BAYLY, C. A. (ED.)

INFORMATION FOR BUYERS AT AUCTIONS

1.1 INTRODUCTION The following notes are intended to assist Bidders and Buyers, particularly those who are inexperienced or new to our saleroom. The sale of goods at our auctions are governed by our Terms of Sale (for Live Auctions or Online Auctions as applicable), our Privacy Policy, the Important Information for Buyers, and any notices that are displayed in our saleroom or announced by the Auctioneer (in the case of a Live Auction) or displayed on any Listing for a Lot in our Online Auction catalogue (in the case of an Online Auction) (collectively, the “Terms and Conditions of Business”). The Terms and Conditions of Business are available for inspection on our Website and at our saleroom on request. Our staff will be happy to help you if there is anything in our Terms and Conditions of Business that you do not fully understand. Please make sure that you read the applicable Terms of Sale carefully before bidding. If your bid is successful, you will be obliged to comply with our Terms of Sale.

1.2 AGENCY As Auctioneers we usually act on behalf of the Seller whose identity, for reasons of confidentiality, is not normally disclosed. If you buy at auction your Contract for your purchase of the goods is with the Seller, not with us as Auctioneer.

1.3 ESTIMATES Estimates are designed to help you gauge what sort of sum might be involved for the purchase of a particular Lot. Estimates may change and should not be thought of as the Lot’s value or predicted sale price. The lower Estimate may represent the Reserve price (the minimum price for which a Lot may be sold) and will not be below the Reserve price. Estimates do not include the Buyer’s Premium or VAT (where chargeable). Estimates are prepared some time before the auction and may be altered by a saleroom notice or announcement by the Auctioneer before the auction of the Lot (for Live Auctions), or on the Listing for a Lot in our Online Auction catalogue before the auction of the Lot (for Online Auctions). They represent a matter of opinion and are not definitive.

1.4 BUYER’S PREMIUM The Terms of Sale oblige you to pay a Buyer’s Premium at 25% on the Hammer Price of each Lot purchased. The Buyer’s Premium is subject to VAT at the standard rate (currently 20%). 1.5 VAT The following paragraphs are intended to give general advice on VAT for items purchased at auction. We have covered the common situations, and this may not be comprehensive. We are unable to offer Tax advice and we suggest you seek independent advice if you require clarifications or further information.

1.5.1 Items in our catalogue may be marked in the following ways: (a) (†) indicates that VAT is payable by the Buyer on both the Hammer Price and the Buyer’s Premium. VAT will be chargeable at the standard rate (presently 20%) for most Lots. Qualifying books will be charged at 0%. This imposition of VAT is likely to be because the Seller is registered for VAT within the UK and is not operating the Dealers’ Margin Scheme on their consignment to us. (b) (‡) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 5% (reduced rate due to nature of the Lot) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the Lot will become its importer. (c) (Ω) indicates that the Lot has been imported from outside the UK using customs Temporary Admissions procedures. Import VAT of 20% (higher rate) is due on the Hammer Price and an amount in lieu of VAT at 20% will be included in the Buyer’s Premium. This VAT on the Buyer’s Premium cannot be itemised separately on our invoices. The successful Bidder and therefore Buyer of the Lot will become its importer. (d) Lots which do not display one of the above symbols (referred to herein as unmarked Lots) have no VAT payable on the Hammer Price. This is because such Lots are sold using the Auctioneers’ Margin Scheme. Therefore, an amount in lieu of VAT at the standard rate is included within the Premium and will not be shown separately on our invoice or be recoverable as input Tax.

1.5.2 For the items marked (‡) or (Ω), Buyers registered for VAT in the UK should notify us as soon as possible after the sale so that we can correctly instruct our shipping agents to complete the import into the UK under the Buyer’s VAT registration and HMRC can issue a form C79. The charge on our invoice for the import VAT is not sufficient evidence to make a claim for the import VAT.

1.6 REFUNDS OF VAT 1.6.1 For Buyers from outside the UK, the VAT charged on the Hammer Price and Buyer’s Premium or included in lieu of VAT in the Buyer’s Premium can be refunded so long as the Buyer has: (a) registered to bid with an address outside the UK; and (b) discussed with us the proof of export we require and the timeframes to complete the export.

1.6.2 Once we are satisfied that the requirements referred to in Clause 1.6.1 have been met, and with the proof of export provided, the following VAT will be refunded: (a) For Lots marked (†): The VAT on the Hammer Price and on the Buyer’s Premium. (b) For Lots marked (‡) and (Ω): the import VAT and, for non-UK business customers only, the VAT in lieu in the Buyer’s Premium. (c) For unmarked Lots: the amount in lieu of VAT in the Buyer’s Premium. 1.6.3 To enable us to refund the VAT charged correctly we normally require the use of our international shippers to assist with the required paperwork. For private Buyers, we will only be able to refund the VAT if our shippers are used for the export of the Lot outside the UK.

1.7 REINVOICING SALES For unmarked Lots, you can request a Lot to be reinvoiced outside the Auctioneers’ Margin Scheme. VAT at 20% will be charged on the Hammer Price and the VAT on the Buyer’s Premium will be itemised separately on our invoice. This will enable a VAT registered business to reclaim all the VAT. Please note that the item will no longer be eligible to be sold in the Margin Scheme. We recommend you seek advice before proceeding. Requests must be made within 6 months of the sale and certain conditions apply.

