Buying at Leonard Joel

Auctions at Leonard Joel are free to attend and open to the general public. Attending one of our salerooms during an auction remains the best way to become familiar with the auction process. We invite to you attend one of our upcoming auctions and viewings and if you have any questions about the auction process, please feel free to ask one of our specialists or staff members for guidance.

There are several important items for prospective buyers to familiarise themselves with before buying or bidding at auction and The Conditions of Business - Summary, located inside our catalogues, also contains useful information and sale-specific dates and venues.

• 1. Before the Auction - Considering your Acquisition
• 2. Bidding - Choosing bidding method and understanding transaction costs
• 3. Payment and Shipping

1. Before the Auction

Speak with one of our Specialists

At Leonard Joel the greatest resource of information about the quality and character of lots within our catalogues are our team of specialists. These individuals are respected within their fields and are intimately involved with the appraisal, cataloguing and sale of literally thousands of objects and works of art each year - as such they are uniquely placed to provide you with practical advice, historical insights and the anticipated selling price of any item that may interest you.

Catalogues

Before each auction we publish illustrated catalogues which provide detailed descriptions and estimated values for each lot. A lot usually refers to a single item but occasionally will refer to a group of items that will be offered for sale together. These catalogues also include the viewing and auction dates and times and can be purchased individually or by annual subscription.

For information on subscribing to our catalogues, please visit our catalogue subscriptions page.

Online Viewing

All our catalogues are published online approximately two weeks prior to the auction and do not require member access. Additionally and at no charge, you may join our email list which will provide you with exclusive information on your select areas of collecting and alert you when the catalogue is available online.

These catalogues are scholarly and beautifully illustrated, and many experience a second life as reference tools. Descriptions in our catalogues include information about provenance, size, condition, the artist or attribution where available, and value estimates.

Understanding Estimates and Reserves

Published estimates are provided as an approximate guide to current market value and should not be interpreted as a representation or prediction of final sale price. These estimates, expressed in a low/high range of dollar amounts, are determined by our relevant specialist via comparisons of prices realised for similar items in recent auctions and other sales venues. Other factors that will influence the estimate include the condition, rarity, provenance and market potential of the item. Estimates are determined well in advance of a sale and can occasionally be subject to revision prior to auction. Please contact us should you have any questions about value estimates. Some lots will be subject to a "reserve" which is the minimum price that the seller is willing to accept for a lot. This amount is confidential and does not exceed the low estimate.

Pre-Auction Viewing

Auction viewings are your opportunity to inspect each lot prior to the auction in a relaxed and unrushed environment. We encourage you to look closely and examine each object you may wish to bid for so that you are completely familiar with its condition prior to sale. While our Conditions of Business protect against certain mis-description, items are sold without warranty as to physical condition and as such prospective buyers are encouraged to request complimentary condition reports from the relevant department. At the previews, our staff are available to answer your questions and guide you through this important phase of inspection.

2. Bidding

Methods

At Leonard Joel, there are four methods of bidding: in person, via absentee bid, via our complimentary telephone bidding service (excluding weekly auctions) and now via the popular online live-bidding platform ARTFACT.

Registering to Bid

To participate in bidding activity at one of our auctions, you will be required to establish a valid client account via either our absentee bidding form or in person when you attend our auction. The full name, address, identification and active credit card details of the intending bidder are required for successful registration. This registration process requires the bidder to be bound by our standard Conditions of Business that are displayed in situ, in our catalogues and online. Registration information can be obtained online or simply by calling our Front of House on +61 (0)3 9826 4333.

Bidding in Person

Once you have successfully completed your registration you will be issued with a buyer's number card. To place a bid, simply hold up your bidding paddle so that the auctioneer can clearly see it. Decide on the maximum amount that you wish to pay, exclusive of buyer's premium and GST, and continue bidding until your bid prevails or you reach your limit. If you are the successful bidder on a lot, the auctioneer will acknowledge your paddle number and bid amount.

Absentee Bidding

If you are unable to attend the auction in person, we will be happy to execute written bids on your behalf. This service is free, completely confidential and your bid will be executed as cheaply as possible. Once the bid is registered with us it will be executed at the lowest possible purchase price subject to any reserve (minimum selling price set by the vendor) and naturally any bidding in the room. Typically we will begin the bidding process at the low estimate or reserve and we never begin at the absentee bid amount. In the event of identical bids, the earliest received will take precedence.

