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CHRISTIE'S INTEREST IN PROPERTY CONSIGNED FOR AUCTION
From time to time, Christie’s may offer a lot which it owns in whole or in part. Such property is identified in the catalogue with the symbol ∆ next to its lot number. 

On occasion, Christie's has a direct financial interest in lots consigned for sale, which may include guaranteeing a minimum price or making an advance to the consignor that is secured solely by consigned property. Such property is identified in the catalogue with the symbol º next to the lot number. This symbol will be used both in cases where Christie's holds the financial interest on its own, and in cases where Christie's has financed all or part of such interest through third parties.   When a third party agrees to finance all or part of Christie's interest in a lot, it takes on all or part of the risk of the lot not being sold, and will be remunerated in exchange for accepting this risk.  The third party may also bid for the lot. Where it does so, and is the successful bidder, the remuneration may be netted against the final purchase price. If the lot is not sold, the third party may incur a loss.  Where Christie’s has an ownership or financial interest in every lot in the catalogue, Christie’s will not designate each lot with a symbol, but will state its interest at the front of the catalogue.

ALL DIMENSIONS ARE APPROXIMATE

CONDITION 
Christie’s catalogues include references to condition only in descriptions of multiple works (such as prints, books and wine). For all other property, only alterations or replacement components are listed. Please contact the Specialist Department for a condition report on a particular lot. The nature of the lots sold in our auctions is such that they will rarely be in perfect condition, and are likely, due to their nature and age, to show signs of wear and tear, damage, other imperfections, restoration or repair.  Any reference to condition in a catalogue entry will not amount to a full description of condition.  Condition reports are usually available on request, and will supplement the catalogue description.  In describing lots, our staff assess the condition in a manner appropriate to the estimated value of the item and the nature of the auction in which it is included.  Any statement as to the physical nature or condition of a lot, in a catalogue, condition report or otherwise, is given honestly and with appropriate care.  However, Christie's staff are not professional restorers or trained conservators and accordingly any such statement will not be exhaustive.  We therefore recommend that you always view property personally, and, particularly in the case of any items of significant value, that you instruct your own restorer or other professional adviser to report to you in advance of bidding.

PROPERTY INCORPORATING MATERIALS FROM ENDANGERED AND OTHER PROTECTED SPECIES
Property made of or incorporating (irrespective of percentage) endangered and other protected species of wildlife are marked with the symbol ~ in the catalogue. Such material includes, among other things, ivory, tortoiseshell, crocodile skin, rhinoceros horn, whale bone and certain species of coral, together with Brazilian rosewood. Prospective purchasers are advised that several countries prohibit altogether the importation of property containing such materials, and that other countries require a permit (e.g., a CITES permit) from the relevant regulatory agencies in the countries of exportation as well as importation. Accordingly, clients should familiarize themselves with the relevant customs laws and regulations prior to bidding on any property with wildlife material if they intend to import the property into another country. For example, the U.S. generally prohibits the importation of articles containing species that it has designated as endangered or threatened if those articles are less than 100 years old. Please note that it is the client's responsibility to determine and satisfy the requirements of any applicable laws or regulations applying to the export or import of property containing endangered and other protected wildlife material. The inability of a client to export or import property containing endangered and other protected wildlife material is not a basis for cancellation or rescission of the sale. Please note also that lots containing potentially regulated wildlife material are marked as a convenience to our clients, but Christie's does not accept liability for errors or for failing to mark lots containing protected or regulated species.

Terms referred to in paragraph 2 are as follows:-

A work catalogued with the name(s) or recognised designation of an artist, without any qualification, is, in our opinion, a work by the artist.

In other cases, the following expressions, with the following meanings are used:

“Attributed to . . .”

in our opinion probably a work by the artist in whole or in part.

“Studio of . . .”

“Workshop of . . .”

in our opinion a work executed in the studio or workshop of the artist, possibly under his supervision.

“Circle of . . .”

in our opinion a work of the period of the artist and showing his influence.

“Follower of . . .”

in our opinion a work executed in the artist’s style but not necessarily by a pupil.

“Manner of . . .”

in our opinion a work executed in the artist’s style but of a later date.

