Effective as of June 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.
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 £180,000, 20% of the portion of the hammer price above £180,000 up to and including £3,000,000 and 12.5% of the portion of the hammer price above £3,000,000.
Value added tax (VAT) may be payable on the hammer price and/or the buyer’s premium. The buyer’s premium may attract a charge in lieu of VAT. Please read carefully the VAT GUIDE page on our website.
Items Sold under Temporary Admission
We wish to draw your attention to changes recently made to items sold under temporary admission (originally called temporary importation). The cancelling or refunding of applicable VAT is now subject to items being exported from the EU within 30 days of payment, rather than 90 days from the date of sale as previously required. For up-to-date information on this matter, please refer to the section entitled VAT GUIDE below.
Identification of Business or Trade Buyers
As of January 2010, Her Majesty’s Revenue & Customs (“HMRC”) has made it an official requirement for auction houses to hold evidence of a buyer’s business status, due to the revised VAT rules regarding buyer’s premium for lots with symbols for businesses outside the UK.
- Where the buyer is a non-EU business, Phillips requires evidence of the business status by means of the company identification, Certificate of Incorporation, Articles of Association or government-issued documents showing that the company exists.
- Where the buyer is an EU VAT registered business, Phillips requires the business’s VAT registration number.
These details can be scanned and emailed to us, or alternatively they can be faxed or mailed. If these requirements are not met, we will be unable to cancel/refund any applicable VAT.
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.