Design - Online Auction

Effective as of 3 April 2023 Buying at Auction The following pages are designed to offer you information on how to buy at auction at Phillips. Our staff will be happy to assist you. Conditions of Sale The Conditions of Sale and Authorship Warranty which appear later in this catalogue govern the auction. Bidders are strongly encouraged to read them as they outline the legal relationship among Phillips, the seller and the buyer and describe the terms upon which property is bought at auction. Please be advised that Phillips generally acts as agent for the seller. Buyer?s Premium Phillips charges the successful bidder a commission, or buyer?s premium, on the hammer price of each lot sold. The buyer?s premium is payable by the buyer as part of the total purchase price at the following rates: 27% of the hammer price up to and including $1,000,000, 21% of the portion of the hammer price above $1,000,000 up to and including $6,000,000 and 14.5% of the portion of the hammer price above $6,000,000. 1 Prior to Auction Catalogue Subscriptions If you would like to purchase a catalogue for this auction or any other Phillips sale, please contact us at +1 212 940 1220 or +44 20 7318 4010. Pre-Sale Estimates Pre-sale estimates are intended as a guide for prospective buyers. Any bid within the high and low estimate range should, in our opinion, offer a chance of success. However, many lots achieve prices below or above the pre-sale estimates. Where ?Estimate on Request? appears, please contact the specialist department for further information. It is advisable to contact us closer to the time of the auction as estimates can be subject to revision. Pre-sale estimates do not include the buyer?s premium or any applicable taxes. Pre-Sale Estimates in Pounds Sterling and Euros Although the sale is conducted in US dollars, the pre-sale estimates in the auction catalogues may also be printed in pounds sterling and/or euros. Since the exchange rate is that at the time of catalogue production and not at the date of auction, you should treat estimates in pounds sterling or euros as a guide only. Catalogue Entries Phillips may print in the catalogue entry the history of ownership of a work of art, as well as the exhibition history of the property and references to the work in art publications. While we are careful in the cataloguing process, provenance, exhibition and literature references may not be exhaustive and in some cases we may intentionally refrain from disclosing the identity of previous owners. Please note that all dimensions of the property set forth in the catalogue entry are approximate. Condition of Lots Our catalogues include references to condition only in the descriptions of multiple works (e.g., prints). Such references, though, do not amount to a full description of condition. The absence of reference to the condition of a lot in the catalogue entry does not imply that the lot is free from faults or imperfections. Solely as a convenience to clients, Phillips may provide condition reports. In preparing such reports, our specialists assess the condition in a manner appropriate to the estimated value of the property and the nature of the auction in which it is included. While condition reports are prepared honestly and carefully, our staff are not professional restorers or trained conservators. We therefore encourage all prospective buyers to inspect the property at the pre-sale exhibitions and recommend, particularly in the case of any lot of significant value, that you retain your own restorer or professional advisor to report to you on the property?s condition prior to bidding. Any prospective buyer of photographs or prints should always request a condition report because all such property is sold unframed, unless otherwise indicated in the condition report. If a lot is sold framed, Phillips accepts no liability for the condition of the frame. If we sell any lot unframed, we will be pleased to refer the purchaser to a professional framer. Pre-Auction Viewing Pre-auction viewings are open to the public and free of charge. Our specialists are available to give advice and condition reports at viewings or by appointment. Electrical and Mechanical Lots All lots with electrical and/or mechanical features are sold on the basis of their decorative value only and should not be assumed to be operative. It is essential that, prior to any intended use, the electrical system is verified and approved by a qualified electrician. Symbol Key The following key explains the symbols you may see inside this catalogue. ? Guaranteed Property Lots designated with the symbol [?] are the subject of a minimum price guarantee. In such cases Phillips has guaranteed to the seller of the lot that regardless of the outcome of the sale the seller shall receive no less than a minimum sum. This guarantee may be provided solely by Phillips or jointly with a third party. ? Third Party Guarantee Where Phillips has agreed to a minimum price guarantee it assumes the financial risk of a lot failing to sell or selling for less than the minimum price guarantee. Because the sums involved can be significant Phillips may choose to share the burden of that financial risk with a third party. The third party shares the risk by committing in advance of the sale, usually by way of a written bid, to buy the lot for an agreed amount whether or not there are competing bidders for the lot. If there are competing bidders third party guarantors may also bid above any written bid. In this way the third party guarantor assumes the risk of the bidding not reaching the amount of the minimum price guarantee. In return for underwriting or sharing this risk Phillips will usually compensate the third party. The compensation may be in the form of a fixed fee or an amount calculated by reference to the hammer price of the lot. If the third party guarantor is the successful bidder they will be required to pay the full hammer price and buyer?s premium and will not be otherwise compensated. Disclosure of financial interest by third parties Phillips requires third party guarantors to disclose their financial interest in the lot to anyone whom they are advising. If you are contemplating bidding on a lot which is the subject