TERMS OF SALE
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 28,8% inclusive of tax (24% before tax +
20% VAT) and 25,32% inclusive of tax on books (24% before
tax + 5,5% VAT).
No lots shall be delivered to successful bidders until the amounts
due are paid in full.
Drouot Live Buyers fees 1.5% HT in addition to the hammer
price i.e. 1,8 %
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.
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.
