Warning Over VAT Refunds on Premium
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antiques trade gazette User: IVAN Issue No: 2152 Issue Date: 02/09/08/14 File Name: NE01-03 PROOFED: Issue 2152 | 2nd & 9th August 2014 UK £2.25 – USA $6.50 – Europe €3.95 Warning over VAT ref u nd s Above and below: two views of the Nicole Frères music box c.1828 – £22,000 at Hannams. on premium that Her Majesty’s Revenue and Customs ■ HMRC will hand auctioneers set high standards to which buyers must the bill if paperwork is not in conform in order qualify for the refund. order, warns ATG columnist On page 50 of this issue, Mr Silverman, a partner in London law firm Streathers Music box sings at £22,000 Ivan Macquisten and a specialist in art market-related SELBORNE, Hampshire, auctioneer Hannams produced a YouTube video to reports legal issues, sets out details of the VAT promote the presence of this very early key-wind musical box by Nicole Frères in Auctioneers’ Scheme in a specially their inaugural sale on July 10. commissioned article following a number Rather like the medium by which it was marketed, the box had represented the AUCTION houses who refund of approaches to ATG by auctioneers cutting edge of entertainment when made around 1828. It thus ranks among the VAT on the buyer’s premium uncertain of their position in the face of first instruments created by the celebrated Geneva firm and one of only a few of demands for VAT refunds from buyers in this period in private hands. to overseas purchasers China and other countries. Although the box, consigned by a local vendor, entered the catalogue with an without ensuring that the “To make the scheme work you estimate of around £1000, something close to ten times that sum was anticipated correct paperwork is in place have to adhere to the record-keeping, after huge pre-sale interest. Perhaps 30 times, one of the fours airs was played over could find themselves liable invoicing and accounting requirements set the phone to worldwide callers during viewing, with other European bidders flying out,” he advises. And he quotes directly in to view and hear the box in person. for the tax themselves. from HMRC instructions which state: It was thought that it had originally formed part of the base of a clock with the That is the conclusion of ATG legal 13in (33cm) mahogany and giltwood case largely original save the addition of the columnist Milton Silverman, who advises continued on page 2 scrolling lockplate. These early cylinder musical boxes are typically very plain, lack serial numbers and have combs cut from a single steel plate – this example with exceptionally fine teeth was stamped F. Nicole. PLEASE NOTE THAT THIS IS OUR SUMMER DOUBLE ISSUE. After competition from six phone lines and a large commission bid, it was YOU WILL RECEIVE YOUR NEXT ISSUE IN TWO WEEKS’ TIME. knocked down to a European collector at £22,000 (plus 20% buyer’s premium). Koopman Rare Art genuine antiques from Paul Storr trusted dealers Antiques Trade Gazette: Harlequin Building, 65 Southwark Street, London SE1 0HR. PRINTED IN THE UNITED KINGDOM PAGE 001-003 2152.indd 1 7/25/2014 1:22:01 PM antiques trade gazette anti User: IVAN Issue No: 2152 Issue Date: 02/09/08/14 File Name: NE01-03 PROOFED: Use 2 2nd & 9th August 2014 contents news London Selection THE EXCEPTIONAL SALE AND TREASURES The capital’s July highlights Page 6-8 Cave coins find could shed new R Auction Reports Page 12-13 light on Iron Age culture in Britain COINS from the Late Iron Age and hoard of this type has been found in a Auction Previews Page 14 Republican Roman eras have been found cave. “The coins would suggest a serious a buried together for the first time. amount of wealth ‘power’ of the individual Dealers’ Diary Page 18-20 The discovery at Reynard’s Kitchen Cave who owned them,” said Ms Hall. “Coins in Dovedale, Derbyshire, was on National were used more as a symbol of power Art Market Page 22-23 ■ Trust land and the charity carried out a full and status during the Late Iron Age rather Is excavation after an initial find of four coins than for buying and selling staple foods betw Antiquarian Books Page 26-28 was made by a member of the public. and supplies. Was an individual simply top “In total we found 26 coins, including hiding his ‘best stuff’ for safe keeping? Or, Subscription Form Page 30 three Roman coins which pre-date the perhaps speculating, in the hope that the bran invasion of Britain in 43AD,” said NT value would increase in the future, like a glob International Events Page 31-37 archaeologist Rachael Hall. modern-day ISA? exor “Twenty other gold and silver coins “The situation