Leonard Joel publishes an absentee bidding form at the back of each catalogue and you may also download or complete an online form at www.leonardjoel.com.au. Within this form you will be requested to indicate the item or items upon which you wish to bid and the maximum bid amounts you are willing to make. You may also use the absentee bidding form to execute what we refer to as an "either/or" bid - this enables you to bid on two or more items with a view to only acquiring one. Please note that we are unable to accept or execute unlimited or "buy" bids.

Your online absentee bidding form also contains all the information required for registration and we will contact you to confirm submission. Completed absentee bidding forms should be returned to Front of House at Leonard Joel by fax, post or in person and successful absentee bidders will be contacted and receive an invoice after the auction.

Click here to download Absentee Bidding form

Telephone Bidding

Telephone bidding is available on certain lots and can be completed with the same Absentee Bidding form. A Leonard Joel staff member will call you from the auction room several minutes before the item you have nominated comes up for sale. The representative will then talk you through the auction and ask you when and at what increments you would like to bid. Because we must schedule staff to be available in the auction to phone bid with you, please register at least 24 hours in advance of the auction. We also ask that you be willing to bid up to the low estimate of an item for a phone bid. Please note that we do not accept phone bids for lots with a low estimate of less than $500 and may not be able to accept telephone registration on the day of the auction.

Click here to download Telephone Bidding form

Absentee and telephone bids are offered as a complimentary service for the convenience of our clients and as such Leonard Joel does not accept liability for failure to register such bids or execute them successfully.

Transaction costs - Buyers' Premium

Leonard Joel does not enjoy an ownership stake in the property we offer for sale at auction - instead we act as agent and host auctions to bring buyers and sellers together. When an item is sold, Leonard Joel charges a percentage of the hammer price to the buyer that we refer to as the Buyer's Premium. A Buyer's Premium is added to the final bid price (or hammer price) of each individual lot purchased, at the rates set forth in the Conditions of Sale. The winning bid price plus the premium, plus any applicable resale royalty (see below) constitute the purchase price for the lot. Applicable sales taxes are calculated based on this figure and the total becomes your final purchase price.

All sales are final and subject to the Conditions of Sale found in your catalogue, on our website and available at our Front of House.

Our Buyer's Premium rates for most types of auctions is 20% of the hammer price (plus GST)

Our Buyer's Premium rates for Collectors' Motor Cars, Motor Boats, Motorcycle auctions is 15% of the Hammer (plus GST)

Transaction costs - Resale Royalty

From 9 June 2010 the Australian Resale Royalty Scheme will be applied to all commercial resales of artworks. Under the Visual Artists Act, 2009 buyers, sellers and agents involved in commercial art resales have legal responsibilities to comply with the Resale Royalty Scheme. Auctions of Australian and Aboriginal art are impacted by the scheme. Some Decorative Arts and Jewellery items may also be captured under the Resale Royalty Scheme.

The Resale Royalty applies to all commercial art resales that meet the following criteria:
The artwork was acquired (inherited, purchased from a commercial gallery, art dealer or at auction) after June 9, 2010.
The artist is Australian.
The artist is living or deceased for less than 70 years.
The hammer price of the work is $1,000 or above.

The Resale Royalty is a flat 5% fee calculated on the hammer price of works sold at auction. This fee is passed on to the buyer of works at auction and is payable in addition to buyers premium (+GST). The 5% Resale Royalty goes directly to the artist or the artist's estate. Leonard Joel is required to pass the royalty fee to the Government's appointed collecting agency, Copyright Agency Limited. The Leonard Joel Buyer's premium remains at 20% +GST.

For further information please contact department specialists or the Copyright Agency Limited.

3. Payment and Shipping

All buyers are required to settle and collect their purchases within two working days of the auction. Payment may be made to Leonard Joel by cash, pre-approved cheque, bank cheque, money order, wire transfer, debit card or the following credit cards*: Visa, MasterCard, American Express. Please note, purchases that are settled by either personal or business cheque, cannot be released until Leonard Joel is in receipt of cleared funds.

*credit charge is 1.65% (inc. GST) and 3.15% (inc. GST) for American Express

Upon payment, you may collect your purchases at the auction location or arrange to have them shipped to a destination of your choice. We recommend that all purchases are collected or shipped within ten business days after the auction. After that time, your property may become subject to handling and storage charges. If you require shipping advice or assistance with selecting a suitable carrier, our administrative staff will be more than happy to assist you.

For more information, please contact Front of House at +61(0)3 9826 4333

Recommended Carriers

These companies are recommendations only and are totally independent of Leonard Joel Pty Ltd. Leonard Joel Pty Ltd will not be responsible or liable for any loss, damage or negligence that may occur while using these services.

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