Basil Ivan Rákóczi (1908-1979) Boat Oil on canvas, 37 x 53.5cm (14½ x 21'') Signed and dated

GENERAL TERMS & CONDITIONS OF BUSINESS
The Auctioneer carries on business on the following terms and conditions and on such other terms or conditions as may be expressly agreed with the Auction
eer or set out in any relevant Catalogue. Conditions 17-22 relate mainly to buyers and conditions 24-40 relate mainly to sellers. Words and phrases with special
meanings are defined in condition 1. Buyers and sellers are requested to read carefully the Cataloguing Practice and Catalogue Explanations contained in condi
tions 2 and 8.
Indemnities
7. Any indemnity given under these conditions shall extend to all actions,
proceedings, claims, demands, costs and expenses whatever and howso
ever incurred or suffered by the person entitled to the benefit of the in
demnity and the Auctioneer declares itself to be a trustee of the benefit of
every such indemnity for its employees, servants or agents to the extent
that such indemnity is expressed to be for their benefit.
Representations in Catalogues
8. Representations or statements made by the Auctioneer in any Cata
logue as to attribution, authorship, genuineness, source, origin, date, age,
provenance, condition or estimated selling price or value is a statement of
opinion only. Neither the Auctioneer nor its employees, servants or agents
shall be responsible for the accuracy of any such opinions. Every person
interested in a Lot must exercise and rely on their own judgement and
opinion as to such matters.
Governing Law
9. These conditions shall be governed by and construed in accordance with
Irish Law.
Notices
10. Any notice or other communication required to be given by the Auction
eer hereunder to a buyer or a seller shall, where required, be in writing and
shall be sufficiently given if delivered by hand or sent by post to, in the case
of the buyer, the address of the buyer specified in the Registration Form or
Register, and in the case of the seller, the address of the seller specified in
the Sale Agreement Form or to such other address as the buyer or seller (as
appropriate) may notify the Auctioneer in writing. Every notice or commu
nication given in accordance with this condition shall be deemed to have
been received if delivered by hand on the day and time of
delivery and if delivered by post three (3) business days after posting.
Conflict of Interest
11. The Auctioneer affirms that no conflict of interest exists that prevents
him/her providing the property service for the Client.
Records
12. The Auctioneer will keep a record of the services provided on foot of
any Agreement for 6 years. All financial records must be kept for 7 years.
DEFINITIONS AND GENERAL CONDITIONS
Definitions
1. In these conditions the following words and expressions shall have the
following meanings:
‘Auctioneer’ – James Adam and Sons trading as Adam’s
‘Auctioneer’s Commission’ – The commission payable to the Auctioneer by
the buyer and seller as specified in conditions 22 and 26.
‘Catalogue’ – Any advertisement, brochure, estimate, price list or other
publication.
‘Forgery’ – A Lot which was made with the intention of deceiving with re
gard to authorship, culture, source, origin, date, age or period and which
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is not shown to be such in the description therefore in the Catalogue and
the market value for which at the date of the auction was substantially less
than it would have been had the Lot been in accordance with the Catalogue
description.
‘Hammer Price’ – The price at which a Lot is knocked down by the Auction
eer to the buyer.
‘Lot’ – Any item which is deposited with the Auctioneer with a view to its
sale at auction and, in particular, the item or items described against any
Lot number in any Catalogue.
‘Proceeds of Sale’ – The net amount due to the seller being the Hammer
Price of the Lot after deducting the Auctioneer’s Commission thereon un
der condition 26 the seller’s contribution towards insurance under condi
tion 28, such VAT as is chargeable and any other amounts due by the seller
to the16Auctioneer in whatever capacity howsoever arising.
‘Registration Form or Register’ – The registration form (or, in the case of
persons who have previously attended at auctions held by the Auctioneer
and completed registration forms, the register maintained by the Auction
eer which is compiled from such registration forms) to be completed and
signed by each prospective buyer or, where the Auctioneer has acknowl
edged that a bidder is acting as agent on behalf of a named principal, each
such bidder prior to the commencement of an auction.
‘Sale Agreement Form’ – The sale agreement form to be completed and
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signed by each seller prior to the commencement of an auction.
‘Total Amount Due’ – The Hammer Price of the Lot sold, the Auctioneer’s
Commission due thereon under condition 22, such VAT as is chargeable
and any additional interest, expenses or charges due hereunder.
‘V.A.T.’ – Value Added Tax.
