Methods of Payment
Payment is due in sterling immediately upon the issue of the invoice. In all cases and without exception purchases cannot be released until the auctioneer is in receipt of cleared funds.
Graham Budd Auctions Ltd welcome the following Methods of Payment:
Electronic transfer sent directly to our bank
Contact the auctioneers for details.
Online payment with STRIPE
Clients who register an account with Graham Budd Auctions at our website can take advantage of paying securely and free online with STRIPE.
Paypal
Payment can be made by Paypal but is subject to Paypal’s fee of 3.4%.
Credit/Debit Card
We are pleased to accept card payments by Visa, Mastercard and American Express.
Sterling Bankers Draft or Building Society Cheque
Drawn on a recognised UK bank or building society. Please note that we require seven days to clear sterling cheques where the amount exceeds the cheque card guarantee limit, unless special arrangements have been made with the auctioneer in advance of the sale, normally the presentation of a letter of guarantee from your bank. We always reserve the right to hold goods until a cheque is cleared.
Cash
Cash payments will not be accepted above £6,000.
Buyer’s Premium & VAT
A buyer’s premium (BP) of 17.5% is applicable to all lots in this sale when bidding is conducted directly with Graham Budd Auctions either in the room or by absentee or telephone bidding.
The majority of lots in the auction are offered under the Auctioneer’s Margin Scheme (AMS) and as such BP is subject to VAT (currently set at a rate of 20% in the UK). Lots offered under AMS are marked in the printed catalogue with a * symbol after the estimate. The invoice total for AMS lots will be therefore be the hammer price + 21% inclusive of VAT.
Under VAT rules some lots are deemed to be zero rated (ZR) for VAT purposes, such as books, programmes, magazines, newspapers etc. ZR lots are marked in the catalogue with a ** symbol after the estimate. The invoice total for ZR lots will be therefore be the hammer price + 17.5%.
On very rare occasions some lots are offered under normal VAT rules and VAT will be charged at 20% (the current rate) on both the hammer price and BP. These lots are marked in the catalogue with a † “dagger” symbol. The invoice total for a “daggered” lot will therefore be the hammer price + 41% inclusive of VAT.
VAT in respect of non-EU buyers
If a non-European Union (EU) buyer instructs the auctioneer to export a purchased lot outside of the EU, then the auctioneer can demonstrate proof of export and is thereby authorised to remove the VAT from the buyer’s invoice. If however the buyer is handling the export in person or through an instructed shipper outside the control of the auctioneer, the VAT will have to be paid and then reclaimed by the buyer or the buyer’s shipper at the port of departure. Buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements.
Internet Bidding
When using the Proxibid internet bidding platform for sales at Graham Budd Auctions please note that additional fees will apply. A 3% fee (+ vat where applicable) of the hammer price applies:
www.proxibid.com 3% = 20.5% in total
VAT that will be applied to an invoice total in addition to the buyer’s premium will be declared at a lot-by-lot level.
AMS Rate (AMS): 24.6%(20.5% buyers premium VAT incl. + 3.6% internet premium VAT incl.)
Zero Rated (ZR): 20.5%(17.5% buyers premium + 3% internet premium)
Dagger Rate (DR): 44.6%( 20 % VAT on Hammer + 21% buyers premium VAT incl. + 3.6% internet premium VAT incl.)
Artist's Resale Rights
Some lots may be subject to artist's resale rights and will have a special symbol printed in the catalogue or a statement will be made if viewing an online version. Purchase of these lots will be subject to the payment of an Artist's Resale Right, at a percentage of the hammer price calculated as follow:
Portion of the hammer price (in Euros) Royalty Rate
Under 1,000 Nil
1,000-50,000 4%
50,000-200,000 3%
For further information on Artist's Resale Rights see Design and Artists Copyright Society (DACS) website www.dacs.org.uk
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