Once the hammer has fallen, the successful bidder has entered into a legally binding contract to purchase the goods at the hammer price and the goods become the responsibility of the buyer.
Any lots purchased are also subject to an additional charge called a buyer’s premium. This is currently 15% + VAT, of the hammer price.
Following the introduction of the Artist’s Resale Right Regulations on the 14th February 2006, a levy is payable only on works sold in the secondary market (including through auction) for 1000 Euros or more. The Royalty rates payable to the artists are calculated as a percentage of the sale price on a sliding scale, 4% is payable on works having a hammer price of between 1000 Euros and 50,000 Euros, down to 0.25% payable on works valued at over 500,000 Euros. Resale royalties are not subject to VAT.
John Goodwin will collect the required amount due from the buyer of any work, which is covered by the regulations.
In the Room - where the client will attend the sale and bid for lots, using their allocated bidding number. This must be shown to the auctioneer if the client is successful.
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. If there are genuine reasons why you are unable to leave a Commission Bid and you wish to bid by telephone we may accommodate on lots where you opening bid will be £200 or above. No additional charge is made for this service, although telephone lines are limited and are allocated on a “first come, first served” basis on lots having a pre sale estimate of more than £250. Telephone bids are also accepted on the understanding that the client has a serious interest in the lot and is prepared to pay the upper estimate or above, if required, for the lot(s) that they have booked the telephone bid(s) for. There are inherent dangers with this practice; therefore all arrangements shall be entirely at the bidder’s risk. Absentee bid instructions must be received by telephone, fax or email 24 hours prior to the sale.
All commission and telephone bids must be registered with the saleroom by 9.30am on the day of sale.
Live internet bidding- this is available via easy bid live and may be subject to additional charges, terms and conditions.
All goods must be paid for within 48 hours of the date of sale, any extension of this must be agreed with the saleroom prior to the date of sale.
Following the sale, payment for the goods can be made either by:
Cash, due to money laundering regulations, we are unable to accept payment of more than £5,000 in cash for an individual lot.
Cheques, Made payable to: John Goodwin FRICS. Cheques need to clear before goods can be collected.
Credit Card, there is an additional 2% fee, we do not accept American Express.
Direct Bank Transfer, please contact the office for details
Collection of Goods
The saleroom must be cleared by 5pm on sale day
Items not collected on sale day will be taken to store. There will be a handling charge of £10 plus VAT per for taking the items to store which includes storage for up to 7 days. Thereafter storage will be charged at a rate of £10 plus VAT per lot for each 7 day period or part of.
Buyers must give at least 48 hours notice to confirm collection arrangements.
Arrangements can be made to pack items for collection. Please contact the office to discuss packaging and collection arrangements.
It may be possible for us to make delivery arrangements particularly for local delivery. This would be undertaken by a local carrier.