1.8 INSPECTION OF GOODS BY THE BUYER As we act on behalf of the Seller, we are dependent on information provided by the Seller about their goods. We may inspect Lots and will act reasonably in taking a general view about them. However, we are normally unable to carry out detailed examinations of Lots to check their condition in the way a Buyer would do. You will have the opportunity to inspect the goods (upon request). Where a Lot is made available for inspection, we strongly recommend that you inspect any Lots that you are interested in prior to bidding at the auction. Please carefully note the exclusion of liability for the condition of Lots set out in the Terms of Sale for Online Auctions at Clause 22.5 and the Terms of Sale for Live Auctions at Clause 18.5. 2

1.9 GOODS WITH ELECTRICAL COMPONENTS These are sold as “antiques” for their historical and decorative attributes, and for collection and display only. They are not intended for use. If you buy goods with electrical components and intend to use them, you must ask a qualified electrician to check them for compliance with safety regulations before you use them.

1.10 ENDANGERED SPECIES If you intend to buy goods which contain endangered species, you need to find out if there is a prohibition on the purchase of goods of that character. For goods containing elephant ivory, you also need to satisfy yourself that they have been correctly registered or certified and meet the exemption conditions under applicable legislation.

1.11 EXPORT OF GOODS If you intend to export goods you must find out: 1.11.1 whether an export licence is needed; and 1.11.2 if there is a prohibition on exporting goods of that character outside of the UK or on importing goods of that character in your intended country of import such as because the goods contain prohibited materials such as elephant ivory or other protected flora and fauna.

1.12 BIDDING Bidders will be required to register with us before the auction starts. We Reserve the right to impose a deadline prior to the auction by which you must register or by which we must receive a commission bid. If you wish to bid on high value Lots this deadline may be several days before the auction in order to allow us sufficient time to carry out the necessary checks. Lots will be invoiced to the name and address on the registration form. Please enquire in advance about our arrangements for telephone or online bidding. You will need to provide us with proof of your identity in a form acceptable to us and such other information as we may require. Please note that we may refuse to register you if you do not provide us with all the information and documentation that we ask for or at our discretion.

BIDDING PLATFORMS We offer free online bidding directly through our Website (www.olympiaauctions.com). You may also bid using an independent Bidding Platform. Bidders using an independent Bidding Platform or service should note that the platform may impose an additional fee or charge, which will be added to the total amount payable in the event your bid is successful. Please refer to the terms and conditions on the relevant independent platform for rates.

1.13 FINANCIAL CHECKS As Auctioneers we may have to conduct various checks into our customers under the Money Laundering Legislation, under sanctions legislation and other related legislation. Unless we confirm we already have this information, on registration to bid you will be required to provide the following: (a) For individuals, official photo identification (driving licence, passport or equivalent) and proof of address (if this is not included in your ID document). (b) For corporate entities, the certificate of incorporation (or equivalent) with the entity’s official name, registered number (if any) and registered address, as well as details and ID documentation for directors and beneficial owners of the entity. (c) For trusts and estates, details and ID documentation for executors/trustees and details of beneficiaries: please contact us for further information.

1.13.2 You may be asked for further information if we deem this necessary.

1.13.3 If you are bidding for another person (your Principal) you will be required to provide the above information for yourself and your Principal, along with a signed letter from your Principal authorising you to bid on his/her behalf.

1.13.4 If you require further information about ID requirements, please contact enquiries@olympiaauctions.com. If we deem that you have not provided sufficient information for us to complete our anti-money laundering, terrorist financing and sanctions checks to our satisfaction, we may refuse to register you to bid and we may postpone completion of or cancel any Contract made by you and the Seller in the event you have made a successful bid.

1.14 COMMISSION BIDDING You may leave commission bids with us indicating the maximum amount to be bid against a Lot (excluding the Buyer’s Premium and/or any applicable VAT). We will execute commission bids as cheaply as possible having regard to the Reserve (if any) and competing bids. If two Buyers submit identical commission bids, we may prefer the first bid received (where this can be reasonably ascertained). Please enquire in advance about our arrangements for the leaving of commission bids by telephone or fax/email or via our Website or online Bidding Platform.

1.15 METHODS OF PAYMENT

1.15.1 Online: Payment can be made at www.olympiaauctions.com/payments.

1.15.2 Cheque: Usually any cheques will need to be cleared before you can take the goods away. We require seven days to clear sterling cheques unless special arrangements have been made in advance of the sale.

1.15.3 Bank Transfer: Please discuss with our office in advance of the sale if you plan to pay by electronic bank transfer.

1.15.4 Cash and UK registered debit card payments above £6,000 and “card holder not present” payments above £2,000 cannot be accepted.

1.16 COLLECTION AND STORAGE Please note what the applicable Terms of Sale say about collection and storage (see Clause 13 of the Terms of Sale for Live Auctions and Clause 15 of the Terms of Sale for Online Auctions). It is important that you pay for and collect goods promptly. Any delay may involve you having to pay storage charges. You (or your agent) must bring photographic ID for collection. Please note that collection may be made during working hours only, usually Monday to Friday 09:30 to 17:00.

1.17 POTENTIAL CANCELLATION RIGHTS If you purchase a Lot in an online sale as a Consumer in the UK or EU from a Seller who is a Trader, you may have a right to cancel your purchase of that Lot from the day of the auction up to the day which is 14 days after the date on which you take possession of the Lot. You may also have the right to cancel Services provided by us. Further information is set out in the Terms of Sale for Online Auctions.