INFORMATION FOR BUYERS & SELLERS
Our specialists and client services staff would be pleased to assist you with any auction-related enquiries. Please email us or call +61 1300 346 327
AUCTION ESTIMATES
All works featured in Menzies' auctions are listed in our printed and online catalogues. Catalogue entries include descriptive information for each lot, as well as an auction estimate which reflects the opinion of our specialists as to the price expected for the lot at auction. Auction estimates are based on prices recently paid at auction for comparable works and take into account condition, rarity, quality and provenance. Estimates, unless otherwise stated, are in Australian dollars, are inclusive of GST and do not include the buyer's premium.
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.
RESERVES
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 estimate.
CONDITIONS OF SALE
If you wish to bid in a sale, we encourage you to read the Conditions of Sale which appear here. 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.
MENZIES INTEREST IN PROPERTY CONSIGNED FOR SALE
Menzies generally offers property consigned by others for sale at public auction.
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.
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.
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.
BUYER'S PREMIUM
Buyers are reminded that the purchase price will be the sum of the hammer price and the buyer's premium. The buyer's premium is 25% (GST inclusive) of the hammer price.
PRE-AUCTION VIEWINGS
All works to be auctioned will usually be exhibited for several days prior to the sale at Menzies' galleries in Melbourne and Sydney. Pre-sale viewings for all of our auctions are open to the public and free to attend. During these viewings, Menzies specialists are available to advise on the process of buying at auction and provide further information on individual lots.
CONDITION REPORTS
Menzies is pleased to provide general reports on the condition of individual lots upon request. This service is free of charge. Please submit your request no later than 48 hours prior to the auction. You can do so via the Condition Report button below the relevant entry in our online catalogue, or by contacting Menzies directly. We remind prospective buyers that each condition report is a statement of opinion and should not be relied upon as a statement of definitive fact. Prospective buyers are advised to inspect each lot in-person to satisfy themselves as to its condition and are encouraged to consult a professional conservator for a more detailed assessment if required.
PROVENANCE
Each catalogue entry may include a history of ownership and other relevant art-historical details. Although Menzies' specialists make every effort to ensure the accuracy of each catalogue description, prospective buyers are encouraged to conduct their own enquiries as to the provenance of each lot. The identity of a seller or previous owner may not be disclosed in our catalogue for privacy reasons, or because the previous owner's identity is unknown.
THE AUCTION
Auctions are open to the public, free of charge.
BIDDING
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, live internet bidding 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.
BIDDING INCREMENTS
Bidding generally opens below the estimate and advances in the following increments:
$500 - $1,000 by $50
$1,000 - $2,000 by $100
$2,000 - $5,000 by $200
$5,000 - $10,000 by $500
$10,000 - $20,000 by $1,000
$20,000 - $50,000 by $2,000
$50,000 - $100,000 by $5,000
$100,000 - $200,000 by $10,000
$200,000 - $500,000 by $20,000
$500,000 + by $50,000
Occasionally the auctioneer may vary the increments during the course of the auction at his or her discretion.
SUCCESSFUL BIDS
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 by Invaluable and after the sale by emailed 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.
UNSOLD LOTS
If a lot does not reach its reserve price, it goes unsold and is 'passed in'. Unsold works are generally stored on Menzies' premises for a number of days following the auction so they may be viewed by prospective buyers. To enquire about the availability and pricing of unsold works, please contact Menzies directly.
PAYMENT
Payment is due seven (7) calendar days after the auction unless Menzies has provided written approval of extended payment terms. Payment may be made by electronic funds transfer, credit card, cheque or cash (cash payments must not exceed $10,000 in value). Please note there is a 1.1% surcharge for credit card payments. If payment is made by personal cheque, the property will not be released until funds have been cleared. If you pay by electronic funds transfer and wish to collect your property on the same day, Menzies will require a detailed remittance advice from your bank. Payment by electronic funds transfer should be made to:
Menzies Art Brands Vendor Trust A/C
ANZ Banking Group Ltd. 353 Elizabeth Street, Melbourne, Victoria, 3000
BSB No. 013 040
Account No. 8369 13715
Please include your account code as a reference.
For queries regarding payment please contact Menzies on +61 1300 346 327
COLLECTION
Once payment has been received, buyers may arrange for collection of artworks in person or via an authorised carrier. Please advise Menzies beforehand if a third party will be collecting an artwork on your behalf. For buyers located in the city where the auction has taken place, artworks will be available for collection from 12 noon on the day following the sale. For clients located interstate and in closer proximity to Menzies' other gallery, Menzies offers complimentary shipping to its other premises. These artworks would generally be available for collection five (5) calendar days after the sale, from 12 noon. Due to space constraints, Menzies requires that purchases are collected within seven days of payment. In the event that property remains on Menzies' premises after this period, we reserve the right to securely store these items at the owner's expense.
