BUYERS GUIDE

Conditions of Sale

This sale is subject to our standard Conditions of Business a copy of which can be found at the end of this catalogue.

Buyer’s Premium

A buyer’s premium of 28.8% (inclusive of VAT) will be added to the hammer price for each lot.

VAT

Value Added Tax (VAT) at the current rate is payable on the Buyer’s Premium in all cases.  Where a lot is marked with a dagger (†) in the catalogue then VAT is also payable on the hammer price.

Saleroom Notices

Saleroom notices supersede catalogue descriptions and will be posted around the saleroom and announced by the auctioneer during the sale.

Condition Reports

All prospective buyers are encouraged to view the sale however where this is not possible Rowley’s will provide condition reports on lots without charge or legal obligation or prejudice to our standard Conditions of Business.  The absence of reference to the condition of any lot in the catalogue description does not imply the lot is free from faults or imperfections.

We ask that requests are made whenever possible at least 48 hours before commencement of a sale.  Images and condition reports cannot usually be sent when received after 5pm the day before the sale, and on the morning of the sale itself.

Registration

You will need to fill in a form providing proof of identity and residence, a contact telephone number, email address and fax number.  Once registration is complete you will be given a paddle, for bidding during the auction.  Please return the paddle to the registration desk.

Bidding                        

Please make your bids clear to the auctioneer and if successful please ensure that your number can be seen and is called out by the auctioneer.  If there is any doubt about either the price or the buyer then please bring this to the attention of the auctioneer immediately.   We sell at approximately 120 lots per hour but the speed of the sale depends on several factors and this should be treated as a guideline only.

Absentee bidders

If you are unable to attend the sale we will be pleased to make absentee bids on your behalf or take bids over the telephone however you should, where possible, view the sale beforehand.  Bidding forms must always be completed by 5.00pm on the Friday prior to the sale.  Absentee bids are timed and where bids are identical the earliest bid will take precedence.  Requests for telephone bids is subject to the availability of lines and are booked on a first-come-first-served basis.

Live Online Bidding

We are pleased to announce, in partnership with the-saleroom.com and invaluable.com, we are now able to provide online bidding at our forthcoming auctions.  You will be able to see lots on your computer screen at the same time as they appear in the room.  You will be able to relay bids through your computer/laptop directly to the auctioneer.  To register or to find out more information, visit www.the-saleroom.com or www.invaluable.co.uk        

Refreshments              

Limited refreshments will be available at the saleroom on the day of the sale.

Payment

Please remember that payment for lots purchased must be received in full within 48 hours of the sale.  Items purchased cannot be removed until payment has been cleared by the cashiers.  If you have not purchased from Vost’s Fine Art Auctioneers and Valuers Limited or from Rowley Fine Art before then please contact us prior to the sale.         

Clearance

Lots purchased at any of our auctions can be cleared on the day of the sale or collected from our premises at 8 Downham Road, Ely CB6 1AH no later than 7 days after the sale. 
We will endeavour to allow the clearance of items whilst the sale is in progress but this cannot be guaranteed.

Collection by agents                       

We only accept payment by cash, cheque (which will need to clear) or direct bank transfer for items being collected by Agents.  We must receive written authority directly from the purchaser prior to goods being released.  The third party will also require proof of identity.

Artist Resale Right (Droit de Suite)

The Artist’s Resale Right was introduced in 2006 to allow living artists, and beneficiaries of their estate, to benefit from the re-sale of their work even if no longer owned by them.  It applies to the work of living artists when sold by a commercial gallery, dealer or auction house within Europe and the UK, but only relates to work that sells for over €1000. As of the 1st January 2012, the Right was extended in the UK to cover the sale of deceased artists still in copyright, which means that their heirs will also be eligible for royalties. Therefore, in the UK, copyright now lasts for the lifetime of the artist plus 70 years after their death. Rowley’s will advise buyers prior to sale if the Artist Resale Right applies to a particular lot in the catalogue and will add the percentile fee to their final invoice.

Refund Policy

Refund Policy.  In certain circumstances, where lots have been mis-described, lots may be returned, within a four week period from the date of the auction, and a refund of the hammer price, buyer’s premium and associated VAT made.

