Page 150 - Sotheby's Chinese Paintings Auction New York September 11, 2018

Museum Services Tailored to Where Sotheby’s Collects Where Sotheby’s is Not Required
IMPORTANT NOTICES
meet the unique needs of museums Sales Tax Sotheby’s is currently to Collect Sales Tax Sotheby’s is
and non proÞ ts in the marketplace, registered to collect sales tax in the not required to collect sales tax on
Property Collection As of March 19,
Museum Services o" ers personal, following states: California, Colorado, property delivered to states &ther than
2018, property that is sold, has bought
professional assistance and advice Connecticut, Florida, Hawaii, Illinois, those listed above. If the property is
in, or is to be returned to the consignor
in areas including appraisals, Kentucky, Maryland, Massachusetts, delivered to a state where Sotheby’s
will be moved to our temporary o" site
deaccessions, acquisitions and special Minnesota, Missouri, New Jersey, is not required to collect sales tax, it is
location at Crozier Fine Arts at One
events. New York, Ohio, Oklahoma, the responsibility of the purchaser t
Star Ledger Plaza, 69 Court Street,
Pennsylvania, Rhode Island, Texas, o self-assess any sales or use tax
Newark, NJ (SLP Warehouse). Certain
Corporate Art Services Devoted Vermont and Washington. For any and remit it to taxing authorities in
items of property, including jewelry,
to servicing corporations, Sotheby’s property collected or received by that state.
watches, silver, works on panel and
Corporate Art Services Department the purchaser in New York City, such
Sotheby’s is not required to collect items valued $10 million or more
can prepare appraisal reports, advise property is subject to sales tax at the
sales tax for property delivered to will remain at 1334 York Avenue. All
on acquisitions and deaccessions, existing New York State and City rate
the purchaser outside of the United other property will be moved to our
manage all aspects of consignment, of 8.875%.
States. temporary o" site location on the day
assist in developing arts-management
the applicable sale concludes and is
strategies and create events catering Sotheby’s Arranged Shipping If
Restoration and Other Services available for pickup after two business
to a corporation’s needs. the property is delivered into any
Regardless of where the property days. Invoices and statements will
state in which Sotheby’s is registered,
is subsequently transported, if any indicate your property’s location.
Sotheby’s is required by law to collect framing or restoration services are
INFORMATION ON SALES and remit the appropriate sales tax in
AND USE TAX RELATED TO e" ect in the state where the property performed on the property in New Property Payment All property
PURCHASES AT AUCTION York, it is considered to be a delivery of must be paid in full before collection or
is delivered.
the property to the purchaser in New release from any Sotheby’s location.
To better assist our clients, we have York, and Sotheby’s will be required to Payment must be made through
prepared the following information on Client Arranged Shipping Property collect the 8.875% New York sales tax. Sotheby’s New York Post Sale Services
Sales and Use Tax related to property collected from Sotheby’s New York by way of our acceptable forms of
purchased at auction. premises by a common carrier hired Certain Exemptions Most states payment methods mentioned on your
by the purchaser for delivery at an
that impose sales taxes allow for invoice. To arrange for payment, please
Why Sotheby’s Collects Sales address outside of New York is not speciÞ ed exemptions to the tax. For contact Post Sale Services at +1 212
Tax Virtually all State Sales Tax Laws subject to New York Sales Tax, but example, a registered re-seller such as 606 7444 or USPostSaleServices@
require a corporation to register with if the property is delivered into any a registered art dealer may purchase sothebys.com. Payment will not be
the State’s Tax Authorities and collect state in which Sotheby’s is registered, without incurring a tax liability, and accepted at the o" site facility. Dealers
and remit sales tax if the corporation Sotheby’s is required by law to collect Sotheby’s is not required to collect and resale clients should Þ ll out the
maintains a presence within the state, and remit the appropriate sales tax in sales tax from such re-seller. The art appropriate forms where applicable
such as o# ces. In the states that e" ect in the state where the property is dealer, when re-selling the property, or contact Post Sale Services with any
impose sales tax, Tax Laws require delivered. New York State recognizes may be required to charge sales tax to questions.
an auction house, with a presence shippers such as the United States its client, or the client may be required
in the state, to register as a sales tax Postal Service, United Parcel Service, to self-assess sales or use tax upon Loss and Liability Unless otherwise
collector, and remit sales tax collected FedEx, or the like as “common acquiring the property. agreed by Sotheby’s, all sold property
to the state. New York sales tax is carriers”. If a purchaser hires a shipper must be removed from any of
charged on the hammer price, buyer’s other than a common carrier to pick Local Tax Advisors As sales tax laws our premises (including the SLP
premium and any other applicable up property, Sotheby’s will collect vary from state to state, Sotheby’s Warehouse) by the buyer at their
charges on any property picked up or New York sales tax at a rate of 8.875% recommends that clients with expense no later than 30 calendar
delivered in New York, regardless of the regardless of the ultimate destination questions regarding the application days following its sale. Buyers are
state or country in which the purchaser of the goods. If a purchaser utilizes of sales or use taxes to property reminded that Sotheby’s liability for
resides or does business. a freight-forwarder who is registered purchased at auction seek tax advice loss or damage to sold property shall
with the Transportation Security
from their local tax advisors. cease no later than 30 calendar days
Administration (“TSA”) to deliver
after the date of the auction.
property outside of the United States,
no sales tax would be due on this
transaction.

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