purchase Price and Buyer’s and
must be shipped as described above in the advised to contact the Post Sale Manager at Auction plus any applicable VAT or an or condition report. Illustrations are for (e) None of this Condition 4 shall exclude and Buyer’s Expenses for that lot in cleared Expenses for that lot, the Buyer will remain (v) the Agent consents to Sotheby’s relying
liable for the shortfall together with all costs
paragraph headed Property with a ‡ or a Ω listed in the front of this catalogue before amount in lieu of VAT; identification purposes only and will not or limit Sotheby’s liability in respect of funds. Sotheby’s is not obliged to release incurred in such resale; on the Agent’s customer due diligence, and
symbol. arranging shipping. “Counterfeit” is as defined in Sotheby’s convey full information as to the actual any fraudulent misrepresentation made a lot to the Buyer until title in the lot has the Agent will retain for a period of not less
passed and appropriate identification has
• buyers carrying their own property must Authenticity Guarantee; condition of lots. by Sotheby’s or the Seller, or in respect been provided, and any earlier release does (i) commence legal proceedings to recover than 5 years the documentation evidencing
the Purchase Price and Buyer’s Expenses
obtain hand-carry papers from the Shipping CONDITIONS OF BUSINESS FOR “Hammer Price” is the highest bid accepted (d) Information provided to Bidders in of death or personal injury caused by the not affect the passing of title or the Buyer’s for that lot, together with interest and the Agent’s customer due diligence. The
Department for which a small administrative BUYERS by the auctioneer by the fall of the hammer, respect of any lot, including any estimate, negligent acts or omissions of Sotheby’s or unconditional obligation to pay the Purchase Agent will make such documentation
charge will be made. The VAT refund will be (in the case of wine, as apportioned pro-rata whether written or oral and including the Seller. Price and Buyer’s Expenses. the costs of such proceedings on a full promptly available for immediate inspection
processed once the appropriate paperwork The nature of the relationship between by reference to the number of separately information in any cataloguing, condition indemnity basis; or by an independent third-party auditor upon
has been returned to Sotheby’s. Sotheby’s, Sellers and Bidders and the identified items in that lot), or in the case of or other report, commentary or valuation, (c) The Buyer is obliged to arrange collection (j) release the name and address of the Sotheby’s written request to do so.
terms on which Sotheby’s (as auctioneer) of purchased lots no later than thirty (30) Buyer to the Seller to enable the Seller to
• Sotheby’s is not able to cancel or refund a post-auction sale, the agreed sale price; is not a representation of fact but rather calendar days after the date of the live (c) The Bidder and/or Buyer hereby
and Sellers contract with Bidders are set
96 SOTHEBY’S 97