INFORMATION FOR BUYERS & SELLERS
THE BUYER <br>
Menzies welcomes you to our Melbourne and Sydney viewings and associated auction events. Our specialist and client service staff
will be pleased to assist you with any enquiries relating to the viewing as well as buying or selling at the auction. <br>
USING THIS CATALOGUE <br>
ESTIMATED PRICES <br>
Catalogue entries include descriptive information for every lot, as well as a price range, which reflects the opinion of our specialists as to the price expected for the lot at auction. These are based upon prices recently paid at auction for comparable works and take into account condition, rarity, quality and provenance. <br>
Estimates are prepared well in advance of the sale and are subject to revision; they do not include the buyer's premium. Estimates are inclusive of any G.S.T. which is applicable. <br>
Although the sale is conducted in Australian dollars, the pre-sale estimates are occasionally also printed in foreign currencies. The rates of exchange are the rates at the time of production of this catalogue and therefore, should be treated as a guide only. <br>
RESERVES <br>
The reserve is the minimum price the vendor is willing to accept and below which a lot will not be sold. This amount is confidential and will not exceed the low pre-sale estimate. Property offered for sale without a reserve is identified by the square shaped symbol '' next to the lot number. <br>
G.S.T. <br>
In the event that the vendor is registered for Goods and Services Tax (G.S.T.), the invoice to the buyer will provide a separate entry for G.S.T. which is included in the hammer price. <br>
All Menzies charges for services referred to in this catalogue are inclusive of G.S.T. A list of works which will be sold with G.S.T. included in the hammer amount is available to intending bidders on request. <br>
CONDITIONS OF SALE <br>
If you wish to bid in a sale, we encourage you to read the Conditions of Sale which appear in this catalogue. The Conditions of Sale outline the terms governing the purchase of property sold at auction. Menzies will sell property to be auctioned on a G.S.T. inclusive basis. The buyer's premium will also be inclusive of G.S.T. See condition 6 of the Conditions of Sale. <br> <br>
MENZIES INTEREST IN PROPERTY CONSIGNED FOR SALE <br>
Menzies generally offers property consigned by others for sale at public auction. <br>
The Principal of Menzies and Menzies itself also sell property at our auctions and some of the works in this catalogue may be owned wholly or in part by Menzies or the Principal of Menzies. <br>
The Principal of Menzies, for some works, provide a guaranteed minimum price to the vendor of the property. Some of the works in this catalogue may be the subject of such a guarantee. <br>
If buyers have an interest in a particular lot and want to know more about its ownership or guarantee status, they should speak to a representative of Menzies, who will endeavour to assist them to the maximum extent possible. <br>
BUYER'S PREMIUM <br>
Buyers are reminded that the purchase price will be the sum of the final bid price plus the buyer's premium which is 25% (GST inclusive) of the hammer price up. <br>
BEFORE THE AUCTION <br>
Pre-sale viewings for all of our auctions are open to the public and may be attended at no charge. All property to be auctioned is usually on view for several days prior to the sale. You are encouraged to examine lots thoroughly and to request condition reports (see below). Menzies specialists are available to give advice at all viewings or by appointment. <br>
Prospective bidders should make themselves familiar with any saleroom notices that may be applicable and also consult our website
www.menziesartbrands.com for the most up to date cataloguing of the property inthis catalogue. <br>
CONDITION REPORTS <br>
If you would like additional information on a particular lot or are unable to attend the viewing, Menzies are pleased to provide on request a general report on the condition of the property described in our catalogue. Please submit your request no later than 48 hours prior to the auction. We remind prospective buyers that the report is a statement of opinion and should not be relied upon as a statement of definitive fact. The Conditions of Sale, exclude warranties and representations with respect to the condition of
a lot sold at Auction other than those expressly set out therein. Prospective buyers should inspect each lot to satisfy themselves as to condition
and are encouraged to consult a professional restorer or conservator for a more detailed analysis if so required. <br>
PROVENANCE <br>
Menzies may list in the catalogue entry matters such as the history of ownership and other relevant information with respect to scholarship or that assists in distinguishing the work of art. Menzies are not able to carry out detailed enquiries with respect to provenance on each lot. Bidders are responsible to make their own enquiries and investigations on provenance before bidding on any lot or otherwise making an offer to purchase.