of a third party guarantee and you are being advised by someone or if you have asked someone to bid on your behalf you should always ask them to confirm whether or not they have a financial interest in the lot. ? Property in Which Phillips Has an Ownership Interest Lots with this symbol indicate that Phillips owns the lot in whole or in part or has an economic interest in the lot equivalent to an ownership interest. ? No Reserve Unless indicated by a ?, all lots in this catalogue are offered subject to a reserve. A reserve is the confidential value established between Phillips and the seller and below which a lot may not be sold. The reserve for each lot is generally set at a percentage of the low estimate and will not exceed the low pre-sale estimate. ? Endangered Species Lots with this symbol have been identified at the time of cataloguing as containing endangered or other protected species of wildlife which may be subject to restrictions regarding export or import and which may require permits for export as well as import. Please refer to Paragraph 4 of the Guide for Prospective Buyers and Paragraph 11 of the Conditions of Sale. 2 Bidding in the Sale Bidding at Auction Bids may be executed during the auction in person by paddle, by telephone, online or prior to the sale in writing by absentee bid. Proof of identity in the form of government issued identification will be required, as will an original signature. We may also require that you furnish us with a bank reference. Bidding in Person To bid in person, you will need to register for and collect a paddle before the auction begins. New clients are encouraged to register at least 48 hours in advance of a sale to allow sufficient time for us to process your information. All lots sold will be invoiced to the name and address to which the paddle has been registered and invoices cannot be transferred to other names and addresses. Please do not misplace your paddle. In the event you lose it, inform a Phillips staff member immediately. At the end of the auction, please return your paddle to the registration desk. Bidding by Telephone If you cannot attend the auction, you may bid live on the telephone with one of our multi-lingual staff members. This service must be arranged at least 24 hours in advance of the sale and is available for lots whose low pre-sale estimate is at least $1000. Telephone bids may be recorded. By bidding on the telephone, you consent to the recording of your conversation. We suggest that you leave a maximum bid, excluding the buyer?s premium and any applicable taxes, which we can execute on your behalf in the event we are unable to reach you by telephone. Online Bidding With our digital saleroom, you can livestream auctions and place bids from anywhere in the world. Download the Phillips iOS or Android app or bid from your preferred browser. Our digital saleroom is optimized for Google Chrome, Firefox and Microsoft Edge. If you would like to bid using our digital saleroom, please register within 24 hours from the start of the sale in order to be approved by our bid department. The first time you register you will be required to create an account; thereafter you will only need to register for each sale. Please note, corporate firewalls may cause difficulties for online bidders. Absentee Bids If you are unable to attend the auction and cannot participate by telephone, Phillips will be happy to execute written bids on your behalf. A bidding form can be found at the back of this catalogue. This service is free and confidential. Bids must be placed in the currency of the sale. Our staff will attempt to execute an absentee bid at the lowest possible price taking into account the reserve and other bidders. Always indicate a maximum bid, excluding the buyer?s premium and any applicable taxes. Unlimited bids will not be accepted. Any absentee bid must be received at least 24 hours in advance of the sale. In the event of identical bids, the earliest bid received will take precedence. Employee Bidding Employees of Phillips and our affiliated companies, including the auctioneer, may bid at the auction by placing absentee bids so long as they do not know the reserve when submitting their absentee bids and otherwise comply with our employee bidding procedures. Bidding Increments Bidding generally opens below the low estimate and advances in increments of up to 10%, subject to the auctioneer?s discretion. Absentee bids that do not conform to the increments set below may be lowered to the next bidding increment $50 to $1,000 by $50s $1,000 to $2,000 by $100s $2,000 to $3,000 by $200s $3,000 to $5,000 by $200s, 500, 800 (i.e. $4,200, 4,500, 4,800) $5,000 to $10,000 by $500s $10,000 to $20,000 by $1,000s $20,000 to $30,000 by $2,000s $30,000 to $50,000 by $2,000s, 5,000, 8,000 $50,000 to $100,000 by $5,000s $100,000 to $200,000 by $10,000s above $200,000 auctioneer?s discretion The auctioneer may vary the increments during the course of the auction at his or her own discretion. 3 The Auction Conditions of Sale As noted above, the auction is governed by the Conditions of Sale and Authorship Warranty. All prospective bidders should read them carefully. They may be amended by saleroom addendum or auctioneer?s announcement. Interested Parties Announcement In situations where a person allowed to bid on a lot has a direct or indirect interest in such lot, such as the beneficiary or executor of an estate selling the lot, a joint owner of the lot or a party providing or participating in a guarantee on the lot, Phillips will make an announcement in the saleroom that interested parties may bid on the lot. Consecutive and Responsive Bidding; No Reserve Lots The auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller up to the amount of the reserve by placing consecutive bids or bids in response to other bidders. If a lot is offered without reserve, unless there are already competing absentee bids, the auctioneer will generally open the bidding at 50% of the lot?s low pre-sale estimate. In the absence of a bid at that level, the auctioneer will proceed backwards at his or her discretion until a bid is recognized and will then advance the bidding from that amount. Absentee bids 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. If there is no bid whatsoever on a no reserve lot, the auctioneer may deem such lot unsold. 