Cataloguing Practice and Catalogue Explanations
2.Terms regarding cataloguing practice used in catalogues have specific
meanings, and attention is drawn to these explanations in each published
catalogue.
GENERAL CONDITIONS
Auctioneer Acting as Agent
3. The Auctioneer is selling as agent for the seller unless it is specifically
stated to the contrary. The Auctioneer as agent for the seller is not respon
sible for any default by the seller or the buyer. The Auctioneer reserves the
right to bid on behalf of the seller.
Auctioneer Bidding on behalf of Buyer
4. It is suggested that the interests of prospective buyers are best protected
and served by the buyers attending at an auction. However, the Auctioneer
will, if instructed, execute bids on behalf of a prospective buyer. Neither the
Auctioneer nor its employees, servants or agents shall be responsible for
any neglect or default in executing bids or failing to execute bids.
Admission to Auctions
5. The Auctioneer shall have the right exercisable in its absolute discretion
to refuse admission to its premises or attendance at its auctions by any
person.
Acceptance of Bids
6. The Auctioneers shall have the right exercisable in its absolute discretion
to refuse any bids, advance the bidding in any manner it may decide, with
draw or divide any Lot, combine any two or more Lots and, in the case of a
dispute, to put any Lot up for auction again.
Bank Account
13. The Auctioneer’s “Client Account” is held at:
Bank of Ireland
39 St. Stephen’s Green
Dublin 2
Client Monies
14. Any interest credited to the Client Account in respect of monies held by
the Auctioneer will be dispersed in accordance with the Property Services
(Regulation) Act 2011 (Client Moneys) Regulations 2012.
Complaints
15. Any complaint which the Client may have arising under this Agreement
may be dealt with by Eamon O’Connor - email: e.oconnor@adams.ie - tel:
+353 1 6760261. A response will issue within 10 working days of receipt of
the complaint.
Where the Client is dissatisfied with the response to the complaint received
from the Auctioneer, the Client may make a complaint to: Property Services
Regulatory Authority, Abbey Buildings, Abbey Road, Navan, Co Meath, C15
K7PY.
Statement of obligations on the Auctioneer pursuant to section 42
and 43 of the Criminal Justice (Money Laundering and Terrorist Fi
nancing) Act 2010
16. The Auctioneer is obliged under sections 42 and 43 of the Criminal Jus
tice (Money Laundering and Terrorist Financing) Act 2010 to report to An
Garda Síochána and the Revenue Commissioners suspicious transactions
and transactions involving places designated under section 32 of that Act.
The maximum cash accepted per transaction is €8,000. For any cash pay
ments in excess of €500, a PSRA cash origin form will have to completed.

CONDITIONS 17-22 (INCLUSIVE) PREDOMINANTLY
CONCERN THE BUYER
Non-Payment or Failure to Collect Purchased Lots
17. If a buyer fails to pay for and/or collect any purchased Lot by the dates
herein specified for payment and collection the Auctioneer shall, in its
absolute discretion and without prejudice to any other rights or remedies
it may have, be entitled to exercise one or more of the following rights or
remedies without further notice to the buyer:
(a) To issue court proceedings for damages for breach of contract.
(b) To rescind the sale of that Lot or any other Lots sold to the buyer
whether at that or any other auction.
(c) To resell the Lot or cause it to be resold whether by public auction
or private sale. In the event that there is a deficiency between the Total
Amount Due by the buyer and the amount received by the Auctioneer on
such resale after the deduction of any necessary expenses the difference
shall be paid to the Auctioneer by the buyer. Any surplus arising shall
belong to the seller.
(d) To store (whether at the Auctioneer’s premises or elsewhere) and in
sure the purchased Lot at the expense of the buyer.
(e) To charge interest on the Total Amount Due at the rate of 2% over
and above the base interest rate from time to time of Bank of Ireland or
if there be no such rate, the nearest equivalent thereto as determined
by the Auctioneer in its absolute discretion from the date on which the
payment is due hereunder to the date of actual payment.
(f) To retain that Lot or any other Lot purchased by the buyer whether at
the same or any other auction and release same to the buyer only after
payment to the Auctioneer of the Total Amount Due.
(g) To apply sums which the Auctioneer received in respect of Lots being
sold by the buyer towards settlement of the Total Amount Due.
(h) To exercise a lien on any property of the buyer in the possession of the
Auctioneer for whatever reason.
