The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms. All sales are conducted according to our printed Terms and Conditions of Sale, which are readily available for inspection and normally accompany catalogues. Our staff will be happy to help you if there is anything you do not fully understand.
As auctioneers, we usually contract as agents for the seller whose identity, for reasons of confidentiality, is not normally disclosed. Accordingly, if you buy, your primary contract is with the seller.
Estimates are designed to help buyers gauge what sort of sum might be involved for the purchase of a particular lot. The lower estimate may represent the reserve price and certainly will not be below it. Estimates do not include the Buyer’s Premium or VAT (where chargeable). Estimates are prepared some time before the sale and may be altered by announcement before the sale. They are in no sense definitive.
4. Buyer’s Premium
The Buyer agrees to pay a buyer's premium on the hammer price of each lot purchased. The buyer's premium is 20% (24% including VAT) of the hammer price on each lot. VAT at the prevailing rate of 20% is added to all of these premiums and additional charges as defined below. Online bidding is hosted by www.thesaleroom.com, please note this facility carries an additional 5% (plus VAT) surcharge; www.invaluable.com, please note this facility carries an additional 5% (plus VAT) surcharge; and www.liveauctioneers.com, please note this facility carries an additional 5% (plus VAT) surcharge.
(*) indicates that VAT is payable by the purchaser at the standard rate (presently 20%) on the hammer price as well as being an element in the buyer’s premium. This imposition of VAT is likely to be because the seller is registered for VAT within the European Union and is not operating the Dealers Margin Scheme, or because VAT is due at 20% on importation into the UK. The double symbol (**) indicates that the lot has been imported from outside the European Union and the present position is that these lots are liable to a reduced rate of VAT (5%) on the gross lot price (i.e. both the hammer price and the buyer’s premium). Lots which appear without either of the above symbols indicate that no VAT is payable on the hammer price. This is because such lots are sold using the Auctioneers’ Margin Scheme, and it should be noted that the VAT included within the Premium is not recoverable as input tax.
6. Descriptions and Conditions
Condition Reports are provided upon request; the absence of a Condition Report does not imply that a lot is without imperfections. Members of staff are not trained restorers or conservators and, particularly for higher value lots, you should obtain an opinion from such a professional in advance of the auction. We recommend that you always view a lot in person. We are, primarily, agents for the seller. We are dependent on information provided by the seller and whilst we may inspect lots and act reasonably in taking a general view about them, we are normally unable to carry out a detailed or any examination of lots in order to ascertain their condition in the way in which it would be wise for a buyer to do. Intending buyers have ample opportunity for inspection of goods, and therefore accept responsibility for inspecting and investigating lots in which they may be interested. Please note carefully the exclusion of liability for the condition of lots contained in the Conditions of Sale. Neither the seller nor we, as the auctioneers, accept any responsibility for their condition. In particular, mechanical objects of any age are not guaranteed to be in working order. In specified circumstances, lots mis-described because they are ‘deliberate forgeries’ may be returned, and repayment made. There is a 21 day time limit for this. (The expression ‘deliberate forgery’ is defined in our Conditions of Sale).
7. Electrical goods
These are sold as ‘antiques’ only, and if bought for use must be checked over for compliance with safety regulations by a qualified electrician first.
8. Export of goods
Buyers intending to export goods should ascertain (a) whether an export licence is required and (b) whether there is any specific prohibition on importing goods of that character because, for example, they may contain prohibited materials such as ivory. Please ask us if you need help.
Bidders are required to register before the sale commences, and lots will be invoiced to the name and address on the registration form. A form of identification and a reference from another auction house are required if you are not known to us. Please enquire in advance about our arrangements for telephone bidding.
10. Commission bidding
Commission bids may be left with the auctioneers indicating the maximum amount to be bid (excluding buyers’ premium). They will be executed as cheaply as possible, having regard to the reserve (if any), and competing bids. If two buyers submit identical commission bids, the auctioneers will prefer the first bid received. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or email.
11. Methods of Payment
The following methods of payment are acceptable: Debit Card drawn on a UK bank and registered to a UK billing address. There is no additional charge for purchases made with these cards. Bank transfer direct into our bank account, all transfers must state the relevant sale number, lot number and your bid/paddle number. If transferring from a foreign currency, the amount we receive must be the total due in pounds sterling, after currency conversion and the deduction of any bank charges. Our bank details can be found on the front of your invoice. Sterling cash payments of up to 10,000 Euros (subject to money laundering regulations). All major UK issued Credit Cards registered to a UK billing address, with the exception of American Express and Diners Club. Sterling personal cheques drawn on a UK bank account and made payable to ‘Elstob & Elstob’. It will be necessary to allow at least six working days for the cheque to clear before collecting your purchases. You shall, at your own risk and expense, take away any lots that you have purchased and paid for no later than five working days following the day of the auction, or upon the clearance of any cheque used for payment; after this time, you shall be responsible for any removal, storage and insurance charges.
Debit and Credit Card payments where the card holder is not present will only be accepted for transactions up to £500.
Wire transfers should be sent to:
HSBC UK Bank plc, 1 Prospect Place, Darlington, DL3 7LQ
Account name: Elstob & Elstob Limited Clients Account
Sort code 40-19-03
Account number: 63664872
12. Collection and storage
Please note what the Conditions of Sale state about collection and storage. It is important that goods are paid for and collected promptly.
13. Droit de Suite royalty charges
From 1st January 2012 all UK art market professionals (which includes but is not limited to; auctioneers, dealers, galleries, agents and other intermediaries) are required to collect a royalty payment for all works of art that have been produced by qualifying artists each time a work is re-sold during the artist’s lifetime, and for a period up to 70 years following the artist's death. This payment is only calculated on qualifying works of art which are sold for a hammer price more than the UK sterling equivalent of EURO 1,000 – the UK sterling equivalent will fluctuate in line with prevailing exchange rates. It is entirely the responsibility of the buyer to acquaint himself with the precise EURO to UK Sterling exchange rate on the day of the sale in this regard, and the auctioneer accepts no responsibility whatsoever if the qualifying rate is different to the rate indicated. All items in this catalogue that are marked with ● are potentially qualifying items, and the royalty charge will be applied if the hammer price achieved is more than the UK sterling equivalent of EURO 1,000. The royalty charge will be added to all relevant buyers’ invoices, and must be paid before items can be cleared. All royalty charges are passed on to the Design and Artists Copyright Society (‘DACS’), no handling costs or additional fees with respect to these charges will be retained by the auctioneers. The royalty charge that will be applied to qualifying items which achieve a hammer price of more than the UK sterling equivalent of EURO 1,000, but less than the UK sterling equivalent of EURO 50,000 is 4%. For qualifying items that sell for more than the UK sterling equivalent of EURO 50,000 a sliding scale of royalty charges will apply. For a complete list of the royalty charges and threshold levels, please see www.dacs.org.uk. There is no VAT payable on this royalty charge.