4 After the Auction Payment Buyers are required to pay for purchases immediately following the auction unless other arrangements are agreed with Phillips in writing in advance of the sale. Payment must be made in US dollars either by cash or wire transfer, as noted in Paragraph 6 of the Conditions of Sale. It is our corporate policy not to make or accept single or multiple payments in cash or cash equivalent in excess of US$2,000 in any calendar year. Credit Cards As a courtesy to clients, Phillips will accept American Express, Visa and MasterCard to pay for invoices of $30,000 or less. Collection It is our policy to request proof of identity on collection of a lot. A lot will be released to the buyer or the buyer?s authorized representative when Phillips has received full and cleared payment and we are not owed any other amount by the buyer. Promptly after the auction, we will transfer all lots to our warehouse located at 29-09 37th Avenue in Long Island City, Queens, New York. All purchased lots should be collected at this location during our regular weekday business hours. As a courtesy to clients, we will upon request transfer purchased lots suitable for hand carry back to our premises at 432 Park Avenue, New York, New York for collection within 30 days following the date of the auction. We will levy removal, interest, storage and handling charges on uncollected lots Loss or Damage Buyers are reminded that Phillips accepts liability for loss or damage to lots for a maximum of seven days following the auction. Transport and Shipping As a free service for buyers, Phillips will wrap purchased lots for hand carry only. Alternatively, we will either provide packing, handling and shipping services or coordinate with shipping agents in order to facilitate such services for property purchased at Phillips. In the event the property is collected in New York by the buyer, or the buyer?s designee (including any private carrier) for subsequent transport out of state, Phillips may be required by law to collect New York sales tax, regardless of the lot?s ultimate destination. Please refer to Paragraph 7 of the Conditions of Sale for more information. Sales Tax (a) Unless the buyer has delivered a valid certificate evidencing exemption from tax, the buyer shall pay applicable sales tax on any lot picked up or delivered anywhere in the states of New York, California, Colorado, Connecticut, Florida, Illinois, Michigan, Minnesota, Arizona, Arkansas, Georgia, Hawaii, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Missouri, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming, Washington DC or the commonwealth of Puerto Rico. (b) If the point of delivery or transfer of possession for any purchased lot to the buyer or the buyer?s designee (including any private carrier) occurs in New York, then the sale is subject to New York sales tax at the existing rate of 8.875%. (c) If the buyer arranges shipping for any purchased lot in New York by a common carrier (such as the United States Postal Service, United Parcel Service, or FedEx) that does not operate under a private agreement or contract with negotiated terms to be delivered to an out of state destination, then the sale is not subject to New York sales tax. Export and Import Licenses Before bidding for any property, prospective bidders are advised to make independent inquiries as to whether a license is required to export the property from the United States or to import it into another country. It is the buyer?s sole responsibility to comply with all import and export laws and to obtain any necessary licenses or permits. The denial of any required license or permit or any delay in obtaining such documentation will not justify the cancellation of the sale or any delay in making full payment for the lot. Buyers should note that the export of items offered for sale in the Auction to certain countries (including Russia and Belarus) may be prohibited pursuant to Government sanctions and other regulatory measures in force from time to time. Please contact the department organizing the Auction for further details. Endangered Species Items made of or incorporating plant or animal material, such as coral, crocodile, ivory, whalebone, Brazilian rosewood, rhinoceros horn or tortoiseshell, irrespective of age, percentage or value, may require a license or certificate prior to exportation and additional licenses or certificates upon importation to any foreign country. Please note that the ability to obtain an export license or certificate does not ensure the ability to obtain an import license or certificate in another country, and vice versa. We suggest that prospective bidders check with their own government regarding wildlife import requirements prior to placing a bid. It is the buyer?s sole responsibility to obtain any necessary export or import licenses or certificates as well as any other required documentation. Please note that lots containing potentially regulated plant or animal material are marked as a convenience to our clients, but Phillips does not accept liability for errors or for failing to mark lots containing protected or regulated species. Privacy Our Privacy Policy is available at www.phillips.com or by emailing dataprotection@phillips.com and sets out: (i) the types of personal data we will or may collect and process; (ii) the purposes for which we will or may process your personal data; (iii) the lawful bases we rely on when processing your personal data; (iv) your rights in respect of our processing of your personal data; and (v) various other information as required by applicable laws. Phillips premises, sale, and exhibition venues are subject to CCTV video surveillance and recording for security, client service and bid monitoring purposes. Phillips? auctions will be filmed for simultaneous live broadcast on Phillips? and third party websites and applications. Your communications with Phillips, including by phone and online (e.g. phone and on-line bidding) may be recorded for security, client service and bid monitoring purposes. Where we record such information we will process it in accordance with our Privacy Policy.