BUYING AT AUCTION

 

VIEWING

Every lot in each sale is available for examination in the auction location at least two days ahead of each auction. Pre-sale exhibitions are typically held on the preceding Sunday 12.00-16.00, Monday 10.00-19.30 and Tuesday 10.00-17.00. Please see our Auction Calendar for details of viewing times for each auction.  

CATALOGUES

Our lavishly illustrated auction catalogues feature thoroughly researched and detailed descriptions written by our specialist team. Catalogues are published online and available in printed format between two to four weeks ahead of each sale. Auction dates can be found on our Auction Calendar.  

ADDITIONAL INFORMATION, IMAGES AND CONDITION REPORTS

Further information on lots for sale can be provided once the online and printed catalogues are available. We are pleased to provide further detailed images, condition reports and to answer specific requests on individual lots where possible. Please note that we will endeavour to respond to all enquiries but we cannot do so if time or other circumstances do not allow. Your attention is drawn to our Important Information for Buyers under our Conditions of Business.  

We take the issue of provenance, ownership and art crime seriously. We work closely with art world professionals to maintain the highest standards and make every effort to check consigned works against the relevant databases including Interpol and The Art Loss Register.

 

IMPORTANT INFORMATION FOR BUYERS

SECTION A

1. INTRODUCTION

The following notes are intended to assist Bidders and Buyers, particularly those who are inexperienced or new to our saleroom. The sale of goods at our auctions are governed by our Terms of Sale (for Live Auctions or Online Auctions as applicable), our Privacy Policy, the Important Information for Buyers, and any notices that are displayed in our saleroom or announced by the Auctioneer (in the case of a Live Auction) or displayed on any Listing for a Lot in our Online Auction catalogue (in the case of an Online Auction) (collectively, the “Terms and Conditions

of Business”). The Terms and Conditions of Business are available for inspection on our Website and at our saleroom on request. Our staff

will be happy to help you if there is anything in our Terms and Conditions of Business that you do not fully understand.

Please make sure that you read the applicable Terms of Sale carefully before bidding. If your bid is successful, you will be obliged to

comply with our Terms of Sale.

2. AGENCY

As Auctioneers we usually act on behalf of the Seller whose identity, for reasons of confidentiality, is not normally disclosed. If you buy at auction your Contract for your purchase of the goods is with the Seller, not with us as Auctioneer.

3. ESTIMATES

Estimates are designed to help you gauge what sort of sum might be involved for the purchase of a particular Lot. Estimates may change and should not be thought of as the Lot’s value or predicted sale price. The lower Estimate may represent the Reserve price (the minimum price for which a Lot may be sold) and will not be below the Reserve price. Estimates do not include the Buyer’s Premium or VAT (where chargeable). Estimates are prepared some time before the auction and may be altered by a saleroom notice or announcement by the Auctioneer before the auction of the Lot (for Live Auctions), or on the Listing for a Lot in our Online Auction catalogue before the auction of the Lot (for Online Auctions). They represent a matter of opinion and are not definitive.

4. BUYER’S PREMIUM

The Terms of Sale oblige you to pay a Buyer’s Premium at 25% on the Hammer Price of each Lot purchased. The Buyer’s Premium is subject

to VAT at the standard rate (currently 20%).

5. VAT

The following paragraphs are intended to give general advice on VAT for items purchased at auction. We have covered the common situations, and this may not be comprehensive. We are unable to offer Tax advice and we suggest you seek independent advice if you require clarifications or further information.

5.1 Items in our catalogue may be marked in the following ways:

(a) (†) indicates that VAT is payable by the Buyer on both the Hammer Price and the Buyer’s Premium. VAT will be chargeable at the standard rate (presently 20%) for most Lots. Qualifying books will be charged at 0%. This imposition of VAT is likely to be because the Seller is registered for VAT within the UK and is not operating the Dealers’ Margin Scheme on their consignment to us.

(b) (‡) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 5%

(reduced rate due to nature of the Lot) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the

Lot will become its importer.

(c) (Ω) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 20% (higher rate) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the Lot will become its importer.

(d) Lots which do not display one of the above symbols (referred to herein as unmarked Lots) have no VAT payable on the Hammer Price. This is because such Lots are sold using the Auctioneers’ Margin Scheme. Therefore, an amount in lieu of VAT at the standard rate is included within the Premium and will not be shown separately on our invoice or be recoverable as input Tax.

