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. Phillips Auctioneers Ltd will accept paymentin cash for purchases in the local currency equivalent of up to US$10,000.
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 CHEQUE
(drawn on UK banks only)
All cheques should be made payable to "Phillips Auctioneers Ltd" for the Purchase Price plus any applicable resale royalty and all applicable taxes. If paying by mail, please send your cheque, together with a copy of your invoice, to:
Phillips Auctioneers Ltd
Client Accounting Department
30 Berkeley Square
London W1J 6EX
All cheques must be cleared with our bankers before we will release purchased lots. Please note that we will only accept the buyer's own cheque. Cheques drawn by third parties, whether in our favour or requiring endorsement, cannot be accepted. Please ensure that the invoice number is written on the cheque.
PAYMENT BY BANK TRANSFER
Payment in pounds sterling may be sent by wire transfer directly to:
Bank of Scotland, Gordon Street, Glasgow G1 3RS
For the account of Phillips Auctioneers Ltd
Account no. 00440780
Sort code: 80-54-01
SWIFT BIC: LOYDGB2LXXX
IBAN: GB36BOFS 8054 0100 4407 80
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 TAXESS
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.