Liability of Auctioneer and Seller
18. Prior to auction ample opportunity is given for the inspection of the
Lots on sale and each buyer by making a bid acknowledges that he has,
by exercising and relying on his own judgement, satisfied himself as to
the physical condition, age and Catalogue description of each Lot (includ
ing but not restricted to whether the Lot is damaged or has been repaired
or restored). All Lots are sold with all faults and imperfections and errors
of description. None of the seller, the Auctioneer nor any of their employ
ees, servants or agents shall be responsible for any error of description
or for the condition or authenticity of any Lot. No warranty whatsoever is
given by the seller or Auctioneer or by any of their employees, servants
or agents in respect of any Lot and any condition or warranty express or
implied by statute or otherwise is hereby specifically excluded.
Forgeries
19. Any amount paid by a buyer in respect of a Lot which, if it is proved
within 3 years of the date of the auction at which it was purchased, to
have been a Forgery shall be refunded by the seller subject to the provi
sions hereof, provided that:
(a) The Lot has been returned by the buyer to the Auctioneer within 3
years of the date of the auction in the same condition in which it was at
the time of the auction together with evidence proving that it is a Forg
ery, the number of the Lot and the date of the auction at which it was
purchased;
(b) The Auctioneer is satisfied that the Lot is a Forgery and that the buyer
has and is able to transfer good and marketable title to the Lot free form
any third party claims;
FURTHER PROVIDED THAT the buyer shall have no rights here under
if:
(i) The description of the Lot in the Catalogue at the time of the auction
was in accordance with the then generally accepted opinion of the schol
ars or experts or fairly indicated that there was a conflict of such opinion;
(ii) The only method of establishing at the time of the auction in question
that the Lot was a Forgery would have been by means of scientific pro
cesses which were not generally accepted for use until after the date of
the auction or which were unresonably expensive or impratical.

The buyer’s sole entitlement under this condition is to a refund of the
actual amount paid by him in respect of the Lot. Under no circumstances
shall the Auctioneer be liable for any damage, loss (including consequen
tial, indirect or economic loss) or expense suffered or incurred by the
buyer by reason of the Lot being a Forgery. The benefit of this condition
shall be solely and exclusively for the buyer and shall not be assignable.
The buyer shall for the purpose of this condition be the person to whom
the original invoice in respect of the sale of the Lot is made.
Photographs
20. The buyer authorises the Auctioneer at any time to make use of any
photographs or illustrations of the Lot purchased by the buyer for such
purposes as the Auctioneer may require.
New VAT Regulations
21. All lots are sold within the Auctioneer’s VAT margin scheme. Revenue
Regulations require that the buyer’s premium must be invoiced at a
rate which is inclusive of VAT. This VAT is not recoverable by any VAT
registered buyer.
Buyer’s Premium
22. The Auctioneer may also charge a fee to the purchaser “the buyer’s
premium”. The buyer’s premium is a commission paid by the buyer to the
Agent in addition to the sale price. The standard buyer’s premium shall be
25% inclusive of VAT, and may be subject to change.
Internet Bidding
23. These terms and conditions apply to all internet bidding at sales con
ducted by, or in conjunction with, Adam’s, covering both live auctions and
online-only timed auctions. Internet bidding conditions are in conjunc
tion to those which are covered in our General Terms and Conditions of
Business.
Registration
Before you can bid via Internet Bidding, you must register to bid online by
signing up for a ‘My Adam’s’ account. Bidders must be registered at least
24 hours prior to the start of any Sale or you may not be able to bid online
in that Sale. You will be liable for any and all bids made via your account.
Internet Bidding Process
Each bid made online shall be final and binding as soon as you click the
Bid button. The bidder holds sole responsibility for any bid submitted,
including those made in error, and will be held liable for the full payment
and collection of the lot if named the winning bidder.
In the event of a tie between a bid placed by you online and any other
identical bid(s) (including bids made in person at the Sale, telephone bids,
absentee bids, and other internet bids), it will be at the auctioneer’s dis
cretion as to which bid shall be accepted.
Adam’s reserves the right to reject a registration to bid online, withdraw
its permission for you to use Internet Bidding, or terminate an Internet
Bidding account, for any reason at any time prior to, during or after a Sale
without prior notice.
If you choose to use the Internet Bidding service, you do so entirely at
your own risk. Adam’s does not take responsibility for any issues regard
ing internet bidding functionality or delays which may occur due to soft
ware or hardware complications.
