TERMS OF BUSINESS




GENERAL


1. Definition

TENNANTS OF YORKSHIRE FINE ART AND ANTIQUE AUCTIONEERS LTD are referred to as TENNANTS throughout these Terms of Business. The representative of TENNANTS conducting the auction is referred to as the “Auctioneer”

2. Attribution and Condition of Lots

Every effort is made to ensure the accuracy of any statement as to authorship, attribution, origin, date, age, provenance and condition of any lot whether or not such statement forms part of the description of any such lot. Whether any such statement is made orally or in the catalogue it is an expression of opinion given after careful consideration and research. Each buyer by making a bid for a lot acknowledges that they have satisfied themselves fully as to the attribution and condition of the lot. In respect of pictures, it should be noted that these have not been removed from their frames unless specifically mentioned in the Condition Report. If any damage is done to any lot at the viewing or before, during or after the sale, such damage shall be made good by the person committing such damage, principals being responsible for the acts of their servants, such damage to be assessed by the TENNANTS.

3. Attribution of Pictures

(a) The forename(s) (or asterisks where not known) and surname of the artist indicates in the opinion of TENNANTS a work by the artist.

(b) The initials of the forename(s) and the surname of the artist indicates in the opinion of TENNANTS a work of the period of the artist which may be wholly or in part his work.

(c) The surname of the artist indicates in the opinion of TENNANTS a work of the school or by one of the followers of the artist or in his style and of uncertain date.







(d) Bears signature indicates in our opinion that this is not the signature of the artist.

(e) All other terms are self explanatory.

1. A picture catalogued with the forename(s) and surname of the painter is in our opinion a work by that artist; e.g. Joseph Mallord William Turner. When an artist’s forename(s) is not known, a series of asterisks followed by the surname of the artist, whether proceeded by an initial or not, indicates that in our opinion the work is by the artist.

2. Attributed to …. is in our opinion probably a work by the artist.

3. Studio of ….. is in our opinion a work from the studio of the artist which may or may not have been executed under his direction.

4. Circle of …. is in our opinion a work of the period of the artist executed under his immediate influence.

5. Follower of …. is in our opinion a work by a painter working in the artist’s style, contemporary or nearly contemporary, but not necessarily his pupil.

6. Manner of …. is in our opinion a work in a style related to that of the artist, but of a later date.

7. School accompanied by the name of a place or country and a date means that in our opinion the picture was executed at that time and in that location; e.g. Flemish School, 17th century.

8. After ….an artist is in our opinion a copy of any date after a work by that artist.

9. The term signed and/or dated and/or inscribed means that in our opinion the signature and/or date and/or inscription are from the hand of the artist.

10. The term Bears signature and/or dated and or inscription means that in our opinion the artist’s name and/or date and/or inscription have been added by another hand.

11. All references to signature, inscriptions and dates refer to the present state of the work.

12. Dimensions are given height before width.

13. Pictures are framed unless otherwise stated.



4. Third Party Liability

Every person on TENNANTS premises before, during or after a sale shall be deemed to be there at their own risk and shall have no claim against TENNANTS in respect of any injury they may sustain or any accident which may occur.

5. Disputes

Any dispute not herein proved for shall be settled at the sole discretion of TENNANTS.


THE SELLER

6. Payment

The “net sale proceeds” received from the buyer in cleared funds will be forwarded to the vendor no later than 28 working days after the auction (TENNANTS endeavour to settle non-catalogue sales within 14 working days after the auction). Where the buyer makes a payment more than 23 working days after the auction TENNANTS shall send to the vendor the “net sale proceeds” within 5 working days of receipt of cleared funds. The “net sale proceeds” are the hammer price less commission and expenses set out in the Property Receipt and Instruction Form. The vendor waives any right to interest that may be earned during the period from payment by the buyer to receipt of the “net sale proceeds” by the vendor.


THE BUYER

7. The Buyer

The highest bidder acknowledged as such by the Auctioneer will be the buyer. If any dispute arises, the Auctioneer shall have absolute discretion to settle the matter. The Auctioneer shall rule the bidding and no bid shall be retracted. The Auctioneer reserves the right to refuse any bid. The bidder in the room who is successful in purchasing any lot or lots is entirely responsible for paying for such lot or lots in accordance with TENNANTS Terms of Business. Purchases made on behalf of a third party are entirely
the responsibility of the bidder in the room. The Auctioneer reserves the right to bid on behalf of the vendors for any lot and to withdraw, consolidate or divide any lot or lots.

8. Registration

To assist the progress of the sale, all prospective buyers must register their name and address at reception and collect a numbered bidding card before the sale commences. This card may be used to indicate your bids to the Auctioneer during the sale. If successful, the bidder must ensure that their number can be seen by the Auctioneer and that it is their number that is called out. Should there be any doubts as to price or buyer, please draw the Auctioneer’s attention to it immediately.

9. Buyer’s Premium

You will pay a premium of 18.5 per cent plus VAT (for Catalogue Sales), 17.5 per cent plus VAT (for Specialist and Collector's Sales) and 16 per cent plus VAT (for all other sales) of the hammer price of your purchase on each lot.

