Guide for Buyers | Global
Updated on Fri, 06 Sep, 2024 at 06:04 AM
The following is intended to give you useful information on how to buy at a Sotheby’s auction.
All bidders should read the following information carefully and note that Sotheby’s acts as agent for the seller. Bidders’ attention is specifically drawn to Condition 3 of the Conditions of Business for Buyers, which require them to investigate lots prior to bidding and which contain specific limitations and exclusions of the legal liability of Sotheby’s and sellers.
The limitations and exclusions relating to Sotheby’s are consistent with its role as auctioneer of large quantities of goods of a wide variety and bidders should pay particular attention to these Conditions. Prospective bidders should also consult www.sothebys.com for the most up to date cataloguing of the property.
Sotheby’s auctions are governed by the Conditions of Business, including the Authenticity Guarantee (as defined in the Conditions of Business for Buyers). These apply to all aspects of the relationship between Sotheby’s and actual and prospective bidders and buyers. Anyone considering bidding in a Sotheby’s auction should read them carefully. They may be amended by way of notices posted in the saleroom, on the webpage for the sale on Sotheby’s website or by way of announcement made by the auctioneer.
For deposit requirements and storage fees, please refer to BEFORE YOU BID, Premium Lots and LATE COLLECTION FEE .
Geneva note: References to Sotheby’s in this Buying at Auction guide are to Sotheby’s AG (acting through its branch in Geneva), a limited company that has its registered office at Talstrasse 83, CH-8021 Zurich, Switzerland (and a branch at 2, rue François-Diday, CH-1204 Geneva, Switzerland.
Zurich note: References to Sotheby’s in this Buying at Auction guide are to Sotheby’s AG, a limited company that has its registered office at Talstrasse 83, Zurich CH-8021, Switzerland and a branch at 2, rue François-Diday, 1204 Geneva, Switzerland.
Cologne note: Please note that the purchase of Lots in our auction does not constitute a “Verbrauchsgüterkauf” (consumer goods purchase) under the German Civil Code.
- Your client Account with Sotheby’s
- Buyer’s Premium and Overhead Premium
- Browse the Lots for Sale
- Pre-sale Estimates
- Currency Board
- Deposits
- Premium Lots
- Condition of Lots
- Safety of Lots
- Provenance
- Salesroom Notices
HOW TO BID
PAYMENT
LATE COLLECTION FEE
COLLECTION / STORAGE / SHIPMENT / EXPORT
GLOSSARY AND ADDITIONAL INFORMATION ABOUT SPECIFIC TYPES OF PROPERTY
BEFORE YOU BID
Your client Account with Sotheby's
Sotheby’s requires bidders to create an account to ensure a seamless bidding experience. With an account, you'll be able to easily register for any sale through our auction calendar, whether you plan to bid in person, over the telephone or online remotely.
Follow our step-by-step account creation guide to assist you in this process. Our Client Care team is also available to answer any questions. You can contact them here.
Please note some auctions and lots require additional financial verification such as a bank reference.
We will also request additional information in order for you to bid, which may include providing credit card, debit card or, where applicable, bank account details which we will store as your preferred payment method. A member of our team will contact you if this is necessary.
Once you have completed the registration process to become a holder of a Verified Account, you can sign into the applicable auction using your own username and password. To log in to your Verified Account, please follow the login instructions provided at: https://www.sothebys.com/login
Buyer’s Premium and Overhead Premium
A buyer’s premium and overhead premium (if applicable) will be added to the hammer price and are payable by the buyer as part of the total purchase price. Please refer to our Conditions of Business for Buyers for the current buyer’s premium and, where applicable, the overhead premium rates.
Browse the Lots for Sale
Once the relevant auction has opened on Sotheby’s website, the online sale information for each lot for sale in the auction is available for you to review. Some auctions may also have a PDF catalogue available on the website.
Pre-sale Estimates
Pre-sale estimates are intended as a guide for prospective buyers. In our opinion, any bid between the low and high pre-sale estimates would offer a chance of success. However, lots can realize prices above or below the pre-sale estimates. It is advisable to check the pre-sale estimates prior to submission of a bid as estimates can be subject to revision. Please note that the estimates do not include the buyer’s premium, or any applicable overhead premium, Artist’s Resale Right or VAT.