The identity of the Seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded at the Seller's request or because the identity of prior owners is unknown. <br>
REGISTRATION <br>
If you are planning to bid at auction you will need to register with us. Please register at the viewing or arrive 20 or 30 minutes before the sale to complete bidder registration and to receive a bidding number to identify you if you are a successful bidder. If you are a new client, or if you have not made a recent purchase with Menzies, you may be asked to supply a bank credit reference when you register. To avoid any delay in the release of your purchases, you may wish to pre-arrange cheque or credit approval. If so, please contact Coralie Stow at Menzies on (03) 9832 8700. <br>
Pre-registration will also save you time on the day of sale. <br>
THE AUCTION <br>
Auctions are open to the public, free of charge. <br>
BIDDING <br>
Property is auctioned in consecutive numerical order. The lot being offered is usually shown at the front of the saleroom or is illustrated on a slide screen. The auctioneer will accept bids from those present in the saleroom or absentee bidders participating by telephone or by written bid left with Menzies in advance of the auction. The auctioneer may also execute bids on behalf of the vendor to protect the reserve, either by placing consecutive bids up to the amount of the reserve or by entering bids in response to saleroom, telephone or absentee bids. Under no circumstances will the auctioneer place any bid on behalf of the vendor at or above the reserve. Bidding increments are inclusive of any G.S.T. which is applicable. <br>
BIDDING INCREMENTS <br>
Bidding generally opens below the estimate and advances in the following increments: <br>
$500 - $1,000 by $50s <br>
$1,000 - $2,000 by $100s <br>
$2,000 - $5,000 by $200s <br>
$5,000 - $10,000 by $500s <br>
$10,000 - $20,000 by $1,000s <br>
$20,000 - $50,000 by $2,000s <br>
$50,000 - $100,000 by $5,000s <br>
$100,000 - $200,000 by $10,000s <br>
$200,000 - $500,000 by $20,000s <br>
$500,000 up - Auctioneer's discretion <br>
Occasionally the auctioneer may vary the increments during the course of the auction at his or her discretion. <br>
ABSENTEE OR COMMISSION BIDS <br>
If you cannot attend the auction, you may bid in other ways. The most common is the absentee bid. Absentee bids are written instructions from you directing Menzies to bid for you on one or more lots up to a maximum amount you specify for each lot. Menzies staff will execute your absentee bid at the lowest possible price taking into account the reserve price and other bids. There is no charge for this service. If identical bids are left by two or more parties, the first bid received by Menzies will take preference. The auctioneer may execute bids for absentee bidders directly from the rostrum, clearly identifying these as absentee or commission bids. Absentee bid forms are available at the back of the catalogue and may also be obtained from Menzies offices. It is the bidder's responsibility to establish if they were successful with their bids. <br>
Absentee bids submitted on 'No Reserve' lots will, in the absence of a higher bid, be executed at approximately 50% of the low pre-sale estimate or the amount of the bid if it is less than 50% of the low pre-sale estimate.
