Sales are governed by Articles L312-4 of the French Code of Commerce. SVV Thierry de Maigret, as Sales Operator, shall serve as the Seller’s agent, and all relations with bidding parties shall take place as described in the present Terms of Sale.
Goods put up for auction: The details found in the Catalogue are legally binding upon the Auction House and Experts assisting it, taking into account any and all corrections announced upon submission of the object and subsequently listed in the Record of Sale. Lining, parquet work and sheathing shall be considered a preventive measure, and not a defect; size, weight and estimated value shall be determined for guidance purposes only. Prior exhibition of the item enables potential buyers to form their own judgment of the condition of the objects put up for sale. Consequently, no claims shall be considered once a lot has been sold. The SVV remains at the buyers’ disposal for any information required and invites all interested parties to seek information about the lots.
Bidding: The Buyer is defined as the highest and final bidder, and will be required to provide name, address, proof of identity and bank details. All buyers are assumed to be bidding on their own behalf and shall hold sole responsibility for their bidding. Should a buyer bid on behalf of a third-party, the buyer shall provide the identity of the latter beforehand, so that the invoice can be correctly drawn up. No changes will be accepted after the sale. Should the auctioneer declare double bidding to have occurred, the lot shall be immediately put up for repeat sale, and all interested parties will be invited to take part in the bidding. The auctioneer and experts reserve the right, in the interest of the sale, to combine, split or remove any lot from the sale.
Purchase Orders: The Auction House may fulfil free of charge any purchase order submitted in writing, by Internet or by telephone. Buyers wishing to proceed in this manner may send in their request in writing, 24 hours prior to the date of sale, by completing the form provided along with a check or bank details. SVV Thierry de MAIGRET will act on behalf of the bidding party, in accordance with the instructions given in the form, in an effort to purchase the relevant lot at the lowest possible price, not exceeding the stated maximum figure. Should an equivalent bid be submitted in the room on the day of auction, the bidding party present shall be given priority.
Telephone bidding shall be accepted where the lowest estimated price of the lot is greater than €300. It is recommended that telephone bidders provide a back-up purchase order which we will be able to execute on your behalf, should we be unable to reach you. The Auction House may not be held responsible for having failed to execute a purchase order due to error, omission or dysfunction in telephone/Internet/Drouot Live services, or for any other reason.
Payment of Agreed Price: Payment shall be made in Euros, immediately after the sale. The successful bidder shall, furthermore, pay sales taxes and fees in addition to the hammer price, amounting to 26.4% inclusive of tax (22% before tax + 20% VAT) and 23.21% inclusive of tax on books (22% before tax + 5.5% VAT). No lots shall be delivered to successful bidders until the amounts due are paid in full.
Methods of payment:
- by check, along with valid personal ID, whereby due settlement and transfer property will be subject to actual collection of the non-certified check. Checks drawn on foreign banks shall be subject to prior approval by the Auction House. Bidders are advised to secure, prior to sale, a letter of credit from their bank in an amount close to their intended highest bid and to provide it to the Auction House.
- in cash, not to exceed, taxes and fees included, €1,000 where the bidder is a private individual or professional entity residing in France, and €15,000 where the bidder is a private individual residing abroad, subject to proof of identity, proof of origin of funds, and statement of declaration of the relevant amount to the Customs Authorities, further to Decree 2010 - 662 dated 16 June 2010.
- by bank transfer (list order number)
- by Visa or MasterCard
VAT: Buyers not residing in the European Union may seek reimbursement of the VAT included in the margin by sending the export customs document (copy 3) to SVV, duly stamped by the Customs Authorities, within two months following the sale. No tax-exclusive sales document will be drawn up without official proof of export, as the intra-Community VAT number does not constitute adequate proof.
Default of Payment: Payment by over-drafted checks or failure to pay shall not incur the responsibility of the Auction House and, consequently, releases it from the obligation to pay the Seller. In the event of failure to pay within one month of being served official notice by certified letter with proof of receipt at the addressee’s expense, and in the event of failure to pay the amount due, the Buyer shall be charged an additional fee of 10% of the final bidding price to cover collection fees, amounting to no less than €300.
Enforcement of this clause shall neither: preclude the allocation of damages or compensation; come at the expense of required proceedings; nor pre-determine possible implementation of the “irresponsible bidding” proceedings.
Irresponsible bidding: in the event of default of payment on the part of the successful bidder, the item shall be put up for sale at the request of the Seller, on the grounds of irresponsible bidding on the part of the defaulting bidder. Should the Seller fail to make a request to this effect within one month of the sale’s closing, the said sale shall be cancelled by right of law, without prejudice to damages. Interest payable by the defaulting bidder.
Collection of property: No lot may be collected until the related invoice has been paid in full. In the event of payment of non-certified check, collection of property may be delayed until actual collection. Bulky items sold and not collected from Drouot premises by 10 AM on the day following sale will be placed in the Hôtel Drouot warehouse and remain entirely the responsibility of the successful bidder. Storage fees payable by the latter shall be paid to the Hôtel Drouot warehouse before release of the lots and upon presentation of proof of payment. Small objects may be kept at the offices for 15 days following sale. Beyond this point, €3 will be charged per day and per item for storage.
Shipment of Lots: SVV may, as a service, arrange for lots to be shipped to its customers, but denies all responsibility for lot transport. Lots will be shipped only upon express written request on the part of the successful bidder, following the sale, along with a liability release letter, and shall be at the Buyer’s expense.
Export of Lots: Export of lots may be subject to approval, subject to the Buyer’s responsibility. Neither the approval, denial of approval or approval application time may be invoked as grounds for change in payment deadline or cancellation of sale.
Pre-Emptive Rights: The French Government holds pre-emptive rights on the works sold, by declaration immediately upon the conclusion of sale, to the auctioneer. It may confirm exercise of this right within a period of 15 days following the sale, in which case it replaces the highest bidd
Access rights: The right of access is the recognized right of every person to question the head of a treatment to see if it has information on it, and if necessary to obtain communication. See Article 32 of the Law mentions and information models in the instructions
(*) The lots whose numbers are followed by a * are from the collection of Bernard Croissy.
