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TERMS OF SALE
Sales are governed by Articles L312-4 of the French Code of
Commerce. SVV Thierry de Maigret, as Sales Operator, shall serve
as the Seller’s agent, and all relations with bidding parties shall take
place as described in the present Terms of Sale.
Goods put up for auction:
The details found in the Catalogue
are legally binding upon the Auction House and Experts assisting
it, taking into account any and all corrections announced upon
submission of the object and subsequently listed in the Record
of Sale. Lining, parquet work and sheathing shall be considered a
preventivemeasure, and not a defect; size, weight and estimated value
shall be determined for guidance purposes only. Prior exhibition of
the item enables potential buyers to form their own judgment of the
condition of the objects put up for sale. Consequently, no claims
shall be considered once a lot has been sold. The SVV remains at
the buyers’ disposal for any information required and invites all
interested parties to seek information about the lots.
Bidding:
The Buyer is defined as the highest and final bidder, and
will be required to provide name, address, proof of identity and
bank details. All buyers are assumed to be bidding on their own
behalf and shall hold sole responsibility for their bidding. Should
a buyer bid on behalf of a third-party, the buyer shall provide the
identity of the latter beforehand, so that the invoice can be correctly
drawn up. No changes will be accepted after the sale. Should the
auctioneer declare double bidding to have occurred, the lot shall
be immediately put up for repeat sale, and all interested parties will
be invited to take part in the bidding. The auctioneer and experts
reserve the right, in the interest of the sale, to combine, split or
remove any lot from the sale.
Purchase Orders:
The Auction House may fulfil free of charge any
purchase order submitted in writing, by Internet or by telephone.
Buyers wishing to proceed in this manner may send in their request
in writing, 24 hours prior to the date of sale, by completing the
form provided along with a check or bank details. SVV Thierry de
MAIGRET will act on behalf of the bidding party, in accordance
with the instructions given in the form, in an effort to purchase the
relevant lot at the lowest possible price, not exceeding the stated
maximum figure. Should an equivalent bid be submitted in the
room on the day of auction, the bidding party present shall be given
priority.
Telephone bidding shall be accepted where the lowest estimated
price of the lot is greater than
Ä
300. It is recommended that telephone
bidders provide a back-up purchase order which we will be able
to execute on your behalf, should we be unable to reach you. The
Auction House may not be held responsible for having failed to
execute a purchase order due to error, omission or dysfunction in
telephone/Internet/Drouot Live services, or for any other reason.
Payment of Agreed Price:
Payment shall be made in Euros,
immediately after the sale. The successful bidder shall, furthermore,
pay sales taxes and fees in addition to the hammer price, amounting
to
26.4% inclusive of tax (22% before tax + 20% VAT) and
23.21% inclusive of tax on books (22% before tax + 5.5% VAT)
.
No lots shall be delivered to successful bidders until the amounts
due are paid in full.
Methods of payment:
- by check, along with valid personal ID, whereby due settlement
and transfer property will be subject to actual collection of the non-
certified check. Checks drawn on foreign banks shall be subject to
prior approval by the Auction House. Bidders are advised to secure,
prior to sale, a letter of credit from their bank in an amount close to
their intended highest bid and to provide it to the Auction House.
- in cash, not to exceed, taxes and fees included,
€
1,000 where
the bidder is a private individual or professional entity residing in
France, and
€
15,000 where the bidder is a private individual residing
abroad, subject to proof of identity, proof of origin of funds, and
statement of declaration of the relevant amount to the Customs
Authorities, further to Decree 2010 - 662 dated 16 June 2010.
- by bank transfer (list order number)
- by Visa or MasterCard
VAT:
Buyers not residing in the European Union may seek
reimbursement of the VAT included in the margin by sending the
export customs document (copy 3) to SVV, duly stamped by the
Customs Authorities, within two months following the sale. No
tax-exclusive sales document will be drawn up without official
proof of export, as the intra-Community VAT number does not
constitute adequate proof.
Default of Payment:
Payment by over-drafted checks or failure to
pay shall not incur the responsibility of the Auction House and,
consequently, releases it from the obligation to pay the Seller. In
the event of failure to pay within one month of being served official
notice by certified letter with proof of receipt at the addressee’s
expense, and in the event of failure to pay the amount due, the
Buyer shall be charged an additional fee of 10% of the final bidding
price to cover collection fees, amounting to no less than
€
300.
Enforcement of this clause shall neither: preclude the allocation
of damages or compensation; come at the expense of required
proceedings; nor pre-determine possible implementation of the
“irresponsible bidding” proceedings.
Irresponsible bidding: in the event of default of payment on the
part of the successful bidder, the item shall be put up for sale at the
request of the Seller, on the grounds of irresponsible bidding on
the part of the defaulting bidder. Should the Seller fail to make a
request to this effect within one month of the sale’s closing, the said
sale shall be cancelled by right of law, without prejudice to damages.
Interest payable by the defaulting bidder.
Collection of property:
No lot may be collected until the related
invoice has been paid in full. In the event of payment of non-
certified check, collection of property may be delayed until actual
collection. Bulky items sold and not collected from Drouot
premises by 10 AM on the day following sale will be placed in the
Hôtel Drouot warehouse and remain entirely the responsibility of
the successful bidder. Storage fees payable by the latter shall be paid
to the Hôtel Drouot warehouse before release of the lots and upon
presentation of proof of payment. Small objects may be kept at the
offices for 15 days following sale. Beyond this point,
€
3 will be
charged per day and per item for storage.
Shipment of Lots:
SVV may, as a service, arrange for lots to be
shipped to its customers, but denies all responsibility for lot
transport. Lots will be shipped only upon express written request
on the part of the successful bidder, following the sale, along with a
liability release letter, and shall be at the Buyer’s expense.
Export of Lots:
Export of lots may be subject to approval, subject
to the Buyer’s responsibility. Neither the approval, denial of
approval or approval application time may be invoked as grounds
for change in payment deadline or cancellation of sale.
Pre-Emptive Rights:
The French Government holds pre-emptive
rights on the works sold, by declaration immediately upon the
conclusion of sale, to the auctioneer. It may confirm exercise of this
right within a period of 15 days following the sale, in which case it
replaces the highest bid.
Access rights:
The right of access is the recognized right of every
person to question the head of a treatment to see if it has information
on it, and if necessary to obtain communication. See Article 32 of
the Law mentions and information models in the instructions.