A gentleman's fine 18ct gold Patek Philippe Calatrava automatic wrist watch, model number 2526, on a

INFORMATION FOR BUYERS

Introduction. The following informative notes are intended to assist Buyers, particularly those inexperienced or new to our salerooms. All sales are conducted on our printed 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.

1.It is our policy to charge the Buyer all costs involved to cover our expenses relating to the payment of royalties under the Artist Resale Right Regulations 2006.  You agree that we may add such amount to the purchase price.

2. Agency. 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.

3. Estimates. 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 Conditions of Sale oblige buyers to pay a buyer's premium at 25% plus VAT on the hammer price of each lot purchased plus 4.95% plus VAT live bidding fee.

5. VAT. (†) 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.   "Would buyers please notify Gorringes if they are VAT registered upon registration, and provide their valid VAT Registration Number. This information will be added to the customer database. This will enable those buyers to recover the input tax shown on their invoices relating to lots which are daggered or non-EU imported goods".

6. Descriptions And Condition. 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. However, in so far as we have examined the goods and make a representation about their condition, we shall be liable for any defect which that examination ought to have revealed to the auctioneer but which would not have been revealed to the buyer had the buyer examined the goods. Additionally, in specified circumstances lots misdescribed because they are 'deliberate forgeries' may be returned and repayment made. There is a 3 week time limit. (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, e.g. they may contain prohibited materials such as ivory. Ask us if you need help.

9. Bidding. Bidders may be required to register before the sale commences and lots will be invoiced to the name and address on the registration form. Some form of identification may be required if you are unknown to us. Please enquire in advance about our arrangements for telephone bidding.

10. Commission bidding. If you are unable to attend the sale 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 may prefer the first bid received. Commission bids must be with the auctioneers 24 hours before the date of sale. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or email to clientservices@gorringes.co.uk . A Commission Bids form is printed in the back of this catalogue.

11. Telephone bidding. Telephone bids can be booked, by prior arrangement with the office for Lots estimated in excess of £500, subject to the availability of a limited number of telephone lines.

12. Methods of Payment. Payment is accepted by using the online link on the invoice you receive, by debit card if you are in attendance, over the telephone debit card can be used up to £500, payment is otherwise to be made by bank transfer. All international purchasers will be required to make payment by bank transfer. We do NOT accept credit card payments. Due to money laundering regulations clients wishing to pay £8000 or more in cash will be asked to provide proof of identity and address. Please discuss with our Office in advance of the sale if other methods of payment are envisaged.

13. 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. Any delay may involve the buyer in paying storage charges. Where practical and upon receipt of payment clearing will be permitted during and immediately following the sale and for the following week during office hours. Please note that it is the responsibility of the buyers to ensure that any lot purchased is complete as at the time of collection from the saleroom. The Auctioneers can take no responsibility for any item or items found to be damaged or missing after the lot has been removed from the saleroom.

14. Artist's Re-Sale Right

From mid February 2006 living artists are entitled to receive a re-sale royalty each time their artwork is bought or sold by an art market professional.  This new law has been introduced in the UK following a European directive. Works sold for a sum of 1000 euros (approximately £680) or more will be subject to the following additional charge as per the scale rate shown below.  This will be charged to the buyer of any eligible lots and will be based on the hammer price.  Lots that may potentially incur this charge will be announced from the rostrum.

Portion of the sale price                                                                Royalty Rate

From 0 to 50,000 euro                                                    4%

From 50,000.01 to 200,000 euro                 3%

From 200,000.01 to 350,000 euro                               1%

From 350,000.01 to 500,000 euro                               0.5%

Exceeding 500,000 euro                                                                0.25%

14. Packing and shipping. Postage and packing can be arranged by the Auctioneers. Please contact us to discuss your requirements. PLEASE NOTE WE ONLY ARRANGE SHIPPING IN THE UK, we can recommend international shippers upon request.

CONDITION REPORTS

IT IS STRONGLY ADVISED FOR ALL BIDDERS TO REQUEST A CONDITION REPORT PRIOR TO BIDDING, WE MAKE NO GUARANTEES ABOUT CONDITION ON ANY ITEM WITHOUT REFERENCE TO A PREVIOUSLY REQUESTED CONDITION REPORT.