TELEPHONE BIDS <br>
Menzies will also execute your bids if you cannot come to the auction and wish to participate by telephone. Resources are limited and this service is offered on a first-come, first served basis. Menzies' staff will execute telephone bids from designated areas in the saleroom. This service is at the telephone bidder's risk and is also free of charge. It is the bidder's responsibility to establish if they were successful with their bids. <br>
SUCCESSFUL BIDS <br>
The fall of the auctioneer's hammer indicates the final bid. Menzies will record the bidder number of the buyer. If your bid is successful, you will be notified immediately after the sale by mailed invoice. Menzies advise all Buyers to arrange for their own 'all risks' insurance to cover their purchased goods effective from date for payment to protect their interests as Menzies do not provide insurance cover for Buyers. See condition 8 of the Conditions of Sale. <br>
UNSOLD LOTS <br>
If a lot does not reach the reserve, it is bought-in. In other words, it remains unsold and is returned to the consignor usually after a week in case there are any post sale offers. When the auctioneer hammers down a lot that fails to sell, he/she will not announce a bidder's number. <br>
AFTER THE AUCTION PAYMENT <br>
Under normal circumstances you are expected to pay for your purchases within 7 (seven) working days after the sale and to remove the property you have bought that day. Payment can be made by bank cheque, cash, or telegraphic transfer. Arrangements can be made for credit card payment which will incur a surcharge. If payment is made by personal cheque property will not be released until funds have been cleared. Payment by telegraphic transfer should be made to: <br>
Menzies Art Brands Vendor Trust A/C <br>
A.N.Z. Banking Group Ltd. <br>
353 Elizabeth Street, Melbourne, Victoria 3000 <br>
B.S.B. No. 013 040 <br>
Account No. 8369 13715 <br>
Please use the form provided. <br>
EXTENDED PAYMENTS <br>
With the consent of the vendor, Menzies may offer extended credit terms to prospective buyers whose credit worthiness has been verified. <br>
For further information, please contact <br>
Coralie Stow on (03) 9832 8700. <br>
SHIPPING <br>
After payment has been made in full, Menzies may, as a service to buyers, arrange to have the property packed, insured and shipped at your request and expense. We recommend that you request an estimate for any large items or property of high value requiring specialised professional packers.
Menzies will not accommodate a buyer's request to roll canvases sold on stretchers or remove works from frames or mounts. <br>
EXPORT LICENSING REGULATIONS <br>
The export of any item sold at Auction from Australia or its import into another country may require both export or import licenses. It is the buyer's responsibility to inform themselves with respect to those licenses and where necessary, to obtain the appropriate licenses. Those licenses may be required under the Protection of Movable Cultural Heritage Act 1986 or the Wildlife Protection (Regulations of Exports and Imports) Act 1982.
The Protection of Movable Cultural Heritage Act 1986 prescribes objects of Cultural Heritage significance that require either an export certificate or a permit. There may also be other legislation that restricts or prohibits the export of a lot outside a State or Territory or the Commonwealth of Australia. Prescribed objects are disclosed in the National Cultural Heritage Control list. <br>
Enquiries should be made of the Movable Cultural Heritage Unit, T: 02 6274 1810 or E: movable.heritage@deh.gov.au <br>
The Wildlife Protection (Regulations of Exports and Imports) Act 1982 requires a specific license to move items made of or incorporating animal material such as ivory, whalebone, tortoise shell, skins, etc irrespective of age or value. The restrictions affect movement from State to State and/or Territory and overseas. The Australian National Parks and Wildlife Service are responsible for these permits. Menzies recommends that Buyers make appropriate enquiries of the relevant authorities. Buyers will be bound to complete a purchase notwithstanding the inability to obtain any relevant license. <br>
COLLECTION <br>
Buyers can pay and collect property the following day from Menzies rooms after 12.00 noon, provided payment is made by bank cheque, cash or telegraphic transfer. If payment is made by personal cheque property will not be released until funds have been cleared. <br>
Due to space constraints Menzies require that purchases are collected within seven days after payment and unsold property be collected within fourteen days after auction. If the goods remain after seven days Menzies reserve the right to cause the property to be stored at the expense of
the owner. <br>
SALES RESULTS <br>