SHIPPING
Should you be unable to collect your artwork(s) in person, Menzies would be pleased to assist with a quote for delivery with a professional art carrier. Most professional carriers also offer optional transit insurance where required. Menzies takes no responsibility for items that are lost or damaged in transit and it is the client's responsibility to ensure the suitability of the packing, mode of transport and insurance offered by their nominated carrier. Unless agreed otherwise, all post-sale shipping (including insurance) is at the owner's expense. To enquire about post-sale shipping of artworks, please contact us directly.
EXPORT LICENSING REGULATIONS
The export of certain artworks from Australia and their importation into another country may be subject to the provision of export and import licenses. It is the buyer's responsibility to conduct their own research into the requirements for exportation and importation of artworks and, where necessary, to obtain the relevant licenses. Clients are advised to contact the Department of Communications and the Arts for further advice.
SALES RESULTS
Auction results will be published on our website before close of business on the day following the auction. Both the hammer price and the full sale price including buyer's premium will be listed for all works sold. Should you wish to enquire about results for individual lots, please contact Menzies directly.
THE SELLER
REQUESTING AN ART APPRAISAL
We are constantly seeking high-quality entries for our auctions. If you are thinking about selling a work of fine art, Menzies would be pleased to provide a free initial estimate of its auction value. Appraisal requests may be submitted via our Online Appraisal Form or by contacting one of our specialists directly. Menzies also offers appraisals in person at our Sydney and Melbourne galleries on Wednesday afternoons, from 2:00 pm to 5:00 pm. Clients are welcome to bring along their artworks at this time; there is no need to make an appointment. In some circumstances, Menzies' specialists may be able to appraise artworks in situ at your property. Onsite appraisals are generally free of charge but a fee may be applicable depending on the scope and diversity of the collection. This appraisal fee would be fully refundable in the event that these artworks are consigned to auction with Menzies.
CONSIGNING YOUR ARTWORK
Should a work be suitable for auction with Menzies, our specialists would advise on the proposed conditions of sale. These would include an auction estimate and reserve price for each artwork, along with any associated costs. Each consignment is subject to a seller's commission which is calculated as a percentage of the hammer price of each artwork and is therefore payable only if the work is sold. In some instances, the consignment may include one-off fees associated with a third party - e.g. a copyright fee or resale royalty payable to the artist or their estate. These are applicable regardless of the sale outcome. Should you choose to proceed with consigning your artworks to Menzies, you will be provided with a formal consignment agreement for your signature.
RESALE ROYALTY
In accordance with the Commonwealth Resale Royalty Right for Visual Artists Act, 2009 Australian artists and their beneficiaries are entitled to a royalty in the event that an applicable artwork is commercially resold. The royalty equates to 5% of the hammer price of artworks sold for in excess of $1000 and only applies to artworks acquired after 9 June 2010, when the legislation came into effect. Resale royalties are only applicable to works by Australian artists under copyright (ie. artists who have been deceased for 70 years or more are exempt). To assist with determining whether a resale royalty may apply to your artwork, you may be required to complete a Resale Royalty Declaration form which will be provided at the time of consignment. The resale royalty scheme is administered by the Commonwealth Copyright Agency, and further information may be found on their website.
PRESALE ADVICE
During the fortnight preceding the auction, you will receive a pre-sale advice form. This form provides the vendor with the option of authorising Menzies to reduce the reserve price of an artwork consigned to the sale. The vendor is under no obligation to agree to any alteration of the existing terms of their consignment agreement, but in some instances, a modest reduction to the reserve may greatly reduce the chances of an artwork going unsold.
WITHDRAWAL OF PROPERTY
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.
AFTER-SALE NOTIFICATION
Within a few days of the auction taking place, you will receive an after-sale advice listing the final hammer price of each lot, or, in the event that the artwork went unsold, notification that it was 'passed in'. Payment for lots sold will be processed approximately 35 days after the sale. Please ensure that you have advised Menzies in advance of your preferred method of payment. The final proceeds of sale will be equal to the hammer price of each lot sold, less seller's commission and any additional costs as agreed at the time of consignment.