CONDITIONS 24-40 (INCLUSIVE) PREDOMINANTLY
CONCERN THE SELLER
Auctioneer’s Discretion
24. With regard to the sale of any Lot the Auctioneer shall have the follow
ing powers exercisable solely in the discretion of the Auctioneer.
(i) To decide whether to offer any Lot for sale or not.
(ii) To decide whether a particular Lot is suitable for sale by the Auctioneer
and, if so, to determine which auction, the place and date of sale, the con
ditions of sale and the manner in which such sale should be conducted.
(iii) To determine the description of any Lot in a Catalogue.
(iv) To decide whether the views of any expert shall be obtained and to
submit Lots for examination by any such experts.
(v) To determine what illustration of a Lot (if any) is to be included in the
Catalogue.

Seller’s Warranty and Indemnity
25. The seller warrants to the Auctioneer and to the buyer that he is the
true owner of the Lot or is legally authorised to sell the Lot on behalf of
the true owner and can transfer good and marketable title to the Lot free
from any third party claims. As regards Lots not held by the Auctioneer
on its premises or under its control the seller warrants and undertakes
to the Auctioneer and the buyer that the Lot will be available and in a
deliverable state on demand by the Auctioneer or buyer. The seller shall
indemnify the Auctioneer and the buyer or any of their respective em
ployees, servants or agents against any loss or damage suffered by any
of them in consequence of any breach of the above warranties or under
takings by the seller.
Commission
26. The Seller shall pay the Auctioneer commission at the rate of 10% on
the Hammer Price of all Lots sold on behalf of the seller at Irish Art Sales
and 17.5% on all other sales together with VAT thereon at the applica
ble rate. Minimum charges are detailed below. The seller authorises the
Auctioneer to deduct from the Hammer Price, paid by the buyer, the Auc
tioneer’s Commission under this condition; VAT payable at the applicable
rates and any other amounts due by the seller to the Auctioneer in what
ever capacity howsoever arising. The seller agrees that the Auctioneer
may also receive commission from the buyer pursuant to condition 22.
Minimum Charges: Each individual lot is subject to a minimum fee of
€25.00 plus VAT.
Reserves
27. Subject to the Auctioneer’s discretion, the seller shall be entitled prior
to the auction to place a reserve on any Lot. All reserves must be agreed
in advance by the Auctioneer and entered on the Sale Agreement Form or
subsequently be confirmed in writing to the Auctioneer prior to auction.
This also applies to changes in reserves. A reserve may not be placed
upon any Lot under €500 in value. The reserve shall be the minimum
Hammer Price at which the Lot may be sold by the Auctioneer. A reserve
once in place may only be changed with the consent of the Auctioneer. A
commission shall be charged on the ‘knock-down’ bid for Lots which fail
to reach the reserve price. Such commission shall be 5% of the ‘knock
down’ bid (Buying In Fee). This commission and any VAT payable thereon
must be paid before removal of the Lot after the auction. The minimum
commission hereunder shall be €25 per lot. The Auctioneer may in its
sole discretion sell a Lot at a Hammer Price below the reserve but in such
case the Proceeds of Sale to which the seller shall be entitled shall be the
same as they would have been had the sale been at the reserve.Unless
a reserve has been placed on a Lot in accordance with the provisions set
out above such Lot shall be put up for sale without reserve. In the event
that any reserve price is not reached at auction then for so long as the
Lot remains with the Auctioneer and to the extent that the Lot has not
been re-entered in another auction pursuant to condition 36 the seller
authorises the Auctioneer to sell the Lot by private treaty at not less than
the reserve price. The Auctioneer shall ensure that in such a case those
conditions herein which concern mainly the buyer shall, with any neces
sary modifications, apply to such sale.
