Vintage Port ( Berry Brothers Shipped and Bottled)

Conditions of Sale Relating to Wine and Spirits Sales

These Conditions of Sale and Business constitute the contract between Dreweatts (the “Auctioneer”) and the seller, on the one hand, and the buyer on the other. By bidding at the auction, you agree to be bound by these terms.

1. 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.

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 Buyer agrees to pay a buyer’s premium on the hammer price of each lot purchased. The buyer’s premium is charged per lot at 15% of the hammer price (18% including VAT) up to and including £150,000 and 12% of the hammer price (14.4% including VAT) in excess of £150,000. VAT at the prevailing rate of 20% is added to buyer’s premium and additional charges as defined below.

5. VAT. A dagger symbol (†) indicates that VAT is payable by the purchaser at the standard rate (presently 20%) on the hammer price as well as being and element in the buyers’ 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. A double dagger (‡) 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 Import VAT currently 5% on the hammer price. Ω indicates that the lot has been imported from outside the European Union and these lots are liable to the standard rate of Import VAT currently 20% on the hammer price. Lots which appear without 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 buyers’ premium is not recoverable as input tax.

6. Descriptions and Conditions. Condition reports are provided on our website or upon request. The absence of a report does not imply that a lot is without imperfections. The detail in a report will reflect the estimated value of the lot, and large numbers of such requests received shortly before the sale may not receive a response to all lots.

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. 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. Additionally, in specified circumstances lots wrongly described 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. 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. Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax.

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 or your invoice or in the sale catalogue under ‘Important Notices’. Sterling cash payments of up to £8,000 (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. A surcharge of 3% is payable on all payments made by credit cards. Sterling personal cheques drawn on a UK bank account and made payable to ‘Dreweatts 1759 Ltd’. It will be necessary to allow at least six working days for the cheque to clear before collecting your purchases.

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. Any delay may involve the buyer in paying storage charges.

13. λ 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 artists 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 λ 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.