“After . . .”

in our opinion a copy (of any date) of a work of the artist.

“Signed . . .”

“Dated . . .”

“Inscribed . . .”

in our opinion the work has been signed/dated/ inscribed by the artist. The addition of a question mark indicates an element of doubt.

“With signature . . .”

“With date . . .”

“With inscription . . .”

in our opinion the signature/date/inscription/ stamp is by a hand other than that of the artist.

Conditions of Sale

Conditions of Sale and Limited Warranty are set out later in this catalogue. Bidders are strongly encouraged to read these as they set out the terms on which property is bought at auction.

Estimates 

Based upon prices recently paid at auction for comparable property, and take into account condition, rarity, quality and provenance. Estimates are subject to revision. Buyers should not rely upon estimates as a representation or prediction of actual selling prices. Estimates do not include the buyer’s premium or VAT. Where “Estimate on Request” appears, please contact the Specialist Department for further information.

Reserves

The reserve is the confidential minimum price the consignor will accept and will not exceed the low pre-sale estimate. Lots that are not subject to a reserve are identified by the symbol • next to the lot number.

Buyer’s Premium

Christie’s charges a premium to the buyer on 

the final bid price of each lot sold at the following rates: 25% of the final bid price of each lot up to and including £25,000, 20% of the excess of the hammer price above £25,000 and up to and including £500,000 and 12% of the excess of the hammer price above £500,000.  

Exceptions: Wine: 15% of the final bid price of each lot. For all lots, VAT is payable on the premium at the applicable rate.

Pre-Auction Viewing

Pre-auction viewings are open to the public free of charge. Christie’s specialists are available to give advice and condition reports at viewings or by appointment. 

Bidder Registration

Prospective buyers who have not previously bid or consigned with Christie’s should bring:

• Individuals: government-issued photo identification (such as a driving licence, national identity card, or passport) and, if not shown on the ID document, proof of current address, for example a utility bill or bank statement.

• Corporate clients: a certificate of incorporation.

• For other business structures such as trusts, offshore companies or partnerships, please contact Christie’s Credit Department at +44 (0)20 7752 3137 for advice on the information you should supply.

• Persons registering to bid on behalf of someone who has not previously bid or consigned with Christie’s should bring identification documents not only for themselves but also for the party on whose behalf they are bidding, together with a signed letter of authorisation from that party.   

To allow sufficient time to process the information, new clients are encouraged to register at least 48 hours in advance of a sale.

Prospective buyers should register for a numbered bidding paddle at least 30 minutes before the auction. New clients, clients who have not made a purchase from any Christie’s office within the last two years, and those wishing to spend more than on previous occasions, may be asked to supply a bank reference. For assistance with references, please contact  Christie’s Credit Department at +44 (0)20 7389 2862 (London, King Street) or at +44 (0)20 7752 3137 (London, South Kensington).

Registering to Bid on Someone Else’s Behalf

Persons bidding on behalf of an existing client should bring a signed letter from the client authorising the bidder to act on the client’s behalf.  Please note that Christie’s does not accept payments from third parties.  Christie’s can only accept payment from the client, and not from the person bidding on their behalf. 

Bidding

The auctioneer accepts bids from those present in the saleroom, from telephone bidders, or by absentee written bids left with Christie’s in advance of the auction. The auctioneer may also execute bids on behalf of the seller up to the amount of the reserve. The auctioneer will not specifically identify bids placed on behalf of the seller. Under no circumstances will the auctioneer place any bid on behalf of the seller at or above the reserve. Bid steps are shown on the Absentee Bid Form at the back of this catalogue.

Absentee Bids

Absentee bids are written instructions from prospective buyers directing Christie’s to bid on their behalf up to a maximum amount specified for each lot.

Christie’s staff will attempt to execute an absentee bid at the lowest possible price taking into account the reserve price. Absentee bids submitted on “no reserve” lots will, in the absence of a higher bid, be executed at approximately 50% of the low pre sale estimate or at the amount of the bid if it is less than 50% of the low pre-sale estimate. The auctioneer may execute absentee bids directly from the rostrum, clearly identifying these as “absentee bids”, “book bids”, “order bids” or “commission bids”. Absentee Bids Forms are available in this catalogue, at any Christie’s location, or online at christies.com.

