Selling at Auction

SELLING AT AUCTION

Our professional and personal service means that we will look after you through every process of selling with us. Our fixed commission rate of only £10 (+VAT) per lot includes all Commission, Insurance and Illustration. This makes selling at Parker Fine Art Auctions Ltd simple and cost effective.

Please refer to Conditions of Sale for full Terms and Conditions.

VALUATIONS

You can request a free valuation on items for sale in one of the following ways:

• Online: Submit images (main image, any signature, labels and reverse) and a description of your items
• By Email: Submit images and a written description of your items directly to henny@parkerfineartauctions.com
• In Person: Bringing your items to us at Hawthorn House (although we do advise you call in advance to ensure a Valuer is here to meet you). No valuations will be available on sale day.
• By Private Appointment: Confidential visits to your home can be arranged throughout the United Kingdom at our discretion.

CONSIGNING

• If you have brought your items for valuation at Hawthorn House you are able to leave the items with us there and then
  ‍
  or

• You can arrange to deliver the items to our Saleroom.

A receipt will be issued to you for your signature, which lists our terms and conditions and gives us your authority to sell the items listed on your behalf. We can also discuss suggested reserves to any lot consigned. The receipt will have a unique reference number which should be quoted in all correspondence.

You will receive a pre-sale advice letter together with a catalogue ahead of the sale, with full details of your items including lot number, full catalogue description, estimate and reserve.

ARTIST’S RESALE RIGHTS

If you sell a work of art by a living artist or an artist who has died within the last 70 years, which costs more than the UK sterling equivalent of €1,000 (per item), the seller will have to pay a royalty relating to the Artists Resale Right Regulations 2006. The royalties are administered by the Design and Artists Copyright Society (DACS), or the Artist’s Collecting Society (ACS), and no handling costs are retained by PFAA Ltd.

The current royalty charge for qualifying items over €1,000 are:

Up 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%

Royalty charges are calculated using the Euro to UK sterling exchange rate on the day of the sale.

AFTER THE AUCTION

• Payment: Payment is made no later than 21 days after a sale assuming that we have received full payment in cleared funds from the buyer. We act as agents and cannot be held responsible if the buyer does not pay. We cannot pay you until we have received cleared funds from the buyer. Payment to vendors is usually made by bank transfer (or cheque by arrangement).
• Statements will be sent showing the final payment amount minus the relevant charges.

UNSOLD LOTS

You may be advised by telephone or email that unsold lots can be re-offered in a future auction at an agreed reduced reserve. If you prefer to collect your unsold items, you will need to contact us to arrange collection at your earliest convenience within fourteen working days before charges of £5 (+ VAT) per item per day is incurred.

WITHDRAWN LOTS

A withdrawal fee of 25% (plus VAT) of the lower estimate plus any costs incurred will be charged should you change your mind about selling the items once the item has been catalogued. Lots cannot be withdrawn once the sale is in progress.

ANTI-MONEY LAUNDERING POLICY

This firm is required to comply fully with the Money Laundering Regulations 2017 (‘‘Regulations’’) (Amendment) 2019 and as such we are required by law to get satisfactory evidence of the identity of our clients and and/or any third parties involved in the transaction. This information must be provided at the time of forming a business relationship. If this information is not provided as agreed, your transaction may be delayed, or we may have to withdraw our services from the sale. For an individual person, we require to a current form of photographic identification such as a current passport or driving licence and a document that provides a satisfactory proof of address such as a bank statement or utility bill which is no more than 3 months old. Please note if a driving licence is provided as a form of identification it cannot be used as a proof of address.  

The requirements for corporate entities such as companies or partnerships are more complex and you will be required to provide documentation e.g. certificate of incorporation, articles of association etc that confirm whom the beneficial owner is of the firm or the person(s) with significant control over it. The beneficial owner of a company is someone who has more than 25% of the shares or voting rights in the company or any person who exercises control over the management of the company. In the case of Trusts this might include full details of the Settlor and or the Beneficiaries.

Original documentation will be the required for verification purposes wherever possible but if copies are provided, they must be independently verified by a professional person such as a solicitor and accountant and the photocopy marked up accordingly. In all cases and in line with the ‘Regulations’, the firm will retain copies of your ID in either paper or electronic form up to a period of 5 years after the date we have ceased the business relationship or longer if legally required. In addition, we also reserve the right to use the services of third parties including on-line credit check companies to carry out identity verification of any client.

In addition to verification of the client the firm will have to verify the source of any funds that are being used for the purchase.  Funds received on your behalf from a third party require the same levels of identification and verification checks as the client themselves. For example, proof of funds in the form of a bank statement might be requested. In addition to verification of the source of funds there are occasions when the firm must be satisfied as to the source of wealth of any client instructing us, and we may need to ask you for an explanation of that source.

This firm has a professional and legal duty to keep your affairs confidential. However, it is important to note that should the firm form a suspicion that a client is in any way concerned with money laundering we are under a legal obligation as set out in the Proceeds of Crime Act 2002 to make a formal report to the National Crime Agency (NCA) who are responsible for collating all reports of potential money laundering. The firm is legally prohibited from notifying the client that a report has been made or the outcome of such a report.

PLEASE NOTE:

Under the money laundering regulations in force we are required to carry out relevant due diligence checks. This includes verifying the identity of all clients we transact with as well as any beneficial owner on behalf of whom they may transact.

Please see our Terms and Conditions for full details.