Pre-sale Estimates in Currencies Other than the Local Currency as a Guide Only
Although the sale is conducted in the local currency from where the sale is taking place, the pre-sale estimates in some cases are also published in other currencies. The rate of exchange is the rate at the time of publication of a sale catalogue. Therefore, you should treat the estimates in any other currencies as a guide only and you should not rely on the estimate as a precise invoice amount. Sotheby’s assumes no responsibility for any error or omission in any foreign currency amounts published. Buyers are recommended to check the latest exchange rates before bidding.
Wine & Spirits Sales
Bidding is per lot.
Currency Board
As a courtesy to bidders, a currency board is operated in many salerooms. It displays the lot number and current bid in both local currency where sale is taking place and foreign currencies. Exchange rates are approximations based on recent exchange rate information and should not be relied upon as a precise invoice amount. Sotheby’s assumes no responsibility for any error or omission in the currency amounts shown.
f. Deposits
Sotheby’s reserves the right to request from a bidder a deposit and any financial references, guarantees and/or such other security as Sotheby’s may require in its absolute discretion as security for the bid.
If a client is unsuccessful in bidding for a lot, Sotheby’s will refund the deposit to the client without interest (subject to set off against amounts owed by the client to Sotheby’s) within 21 business days of the sale. Any exchange losses or fees associated with the refund shall be borne by the client.
Sotheby’s decision on the above required for participation in any bidding shall be final.
g. Premium Lots
Bidding on Premium Lots (✧) is subject to additional requirements, including completion of a pre-registration application in advance of the sale and bidders may be required provide financial references and pay a deposit before the sale. Please refer to our dedicated Symbol Key page for additional information regarding lots with this symbol.
h. Condition of Lots
All lots are offered for sale “AS IS” and in the condition which they are in at the time of sale. Prospective buyers are encouraged to inspect the property at the pre-sale exhibition, where available. Solely as a convenience, Sotheby’s may also provide condition reports and the online images of the Lot shall be deemed to form part of any such condition report. Any reference to condition in the online sale information will not amount to a full description of the condition and the absence of reference to the condition of a lot in the catalogue description does not imply that the lot is in good condition, working order, free from faults, imperfections, restoration, or repair. Please refer to Condition 3 of the Conditions of Business for Buyers. Please also refer to our dedicated page for additional information relevant to specific categories of property sold found here.
i. Safely Viewing Lots
Sotheby’s is concerned for your safety while on our premises and we endeavor to display items safely so far as is reasonably practicable. Nevertheless, should you handle any items on view at our premises, you do so at your own risk.
Some items can be large and/or heavy and can be dangerous if mishandled. Should you wish to view or inspect any items more closely please ask for assistance from a member of Sotheby’s staff to ensure your safety and the safety of such items. Some items on view may be labelled “PLEASE DO NOT TOUCH”. Should you wish to view these items you must ask for assistance from a member of Sotheby’s staff, who will be pleased to assist you.
j. Provenance
In certain circumstances, Sotheby’s may publish the history of ownership of an item of property if such information contributes to scholarship or is otherwise well known and assists in distinguishing the work of art. However, the identity of the seller or previous owners may not be disclosed for a variety of reasons. For example, such information may be excluded to accommodate a seller’s request for confidentiality or because the identity of prior owners is unknown given the age of the work of art.
k. Saleroom Notices
Saleroom notices amend the catalogue description after our catalogue is published. They may be posted in the saleroom, announced by the auctioneer and/or posted on the sale page. Please take note of them.
HOW TO BID
In addition to the following paragraphs, please refer also to Conditions 6 and 7 of the Conditions of Business for Buyers for further information on bidding and the conduct of the auction.
Live Auctions
Zurich notice: Sotheby’s live auctions take place with the participation of a civil servant from the Stadtammannamt Zurich. Any liability of the participating civil servant, of the municipality or of the State for the acts of Sotheby’s AG is excluded.
