Full Lot Details - Lot Number 329
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Description
THE PROPERTY OF A EUROPEAN COLLECTOR

A FINE 18 BORE FRENCH SILVER-MOUNTED ROYAL FLINTLOCK HOLSTER PISTOL MADE FOR JOHN V, KING OF PORTUGAL (1689, 1706-50) BY LE HOLLANDOIS A PARIS AUX GALLERIES
CIRCA 1726
with lightly swamped barrel octagonal over the breech, formed with a long shaped flat decorated with gilt scrollwork, monsterhead tendrils, a mask and the barrelsmiths monogram (Neue StÝckel 8128) the underside of the barrel with some early blued finish, engraved tang decorated with a classical profile and with the inventory number '31', bevelled lock decorated with a delicate dog tooth border, chiselled with a monstrous espagnolette mask on a gilt ground on the tail, signed in a rectangular frame observed by a putto above and with a trophy-of-arms on the right, chiselled and gilt cock, chiselled top-jaw and steel , the latter en suite with the tail, engraved faceted pan, highly figured walnut full stock moulded over the fore-end, carved with delicate leafy tendrils and strapwork about the rear ramrod-pipe and the tang, decorated with a small scalloped moulding ahead of the lock side-plate and behind the tang, full silver mounts cast and chased in low relief against a finely matted gilt ground (rubbed, gilding missing in some places), comprising side-plate decorated with two trophies-of-arms within a dogtooth framework, spurred pommel decorated with tendrils matching the stock, trophies-of-arms, a mask on each side, and a further trophy on the cap, trigger-guard decorated with a framed profile portrait of Diana the huntress beneath a canopy with a trophy-of-hunting suspended from the frame, two ramrod-pipes decorated with leafy tendrils carrying a monstrous mask, and escutcheon decorated with the crowned Royal Arms (later ramrod)
31.0 cm; 12 ľ in barrel

Provenance
Rainer Daehnhardt

By tradition this was presented to King John V of Portugal in 1727 following the fire that devastated the Portuguese Royal Manufactory the preceding year.

Le Hollandois was the son of the gunmaker of the same name who worked in partnership with Thuraine in the third quarter of the 17th century, perhaps best known for the remarkable pattern books that bear their names. The younger Le Hollandois was called Adrien Reynier, and is recorded in Paris as a journeyman in 1705, received French nationality 1711, became Arquebusier Ordinaire du Roi 1723 and was given a logement at the Louvre on 18th January 1724, as successor to Bertrand Piraube. See Hayward 1963, p. 47 and Lenk 1965, p. 80.
Estimate
 £8000 - 12000
VAT Status
M

Auctions and Value Added Tax

Notes for Buyers - A Summary

Items to be sold at auction within the United Kingdom (UK) and European Union (EU) can be offered under the Auctioneers' Margin Scheme or under normal Value Added Tax (VAT) rules.

VAT is potentially payable on the bid (hammer) price of the goods, on the auctioneer's commission in the form of a buyer's premium and on any charges relating to the goods (import, valuation, collection , storage, packaging, delivery, etc.).

For full details of the Auctioneers' Margin Scheme please refer to VAT notice 718. Normal VAT rules are detailed in VAT notice 700. Both document can be obtained from Her Majesty's Revenue and Customs (HMRC) at www.hmrc.gov.uk/vat

VAT Code Definitions (Sales Tax) - A Summary

Each lot has a VAT code letter which defines how the lot is to be treated for VAT. The meanings of these codes are shown in the table below:

Auctioneers' Margin Scheme

MStandard rate item. Lot not liable for VAT on bid (hammer) price. VAT on buyer's premium at 20% included within buyer's premium and not shown separately.
NZero rate item. Lot liable for VAT on bid (hammer) price at 0%. Lot liable for VAT on buyer's premium at 0%.

Lots Subject to Normal VAT Rules

VStandard rate item. VAT at 20% added to bid (hammer) price. VAT on buyer's premium at 20% shown separately.
IStandard rate item. VAT at 20% included in bid (hammer) price. VAT included in bid price shown between ( ). VAT on buyer's premium at 20% shown separately.
WReduced rate item. VAT at 5% added to bid (hammer) price. VAT on buyer's premium at 20% shown separately.
JReduced rate item. VAT at 5% included in bid (hammer) price. VAT included in bid price shown between ( ). VAT on buyer's premium at 20% shown separately.
ZZero rate item. Lot liable for VAT on bid (hammer) price at 0%. VAT on buyer's premium at 20% shown separately.
EExempt item. Lot is exempt for VAT on bid (hammer) price. VAT on buyer's premium at 20% shown separately.