5.2 For the items marked (‡) or (Ω), Buyers registered for VAT in the UK should notify us as soon as possible after the sale so that we can correctly instruct our shipping agents to complete the import into the UK under the Buyer’s VAT registration and HMRC can issue a form C79. The charge on our invoice for the import VAT is not sufficient evidence to make a claim for the import VAT.

6. REFUNDS OF VAT

6.1 For Buyers from outside the UK, the VAT charged on the Hammer Price and Buyer’s Premium or included in lieu of VAT in the Buyer’s Premium can be refunded so long as the Buyer has:

(a) registered to bid with an address outside the UK; and

(b) discussed with us the proof of export we require and the timeframes to complete the export.

 

6.2 Once we are satisfied that the requirements referred to in Clause 1.6.1 have been met, and with the proof of export provided, the following VAT will be refunded:

(a) For Lots marked (†): The VAT on the Hammer Price and on the Buyer’s Premium.

(b) For Lots marked (‡) and (Ω): the import VAT and, the VAT in lieu in the Buyer’s Premium.

(c) For unmarked Lots: the amount in lieu of VAT in the Buyer’s Premium.

6.3 To enable us to refund the VAT charged correctly we normally require the use of our international shippers to assist with the required paperwork. For private Buyers, we will only be able to refund the VAT if our shippers are used for the export of the Lot outside the UK.

7. REINVOICING SALES

For unmarked Lots, you can request a Lot to be reinvoiced outside the Auctioneers’ Margin Scheme. VAT at 20% will be charged on the Hammer Price and the VAT on the Buyer’s Premium will be itemised separately on our invoice. This will enable a VAT registered business to reclaim all the VAT. Please note that the item will no longer be eligible to be sold in the Margin Scheme. We recommend you seek advice before proceeding. Requests must be made within 6 months of the sale and certain conditions apply.

8. INSPECTION OF GOODS BY THE BUYER

As we act on behalf of the Seller, we are dependent on information provided by the Seller about their goods. We may inspect Lots and will act reasonably in taking a general view about them. However, we are normally unable to carry out detailed examinations of Lots to check their condition in the way a Buyer would do. You will have the opportunity to inspect the goods (upon request). Where a Lot is made available for inspection, we strongly recommend that you inspect any Lots that you are interested in prior to bidding at the auction. Please carefully note the exclusion of liability for the condition of Lots set out in the Terms of Sale for Online Auctions at Clause 22.5 and the Terms of Sale for Live Auctions at Clause 18.5.

9. GOODS WITH ELECTRICAL COMPONENTS

These are sold as “antiques” for their historical and decorative attributes, and for collection and display only. They are not intended for use.

If you buy goods with electrical components and intend to use them, you must ask a qualified electrician to check them for compliance with safety regulations before you use them.

10. ENDANGERED SPECIES

If you intend to buy goods which contain endangered species, you need to find out if there is a prohibition on the purchase of goods of that character. For goods containing elephant ivory, you also need to satisfy yourself that they have been correctly registered or certified and meet

the exemption conditions under applicable legislation.

11. EXPORT OF GOODS

If you intend to export goods you must find out:

11.1whether an export licence is needed; and

11.2 if there is a prohibition on exporting goods of that character outside of the UK or on importing goods of that character in your

intended country of import such as because the goods contain prohibited materials such as elephant ivory or other protected flora and fauna.

12. BIDDING

Bidders will be required to register with us before the auction starts. We Reserve the right to impose a deadline prior to the auction by which you must register or by which we must receive a commission bid. If you wish to bid on high value Lots this deadline may be several days before the auction in order to allow us sufficient time to carry out the necessary checks. Lots will be invoiced to the name and address on the registration form. Please enquire in advance about our arrangements for telephone or online bidding. You will need to provide us with proof of your identity in a form acceptable to us and such other information as we may require. Please note that we may refuse to register you if you do not provide us with all the information and documentation that we ask for or at our discretion.

13. BIDDING PLATFORMS

We offer free online bidding directly through our Website (www.olympiaauctions.com). You may also bid using an independent Bidding Platform. Bidders using an independent Bidding Platform or service should note that the platform may impose an additional fee or charge, which will be added to the total amount payable in the event your bid is successful. Please refer to the terms and conditions on the relevant independent platform for rates.

 

14. FINANCIAL CHECKS

As Auctioneers we may have to conduct various checks into our customers under the Money Laundering Legislation, under sanctions legislation and other related legislation. Unless we confirm we already have this information, on registration to bid you will be required to provide the following:

(a) For individuals, official photo identification (driving licence, passport or equivalent) and proof of address (if this is not included in your

ID document).