Live Auction
Live Auctions are open to the public (subject to any governmental health or safety restrictions) without any admission fee or obligation to bid. The auctioneer introduces the objects for sale —known as “lots” —in numerical order as listed in the catalogue. Unless otherwise noted in the catalogue, on the sale page or by an announcement at the auction, Sotheby’s acts as agent on behalf of the seller and does not permit the seller to bid on his or her own property. It is important for all bidders to know that the auctioneer may open the bidding on any lot by placing a bid on behalf of the seller. The auctioneer may further bid on behalf of the seller, up to the amount of the reserve, by placing responsive or consecutive bids for a lot. The auctioneer will not place consecutive bids on behalf of the seller at or above the reserve. The bidding steps are generally in increments of approximately 10% of the previous bid. Online bidding in a live sale for Premium Lots is subject to approval on a lot-by-lot basis. Please refer to Condition 7 of the Conditions of Business for Buyers.
Bidding in Advance of Live auction
Certain auctions have a period of online bidding followed by a live auction. In such cases, if you are unable to attend the live auction in person and wish to place bids, or simply wish to bid in advance of the live auction, you may do so on sothebys.com or via the Sotheby’s App (each an “Online Platform” and together, the “Online Platforms”). In order to do so, you must register an account with Sotheby’s and provide the requested information. Once you have done so, navigate to your desired lot and click the “Place Bid” button to start the process. You may bid at or above the starting bid displayed on the Online Platforms. Please note that Sotheby’s reserves the right to amend the starting bid prior to the start of the live auction.
You may place either an ‘advance bid’ or an ‘absentee bid’, both of which enable you to set your maximum bid on a lot, can be placed online or via the Bids Department ahead of the live auction. Please note that auctions will either have advance bidding or absentee bidding, never both. Placing the leading maximum bid before the live auction begins does not guarantee that another client will not outbid you before the auctioneer closes the lot.
Absentee bid
An absentee bid is a maximum bid placed ahead of the live auction through an Online Platform, as described above in “Bidding in advance of the LIVE auction” section or by submitting a maximum bid in writing to the Bids Department. It will be executed on your behalf by the auctioneer during the live auction, at the lowest price possible, as may be determined at the auctioneer’s discretion, and never for more than the maximum bid amount you indicate. This service is free and confidential. You may also continue to bid during the live auction above your predetermined maximum advance bid via an Online Platform using the Live Online Bidding method described below.
Advance bid
An advance bid is a bid placed before the live auction either through an Online Platform or by submitting a maximum bid in writing to the Bids Department. This bid will be automatically executed up to your maximum amount in response to other bids on the lot. If your maximum bid is below the reserve, Sotheby’s may place responsive bids on behalf of the seller up to the reserve amount before the live auction. During the live auction, if your maximum bid remains the highest, the auctioneer will execute it at the lowest possible price, not exceeding your maximum bid. You can also bid during the live auction above your predetermined maximum advance bid using the Live Online Bidding method. While the current leading bid is visible to all bidders, the value and status of your maximum bid are visible only to you. You can increase your maximum bid at any time before the live auction. Clients who have been outbid may be reinstated as the leading bidder under certain circumstances and will receive notifications via email or push notification. You will receive notifications via email and push notification if the status of your bid changes before the live auction. It's advisable to place your bids early, as in case of identical absentee bids, the earliest one received will take precedence. Successful bidders will be notified after the auction.
Bidding in Person
If you would like to bid in person at the live auction, you may register for a paddle prior to the start of the live auction through an Online Platform or by contacting Paddle Registration. Alternatively, you may register for a paddle upon entering the saleroom. Proof of identity will be required. If you are a first-time bidder, you will also be asked for your address, phone number, email address and signature in order to create your account.
Should you be the successful buyer of a lot, please ensure that your paddle can be seen by the auctioneer and that it is your number that is called out. Should there be any doubts as to price or buyer, please draw the auctioneer’s attention to it immediately.
All lots sold will be invoiced to the name and address in which the paddle has been registered and cannot be transferred to other names and addresses.
Please do not mislay your paddle; in the event of loss, please visit the registration desk. At the end of the sale, please return your paddle to the registration desk.
Telephone Bids
In some circumstances, we offer the ability to place bids by telephone live to a Sotheby’s representative on the auction floor. If bidding by telephone, we suggest that you leave a maximum bid which we can execute on your behalf in the event we are unable to reach you. Please see sothebys.com or contact the Bids Department prior to the sale to make arrangements or to answer any questions you may have. Telephone bids are accepted only at Sotheby’s discretion and at the caller’s risk. Calls may also be recorded at Sotheby’s discretion. By bidding on the telephone, prospective buyers consent thereto.
