What does knock-down mean?

You are awarded the bid (hammer price) if no higher bid is offered after your bid has been called three times. Once the work of art you have bid on has been knocked down to you, you enter into obligation to accept it and to pay the purchase price.

Purchase price composition

The purchase price is made up of the hammer price plus the buyer’s premium.

Standard buyer’s premium (without special designation)

• 32% on up to EUR 1,000,000

• 27% on the amount in excess of EUR 1,000,000

• 22% on the amount in excess of EUR 4,000,000

The buyer’s premium includes:

• Lump-sum fees

• Statutory VAT (differential taxation according to section 25a of the German Value Added Tax Act (UStG))

• These fees are not stated separately on the invoice

“N” designation

7% import sales tax on the hammer price (EU import) on top of the standard buyer’s premium.

“R” designation

• 27% on up to EUR 1,000,000

• 22% on the amount in excess of EUR 1,000,000

• 17% on the amount in excess of EUR 4,000,000

• Plus statutory value added tax on hammer price and buyer’s premium

Value added tax for international shipments

Buyers residing outside the EU are not subject to value added tax if the work is shipped to their place of residence. Customs clearance is handled by Grisebach or the art shipping company. The costs are paid by the buyer.

Further details can be found in our Conditions of Sale.

• Payments are made in euros by bank transfer.

• Cheques and other non-cash payments are only accepted on account of performance.

• Payment deadline: 2 weeks after receipt of invoice.

• In the event of late payment: 1% interest on arrears per month, further claims for damages remain reserved.

Free insurance and storage for 1 month after the auction. After that: the artwork can be stored by Grisebach at a cost of 0.5% of the purchase price per month (this includes storage and insurance costs).

If the purchased artwork is not collected or shipped within one month, the buyer is deemed to be in default of acceptance.

We will be happy to support you in choosing a professional and cost-effective transport solution.