Page 97 - Sotheby's Imperial Chiense Porcelain Nov 4 2020 London

reserve is generally set at a percentage of provided with a special paddle number. If all lots subsequent to a margin scheme invoice having (VAT-registered buyers from the EU should Proof of export required collect sales tax, Sotheby’s is obliged to collect
the low estimate and will not exceed the low in the catalogue are “Premium Lots”, a Special been raised should contact the Client Accounts note that the import VAT charged on property and remit the respective state’s sales / use tax
estimate for the lot. Where a lot is offered Notice will be included to this effect and this Department for assistance. released in the UK cannot be cancelled or • for lots sold under the margin scheme in effect on the total purchase price (including
(no VAT symbol) or the normal VAT rules (†
“without reserve” absentee bids will be executed symbol will not be used. refunded by Sotheby’s, however you may be symbol), Sotheby’s is provided with appropriate hammer price, buyer’s premium, overhead
at a minimum of 10% of the low estimate. If Please refer to VAT information for Buyers for 2. PROPERTY WITH A † SYMBOL able to seek repayment) by applying to HM documentary proof of export from the EU. premium, artist’s resale right levy and any
any lots included in a sale are offered without a These items will be sold under the normal Revenue and Customs - see ‘VAT Refunds from requested shipping services including insurance,
reserve, these lots are indicated by a box (﹤). If VAT symbols used in this sale. Value Added Tax UK VAT rules and VAT will be charged at the HM Revenue and Customs’) Buyers carrying their own property should as applicable) of such items, regardless of the
obtain hand-carry papers from the Shipping
(VAT) may be payable on the hammer price
all lots included in a sale are offered without a and/or the buyer’s premium and overhead standard rate on the hammer price, buyer’s (VAT-registered buyers from the UK should department to facilitate this process. country in which the purchaser resides or is
reserve, a Special Notice will be included to this premium. Buyer’s premium and overhead premium and overhead premium. note that the invoice issued by Sotheby’s for a citizen. Where the purchaser has provided
effect and the box symbol will not be used for • for lots sold under Temporary Admission (‡ or Sotheby’s with a valid Resale Exemption
each lot. premium may attract a charge in lieu of VAT. Please see ‘Exports from the European Union’ these items is not suitable evidence in respect Ω symbols), and subsequently transferred to Certificate prior to the release of the property,
Please read carefully the “VAT INFORMATION for the conditions to be fulfilled before the VAT of import VAT.)
⊕ Property Subject to the Artist’s Resale Right FOR BUYERS” printed below. charged on the hammer price may be cancelled On request, immediately after sale, the Sotheby’s Customs Warehouse (into Bond). The sales / use tax will not be charged. Clients
property must be shipped as described above
who wish to provide resale or exemption
Purchase of lots marked with this symbol (吞) or refunded. documentation for their purchases should
will be subject to payment of the Artist’s Resale VAT AND OTHER TAX Temporary Admission Department can either in the paragraph headed Property with a ‡ or a contact Post Sale Services.
ask HM Revenue and Customs to generate a
Ω symbol.
Right, at a percentage of the hammer price INFORMATION FOR BUYERS (VAT-registered buyers from other EU countries C79 certificate (for UK buyers), or obtain a copy
calculated as follows: may have the VAT cancelled or refunded if they • buyers carrying their own property must Clients who wish to have their purchased lots
provide Sotheby’s with their VAT registration of the import C88 (for other EU VAT registered obtain hand-carry papers from the Shipping shipped to the US by Sotheby’s are advised to
Portion of the hammer price (in €) The following paragraphs are intended to number and evidence that the property has buyers), which may be used to claim recovery Department for which a small administrative contact the Post Sale Manager listed in the front
Royalty Rate give general guidance to buyers on the VAT been removed from the UK within three months of the VAT. Otherwise Sotheby’s may re-invoice charge will be made. The VAT refund will be of this catalogue before arranging shipping.
From 0 to 50,000 4% and certain other potential tax implications of the date of sale. The evidence of removal the lot as if it had been sold with a † symbol and processed once the appropriate paperwork has
From 50,000.01 to 200,000 3% of purchasing property at Sotheby’s. The required is a certificate of shipment or, if the charge VAT at the standard rate on both the
From 200,000.01 to 350,000 1% information concerns the most usual lots were carried by hand, proof of travel and hammer price and premium and provide a tax been returned to Sotheby’s. CONDITIONS OF BUSINESS FOR
From 350,000.01 to 500,000 0.5% circumstances and is not intended to be completion of a form available from the Post invoice to the buyer. This may enable a buyer • Sotheby’s is not able to cancel or refund any BUYERS
Exceeding 500,000 0.25% complete. In all cases the relevant tax legislation Sale Service Group. who is VAT registered elsewhere in the EU to VAT charged on sales made to UK or EU private
takes precedence and the VAT rates in effect avoid payment of VAT in the United Kingdom. residents unless the lot is subject to Temporary The nature of the relationship between
The Artist’s Resale Right payable will be the on the day of the live auction will be the Re-invoicing in this way may make the lot Admission and the property is exported from Sotheby’s, Sellers and Bidders and the terms
aggregate of the amounts payable under the rates charged except for lots sold subject to 3. PROPERTY WITH A α SYMBOL ineligible to be re-sold using the margin scheme. the EU and the requisite export papers provided on which Sotheby’s (as auctioneer) and Sellers
above rate bands, subject to a maximum royalty Temporary Admission for which the applicable Items sold to buyers whose address is in the to Sotheby’s within one month of collection of contract with Bidders are set out below.