As the number of telephone lines is limited, it is necessary to make arrangements for this service 24 hours before the sale. When registering a telephone bid, please advise the Bids Department (see below) of any language requirements and we will allocate a multi-lingual staff member to execute the bids for you, where possible.
Live Online Bidding
If you cannot attend the live auction, it may be possible to bid live online via an Online Platform. For information about registering to bid via an Online Platform please refer to sothebys.com. Online bidding may not be available for Premium Lots.
Bids Departments contacts depending where the sale is taking place:
New York: bids.newyork@sothebys.com
London: bids.london@sothebys.com
Paris: bids.paris@sothebys.com
Hong Kong: bids.hongkong@sothebys.com
Singapore: bids.singapore@sothebys.com
Geneva: bids.geneva@sothebys.com
Zurich: bids.zurich@sothebys.com
Milan: bids.milan@sothebys.com
Cologne: bids.germany@sothebys.com
Online only Auctions
A timed auction is an auction that is conducted solely through the Online Platforms.
Submission of a Bid for a Lot in a timed Auction (online only)
In a timed auction, the pace can be brisk, with bidding escalating rapidly due to competition. Once you have set up a transactional account, you can bid on a lot by clicking the 'Place Bid' button on the Online Platform and specifying your maximum bid. You will then be asked to review and confirm your bid by pressing ‘Confirm Bid’ and in doing so your bid is submitted. You accept and agree that a bid is submitted once you click ‘Confirm Bid’. Increased bids are submitted as set out in 'Monitoring and Increasing your Bids' below.
Bids can be placed via the Online Platform from the beginning of the timed auction until the lot closes. You're allowed to bid at or above the starting bid shown on the Online Platform. Additionally, you can set a maximum bid, which will be automatically executed up to that predefined maximum in response to other bids, including those placed by Sotheby’s on behalf of the seller, up to the reserve amount (if applicable). Sotheby’s bids on behalf of the seller, up to the reserve amount, are included in the total bid count shown on the Online Platform. The highest bid is visible to all bidders, while the value and status of your maximum bid are only visible to you unless it becomes the leading bid. You'll receive email and push notifications (if using the Sotheby’s App) if the status of your bid changes, and you can also view the updated status under 'My Bids' in the 'My Account' section and on the auction and lot pages when logged in.
Sotheby’s use predetermined bidding increments, detailed in the bidding increments link on the Lot page of the Online Platform. In cases where two identical maximum bids are received, the first bid received will be given priority.
Monitoring and Increasing your Bids
If you are outbid at any time you will receive an email notification informing you accordingly and providing a link to follow to increase your bid and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on the auction page and lot page (when logged in). We encourage you to monitor the bids on lots throughout the duration of the timed auction to ensure your status as the highest bidder up until the close of the timed auction. Your updated bid is submitted by pressing ‘Continue to Confirm Bid’.
If you are using the Sotheby’s mobile application then the ‘Quick Bid’ option can also be used to submit a bid by either (i) swiping the ‘Quick Bid’ button all the way to the right of the screen; or (ii) pressing the ‘Quick Bid’ Button and then pressing the ‘Place Bid’ Button.
You can also use ‘quick filters’ via the auction page to filter lots based on your interest, including your bids, all lots and open lots. This feature allows you to track the lots you are bidding on (in particular if you are bidding on multiple lots which are closing at the same time).
Closing the Online Auction
An end time is displayed for each lot on the Online Platform, at both the auction homepage and on the lot page. Lots will close in 30-second or one minute intervals as indicated on the lot page on the Online Platform unless a bid is placed within 1 minute of a lot's scheduled end time. If this occurs, Sotheby’s will extend the sale of that lot by 2 minutes from the time of the last bid. The extension of any lot's closing time does not affect the closing time of the following lots. This may result in lots closing out of numerical order. Upon the closing of each lot, you will receive another email and push notification indicating whether you have won or lost each lot on which you have placed a bid.
As an exception to the above, Wine & Spirits timed auctions can sometimes be closed by an auctioneer.
Upon the closing of each lot, you will receive another email and push notification indicating whether you have won or lost each lot on which you have placed a bid and the revised status will also appear under 'My Bids' in the 'My Account' section as well as on the auction page and lot page (when logged in).
