Please note that payment is due immediately and must be made by the invoiced party.
PAYMENT BY CASH
Payments should be made in person at Berkeley Square during business hours. Proof of identity is required. It is our corporate policy not to make or accept single or multiple payments in cash in excess of £5,000 for all purchases in any calendar year.
PAYMENT BY CREDIT/DEBIT CARD
Phillips Auctioneers Ltd accepts Visa, MasterCard, American Express credit cards and UK-issued debit cards up to £30,000 per auction. UnionPay is also accepted for in person transactions only.
PAYMENT BY BANK TRANSFER
Payment in pounds sterling may be sent by wire transfer directly to:
UBS Switzerland AG
Rue des Noirettes 35
Account Name: Phillips Auctioneers Limited
Account No: 0279-350733.62F
Please reference the relevant invoice number.
Please note the following when making payment:
- Payment by the invoiced party is due immediately following the Sale. According to our Conditions of Sale, interest at the rate of 12% per annum will be charged on late payment.
- Title to each lot shall not pass until the buyer has made full payment of the Purchase Price plus any applicable resale royalty and all applicable taxes.
- Phillips Auctioneers Ltd reserves the right to pay from our compensation hereunder an introductory commission to one or more third parties for assisting us in the sale of any lots referenced overleaf.
VALUE ADDED TAX AND OTHER TAXES
On each lot, the buyer shall pay applicable Value Added Tax on the buyer's premium at the appropriate rate and, in certain circumstances, on the hammer price at the appropriate rate, together with all the other applicable sales, use, excise and other taxes.
ARTIST’S RESALE RIGHT
The purchase of lots marked with the following symbol ♠ in our catalogues will be subject to payment of the Artist’s Resale Right, which is calculated as a percentage of the hammer price as follows.
|Portion of the Hammer Price (in EUR)||Royalty Rate|
|From 0 to 50,000||4%|
|From 50,000.01 to 200,000||3%|
|From 200,000.01 to 350,000||1%|
|From 350,000.01 to 500,000||0.5%|
The Artist’s Resale Right applies where the hammer price is EUR 1,000 or more, subject to a maximum royalty per lot of EUR 12,500. Calculation of the Artist’s Resale Right will be based on the pounds sterling/euro reference exchange rate quoted on the date of the sale by the European Central Bank.
Collection, Handling & Storage Charges
For assistance in arranging for collection and shipment of purchased lots, please contact the Shipping Coordinator on +44 20 7318 4010 or at email@example.com. After 30 days from the sale date, each lot will be subject to a £10 per day charge for storage, administrative expenses and liability for loss or damage. Additional charges may apply to oversize lots.
Should you have any questions about an invoice or the arrangements above, please contact the Client Accounting Department on +44 20 7318 4010 or fax +44 20 7318 4031 or at firstname.lastname@example.org.