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 30% inclusive of tax (25% before tax +
20% 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 preemptive
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.