Price lists are sent automatically to catalogue subscribers shortly after each sale and are available to others on request. Prices realised are also published on our web site: <br>
www.menziesartbrands.com <br> <br>
THE SELLER <br>
AUCTION ESTIMATES <br>
If you are considering selling your property, Menzies will provide a free initial estimate of its auction value. <br>
Every Wednesday (2 - 5pm) our specialists are available and we offer the opportunity for sellers to bring their paintings to our Melbourne and Sydney offices for obligation-free appraisals. Alternatively send a clear photograph of each item ensuring you include the dimensions, artist's signature, medium, physical condition and any other relevant information. Visits can also be made by our specialists. These are usually at no cost but a fee may be charged which is based on the scope and diversity of the collection. These fees will be rebated if you consign your property for sale at Menzies. <br>
WITHDRAWAL OF PROPERTY <br>
Without any prior notice to the Vendor, Menzies reserves the right to withdraw from sale the property or to have the property listed at
any auction. <br>
AFTER SALE NOTIFICATION <br>
Within a few days after the sale, you will receive an after-sale advice listing the final bid price, or, in the event that the property failed to sell, notification that it was bought-in to be returned to you. <br>
You will be sent payment for your sold property approximately 35 (thirty five) days after the sale, provided payment has been received by us. <br>
RESALE ROYALTIES <br>
Prospective Purchasers' attention is drawn to the The Resale Royalty Right for Visual Artists Act 2009 (the Act) which came in to effect on the 8th June, 2010. Under the Act, artists and their beneficiaries are entitled to a 5% royalty on the resale price for certain resales of their work. The government has engaged Copyright Agency Limited (CAL) to collect and distribute artists' resale royalties, and there is information about resales on their website www.resaleroyalty.org.au. Menzies are obliged to provide information to CAL on all commercial resales after 8 June 2010, whether or not a royalty is payable on the resale. <br>
1. CONTROL OF AUCTION <br>
Menzies will have absolute discretion to determine the successful bidder should a dispute arise between the bidders and this includes the power to reject any bid, to cancel the sale or to re-offer the property in dispute. <br>
2. LOTS SUBJECT TO RESERVE <br>
All lots may be subject to a reserve price which Menzies shall act to maintain by bidding through the Auctioneer. The Auctioneer may place a bid on behalf of the Vendor and continue to bid until the reserve is reached. The reserve price is strictly confidential between Menzies and the Vendor.
With respect to lots that are offered without reserve, unless there are already competing bids, the auctioneer, at his or her discretion,
will generally open the bidding at 50% of the low pre-sale estimate for that lot. In the absence of a bid at that level, the auctioneer will proceed backwards at his or her discretion until a bid is recognised, and then continue up from that amount. <br>
3. ABSENTEE OR COMMISSION BIDS <br>
Menzies may accept any bid in the absence of the bidder by facsimile, email or telephone however with respect to all such bids, Menzies accepts no responsibility to errors or omissions in connection with their execution.
Absentee bids submitted on 'No Reserve' lots will, in the absence of a higher bid, be executed at approximately 50% of the low pre sale estimate or the amount of the bid if it is less than 50% of the low pre-sale estimate. <br>
4. PROPERTY SOLD AS IS <br>
Subject to any express warranty set out in these conditions of sale, all property is sold without any express or implied warranty or representation with respect to provenance or condition. No written or oral statement made at any time, shall constitute such warranty or representation. Each lot is sold 'as is', according to these conditions of sale.
Menzies is not able to and does not carry out exhaustive enquiries with respect to the accuracy or completeness of the provenance of a lot.
No entitlement to copyright in the lot can be assumed and there may be a reservation of copyright by the original Artist or other prior owners. <br> <br>
Bidders acknowledge these facts and accept responsibility for making their own investigations and inspections with respect to any lot in which they may be interested before the auction. <br>
5. PURCHASE PRICE DEFINED <br>
The purchase price payable by the Purchaser shall be the hammer price plus the buyer's premium, inclusive of any applicable Goods and Services Tax (GST). The buyer's premium is 25% (GST inclusive) of the hammer price. <br>
Payment of the purchase price as defined above is due in Australian Dollars.
