Thanks loucastel - will do.

>>>If we in the UK bid and win, what is the NY tax, or are we exempt if it is for export to the UK, in which case we pay out own duties/tax on import? <<<<

>>>Bonhams have confirmed that for absentee bids, buyer pays just buyer's premium and no more so long as is exported. <<<

You will be subject to shipping fees (figure around $700 for the Barcode canvas to the UK), VAT import fees, and you may be liable for artist resale rights (roughly 3%) if this is sold to a UK buyer. I'm not certain regarding artist resale rights but I would certainly look into it because those charges add up. It's quite possible that Bonham's wouldn't charge you for the latter pair of fees but it doen't change the fact that you would be responsible for them if that is the law.

I recently got hit with an 8% use tax on a Villegle that I imported form Cologne 4 years ago and just learned that CA has retroactively applied this law so they waived the penalty but i was still responsible for the payment and interest and with the global economy the way it is, one can be certain that governments will be very sophisticated making sure they collect what they believe is due. It was a bummer to find out as I learned after the fact that I purcahsed what for me is a significant amount of work from London and Paris and now know that I will owe an additional 8% on all of that work at the end of this year. To add insult to injury that work was puchased at the dollar nadir relative to the pound and euro.

Someone else implied that you may be liable for NY tax if you bid in person at the auction as opposed to an absentee bid and I would look into that as well as my understanding of NY law is that you would not be subject to any NY tax if you bid in person at the auction and have it shipped to you in the UK. Regardless, it's much better to talk with Bonham's or preferably your acccountant regarding your own personal situation as there is a healthy amount of speculation here and I woudn't want someone upset or surprised.

>>> If buying something that originally came from the UK, from a seller in the USA, I believe we have to pay about 5% import duty, as opposed to full blown 17.5% VAT. <<<<

Again, talk with your expert. My understanding of the law is that you pay BOTH VAT and the 5% import duty if the sale takes place in the UK or the EU. I'm not certain how that law is applied if the sale takes place in the US.

Good luck to those of you bidding on anything the next week or so. I'm most likely on the sidelines though there is one lot that is tempting me.

Very informative posts Lee, thanks. if you live outside the USA at present the exchange rates make a big difference to any purchases, but I suppose we had it pretty good for a few months, just paying the price now, I have just purchased a canvas from the USA and just wish it could have come up a couple of months ago, still thats life, I also have to think about the Euro rate rate as well, so what with sterling so low against that as well, whenever I tranfer sterling to over here I seem to get less every time. Will have to stop buying art abroad for a while I think!!

>>> Conversely, the thrill of the hunt and the enjoyment of it on our walls is so much fun. <<<

That hits the nail on the head! The chase is great, the kill better and the after bit reminds you how good it all was!