(b) For corporate entities, the certificate of incorporation (or equivalent) with the entity’s official name, registered number (if any) and registered address, as well as details and ID documentation for directors and beneficial owners of the entity.

(c) For trusts and estates, details and ID documentation for executors/trustees and details of beneficiaries: please contact us for further information.

14.1 You may be asked for further information if we deem this necessary.

14.2 If you are bidding for another person (your Principal) you will be required to provide the above information for yourself and your Principal, along with a signed letter from your Principal authorising you to bid on his/her behalf.

14.3 If you require further information about ID requirements, please contact enquiries@olympiaauctions.com. If we deem that you have not provided sufficient information for us to complete our anti-money laundering, terrorist financing and sanctions checks to our satisfaction, we may refuse to register you to bid and we may postpone completion of or cancel any Contract made by you and the Seller in the event you have made a successful bid.

15. COMMISSION BIDDING

You may leave commission bids with us indicating the maximum amount to be bid against a Lot (excluding the Buyer’s Premium and/or any applicable VAT). We will execute commission bids as cheaply as possible having regard to the Reserve (if any) and competing bids. If two Buyers submit identical commission bids, we may prefer the first bid received (where this can be reasonably ascertained). Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax/email or via our Website or online Bidding Platform.

16. METHODS OF PAYMENT

16.1 Online: Payment can be made at www.OlympiaAuctions.com/payments. 

16.2 Cheque: Usually any cheques will need to be cleared before you can take the goods away. We require seven days to clear sterling cheques unless special arrangements have been made in advance of the sale.

16.3 Bank Transfer: Payments must be received from a bank account held in the name of the person or entity named on the invoice for the Lot.

16.4 Cash: £6,000 and “card holder not present” payments above £2,000 cannot be accepted.

16.5 Credit Card payments in person: Payments above £6,000 cannot be accepted.

16.6 Debit Card payments in person: Payments are without limit.

17. COLLECTION AND STORAGE

Please note what the applicable Terms of Sale say about collection and storage (see Clause 13 of the Terms of Sale for Live Auctions and Clause 15 of the Terms of Sale for Online Auctions). It is important that you pay for and collect goods promptly. Any delay may involve you having to pay storage charges. You (or your agent) must bring photographic ID for collection. Please note that collection may be made during working hours only, usually Monday to Friday 09:30 to 17:00.

18. POTENTIAL CANCELLATION RIGHTS

If you purchase a Lot in an Online Auction as a Consumer in the UK or EU from a Seller who is a Trader, you may have a right to cancel your purchase of that Lot from the day of the auction up to the day which is 14 days after the date on which you take possession of the Lot. You may also have the right to cancel Services provided by us. Further information is set out in the Terms of Sale for Online Auctions.

 

 

SECTION B: CATALOGUING PRACTICE

1.

Please note that all measurements are approximate and that illustrations are not to scale. The condition of a Lot is not usually included in catalogue descriptions, and no assumptions should be made in the absence of this information. Condition reports are available on request.

2. CERAMICS

Obvious faults may be recorded in italics at the end of a description for ceramics.

3. CLOCKS AND WATCHES

All Lots are sold “as is” and the absence of any reference to the condition of a clock or watch does not imply that the Lot is in good condition

and without defects, repairs or restorations. Most clocks and watches have been repaired in the course of their normal lifetime and may now incorporate parts not original to them. Furthermore, we make no representation or warranty that any clock or watch is in working order.

As clocks and watches often contain fine and complex mechanisms, the Bidder should be aware that a general service, change of battery or further repair work, for which the Buyer is solely responsible, may be necessary. The Bidder should be aware that the importation of watches such as Rolex, Frank Muller and Corum into the United States is highly restricted. These watches may not be shipped to the USA and can only

be imported personally.

4. DISPLAY ACCESSORIES

Please note that armour stands and many of the display mounts used in the catalogue(s) and the sale exhibition(s) do not form part of the Lot unless stated in the catalogue, though they may be made available to the successful Buyer of the relevant Lot(s). Please contact us for prices and further details.

5. FIREARMS

Please note that all bore sizes are approximate.

6. JEWELLERY

It is common practice for many gemstones to be treated by a variety of methods to enhance their appearance and the international jewellery trade has generally accepted these methods. Although heat enhancement of colour is usually permanent, in some cases this could affect the durability of a gemstone. Oiled gemstones may need re-oiling after a certain period. If no gemmological report is published in the catalogue, prospective Buyers should be aware that the gemstones or pearls could have been enhanced by some method.