Reserve Instructions
Fixed - sell at a pre-determined value, no higher than the low estimate
Discretion - sell up to 10% below the low estimate
Wide Discretion - sell up to 30% below the low estimate
No Reserve - sell to the highest bidder
Sell - sell to the highest bidder at any amount irrespective of the Lot value
Loss Warranty
28. Unless otherwise instructed by the seller, all Lots deposited with the
Auctioneer or put under its control for sale shall automatically be insured
by the Auctioneer under the Auctioneer’s own fine arts policy for the me
dian estimate, as determined solely at the Auctioneer’s discretion.The
seller shall pay the Auctioneer a contribution towards such insurance at
the rate of 1.5% of the Hammer Price plus VAT. If the seller instructs the
Auctioneer not to insure a Lot then the Lot shall at all times remain at the
risk of the seller who undertakes to indemnify the Auctioneer and hold
the Auctioneer harmless against any and all claims made or proceedings
brought against the Auctioneer of whatever nature and howsoever and
wheresoever occurring for loss or damage to the Lot. The sum for which
a Lot is covered for insurance under this condition shall not constitute
and shall not be relied upon by the seller as a representation, warranty
or guarantee as to the value of the Lot or that the Lot will, if sold by the
Auctioneer, be sold for such amount. Such insurance shall subsist until
such time as the Lot is paid for and collected by the buyer or, in the case
of Lots sold which are not paid for or collected by the buyer by the due
date hereunder for payment or collection such due date or, in the case of
Lots which are not sold, on the expiry of 7 days from the date on which
the Auctioneer has notified the seller to collect the Lots.
Professional Indemnity Insurance
29. The Auctioneer holds PI Insurance with:
Insurer’s Name: Hiscox Insurance PLC
Address:​The Hiscox Building, Peasholme Green, York, YO1 7PR, UK.
Duration of Agreement
30. Duration of this agreement shall commence from the the date of con
signment, as recorded on the sale agreement/receipt, and shall continue
in force until the property is either sold or collected (The Contract Period).
If terminated before the end of the contract period, 30 days notice shall
be given.
Termination of Agreement
31. The Agreement can be terminated at the complete discretion of the
Auctioneer at any time, subject to the 30 days notice, as outlined in con
dition 30. A vendor is able to end an agreement at any point up to the
sale of the Lot but will be held subject to charges for withdrawn Lots, as
outlined in Article 35.
Recision of Sale
32. If before the Auctioneer has paid the Proceeds of Sale to the seller the
buyer proves to the satisfaction of the Auctioneer that the Lot is a Forgery
and the requirements of condition 19 are satisfied the Auctioneer shall
rescind the sale and refund to the buyer any amount paid to the
Auctioneer by the buyer in respect of the Lot.
Payment of Proceeds of Sale
33. It is a condition of sale that payment to the seller cannot be made
unless the buyer has paid, and their funds cleared through our bank. The
Auctioneer shall remit the Proceeds of Sale to the seller not later than 30
days after the date of the auction, provided however that, if by that date,
the Auctioneer has not received the Total Amount Due from the buyer
then the Auctioneer shall remit the Proceeds of Sale within 7 working
days after the date on which the Total Amount Due is received from the
buyer. If credit terms have been agreed between the Auctioneer and the
buyer the Auctioneer shall remit to the seller the Proceeds of Sale not
later than 30 days after the date of the auction unless otherwise agreed
by the seller. If before the Total Amount Due is paid by the buyer the
Auctioneer pays the seller an amount equal to the Proceeds of Sale then
title to the Lot shall pass to the Auctioneer. If the buyer fails to pay the
Auctioneer the Total Amount Due within 14 days after the date of the auc
tion, the Auctioneer shall endeavour to notify the seller and take opinion
of the Auctioneer feasible, shall endeavour to assist the seller to recover
the Total Amount Due from the buyer provided that nothing herein shall
oblige the Auctioneer to issue proceedings against the buyer in the Auc
tioneer’s own name. If circumstances do not permit the Auctioneer to
take instructions from the seller or, if after notifying the seller, it does not
receive instructions within 7 days, the Auctioneer reserves the right, and
is hereby authorised by the seller at the seller’s expense, to agree special
terms for payments of the Total Amount Due, to remove, store and insure
the lot sold, to settle claims made by or against the buyer on such terms
as the Auctioneers shall in its absolute discretion think fit, to take such
steps are necessary to collect monies due by the buyer.
Payment of Proceeds to Overseas Sellers
34. If the seller resides outside Ireland the Proceeds of Sale shall be paid
to such seller in Euros unless it was agreed with the seller prior to the
auction that the Proceeds of Sale would be paid in a currency (other than
Euros) specified by the seller in which case the Proceeds of Sale shall be
paid by the Auctioneer to the seller in such specified currency (provided
that the currency is legally available to the Auctioneer in the amount re
quired) calculated at the rate of exchange quoted to the Auctioneer by its
bankers on the date of payment.