payable of 12,500 euros for any single work each rate will be that in force at the time of collection. EU will be assumed to be remaining in the Sotheby’s will transfer all lots sold subject
time it is sold. The maximum royalty payable of It should be noted that, for VAT purposes only, EU. The property will be invoiced as if it had to Temporary Admission to its Customs the property. Bidders’ attention is specifically drawn to
12,500 euros applies to works sold for 2 million Sotheby’s is not usually treated as an agent and no VAT symbol (see ‘Property with no VAT warehouse immediately after sale. • Sotheby’s is not able to cancel or refund Conditions 3 and 4 below, which require them
euros and above. Calculation of the artist’s most property is sold as if it is the property of symbol’ above). However, if the property is to be any VAT charged on sales to UK or EU private to investigate lots prior to bidding and which
resale right will be based on the pound sterling Sotheby’s. exported from the EU, Sotheby’s will re-invoice 5. EXPORTS FROM THE EUROPEAN UNION residents unless the lot is subject to Temporary contain specific limitations and exclusions of
/ Euro reference exchange rate quoted on the the property under the normal VAT rules (see The following amounts of VAT may be cancelled Admission and is shipped as described above. the legal liability of Sotheby’s and Sellers. The
date of the sale by the European Central Bank. In the following paragraphs, reference to VAT ‘Property sold with a † symbol’ above) as or refunded provided Sotheby’s receive the limitations and exclusions relating to Sotheby’s
symbols shall mean those symbols located Buyers intending to export, repair, restore or are consistent with its role as auctioneer of
◉ Restricted Materials beside the lot number or the pre-sale estimates requested by the seller. appropriate export documents within the time alter lots sold under Temporary Admission (‡ large quantities of goods of a wide variety and
Lots with this symbol have been identified at in the cataloguing (or amending sale room Items sold to buyers whose address is outside limits stated: or Ω symbols) and therefore transferred to Bidders should pay particular attention to these
the time of cataloguing as containing organic notice). the EU will be assumed to be exported from Property with no VAT symbol (see paragraph 1) Customs Warehouse after sale should notify the Conditions.
material which may be subject to restrictions the EU. The property will be invoiced under the The amount in lieu of VAT charged on Buyer’s Shipping Department before collection. Failure
regarding import or export. The information is 1. PROPERTY WITH NO VAT SYMBOL normal VAT rules (see ‘Property sold with a † Premium and Overhead Premium may be to do so may result in the import VAT becoming 1. INTRODUCTION
made available for the convenience of Buyers Where there is no VAT symbol, Sotheby’s is able symbol’ above). Although the hammer price refunded provided the purchaser resides payable immediately and Sotheby’s being (a) Sotheby’s and Sellers’ contractual
and the absence of the Symbol is not a warranty will be subject to VAT this will be cancelled or outside of the United Kingdom and the property unable to refund the VAT charged on deposit.
