Effective as of November 21, 2018
BUYING AT AUCTION
The following pages are designed to offer you information on how to buy at auction at Phillips. Our staff will be happy to assist you.
CONDITIONS OF SALE
The Conditions of Sale and Authorship Warranty which appear later in this catalogue govern the auction. Bidders are strongly encouraged to read them as they outline the legal relationship among Phillips, the seller and the buyer and describe the terms upon which property is bought at auction. Please be advised that Phillips generally acts as agent for the seller. Bidders should also read the Important Notices immediately following this Guide for Prospective Buyers.
BUYER’S PREMIUM AND VAT
Phillips charges the successful bidder a commission, or buyer's premium, on the hammer price of each lot sold. The buyer's premium is payable by the buyer as part of the total purchase price at the following rates: 25% of the hammer price up to and including CHF250,000, 20% of the portion of the hammer price above CHF250,000 up to and including CHF4,000,000 and 12.5% of the portion of the hammer price above CHF4,000,000.
Value added tax (VAT) of 7.7% is payable on the hammer price and the buyer’s premium. This tax is refunded to any buyer domiciled outside Switzerland if, but only if, Phillips receives from such buyer an export declaration in respect of a purchased lot which has been stamped by Swiss customs.
The purchase price payable for any lot is the sum of the hammer price plus the buyer’s premium plus VAT.
Phillips makes no representation or warranty that any watch or clock is in working order, and no catalogue description of any lot should be construed as so stating. Prospective buyers are advised to have watches and clocks checked by a competent watchmaker or watch or clock restorer before use. As a service to prospective buyers, we may provide a description of the condition of watches and clocks in the catalogue entry, including references to defects and repairs, and furnish a condition report, but such information is not necessarily complete and may not specify all mechanical replacements, restorations or defects. Please note that Phillips does not guarantee the authenticity of any individual components parts, such as wheels, hands, crowns, crystals, screws, bracelets and leather bands, since prior repairs and restoration work may have resulted in the replacement of original parts. Nor does Phillips warrant that watches in water-resistant cases are currently water-resistant. Prospective buyers should inspect all watches and clocks prior to the auction to evaluate the condition of property offered for sale.
Exportation of Watch Bands Incorporating Material from Endangered Species
Some of the watches offered for sale in the catalogue may have bands made of endangered or protected animal materials, such as alligator or crocodile, and may not lawfully be exported from the auction site without a CITES export permit. As explained in Paragraph 4 of the Guide for Prospective Buyers, these lots are marked with Σ in the catalogue. Accordingly, for purchased watches that are to be shipped out of the sale site for delivery, Phillips may need to remove and retain the band before shipping the watch and buckle.
Phillips premises, sale, and exhibition venues are subject to CCTV video surveillance and recording for security, client service and bid monitoring purposes. Phillips’ auctions will be filmed for simultaneous live broadcast on Phillips’ and third party websites and applications.