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 thirdparty,
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 27.60% inclusive of
tax (23% before tax + 20% VAT) and 24.26% inclusive of tax on books
(23% 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
Precious stones and fines may have been subjected to treatments to
enhance them. Example: oiling of emeralds, heat treatment of rubies and
sapphires, whitening of pearls etc ... These treatments are traditional and
accepted on the international market of jewelry. Given the resurgence of
new treatments, the stones present without certificates are sold without
guarantee as to possible treatment. It is specified that the origin of the
stones and the quality (color and purity of diamonds) reflect the opinion
of the laboratory issuing the certificate. There must be no claim if another
laboratory is a different opinion and can not engage the liability of the sales
company and the expert.
Regarding the watches: the restorations, the modifications, the technical
characteristics, the serial numbers, the dimensions, the weight are notified
to the extent of our means. They are given only as an indication to
facilitate the inspection of the potential buyer and remain at the personal
judgment. The responsibility of the auctioneer and the expert can not be
called into question in the event of omissions which may remain despite
the precautions taken. The absence of any indication does not imply that a
watch is free from defects. No warranty is made on the state watches and
bracelets. Revisions, adjustments and waterproofing are the responsibility
of the purchaser. There must be no claims after the award has been made.