of the cave can’t be Index of Auction Advertisers Page 39 are Late Iron Age and attributed to the ignored either. Could it have been a sacred ARK Corieltavi tribe. The tribe is more usually place to the Late Iron Age peoples that was Auction Calendar Page 39-43 Page 6-8 associated with occupying areas further taboo to enter in everyday life, making it a Fairs & Markets Page 44-47 east during the Late Iron Age, where the safe place that would ensure that person’s TWEL tribal centres are thought to be Leicester, valuables were protected?” collab Follow us on Twitter Classified Page 48 Sleaford and Lincoln, so it is interesting that The coins, declared treasure and forme this find is where it is in Derbyshire. Could recently cleaned at the British Museum Sothe Letters to the Editor Page 49 this area have been a previously unknown and University College London, will go on Th power base of the Corieltavi tribe?” permanent display at Buxton Museum later in on Summer Prize Giant Crossword Page 50-51 This is thought to be the first time a this year. intern will s @ATG_Editorial vat refunds SLAD move a new autum continued from front page THE Society of London Art partn CONTACTS Find us on: Dealers will move to new offices Sothe Antiques Trade Gazette, “If the evidence of export provided is found to be on August 5. They can now be only e Harlequin Building, 65 Southwark Street, London SE1 0HR unsatisfactory, VAT zero-rating will not be allowed contacted at CK International point 020 3725 5500 and the supplier of the goods will be liable to House Business Centre, 1-6 Bo account for the VAT due...” Yarmouth Place, Mayfair, any r MANAGING DIRECTOR Anne Somers [email protected] Briefly, buyers must be able to show that the London W1J 7BU. Tel: 020 bega Editor Ivan Macquisten transaction has actually taken place and that the 3617 0531. The email address partn Philip Hebard +44 (0) 20 3725 5608 goods they are claiming the refund on are indeed remains offi[email protected] with Deputy Editor Roland Arkell [email protected] those that have been purchased and exported, and after Commissioning Editor Anne Crane Phoebe Armstrong +44 (0) 20 3725 5613 to the stated destination. Swaffer on… losse News Editor Tom Derbyshire [email protected] “There is a much longer list for ‘Commercial part, transport evidence’. This includes various forms of FROM his early days in the fleam Dealers’ Diary Anna Brady waybills, certificates of shipment etc,” writes Mr trade to the retinal vein the a Editor at Large Mark Bridge SUBSCRIPTIONS 020 3725 5507 Polly Stevens Silverman in his article. thrombosis that has seriously Butte Sales Director Simon Berti [email protected] Some of the larger auction houses, such as impaired his eyesight, Arundel Bonh Head of Sales Sharon Davies Christie’s, avoid the risk of being landed with dealer Spencer Swaffer and t their clients’ VAT bill through a mix of terms and speaks candidly to Anna in 19 Office Manager Bea Barber ATG PRODUCTION 020 3725 5620 Production Editor Muireann Grealy conditions and offering an in-house export service Brady in this week’s Dealers’ Th Print & Production Director Justin Massie-Taylor Workflow Manager Clair Perera that takes care of all the bureaucracy on their behalf. Diary on pages 18-20. Aucti EDITORIAL 020 3725 5520 of the ONLINE SERVICES [email protected] Aucti cease www.antiquestradegazette.com ADVERTISING An [email protected] Web Content Manager Alex Capon [email protected] PEOPLE after AUCTION ADVERTISING 020 3725 5602 critici Emma McCann www.the-saleroom.com BONHAMS have appointed Magnus Renfrew as deputy their Operations Manager Carl Nestor [email protected] chairman, Asia, and director of Fine arts, Asia. [email protected] Operating from Bonhams’ new saleroom in Hong Kong, NON-AUCTION ADVERTISING 020 3725 5605 www.i-bidder.com he will join Bonhams in September following his role as Ap Daniel De’Ath Head of Operations George Wade director Asia and member of the executive committee of Art [email protected] [email protected] Basel where he was responsible for its HK edition. THE G Magnus was founding fair director of ART HK – Hong Office FAIRS & MARKETS 020 3725 5603 ONLINE SUPPORT LINES Kong International Art – and oversaw its transition through auctio Tamsyn Mason [email protected] the-saleroom.com: +44 (0) 20 3725 5555 its first two editions as Art Basel in Hong Kong in 2013 and to the i-bidder.com: +44 (0) 20 3725 5550 2014. He has also been an auction house specialist with Bonhams where he was Golds CLASSIFIED ADVERTISING 020 3725 5604 instrumental in setting up their first sale of Contemporary Asian Art in London Th Meegan Hill in June 2006.