6. G.S.T. <br>
'G.S.T.' means the goods and services tax imposed by the A New Tax System (Goods and Services Tax) Act 1999 (Com) (as amended). <br>
i. <br>
Menzies will sell the Property to be auctioned on a G.S.T. inclusive basis. The hammer price will therefore be inclusive of any G.S.T. payable. Menzies will invoice the Purchaser for the hammer price, inclusive of any applicable G.S.T. plus the buyer's premium, inclusive of G.S.T. Menzies will account to the Vendor for any applicable G.S.T. inclusive in the hammer price actually recovered from the Purchaser. The Vendor will be responsible to pay the G.S.T to the Australian Tax Office. <br>
ii. <br>
The Purchaser must carefully assess whether input tax credits for any G.S.T. paid will be available. We recommend you contact your accountant or lawyer on this question. <br>
iii. <br>
Menzies will make available a list of works which will be sold inclusive of G.S.T. in the hammer amount to intending bidders on request.
iv. <br>
Menzies will provide the Purchaser with a valid 'tax invoice' if G.S.T. is assessable on the sale. <br>
v. <br>
Any overseas buyer eligible for exemption from G.S.T. must produce satisfactory proof to Menzies that the property has or will leave the country as an export within 60 days of its purchase. <br>
7. <br>
RESALE ROYALTY RIGHT FOR VISUAL ARTISTS <br>
As from the 9th June, 2010, The Resale Royalty Right for Visual Artists Act 2009 (Cwth) ('the Act') will apply to the commercial resale of Artwork. Menzies will rely on information supplied by the Seller and Copyright Agency Limited ('CAL') to determine whether Resale Royalty Rights ('Artists' Resale Royalty') are applicable. Buyers and Sellers must inform themselves of the provisions of the Act and take professional advice if necessary on its application to a sale and purchase governed by the Conditions of Sale which appear in this catalogue. Where the lot is considered to be subject to the provisions of the Act, the Seller will be notified by Menzies and / or CAL, and then be responsible to pay the Artists' Resale Royalty as defined.
8. INSURANCE <br>
i. <br>
Menzies maintain their own insurance against their personal liability for risks arising from fire, theft following forcible entry and water damage (but not against accidental breakage or damage). The value of the Goods covered by Menzies policy is restricted to the gross amount realised by sale, or in the case of unsold Goods, the best bid received at auction, or in the case of Goods withdrawn or otherwise held prior to a sale, Menzies estimated auction realisation price. <br>
ii. <br>
Menzies own insurance will subsist until payment is made by the Buyer or, in the case of unsold Lots, until the expiry seven (7) days after notice from Menzies sent by prepaid mail or facsimile to the Vendor's last known address or facsimile number requiring him to collect the same. <br>
iii. <br>
A purchased Lot shall be at the Buyer's risk in all respects from date payment is due to Vendor whether or not payment has been made and neither Menzies nor the Vendor shall thereafter be liable for any loss or damage of any kind, whether caused by negligence or otherwise, notwithstanding that any Lot is in or under Menzies custody or control at the time of the occurrence of the loss or damage. <br>
iv. <br>
Menzies advise all Buyers to arrange for their own 'all risks' insurance to cover their purchased goods effective from date for payment to protect their interests as Menzies can not warrant that the Vendor has insured its interests in the goods and that Menzies cover will extend to all risks. <br>
v. <br>
Menzies does not accept responsibility for goods damaged by insect infestation or by changes in atmospheric conditions and Menzies shall not be liable for such damage nor for any other damage to glass or to picture frames. If the Lot is damaged or destroyed after sale and Menzies insurance company pays compensation which is then paid to or on behalf of a Buyer, the Buyer's premium shall still be payable by the Buyer in addition to the final bid price calculated in accordance with the Published Rates. <br>
9. PENALTY INTEREST <br>
If the Buyer fails to pay for the property within 7 days, and extended payment terms have not been granted, penalty interest at the rate of 18% p.a., may be charged on the unpaid balance until paid. <br>
10. COLLECTION OF PROPERTY SOLD <br>
The Purchaser may only remove the goods from the Auction Room of Menzies once the property has been paid for in full. All lots sold must be removed from the premises of Menzies no later than 7 (seven) days from the date of sale. If the goods have not been removed by this deadline
the goods may be transferred to a public warehouse or stored privately and all storage freight and other associated costs shall be to