10. Value Added Tax

Lots on which Value Added Tax may be payable by the buyer on the “hammer price” are indicated in the catalogue by a symbol beside the lot number. The buyer shall pay any VAT which may be due on any amounts owed by the buyer under these Terms of Business at the rates prevailing on the day of the auction.

11. Auctioneers Margin Scheme

The Auctioneers Margin Scheme allows auctioneers to sell items without VAT on the hammer price. Under the Auctioneers Margin Scheme an amount equivalent to VAT at the current rate is added to the buyer’s premium. This amount cannot be refunded. The VAT element will not be shown separately on the buyer’s invoice.

12. Payment

Methods of payment are by cash, debit cards or by cheque supported by a valid guarantee card or bank reference. Cash payments in excess of £9,000 (or equivalent) are not accepted. Visa and Mastercard are also accepted, though this service will incur a 1.3% surcharge. All purchases must be paid in full on the day of the sale before any lot is removed from the premises. No goods will be released to buyers unknown to TENNANTS without adequate
reference or before their cheques have cleared. Accounts for successful bids will be despatched the next working day after the sale. Buyers should send their payment within the following 24 hours and, at the same time, advise when lots will be collected. Accounts not paid within 14 days will automatically be subject to an interest charge of 5% above base rate from the day of sale.

13. Internet Bidding

A charge of 3% will be levied on all items purchased by this method.

14. Ownership of Purchases

The ownership of the lot(s) purchased will not pass to the buyer until the buyer has paid TENNANTS in full the total amount due and TENNANTS have applied such payment to the lot.

15. Transfer of Risk

Each lot shall be the buyer’s sole responsibility from the fall of the hammer and shall be sold with all faults and imperfections, TENNANTS not being responsible for the correct description, genuineness or authenticity of any lot and making no warranty whatsoever. The buyer is deemed to have inspected each lot and satisfied himself as to its condition. In specific circumstances, a lot incorrectly described which proves to be a forgery may be returned to TENNANTS within 14 days of the sale and a full refund made.

16. Commission Bids

If instructed, TENNANTS will execute bids and advise prospective buyers. This service is free. Lots will always be purchased as cheaply as is allowed by such other bids and reserves as are on the Auctioneer’s book. In the event of identical bids, the earliest will take precedence. There must always be a maximum limit indicated, ie the amount to which the buyer would bid if they were attending the auction themself. “Buy” or unlimited bids will not be accepted. Commission bids placed by telephone are accepted at the client’s risk. TENNANTS urge their clients to place such commission bids within one hour of the close of the view day.

17. Telephone Bids

Requests for telephone bidding must be registered with TENNANTS within one hour of the close of the view day. It may not be possible to accept requests on sale days. Written confirmation of such bids from persons unknown to TENNANTS must be received before the commencement of the sale.

18. Absentee Bidding

Whilst every effort will be made to execute absentee bidding, TENNANTS cannot be held responsible for any default or neglect in connection with this service. All such arrangements therefore are made entirely at the prospective buyer’s risk.

19. Storage and Collection

Furniture, carpets and larger works of art, bought or unsold, which remain on the premises 14 working days after a Catalogue Sale and 7 working days after a General Sale will be removed to storage in Leyburn. All items removed to these premises will automatically be insured by TENNANTS.

Charges: Storage £5 per item per day plus VAT

These charges must be paid to TENNANTS before a release document can be issued. This document will be timed and items not collected the same day will be subject to further storage charges.

DROIT DE SUITE ROYALTY CHARGES

From 14 February 2006 all United Kingdom art market professionals (which includes auctioneers) are required to collect a royalty payment for all works of art that have been produced by living artists, and those who have died with the last 70 years. This payment is calculated on qualifying works of art which are sold for a hammer price more than the UK sterling equivalent of €1000 (the UK sterling equivalent will fluctuate in line with prevailing exchange rates.

It is the responsibility of the buyer to acquaint themselves with the actual Euro to UK sterling exchange rate on the day of the sale. The actual qualifying threshold will be calculated by the Artist’s Resale Right Service Hub based on the European Central Bank reference rate published at 2.15pm on the day of the sale, and can be found on www.dacs.org.uk.

All items in this catalogue that are marked with “” are potentially qualifying items, and the royalty charge will apply if the hammer price is more than the UK sterling equivalent of €1000. The royalty charge will be added to purchase invoices, and must be paid before items can be cleared. All royalty charges are paid to the Design and Artists Copyright Society (“DACS”) by the auctioneers, and no handling costs or additional fees with respect to these changes will be retained by the auctioneer.

The royalty charge for qualifying items which achieve a hammer price of more than the UK sterling equivalent of €1000, but less that the UK sterling equivalent of €50,000 is 4%. For qualifying items that sell for more than the UK sterling equivalent of €50,000 a sliding scale of royalty charges will apply. For a complete list of the royalty charges and threshold levels please refer to www.dacs.org.uk. There is no VAT payable on this royalty charge.