Buying with Lawrences
Below you will find some of the terms used in the auction industry which will help to explain how it all works. If, however, you would like any further information or clarification then please contact us direct.
This is the price that the lot sold for at auction. In addition to this price you will have to pay a buyer’s premium charge. Certain lots may be subject to additional charges (such as Artist’s Resale Right or, occasionally, VAT on the hammer price) but this will be clearly indicated in the catalogue.
A premium of 26.4% (22% plus VAT) will be charged on top of the hammer price on all lots.
VAT is not applicable on books and unframed maps.
Any lots purchased online will be subject to an additional 3.6% (3% plus VAT) which is applied by the-saleroom.com
ARTISTS' RESALE RIGHT
Pictures and original prints by European artists are subject to a resale royalty if the hammer price exceeds 1000 Euros. This has now been extended to include living artists and all European artists who have died since 1942.
The buyers of such lots agree to pay Lawrences this royalty and we shall forward it to the artists’ collecting agents.
The rate varies as follows:
€1000.00 to €50,000 - 4%
€50,000.01 to €200,000 - 3%
€200,000.01 to €350,000 - 1%
€350,000.01 to €500,000 - 0.5%
Exceeding €500,000 - 0.25%
ARR is capped at €12,500
Please note ARR is calculated in euros. The Euro rate of exchange will be based upon the European Central Bank rate on the day of sale as all invoices are issued in Pounds Sterling. Please speak to Richard Kay if you have any questions.
VAT ON HAMMER PRICE
In some cases, you may be liable for the payment of any VAT on the hammer price but this will be clearly indicated in the catalogue.
At the viewing days before the sale you will be able to view all the lots on offer and to ask advice from our specialists.
Each item to be auctioned carries a number to identify it.
This is an approximate guide to the price that a lot is expected to realise.
Your name and address are registered into the computer and a numbered paddle is issued for you to bid with on the day. You indicate that you would like to bid by waving your paddle. If you are successful then your number will be announced by the auctioneer as the winning buyer.
You can leave your bids with us and we will endeavour to buy on your behalf as cheaply as possible. The bidding does not start at the price you indicate. You can commission bid via our website by first creating an account.
If you wish to bid, a limited number of telephone lines are available if you are not able to come to the auction but wish to bid in person.
Arrangements for this service should be made at least 24 hours before the start of the sale. A member of our staff will call you from the Saleroom shortly before the item comes up for sale. Please note that we cannot accept applications for this service on the day of the sale.
If you would like to bid online, this is available via the-saleroom.com. Please note that all our Catalogued Sales are online but very few of our General Sales.
An additional charge of 3.6% (3% plus VAT) is made by the-saleroom.com for bidding through them. We collect this on their behalf and this will be added to your buyer’s premium.
Selling with Lawrences
If you are thinking of selling an item then we would be delighted to help. The notes below will help you to determine the best way that we can realise the highest value for your property.
If, however, you would like any further information or clarification then please contact us direct.
We will charge you a commission on the sale of the Goods calculated as a percentage of the Hammer Price at the following rates:
Catalogued Lots Selling for more than £1,000 – 10% plus VAT.
Catalogued Lots Selling up to £ 1,000 – 15% plus VAT.
General Sales 15% plus VAT on all lots with a minimum lot fee charge of £5 plus VAT per lot.
Free Valuation Mornings
We offer free valuation mornings in our Crewkerne Salerooms every Monday between 9.00am – 12.30pm and in Taunton every Friday morning at the Castle Hotel between 9.00am – 11.30am (excluding bank holidays). We also offer free valuations at many other locations through the South West. Please contact us for details.
For clients not able to visit the Salerooms or for valuations of larger items, we can arrange visits to clients' homes free of charge. Please contact us for details.
With weekly general sales, we are able to process house clearances quickly and efficiently. Our specialists check through items and if it would be better sold in one of our catalogued sales it will be retained for inclusion in the relevant specialist sale.
If you would like to know more about this service then please contact:
Tel: 01460 73041
For further information, please see our full Terms & Conditions.