I think I have a very basic grasp on this, but help me with some of the fine print, if you would: Terms of Sale All lots are offered subject to ___ Ltd’s Conditions of Business and to reserves. Of course. Estimates are published as a guide only and are subject to review. The hammer price of a lot may well be higher or lower than the range of figures given and there are no fixed starting prices. OK, sure. Images of additional items not illustrated in the printed catalogue are available online. Not an issue- the lot I'm looking at is amply illustrated. A Buyer’s Premium of 20% is applicable to all lots in this sale and is subject to VAT at the standard rate (currently 20%). Unless otherwise indicated, lots are offered for sale under the Auctioneer’s Margin Scheme. I'm wondering if this means if that's +20% buyer's fee plus another 20% VAT? Does VAT apply to an overseas bidder like me? What is the "Auctioneer's Margin Scheme"? Is that anything I even need concern myself with, or does it just refer to something the auctioneer must abide by? g Lots marked with the letter g qualify as Investment Gold as defined by H.M. Customs & Excise. Whilst invoice totals for such lots will be of equivalent value to those for lots sold under the Auctioneer’s Margin Scheme, the VAT on the Buyer’s Premium will be itemized separately. Not an issue- the lot I'm looking at is not gold. VAT may be refunded to buyers from outside the EU under certain circumstances and if satisfactory evidence of export is produced within three months of the date of sale. What does this mean? ___ Ltd can obtain quotations for the shipping of purchases and assist in applying for export licences. However buyers are reminded that it is their responsibility to comply with UK export regulations and with any local import requirements. What do I have to do to apply for an export license? Presumably the firm will assist with this, but does any of this add to the cost? Hypothetically, if I won a coin for £100 under these terms, what would the total with buyer's fee and VAT be, excluding any shipping and/or export licensing costs? £140? Sorry, it's all a bit bewildering to this American. I'm accustomed to overseas purchasing at fixed price, but my experience with auction venues other than eBay are limited, and I have zero experience when it comes to auction venues outside the USA.
The VAT is only on the auction fee - and if you can provide evidence of it being exported, you may receive a refund of the VAT So in your example of £100 win, the total would be £124
I've purchased several times from this auction house, so I can give my experience. Since I am in the USA, I have been charged only the 20% buyer's premium. I will note that last June, their invoice erroneously included VAT, but they corrected that after emailing them. They will ship the lots, and I've never dealt with needing an export license. They've typically sent mine out within a day or two of paying. Somewhat interestingly, they don't include shipping charges on the invoice itself, but when emailing the invoice they note to include an extra amount if you would like the lots sent. Also, I've found them to be very responsive and polite any time I'm contacted them, so feel free to email them with any questions or concerns you might have.
Like @Iosephus, I live outside the EU and my experience has been that the auction house simply generally not add the VAT to my invoice, as is correct since the shipping address is outside of the EU. Once an auction house accidentally added the VAT to my invoice and I simply emailed them and pointed out the error. They sent a corrected invoice. No big deal. The export license issue is murkier. Some European auction houses, trying to prevent alienation of their US customers who are suffering from the US's many misguided MOUs, add notes for their lots such as "this coin can be shipped to the US". I've seen others who will flag a lot as not being exportable to the US. Others have language in their TOS which puts the burden of obtaining an export license on the bidder. Still others will acquire the export license for you, some requiring the bidder to pay any fees associated with the license. I've seen auctions which bar US bidders because the auction house doesn't want to deal with the export license mess. One major coin I purchased several years ago required an export license. The auction house took care of the paperwork. When the coin eventually arrived, I looked at the paperwork and didn't see anything which seemed like it would satisfy the US's MOU relevant to the coin. I'm glad it arrived safely!! I have many coins from Naville (or Naumann, I don't remember) which arrive with a statement saying the coin meets requirements for export to the US or something to that effect. If I don't understand the TOS or whether a particular coin of interest requires an export license, I just don't bid. Barring extraordinary circumstances it is not worth the uncertainties and headache.
Memorandum Of Understanding. (Technically, the plural abbreviation is just MOU rather than MOUs, since the plural is Memoranda of Understanding and not Memorandum of Understandings but I can't seem to let it go without the s ) The largely political deals made between the US and other countries outlining various agreed upon restrictions, generally done to curry favor with or appease the other country. A "gentleman's agreement", although I suppose sometimes these MOU are formally enacted by the legislature.
This may apply if you pick up the coin in person. I bought a sweater in Ireland and at the airport there was a place I could show receipts for things I had purchased. I got the VAT back because I was exporting the sweater home instead of leaving it in Ireland. Western European countries typically don't require export licenses below a threshold. http://www.coinsweekly.com/en/Guide...man-Cultural-Assets-Protection-Act/4?&id=4394 says that for Germany the export license is for coins worth € 50,000. I have bought a few <$500 ancient coins from Austria and Spain and needed expert permission. The license was always free.
Wish I could help, as I am an adopted "Britt". But my coin-auction experience is limited to a few online successes. I know about as much, or as little, of U.K. auction terms, as any Yankee Doodle.
I've purchased a few coins from U.K. dealers that required expiry licenses. As I recall it is based on age and value of the coin, 50 years and/or 200 GBP were the cutoff. In each case it was handled by the dealer and was a relatively quick process. The coins arrived with the license included in the package. It certified that the coin was not of national importance and that exporting it was not depriving the U.K. of a significant cultural item. I find it odd that an auction house wouldn't handle it for their clients.
It is a set of instructions for calculating VAT, used by auctioneers. In the UK Auctioneers' Margin Scheme, it dictates that the buyer's VAT (value-added tax) is to be calculated on the hammer price plus the buyer's premium. There are other rules and caveats but I didn't read the details.
That's only the start of it. The big auction houses (Sotheby's, Christie's etc) have slideling scales of buyer's premium. Then there's artist's resale rights in the EU for modern art. And sometimes VAT on the lot as well as the premium. Coins are easy! As people have already said, coins are typically free of sale tax (because ancient), so the VAT applies only to the service (the premium), and is sometimes refundable. Ask the auctioneer if you're in any doubt about export license. Typically there will be no issue. It's more often a problem with fine art, but usually the decision about export of coins will take place before the auction. Import is more difficult, given MOU. These are implemented inconsistently, so you're taking a risk. I am not an expert on this, but I've done some research and I'm planning to write an article about it. DM me if you'd like more info. And I'm especially interested in gossip about how it works in practice. Please DM me if you have any good anecdotes.
No need to be secretive about it, I guess. Here is the object of my attention. Not ancient, but certainly historical.
