From 14th February 2006 all UK art market professionals (which includes, but is not limited to; auctioneers, dealers, galleries, agents and other intermediaries) are required to collect a royalty payment for all works of art that have been produced by living artists. This payment is only calculated on qualifying works of art which are sold for a hammer price more than the UK sterling equivalent of EURO 1,000 – the UK sterling equivalent will fluctuate in line with prevailing exchange rates, for an estimate of the current UK sterling equivalent, please refer to the front of this catalogue.
The threshold level indicated at the front of this catalogue is for estimation purposes only. It is entirely the responsibility of the buyer to acquaint himself with the actual EURO to UK Sterling exchange rate on the day of the sale in this regard, and the auctioneer accepts no responsibility whatsoever if the qualifying rate is different to the rate indicated at the front of this catalogue. The actual qualifying threshold will be calculated by the Artist’s Resale Right Service Hub based on the European Central Bank reference rate published at 2.15pm on the day of the sale, and can be found on www.dacs.org.uk.
All items in this catalogue that are marked with ‘D’ are potentially qualifying items, and the royalty charge will be applied if the hammer price achieved is more than the UK sterling equivalent of EURO 1,000. The royalty charge will be added to all relevant invoices, and must be paid before items can be cleared. All royalty charges are paid to the Design and Artists Copyright Society (‘DACS’), no handling costs or additional fees with respect to these charges will be retained by the auctioneer.
The royalty charge that will be applied to qualifying items which achieve a hammer price of more than the UK sterling equivalent of EURO 1,000, but less than the UK sterling equivalent of EURO 50,000 is 4% payable by the buyer. For qualifying items that sell for more than the UK sterling equivalent of EURO 50,000 a sliding scale of royalty charges will apply – for a complete list of the royalty charges and threshold levels, please see www.dacs.org.uk. There is no VAT payable on this royalty charge.