Should your artwork go unsold, Menzies' specialists would advise of any post-sale offers. Menzies generally recommends that unsold works remain on our premises for several days after the auction, so that they may be viewed by any prospective buyers. After this time, unsold artworks will be available for collection provided that any outstanding fees relating to the consignment have been paid in full. For vendors located interstate and in closer proximity to Menzies' other premises (ie. the gallery that did not host the auction), Menzies offers complimentary shipping of unsold works to that gallery. Due to space constraints, Menzies requests that vendors arrange collection of all unsold works within fourteen (14) days of the auction.
1. CONTROL OF AUCTION
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.
2. LOTS SUBJECT TO RESERVE
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.
3. ABSENTEE OR COMMISSION BIDS
Menzies may accept any bid in the absence of the bidder by facsimile, email, internet 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.
4. PROPERTY SOLD AS IS
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. 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.
5. PURCHASE PRICE DEFINED
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. For Purchasers who bid via Invaluable, a Live bidding fee (no GST) of 5% of the hammer price will be added to the purchase price. Payment of the purchase price as defined above is due in Australian Dollars.
6. G.S.T.
'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).
i.
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.
ii.
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.
iii.
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.
Menzies will provide the Purchaser with a valid 'tax invoice' if G.S.T. is assessable on the sale.
v.
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.
7.
RESALE ROYALTY RIGHT FOR VISUAL ARTISTS
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
i.
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.
ii.
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.
iii.
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.
iv.
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.
v.
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.
9. PENALTY INTEREST
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.
10. COLLECTION OF PROPERTY SOLD
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.
11. HANDLING AND PACKAGING
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.
12. REMEDIES OF MENZIES
If the buyer is in breach of any of the conditions of sale then Menzies may choose to take the following action:
i. Cancel the sale, retaining as liquidated damages any payment made by the buyer.
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.
iii. Take any other action Menzies may deem necessary.
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.
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.
13. BUYER'S REMEDIES
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.
14. CHOICE OF LAW
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.
15. REFUND IN CASE OF FORGERY
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:
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.
ii. The buyer must provide written notification to Menzies within 4 (four) years of the auction date of the forgery allegations.
iii. The buyer must return to Menzies the allegedly unauthentic lot within 14 (fourteen) days of notifying Menzies of any lack
of authenticity.
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.
16. EXPORT LICENCE
Any application for an export license by the buyer pursuant to any of the following:
1. The Movable Cultural Heritage Act (1986); and
2. The Wildlife Protection (Regulations of Exports and Imports) Act 1982; and
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.
17. PRIVACY OF INFORMATION
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.
18. AFTER AUCTION SALES
Any post auction sale of lots offered at auction shall incorporate these Conditions as if sold in the auction.
MENZIES CATALOGUING PRACTICE & TERMS
ARTIST'S NAMES
Menzies use the National Gallery of Australia's publication, Australian Art: Artist's working names authority list and are using the common names of the artists rather than their full names. For example: Tom Roberts rather than Thomas William Roberts; Rupert Bunny rather than Rupert Charles Wulsten Bunny; John Brack rather than Cecil John Brack. In the case of Aboriginal works of art, the artist's full name including skin group is used. Terms used in this catalogue have the meanings ascribed to them below. Please note that all statements in this catalogue as to Authorship are made subject to provisions of the Conditions of Sale and neither Menzies or the Vendor assume any liability or responsibility for the authenticity or authorship of any lot in this catalogue.
1. RUSSELL DRYSDALE
In Menzies' qualified opinion a work by the artist.
2. ATTRIBUTED TO RUSSELL DRYSDALE
In Menzies' qualified opinion a work which may be in whole or part the work of the artist.
3. CIRCLE OF RUSSELL DRYSDALE
In Menzies' qualified opinion a work of the period of the artist and closely related to his style and showing his influence.
4. STUDIO OF/WORKSHOP OF RUSSELL DRYSDALE
In Menzies' qualified opinion a work possibly executed under the supervision of the artist.
5. SCHOOL OF RUSSELL DRYSDALE
In Menzies' qualified opinion a work by a pupil or follower of the artist.
6. MANNER OF RUSSELL DRYSDALE
In Menzies' qualified opinion a work in the style of the artist possibly of a later period.
7. AFTER RUSSELL DRYSDALE
In Menzies' qualified opinion a copy of the work of the artist.
8. 'SIGNED'
The work has a signature which in Menzies' qualified opinion is the signature of the artist.
9. 'BEARS SIGNATURE'
The work has a signature which in Menzies' qualified opinion might possibly be the signature
of the artist although there is an element of doubt.
10. 'DATED'
The work is so dated and in Menzies' qualified opinion was executed about that date.
11. 'BEARS DATE'
The work is so dated and in Menzies' qualified opinion may possibly have been executed about that date although there is an element of doubt.