Telephone Bids

Telephone bids cannot be accepted for lots estimated below £2,000. Arrangements must be confirmed with the Bid Department at least 24 hours prior to the auction at +44 (0)20 7389 2658 (London, King Street) or +44 (0)20 7752 3225 (London, South Kensington). 

Arrangements to bid in languages other than English must be made well in advance of the sale date. 

Telephone bids may be recorded. By bidding on the telephone, prospective purchasers consent to the recording of their conversation.

Successful Bids

Christie’s South Kensington  is not able to notify successful bidders by telephone. While Invoices are sent out by mail after the auction we do not accept responsibility for notifying you of the result of your bid. Buyers are requested to contact us by telephone or in person as soon as possible after the sale to obtain details of the outcome of their bids to avoid incurring unnecessary storage charges. Successful bidders will pay the price of the final bid plus premium plus any applicable VAT.

Payment

Buyers are expected to make payment for purchases immediately after the auction.  To avoid delivery delays, prospective buyers are encouraged to supply bank or other suitable references before the auction. Please note that Christie’s will not accept payments for purchased Lots from any party other than the registered buyer. 

Lots purchased in London may be paid for in the following ways: wire transfer, credit card: Visa and MasterCard only (up to £25,000), and cash (up to £5,000 (subject to conditions)), bankers draft (subject to conditions) or cheque (must be drawn in GBP on a UK bank; clearance will take 5 to 10 business days). 

Wire Transfers:  Lloyds TSB Bank Plc City Office PO Box 217 72 Lombard Street, London 

EC3P 3BT A/C: 00172710 Sort Code: 30-00-02 for international transfers, SWIFT LOYDGB2LCTY. For banks asking for an IBAN: GB81 LOYD 3000 0200 1727 10. 

Credit Card: Visa and MasterCard only A limit of £25,000 for credit card payments will apply. This limit is inclusive of the buyer’s premium and any applicable taxes.  Credit card payments at London sale sites will only be accepted for London sales.  Christie’s will not accept credit card payments for purchases made in any other sale site.  The fax number to send completed CNP (Card Member not Present) authorisation forms to is +44 (0) 20 7389 2821. The number to call to make a CNP payment over the phone is +44 (0) 20 7752 3388. Alternatively, clients can mail the authorisation form to the address below. 

Cash is limited to £5,000 (subject to conditions).   

Bankers Draft should be made payable to Christie’s (subject to conditions).  

Cheques should be made payable to Christie’s (must be drawn in GBP on a UK bank, clearance will take 5 to 10 business days).         

In order to process your payment efficiently, please quote sale number, invoice number and client number with all transactions.

All mailed payments should be sent to:

Christie’s, Cashiers’ Department, 8 King Street, St James’s, London, SW1Y 6QT

Please direct all inquiries to King Street Tel: +44 (0) 20 7389 2996 Fax: +44 (0) 20 7389 2863 or South Kensington Tel: +44 (0) 20 7752 3138 Fax: +44 (0) 20 7752 3143

VAT

Ω or †

VAT payable at 17.5% on hammer price and buyer’s premium

*

VAT payable at 5.001% on hammer price and at 17.5% on the buyer’s premium

Ω or *

These lots have been imported from outside the EU for sale using a Temporary Importation procedure. Where a buyer of such a lot has registered an EU address but wishes to export the lot or complete the import into another EU country, he must advise Christie’s immediately after the auction.

α

Buyers from within the EU:

VAT payable at 17.5% on just the buyer’s premium (NOT the hammer price).

Buyers from outside the EU:

VAT payable at 17.5% on hammer price and buyer’s premium. If a buyer, having registered under a non-EU address, decides that the item is not to be exported from the EU, then he should advise Christie’s to this effect immediately

(no symbol)

Auctioneers’ Margin Scheme

In all other circumstances no VAT will be charged on the hammer price, but VAT payable at 17.5% will be added to the buyer’s premium which is invoiced on a VAT inclusive basis.

However, if the item falls under the HMCE category of “printed matter”, the premium will also be free of VAT.

