Knock down and hammer price
You will be the winning bidder if, following three calls for a higher bid than the one you have made, no such higher bid is submitted (in auction terminology, the item is knocked down to you at the hammer price). 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.
The purchase price consists of the hammer price plus the buyer’s premium, which is comprised of the following components:
For artworks that have not been specially marked, the buyer’s premium amounts to 32%. A buyer’s premium of 27% will be added to that portion of the hammer price that is in excess of EUR 1,000,000. A buyer’s premium of 22% will be added to that portion of the hammer price that is in excess of EUR 4,000,000. Said buyer’s premium includes all lump-sum fees and the statutory turnover tax (margin scheme pursuant to Section 25a of the German Turnover Tax Act). These taxes and fees will not be itemized separately in the invoice.
For works of art marked by the letter “N” after the lot number, the buyer’s premium described above (taxed pursuant to the margin scheme) will be charged and, additionally, the turnover tax on imports that Grisebach advanced when the work of art was imported into the territory of the European Union in the amount of 7% of the hammer price will be settled.
For works of art marked by the letter “R” after the lot number, a buyer’s premium of 27% will be added to the hammer price. A buyer’s premium of 22% will be added to that portion of the hammer price that is in excess of EUR 1,000,000. A buyer’s premium of 17% will be added to that portion of the hammer price that is in excess of EUR 4,000,000. Statutory turnover tax currently in the amount of 19% will accrue to the hammer price and the buyer’s premium (see Section 4 of the Conditions of Sale for each).
Additionally, lump sum fees may be charged along with statutory turnover tax. Said turnover tax shall not apply to buyers domiciled outside of the European Union, provided the work of art is shipped to their residence.
Grisebach or the art carrier shall see to the customs arrangements. The buyer shall bear the costs.
The purchase price is to be paid in euros to Grisebach by wire transfer. Cheques and any other forms of non-cash payment will be accepted only on account of performance.
In the event the purchase price has not been paid within two weeks after receipt of the invoice, the buyer shall be deemed to be defaulting on the payment.
Upon the occurrence of default, the purchase price shall accrue interest at 1% per month, notwithstanding any other claims to compensation that may exist.
Storage and pick-up
The buyer is under obligation to pick up the work of art at the latest one month after it has been knocked down to the buyer. However, Grisebach is not under obligation to surrender to the buyer the work of art acquired at auction prior to the purchase price set out in the invoice having been paid in full. Title to the work of art shall devolve to the buyer only upon the purchase price having been paid in full.
Grisebach shall duly store the work of art acquired at auction until it is picked up, doing so at the longest for one (1) month, and shall insure it at its own cost; such storage will be free of charge. Thereafter, Grisebach shall have the right to charge the buyer for these expenditures. At its choice, Grisebach may instead store the work of art at its own premises, charging a monthly lump-sum fee of 0.5% of the purchase price for the costs of storage and insurance.
Default of acceptance: In cases in which the buyer fails to pick up the work of art within one month and fails to issue instructions for the work of art to be shipped to it within this period, the buyer shall be deemed to be defaulting on acceptance.
The works of art you have acquired at auction will be shipped by art carrier, courier service, or by post. We will be happy to assist you in choosing and instructing a proper and cost-efficient method of shipping for your artworks. Your invoice will include shipping instructions that you can then fill out in keeping with your wishes and return to us. Once we have received your payment in full, the work of art you have acquired will be ready to be picked up or will be shipped to you in accordance with your instruction. You will be charged for the shipping costs and the insurance premium.