AUCTION GLOSSARY

Absentee or Commission Bid

An absentee bid allows potential buyers to bid at an auction which they cannot attend in person, by leaving a written maximum bid with the auctioneer.  Absentee bids are also known as commission or written bids.  The auctioneer will buy any lot on behalf of the absentee bidder as cheaply as other bids allow, up to and including their maximum bid.

Appraisal

Appraisal is an alternative term for valuation and can either relate to current market value (a valuer’s informed estimate of the possible sale price of a piece at auction) or insurance value (the cost of replacing an object if it is stolen or lost).  Appraisals for insurance tend to be set at a higher level than market.

Artist Resale Right (Droit de Suite)

The Artist’s Resale Right was introduced in 2006 to allow living artists, and beneficiaries of their estate, to benefit from the re-sale of their work even if no longer owned by them.  It applies to the work of living artists when sold by a commercial gallery, dealer or auction house within Europe and the UK, but only relates to work that sells for over €1000. As of the 1st January 2012, the Right was extended in the UK to cover the sale of deceased artists still in copyright, which means that their heirs will also be eligible for royalties. Therefore, in the UK, copyright now lasts for the lifetime of the artist plus 70 years after their death. Rowley’s will advise buyers prior to sale if the Artist Resale Right applies to a particular lot in the catalogue and will add the percentile fee to their final invoice.

As Is

When a lot is offered for sale ‘as is’ this means that it is sold in its existing state and may imply that the object has had repairs, additions or suffered damage.  It is important that prospective buyers are aware that they should inspect a piece to their own satisfaction or, if unable to inspect lots personally, ask for a full condition report prior to bidding.

Auctioneer

The auctioneer takes and directs the auction.  Usually standing at the front of the saleroom, on a rostrum, they will briefly describe each lot and take bids from potential buyers, either in the saleroom, over the telephone, or via absentee bids recorded on the auctioneer’s sheets. The auctioneer determines the highest bid and when no further bids are forthcoming  will declare the bidding closed by announcing ‘sold’ and bringing down the gavel, or hammer, on the rostrum.  If an item fails to sell because it does not reach its reserve price, the auctioneer will declare the lot either ‘not sold’, ‘bought in’ or ‘passed’.

Bid

A bid is an indication by potential buyers that they are prepared to pay the current asking price for a lot at auction.  Bids can be made either verbally, over the telephone, by signaling to the auctioneer, or by leaving an absentee or commission bid prior to the sale.

Bid Increment

Bid increments are determined by the auctioneer and will relate to the current asking price for a lot.  As a general rule-of-thumb, the bid increment will usually be 10% of the current price bid.  For instance, if a lot opens at £100 then the bidding is likely to increase in £10 increments.  At £500, the increments will increase to £50, and so on.

Bought-In

An item is declared ‘bought in’ if it does not reach its reserve.

Buyer’s Premium

Buyer’s premium is paid by the buyer on top of the hammer price. It represents a percentage charged by the auctioneer for their services (a form of commission).  Rowley’s charge a buyer’s premium of 24% plus VAT at the current rate (28.8% inclusive of VAT) on the final hammer price.

Catalogues

Catalogues are designed to provide potential buyers with factual information about lots offered for sale, as well as any history and provenance.  The information provided varies for different disciplines but will include the period a piece was made, the original artist or author, the material a piece is made from and its country of origin.  Cataloguing may also include details about later alterations, additions and restoration.  Catalogues are usually available both in paper format and on-line.

Clearance

Clearance usually refers to the time limit for buyers to pay for and collect lots from the saleroom before the auctioneer removes them to secure storage, often at an additional cost to the buyer.

Condition Report

Condition reports detail the physical condition of individual lots prior to auction.  Potential buyers, who are unable to attend a sale in person, will often request a condition report from the auctioneer which will include a more detailed physical description of a lot than appears in the catalogue.

Conditions of Business

These are the terms under which any auction is conducted and apply to both buyers and sellers.  Conditions for buyers are usually displayed in the saleroom or catalogue, while conditions of business for sellers are usually printed on receipt forms that are signed when consigning items for sale.  Terms and conditions vary for different auctioneers.

Estimate

An estimate is the price range the auctioneer or valuer anticipates a lot will sell for at auction.  Estimates are informed by a number of factors, such as a valuer’s knowledge of the current market for specific pieces, the physical condition of a lot and its provenance and history.  The estimate acts as a guide for both potential buyers and sellers and is normally published within the catalogue.