Charges for Withdrawn Lots
35. Once catalogued, Lots withdrawn from sale before proofing/publica
tion of Catalogue will be subject to commission of 5% of the Auctioneer’s
latest estimate of the auction price of the Lot withdrawn together with
VAT thereon and any expenses incurred by the Auctioneer in relation to
the Lot. If Lots are withdrawn after proofing or publication of Catalogue
they will be subject to a commission of 10% of the Auctioneer’s latest

estimate of the auction price of the Lot withdrawn together with VAT
thereon and any expenses incurred by the Auctioneer in relation to the
Lot. All commission hereunder must be paid for before Lots withdrawn
may be removed.
Unsold Lots
36. Where any Lot fails to sell at auction the Auctioneer shall notify the
seller accordingly and (in
the absence of agreement between the seller and the Auctioneer to the
contrary) such Lot may, in the absolute discretion of the Auctioneer, be
re-entered in the next suitable auction unless instructions are received
from the seller to the contrary, otherwise such Lots must be collected
at the seller’s expense within the period of 30 days of such notification
from the Auctioneer. Upon the expiry of such period the Auctioneer
shall have the right to sell such Lots by public auction or private sale and
on such terms as the Auctioneer in its sole discretion may think fit. The
Auctioneer shall be entitled to deduct from the price received for such
Lots any sums owing to the Auctioneer in respect of such Lots including
without limitation removal, storage and insurance expenses, any com
mission and expenses due in respect of the prior auction and commis
sion and expenses in respect of the subsequent auction together with
all reasonable expenses before remitting the balance to the seller. If the
seller cannot be traced the balance shall be placed in a bank account
in the name of the Auctioneer for the seller. Any deficit arising shall be
due from the seller to the Auctioneer. Any Lots returned at the seller’s
request shall be returned at the seller’s risk and expense and will not
be insured in transit unless the Auctioneer is so instructed by the seller.
Photographs and Illustrations/Marketing Charges
37. The seller authorises the Auctioneer to photograph and illustrate any
Lot placed with it for sale and further authorises the Auctioneer to use
such photographs and illustrations and any photographs and illustra
tions provided by the seller at any time in its absolute discretion (wheth
er or not in connection with the auction).
Catalogue illustrations are included at the discretion of the Auctioneer.
Marketing charges will be calculated as a scaled fee, working off the
hammer price as per the table below. All prices are subject to VAT at the
standard rate.
€0-€500 hammer price €25
€501-€2999 hammer price €50
€3000 and above hammer price €100
Outlay Charges
38. Where additional costs from third parties have acrued from the han
dling and selling of a Lot, the seller authorises the Auctioneer to deduct
these charges from the Total Amount Due. These charges include, but
are not limited to, charges concerning carriage, restoration, framing and
repair and are set by the third party. Where the Lot is not sold, these
charges will be billed directly to the client.
VAT
39. It is presumed, unless stated to the contrary, that the items listed
herein are auction scheme goods as defined in the Finance Act 1995.
Artist’s Resale Rights (Droit de Suite)
40. Government Regulations (S.1. 312/2006)
Under this legislation a royalty (droit de suite) is payable to living or de
ceased (up to 70 years from date of death) artists of E.U. Nationality on
all works resold for €3,000 or more, other than those sold by the artist
or the artist’s agent.
The total amount of royalty payable on any individual sale shall not ex
ceed €12,500.
The seller is liable for payment (paragraph 7.1 of Government Regula
tions (S.1. 312/2006)) of this
royalty on completion of the sale. The artist may request from the Auc
tioneer any information
necessary to secure payment.
Unless otherwise directed by the vendor, the Auctioneer will automati
cally deduct the amount due
from the proceeds of sale and will hold in trust for the artist or their
representative the said sum.
The resale royalty payable is calculated as follows:
From €3,000 to €50,000 4%
From €50,000.01 to €200,000 3%
From €200,000.01 to €350,000 1%
From €350,000.01 to €500,000 0.5%
Exceeding €500,000 0.25%

The total amount of royalty payable on any individual sale shall not ex
ceed €12,500.
The seller is liable for payment (paragraph 7.1 of Government Regula
tions (S.1. 312/2006)) of this
royalty on completion of the sale. The artist may request from the Auc
tioneer any information
necessary to secure payment.
Unless otherwise directed by the vendor, the Auctioneer will automati
cally deduct the amount due
from the proceeds of sale and will hold in trust for the artist or their
representative the said sum.