Normal VAT Rules

VAT accounting is mandatory for VAT registered businesses in the UK and EU. VAT (Sales Tax) is added to the price of the goods at either 20% or 5% according to the goods classification. VAT registered businesses can reclaim VAT paid by them on purchases. The difference between VAT collected on sales and VAT paid on purchases is sent to HMRC.

Most commercial auctioneers (i.e. those involved in the disposal of commercial assets be reason of business mergers, administrations, liquidations, disposals, etc.) sell under normal VAT rules. This is principally because the Auctioneers' Margin Scheme cannot be used where the goods have had VAT on their purchase reclaimed from HMRC - as will almost always be the case when auctioning goods previously bought by VAT registered businesses.

Lots subject to normal VAT rules are marked in the printed auction catalogue with a single asterisk character (*) or a single dagger symbol (†) to indicate a VAT added rate of 20%.

Lots subject to normal VAT rules are marked in the printed auction catalogue with a single 'at' character (@) to indicate a VAT inclusive rate of 20%.

Lots subject to normal VAT rules are marked in the printed auction catalogue with a double asterisk character (**) or a double dagger symbol (‡) to indicate a VAT added rate of 5%.

Lots subject to normal VAT rules are marked in the printed auction catalogue with double 'at' characters (@@) to indicate a VAT inclusive rate of 5%.

Lots subject to the 5% rate are often lots being sold under HMRC temporary importation rules where the import duty has been deferred until the point of sale and is to be paid by the buyer. However, some classes of goods do attract VAT at the reduced rate.

Please note that VAT on auctioneer's commission and charges is always at the 20% rate even if the good are subject to the 5% VAT rate.

A buyer's invoice will shoe the bid (hammer) price of the lots bought. VAT is added to the hammer price. The buyer must also pay the auctioneer's commission in the form of a buyer's premium, plus VAT on the buyer's premium at 20%. Any charges (e.g. delivery, packaging, etc.) will also be subject to VAT at 20%

Some auctioneers choose to sell VAT inclusive. This means that the bid (hammer) price achieved at auction already includes VAT at the appropriate rate. The true hammer price can be found by dividing the VAT inclusive price by either 1.2 or 1.05 as appropriate. VAT on hammer price, VAT on buyer's premium and VAT on charges will then all be based on the true hammer price. VAT inclusive lots will be marked as Inc or Nil in the on line catalogue.

Some classes of goods are either exempt or zero rated for VAT so there will be no VAT added to the hammer price for these goods.

Non UK or EU VAT registered buyers can have most classes of VAT refunded on their purchases - please note that auctioneers are under no obligation to provide VAT refunds, although many will offer this service. HMRC are the ultimate refunding authority. VAT refunds are subject to provision of statutory export/import documentation. HMRC have decreed that VAT on buyer's premium is always payable whether the buyer is domiciled in the UK, EU or outside the EU or wherever the goods are to be sent. So auctioneers cannot refund VAT on buyer's premium if the good are sold under normal VAT rules.

VAT is always calculated on a lot-by-lot basis. VAT totals on a buyer's invoice may show small rounding discrepancies. For example, if a buyer's premium was quoted at 17.5% inclusive of VAT, the actual buyer's premium rate would be 14.58333% plus VAT at 20%. Since currencies cannot have fractions of a penny or cents, rounding discrepancies will accumulate and cannot be avoided.

Auctioneers' Margin Scheme

Most auctioneers specialising in fine art and chattels - where VAT on the goods was originally paid but not reclaimed - choose to sell under the Auctioneers' Margin Scheme. The scheme is detailed in VAT notice 718, principally for disposal of non-commercial second-hand items, but in summary:

VAT is not payable on the bid (hammer) price.

Buyer's premium and VAT on buyer's premium are combined and shown as one total - VAT on buyer's premium is not shown separately and cannot be reclaimed by UK or EU VAT registered businesses or individuals.