Gavel

The auctioneer’s hammer which is used to signify that bidding has closed by being ‘knocked’ or ‘brought down’ on the rostrum.

Hammer Price

The final selling price for a lot sold at auction, set when the auctioneer brings down the gavel and closes bidding on an individual lot.  The hammer price does not include buyer’s premium.

Lot

A lot is an item offered for sale at auction and may comprise a single item or a group of pieces which are put forward for sale as a single lot.

Paddle or Paddle Number

Paddles display an identifying number which is given to each prospective buyer when they register to bid at an auction.  Potentialbuyers can use their paddles to bid during an auction by raising it to signal to the auctioneer.  If a buyer secures a lot, the paddle number is recorded alongside the lot number and the hammer price on the auctioneer’s sheets and identifies the buyer when it comes to settlement.

Provenance

Provenance details the history, ownership and origin of a particular piece and can have an important impact on the market value of an object.  Provenance is used by both auctioneers and prospective buyers as a guide to the authenticity.  Lots with an interesting and well-documented provenance will often command higher prices at auction.

Porter

Porters are auction house employees who assist in setting up the saleroom prior to auction and help with the sale process both during and after the auction including the clearance of lots.

Registration

Registration, which takes place before the sale, is when a prospective buyer gives their personal and credit details to the auction house in exchange for a paddle or paddle number that allows them to bid during the sale and will identify them as the buyer if successful.

Reserve or Reserve Price

The reserve is a price agreed between the auctioneer and the seller prior to the auction and represents a price under which a lot will not be sold.  The reserve price is confidential and not in the public domain, but estimates are often viewed as good indicators of any potential reserves as a reserve price cannot be set at a higher level than the printed lower estimate of a lot.  If bidding closes below the reserve, the lot will remain unsold.  Some lots are sold without reserve and are usually announced as such by the auctioneer.

Results

Auction houses will usually disclose the result of a sale with a prices realised list, which may include the buyer’s premium as this represents the final price that a buyer has paid for a lot.

Rostrum

Enclosed raised stage where the auctioneer stands throughout the sale.  The auctioneer will usually knock down a gavel, or hammer, on the rostrum to indicate close of bidding on a lot.

Saleroom Notices

Saleroom notices supersede any previous catalogue descriptions and are posted in the saleroom and announced by the auctioneer during a sale.  They provide updated or current information about individual lots if that information differs from what is already published in the auction catalogue.  For instance, ‘Lot Withdrawn’ indicates to buyers that a particular lot is no longer included in the auction.

Seller’s Commission

Seller’s commission is paid by the vendor following the sale of a lot and represents a percentage charged by the auctioneer for their services as acting agent.  Seller’s commission is usually deducted from the hammer price.

Specialist

A valuer who has a specialist area of expertise based on scholarship and professional experience.

Telephone Bidding

Telephone bidding is a service provided to potential buyers who are unable to attend a sale in person but want to actively bid in real time during the auction.  A member of auction house staff conveys bids to the auctioneer on behalf of the telephone bidder and vica versa.

Valuer

An auction house professional, whose experience and knowledge enables them to determine the market value or insurance value of an item.

Valuation

The value placed on an object by a valuer or auction specialist.  A valuation can reflect the price at which an object is likely to sell at auction or the retail price which would have to be paid to replace an item in the case of theft or damage.

Withdrawn

Withdrawn lots are announced either verbally or in writing by the auctioneer when a lot included in an auction catalogue is no longer offered for sale.  It usually indicates that the seller has decided to retain the piece.

PICTURES, PRINTS & ENGRAVINGS

A work catalogued with the forename(s) and surname or recognised designation of an artist in our opinion is or is probably a work by the artist, eg. David Cox.  Nevertheless, intending buyers are reminded that while a full designation is our highest category of authenticity, no unqualified statement as to authorship is made or intended.  A full cataloguing does not necessarily imply a full warranty.

All references to signatures, inscriptions and dates refer to the present state of the work, ie. as at the time of inspection for the purpose of cataloguing.

All works are measured top to bottom first in all instances.

Condition reports are not included in descriptions.