that there are no restrictions regarding import to use the Auctioneer’s Margin Scheme and VAT refunded upon export - see ‘Exports from the is exported from the EU within 3 months of relationship with prospective Buyers is governed
or export of the Lot; Bidders should refer to will not normally be charged on the hammer European Union’. However, buyers who are not the sale. Sotheby’s must be provided with the 6. VAT REFUNDS FROM HM by:
Condition 11 of the Conditions of Business for price. intending to export their property from the EU appropriate proof of export immediately after REVENUE AND CUSTOMS (i) these Conditions of Business;
Buyers. Please also refer to the section on Sotheby’s must bear VAT on the buyer’s should notify our Client Accounts Department export of the goods. Where VAT charged cannot be cancelled or
Endangered Species in the Buying at Auction premium and overhead premium and hence on the day of the sale and the property will be re- refunded by Sotheby’s, it may be possible (ii) the Conditions of Business for Sellers
Guide. As indicated in the Endangered Species will charge an amount in lieu of VAT at the invoiced showing no VAT on the hammer price Property with a † symbol to seek repayment from HM Revenue and displayed in the saleroom and which are
section, Sotheby’s is not able to assist buyers standard rate on these premiums. This amount (see ‘Property sold with no VAT symbol’ above). The VAT charged upon the hammer price may Customs. Repayments in this manner are available upon request from Sotheby’s UK
with the shipment of any lots with this symbol will form part of the buyer’s premium and be refunded provided the purchaser resides limited to businesses located outside the UK. salerooms or by telephoning +44 (0)20 7293
into the US. A buyer’s inability to export or overhead premium on our invoice and will not be 4. PROPERTY SOLD WITH A ‡ OR Ω SYMBOL outside of the United Kingdom and the property 6482;
import any lots with this symbol cannot justify a separately identified. A limited range of goods, is exported from the EU within 3 months of Claim forms are available from: (iii) Sotheby’s Authenticity Guarantee as
delay in payment or a sale’s cancellation. including most books, are not liable to VAT and These items have been imported from outside the sale. Sotheby’s must be provided with the HM Revenue and Customs published below;
the EU to be sold at auction under Temporary
appropriate proof of export immediately after
∏ Monumental therefore no amount in lieu of VAT will be added Admission. When Sotheby’s releases such export of the goods. VAT Overseas Repayments Unit (iv) any additional notices and terms published
Lots with this symbol may, in our opinion, to the premiums. property to buyers in the UK, the buyer will PO Box 34, Foyle House by Sotheby’s, including the guide to Buying at
require special handling or shipping services Please see ‘Exports from the European Union’ become the importer and must pay Sotheby’s Property with a ‡ or a Ω symbol Duncreggan Road, Londonderry Auction; and
due to size or other physical considerations. for the conditions to be fulfilled before the import VAT at the following rates on the hammer The Temporary Admission VAT charged on Northern Ireland, BT48 7AE
Buyers are advised to inspect the lot and to amount in lieu of VAT on the buyer’s premium price: the hammer price may be refunded under the Tel: +44 (0)2871 305100 (v) in respect of online bidding via an Online
contact Sotheby’s prior to the sale to discuss and overhead premium may be cancelled or following circumstances:- Fax: +44 (0)2871 305101 Platform, the Additional Terms and Conditions
any specific shipping requirements. refunded. ‡ - the reduced rate • Sotheby’s is instructed to ship the property to enq.oru.ni@hmrc.gsi.gov.uk for Online Bidding published below and available
Ω - the standard rate on www.sothebys.com and the Sotheby’s App,
Premium Lot (VAT-registered buyers from within the You should also note that the appropriate rate a place outside the EU 7. SALES AND USE TAXES in each case as amended by any saleroom
In order to bid on “Premium Lots” ( in print European Union (EU) should note that the will be that in force on the date of collection of • The property is hand carried from the UK notice or auctioneer’s announcement at the
catalogue or  in eCatalogue) you amount in lieu of VAT contained within the the property from Sotheby’s and not that in directly outside the EU and Sotheby’s pre lodge Buyers should note that local sales taxes or live auction.
will be requested to complete a Premium Lot buyer’s premium and overhead premium cannot force at the date of the sale. the export entry with HMRC use taxes may become payable upon import of (b) As auctioneer, Sotheby’s acts as agent
pre-registration application. You must arrange be cancelled or refunded by Sotheby’s or HM items following purchase (for example, use tax for the Seller. A sale contract is made directly
for Sotheby’s to receive your pre-registration Revenue and Customs.) These lots will be invoiced under the margin • The VAT liability is transferred to your shipper’s may be due when purchased items are imported
application at least three working days before Buyers requiring an invoice under the normal scheme. Sotheby’s must bear VAT on the own Temporary Admission or Customs into certain states in the US). Buyers should between the Seller and the Buyer. However,
Sotheby’s may own a lot (and in such
the sale. Please bear in mind that we are unable VAT rules, instead of a margin scheme invoice, buyer’s premium and overhead premium and Warehouse arrangement prior to collection from obtain their own advice in this regard. circumstances acts in a principal capacity as
to obtain financial references over weekends or should notify the Post Sale Service Group or hence will charge an amount in lieu of VAT at the Sotheby’s. In the event that Sotheby’s ships items for a Seller) and/or may have a legal, beneficial or
public holidays. Sotheby’s decision whether to the Client Accounts Department on the day of standard rate on this premium. This amount Under all other circumstances Sotheby’s is purchaser in this sale to a destination within
accept any pre-registration application shall be the live auction and an invoice with VAT on the will form part of the buyer’s premium and required to complete the importation and pay a US state in which Sotheby’s is registered to financial interest in a lot as a secured creditor or
otherwise.
final. If your application is accepted, you will be overhead premium on our invoice and will not be the VAT due to HM Revenue and Customs prior
hammer price will be raised. Buyers requiring separately identified.
re-invoicing under the normal VAT rules to the property leaving its premises and so a VAT
refund will not be possible.
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