Charges and VAT on charges are shown separately. VAT on charges can be reclaimed by UK and EU VAT registered businesses or individuals.

If a VAT registered UK or EU buyer wishes to reclaim VAT on purchases they can ask the auctioneer for a VAT invoice. This takes the relevant lots our of the Auctioneers' Margin Scheme and treats them all under normal VAT rules. The buyer will need to pay VAT on the hammer price of the goods. Buyer's premium and VAT on buyer's premium will be shown separately and VAT on buyers premium and charges can be reclaimed. A buyer cannot cherry pick which parts of the schemes they would want to utilise. For example, Auctioneers' Margin Scheme good cannot have VAT on buyer's premium shown separately unless VAT on hammer price is also paid to the auctioneers.

Non UK or EU VAT registered buyers can have all classes of VAT refunded on their purchases - please note that auctioneers are under no obligation to provide VAT refunds, although many will offer this service. HMRC are the ultimate refunding authority. VAT refunds are subject to provision of statutory export/import documentation.

VAT is always calculated on a lot-by-lot basis. VAT totals on a buyer's invoice may show small rounding discrepancies. For example, if a buyer's premium was quoted at 17.5% inclusive of VAT, the actual buyer's premium rate would be 14.58333% plus VAT at 20%. Since currencies cannot have fractions of a penny or cents, rounding discrepancies will accumulate and cannot be avoided.

Disclaimer

This note is an attempt to provide auction buyers with a summary of VAT law. The information is supplied in good faith but no warranties are given. Our advice is that buyers should raise queries with a local VAT office.

Effective from 1st January 2012



VAT on hammer price (highest bid) %
Nil
Buyer's Premium including VAT %
28.80
Buyer's Premium %
 
VAT on Buyer's Premium %
 
Artist's Resale Right Charge
No

Artist's Resale Right Scheme (Droit de Suite)


Following the UK's implementation of the EU Artist's Resale Right directive in 2006 living artists and with effect from 1st January 2012 artists deceased within the past 70 years are entitled to receive a resale royalty each time their artwork is sold in the UK by an art market professional, subject to certain conditions.

The payment is calculated on qualifying works of art which are sold for a hammer price or more than € 1,000. The UK sterling equivalent of € 1,000 will fluctuate in line with prevailing exchange rates. The actual qualifying threshold will be calculated by the Artist's Resale Right Service Hub based on the European Central Bank reference rate published at 2.15pm on the day of the sale and can be found on www.dacs.org.uk.

The royalty charge will apply if the hammer price is more than the UK sterling equivalent of € 1,000. The royalty charge will normally be added to the buyer's invoices and must be paid before items can be cleared. Some auctioneers may choose to split the charge between the buyer and the vendor. Some auctioneers may pass the entire charge to the vendor. Before bidding, we advise that you check which scheme your auctioneer is operating.

All royalty charges are paid to the Design and Artists Copyright Society ('DACS') and no handling costs or additional fees with respect to these charges are retained by the auctioneers.

Artist's Resale Right is a percentage of the hammer price calculated as follows:

Portion of the hammer priceRoyalty Rate
€ 1,000 - 50,000 4%
€ 50,000.01 - 200,000 3%
€ 200,000.01 - 350,000 1%
€ 350,000.01 - 500,000 0.5%
Exceeding € 500,000 0.25%
VAT is not payable on this royalty charge. The maximum royalty charge is € 12,500.

Revised 1st January 2012


CITES
No

CITES Regulations


Please note that lots marked with ~ in the main catalogue description and indicated by "YES" on the Full lot details page may be subject to CITES Regulations when exported.

CITES is the Convention on International Trade in Endangered Species of Wild Fauna and Flora, an international agreement between governments that came into force in 1975. The import, export and use for commercial gain of certain species requires a CITES permit.

Over 2,500 animal and 25,000 plant species are included in the Appendices of CITES on Appendix I, II or III. In the European Union the CITES Appendices are replaced by Annexes A, B, C and D. Commission Regulation 1320/2014, which came into effect on 20 December 2014, provides a complete list of species controlled by CITES under the EU regulations.

The full CITES regulations may be found at www.defra.gov.uk