7. PHOTOGRAPHS

In addition to the explanations set out below regarding categorising terms for works, please note the following. The date given is that of the image (negative). Where no further date is given, this indicates that the photographic print is vintage (the term “vintage” may also be included in the Lot description). A vintage photograph is one which was made within approximately 5–10 years of the negative. Where a second, later date appears, this refers to the date of printing. Where the exact printing date is not known, but understood to be printed later, “printed later” will appear in the Lot description.

Unless otherwise specified, dimensions given are those of the piece of paper on which the image is printed, including any margins. Some photographs may appear in the catalogue without the margins illustrated.

All photographs are sold unframed unless stated otherwise in the Lot description.

8. PICTURES

A work catalogued with the name(s) or recognised designation of an artist, without any qualification, is, in our opinion, a work by the artist. In other cases, the following expressions with the following meanings are used:

(a) “Attributed to”: means in our opinion it is probably a work by the artist in whole or in part.

(b) “Studio of” or “workshop of”: means in our opinion a work executed in the studio or workshop of the artist, possibly under his supervision.

(c) “Circle of”: means in our opinion a work of the period of the artist and showing his influence.

(d) “Follower of”: means in our opinion a work executed in the artist's style but not necessarily by a pupil.

(e) “Manner of”: means in our opinion a work executed in the artist's style but of a later date.

(f) “After”: means in our opinion a copy (of any date) of a work of the artist.

(g) “Signed”, “dated”, “inscribed”: means in our opinion the work has been signed, dated or inscribed by the artist. The addition of a question mark (?) adds an element of doubt.

(h) “Bears signature”, “bears date”, “bears inscription”: means in our opinion the signature, date, inscription or stamp is by a hand other than that of the artist.

9. SILVER, GOLD AND PRECIOUS METALS

Weights may only be accurate to within 5 grams. Weights shown as “(* oz)” are in troy ounces and usually rounded down to the full ounce.

10. THE FOLLOWING SYMBOLS MAY BE USED IN OUR AUCTION CATALOGUES

(a) (□) indicates a Lot with no Reserve.

(b) (✧) indicates a “Premium Lot”. For Premium Lots, you must complete the required Premium Lot preregistration application and deliver to us such necessary financial references, guarantees, deposits and/or such other security as we may in our absolute discretion require, as security for your bid. Our decision as to whether to accept any pre-registration application shall be final.

(c) (◉) indicates items that have been identified at the time of cataloguing as containing organic material which may be subject to restrictions regarding import or export. The absence of the symbol is not a warranty that there are no restrictions regarding import or export of the

item. We accept no liability for any Lots which may be subject to restrictions but have not been identified as such. Please refer to section A, paragraph 10 above.

(d) (⊕) indicates a Lot that may be subject to Artist’s Resale Right.

(e) (○) indicates “Guaranteed Property”. The seller of lots with this symbol has been guaranteed a minimum price from one auction or a series of auctions. This guarantee may be provided by Olympia Auctions or jointly by Olympia Auctions and a third party. Olympia Auctions and any third parties providing a guarantee jointly with Olympia Auctions benefit financially if a guaranteed lot is sold successfully and may incur a loss if the sale is not successful. A third party providing a guarantee jointly with Olympia Auctions may provide an irrevocable bid, or otherwise bid, on the guaranteed property. If the Guaranteed Property symbol for a lot is not included in the printed or pdf auction catalogue (where applicable), then Olympia Auctions will notify bidders that there is a guarantee on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the guaranteed property symbol, a notice will be added to the Olympia Auctions webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that there is a guarantee on the lot. If every lot in a sale is guaranteed, a Special Notice will be included to this effect and this symbol will not be used for each lot.

(f) (∏) indicates “Monumental”. Lots with this symbol may, in our opinion, require special handling or shipping services due to size or

other physical considerations. Buyers are advised to inspect the lot and to contact Olympia Auctions prior to the sale to discuss any specific shipping requirements.

(g) (W) indicates property stored and to be collected from off-site storage. Please note that property can only be released once payment has been received in full and cleared funds. If you are sending your own authorised agent to collect property from Olympia Auctions on your behalf, please provide a letter of authorisation, a copy of your paid invoice and photographic ID.

(h) (#) Book sales. Although these items are not free from VAT, Olympia Auctions is able to use the margin scheme and VAT will not normally be charged on the hammer price. Olympia Auctions must bear VAT on the buyer’s premium and hence will charge an amount in lieu of VAT at the standard rate on this premium. This amount will form part of the buyer’s premium on our invoice and will not be separately identified.