Book Auctions

As above except:

(no symbol)

No VAT charged.

#

In all other circumstances no VAT will be charged on the hammer price, but VAT payable at 17.5% will be added to the buyer’s premium which is invoiced on a VAT inclusive basis.

Wine Auctions

As above except:

‡

Stock offered duty-paid, but available in bond. VAT at 17.5% on hammer price and buyer’s premium (wine only).

VAT Refunds

Refunds cannot be made where lots have been 

purchased from an address in the EU.

Under all circumstances, lots must be exported 

outside the UK within 3 months, and proof of export provided to Christie’s in the appropriate form. No refund will be processed where the total amount is less than £100 UK & EU private buyers cannot reclaim VAT. Christie’s will charge £35 for each refund processed. In respect of Daggered lots, Christie’s are disallowed by HMC&E from refunding the VAT on the buyer’s premium under any circumstances. For detailed information please see the leaflets available, or email  VAT_London@Christies.com

ARTIST’S RESALE RIGHT (“DROIT DE SUITE”)

If a lot is affected by this right it will be identified with the symbol λ next to the lot number. The buyer agrees to pay to Christie’s an amount equal to the resale royalty and we will pay such amount to the artist’s collecting agent. Resale royalty applies where the Hammer Price is 1,000 Euro or more and the amount cannot be more than 12,500 Euro per lot. The amount is calculated as follows:

Royalty For the portion of the Hammer Price (in Euro)

4.00% up to 50,000

3.00% between 50,000.01 and 200,000

1.00% between 200,000.01 and 350,000

0.50% between 350,000.01 and 500,000

0.25% in excess of 500,000

Invoices will, as usual, be issued in Pounds Sterling. For the purposes of calculating the resale royalty the Pounds Sterling/Euro rate of exchange will be the European Central Bank reference rate on the day of the sale.

Shipping

It is the buyer’s responsibility to pick up purchases or make all shipping arrangements. After payment has been made in full, Christie’s can arrange property packing and shipping at the buyer’s request and expense. Buyers should request an estimate for any large items or property of high value that require professional packing. A shipping form is enclosed with each invoice, alternatively buyers can visit www.christies.com/shipping to request a shipping estimate For more information please contact the Shipping Department at + 44 (0)20 7389 2712 or via ArtTransport_London@christies.com for both London, King Street and London, South Kensington sales.

Export of Goods from the EU

If you are proposing to take purchased items outside the EU the following applies:

Christie’s Art Transport: 

If you use Christie’s Art Transport you will not be required to pay the VAT at the time of settlement.

Christie’s VAT authorised Shipper:

If you use a Christie’s VAT authorised shipper you will not be required to pay the VAT at the time of settlement.

Own Shipper:

VAT will be charged on the invoice, refundable by the VAT Department upon receipt of the appropriate official documents sent to us by your shipper.

Hand-Carried:

VAT will be charged on the invoice.This will be refunded by the VAT Department upon receipt of the appropriate official document.

* or Ω

Starred and Omega lots – A C88 can be obtained from Christie’s Shipping Department .This document must be stamped by UK Customs on leaving the UK.

# or †

Margin Scheme and Daggered lots – Please obtain VAT Notice 4 07 from the Cashiers. This document must be stamped by UK Customs on leaving the UK.

Under all circumstances lots must be exported within 3 months of the date of sale, and proof of export provided on the appropriate form.

Export/Import Permits

Buyers should always check whether an export licence is required before exporting. It is the buyer’s sole responsibility to obtain any relevant export or import licence. The denial of any licence or any delay in obtaining licences shall neither justify the rescission of any sale nor any delay in making full payment for the lot.

Christie’s can advise buyers on the detailed provisions of the export licensing regulations and will submit any necessary export licence applications on request. However, Christie’s cannot ensure that a licence will be obtained. Local laws may prohibit the import of some property and/or may prohibit the resale of some property in the country of importation. For more information, please contact Christie’s Shipping Department at +44 (0)20 7389 2828 or the Museums, Libraries and Archives Council: Acquisitions, Export and Loans Unit at +44 (0)20 7273 8269/8267.