Knowledge centre
Invoices are issued automatically once a sale has closed and been settled. The answers below explain how a total is calculated, when payment falls due, and how refunds are handled.
The buyer's premium is the commission payable to VALÉORINE by the buyer, calculated as a percentage of the hammer price and added to it. The rate is tiered, falling as the hammer price rises, and the applicable rates are stated in the conditions of sale for each sale.
Read the full answerYour total is the hammer price, plus the buyer's premium calculated on the tiered scale, plus any value added tax properly chargeable, plus shipping and insurance if we arrange them. The lot page shows an indicative calculation before you bid, and the invoice sets out each element separately.
Read the full answerInvoices are generated once the sale has closed and been settled, normally within one working day. You will receive notice by email, and the invoice is always available in your client portal.
Read the full answerPayment falls due immediately on receipt of the invoice and in any event within seven days of the sale, unless we have agreed otherwise in writing. Property is released only when funds have cleared.
Read the full answerBank transfer is our preferred method and the only one available for higher-value invoices. Card payment is accepted within published limits. We do not accept cash, and payment must come from an account in the name of the registered buyer.
Read the full answerInvoices are issued in pounds sterling. You may remit in another currency by agreement, but the sterling sum must be received in full: any conversion cost or shortfall arising from exchange movement is for your account.
Read the full answerLate payment attracts interest and storage charges under the conditions of sale, and we may decline further registrations until the account is settled. Where an invoice remains unpaid we reserve the right to rescind the sale and to re-offer the lot, holding the defaulting buyer liable for any shortfall.
Read the full answerA refund is issued where a sale is rescinded under the conditions of sale, most commonly following a successful claim that a lot is a deliberate forgery, or where an overpayment has been received. Refunds are returned to the account from which payment was made.
Read the full answerValue added tax may be chargeable on the buyer's premium and, for certain lots, on the hammer price, depending on the tax status of the property and of the consignor. The treatment of each lot is indicated in the catalogue and itemised on the invoice.
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