General
Bidding by Interested Parties
In situations where a person who is allowed to bid on a lot has a direct or indirect interest in such lot, Sotheby’s will notify bidders that an interested party may bid on the lot by one or more of the following means: the lot’s specific webpage will be updated to include the interested parties symbol, (⊻), a notice will be added to the Sotheby’s webpage for the auction, or a pre-sale or pre-lot announcement will be made indicating that an interested party may bid on the lot. Please refer to our Symbol Key page for additional information about lots with this symbol.
Employee Bidding
Sotheby’s employees may bid only if the employee does not know the reserve and fully complies with Sotheby’s internal rules governing employee bidding.
PAYMENT
The Conditions of Business for Buyers require buyers to pay immediately upon conclusion of the auction for their purchases.
a. Buyer's Premium and Overhead Premium
A buyer’s premium and overhead premium (as applicable) will be added to the hammer price and are payable by the buyer as part of the total purchase price. Please refer to our Conditions of Business for Buyers for the current buyer’s premium and overhead premium rates (as applicable).
b. Invoices
Subject to Condition 8(a) of the Conditions of Business for Buyers, successful bidders will receive an invoice detailing their purchases and giving instructions for payment and clearance of goods. Please note that we reserve the right to decline payments received from anyone other than the buyer of record and that clearance of such payments will be required.
If you are a successful buyer of a lot, you will be required to pay where applicable: Sales and/or Value Added Tax (VAT), Artist’s Resale Right, import tax, customs duty and any local clearance fees applicable for your country e.g. US Merchandise Processing Fee, Artist’s Resale Right and/or shipping costs (which include the transit insurance fee). Please refer to the Conditions of Business for Buyers, in particular Condition 8, for more information.
In the event that you are eligible for a VAT rebate based on your confirmed delivery address, we may reissue the invoice.
c. Methods of Payment
Accepted payment methods by Sotheby’s sale location are listed here.
The fastest and most secure way to pay is online by visiting www.sothebys.com/my-account or the Sotheby’s mobile app.
We kindly inform potential buyers that as of September 1st 2024 Sotheby's will no longer accept checks payments.
Invoices and payments must be in the name of the registered bidder, whether an individual or a third party. The bidder's name must match the name on the invoice and payment method used. This is a standard practice to ensure proper tracking and ownership of the items being sold. We reserve the right to seek identification of the source of funds received.
d. New clients
If you have opened a new account with Sotheby’s since 1 December 2002, and have not already provided appropriate identification, you will be asked to fill in our Customer Due Diligence form and to present documentation confirming your identity before your property or any amounts that may be due can be released to you. We may also contact you to request a bank reference and/or a deposit.
Please provide government issued photographic identification such as a passport, identity card or driver’s license as well as a proof of address other than the one showing on your identification.
e. Post Sale Services
If you have any questions relating to your purchase, our Post Sale Services team will be happy to assist you.
Post-Sale contacts depending where the sale is taking place:
New York: uspostsaleservices@sothebys.com
London: ukpostsaleservices@sothebys.com
Paris: frpostsaleservices@sothebys.com
Hong Kong & Singapore: hkpostsaleservices@sothebys.com
Geneva & Zurich: chpostsaleservices@sothebys.com
Milan: alessandra.berengan@sothebys.com
Cologne: depostsaleservices@sothebys.com
LATE COLLECTION FEE
Any purchased lots that have not been collected within 30 calendar days (or 60 calendar days if the buyer is a Sotheby's Preferred member) from the date of the auction will be subject to late collection fees set out at https://www.sothebys.com/en/late-collection-fees.
All charges are subject to VAT, where applicable. All charges are payable to Sotheby’s at our Post Sale Services.
Late collection fees will cease for purchased lots which are shipped through Sotheby’s Shipping Logistics from the date on which we have received full payment for shipping.
COLLECTION / STORAGE / SHIPMENT / EXPORT
Please refer to the sale location in our dedicated page.
SYMBOL KEY
Please refer to our dedicated page.
VAT AND OTHER TAX INFORMATION
Please refer to the sale location in our dedicated page.
GLOSSARY & ADDITIONAL INFORMATION ABOUT SPECIFIC TYPES OF PROPERTY
Please refer to our dedicated page.
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