the Purchaser's account. <br>
11. HANDLING AND PACKAGING <br>
Buyers should make own arrangements for shipping of goods including transit insurance. Menzies will assist Buyers to identify Carriers who will undertake to handle goods at the Buyers direction. If Menzies introduce Buyer to Packers or Shippers no recommendation is to be implied. <br>
12. REMEDIES OF MENZIES <br>
If the buyer is in breach of any of the conditions of sale then Menzies may choose to take the following action: <br>
i. Cancel the sale, retaining as liquidated damages any payment made by the buyer. <br>
ii. Re-sell the property without any minimum price at the next auction of Menzies or privately on 5 (five) days notice to the Buyer. <br>
iii. Take any other action Menzies may deem necessary. <br>
The remedies set out above are in addition to any other remedies Menzies may have either at common law or equity and any deficiency that may exist between the purchase price and the price paid upon re-sale shall be to the account of the defaulting buyer including all costs and expenses, warehousing and expenses of both sales and Solicitor's costs on a Solicitor/Client basis. <br>
In the event a defaulting buyer has made a part payment Menzies reserves the right to apply such payment to any such lots at its sole discretion. Any defaulting buyer will also be deemed to have granted us a security interest in any property that is in the custody of Menzies. <br>
13. BUYER'S REMEDIES <br>
The buyer acknowledges that Menzies under no circumstances shall be responsible for any indirect or consequential loss or damage including loss of profits for any acts or omissions that have occurred before, during or after the course of an auction. The buyer acknowledges that its damages shall be limited to the original purchase price paid for the lot. <br>
14. CHOICE OF LAW <br>
By bidding at an auction whether present, in person or by agent or by absentee bid, the buyer shall be deemed to have consented to the exclusive jurisdiction of the Courts of the State in which the Auction is conducted. <br>
15. REFUND IN CASE OF FORGERY <br>
In the event of proven forgery Menzies will refund to the buyer the purchase price of the lot. This refund will only occur provided the following conditions are met: <br>
i. The buyer must produce evidence from two independent experts who both agree that the lot is a forgery. Menzies reserves the right to request further expert evidence if, in its sole discretion, it is not satisfied with the findings of either expert. <br>
ii. The buyer must provide written notification to Menzies within 4 (four) years of the auction date of the forgery allegations. <br>
iii. The buyer must return to Menzies the allegedly unauthentic lot within 14 (fourteen) days of notifying Menzies of any lack
of authenticity. <br>
No refund will occur if there is any conflict of opinion among accepted experts in the field or if it can be demonstrated that the lot is a forgery only by means of scientific process that could damage or otherwise jeopardise the condition of the lot and which scientific techniques were not commonly employed until after the publication of the catalogue.
This guarantee is for the benefit of the buyer only and cannot be assigned. Such buyer must have remained the owner of the property without disposing of any interest in it to any third party up until the time the alleged forgery was discovered <br>
16. EXPORT LICENCE <br>
Any application for an export license by the buyer pursuant to any of the following: <br>
1. The Movable Cultural Heritage Act (1986); and <br>
2. The Wildlife Protection (Regulations of Exports and Imports) Act 1982; and <br>
3. Any other legislation or regulations that may prohibit the movement of or export of a lot from State to State or Territory and/or out of the Commonwealth of Australia; shall not affect the obligations of the buyer to make payment to Menzies within the time stipulated by these conditions. Unless there is an express written agreement by Menzies to make an application for an export license on his or her behalf, then all disbursements and out of pocket expenses that relate to such an application shall be to the buyer's account. <br>
17. PRIVACY OF INFORMATION <br>
Menzies ensures client confidentiality and use of personal information in accordance with its Privacy of Information Policy as stated in this catalogue. Clients when registering to bid or choosing to attend public events held by Menzies agree to the collection, use and security of personal information in accordance with the policy. <br>
18. AFTER AUCTION SALES <br>
Any post auction sale of lots offered at auction shall incorporate these Conditions as if sold in
the auction.
