10. Descriptions. Please assist us with accurate information as to the provenance
etc. of goods where this is relevant. There is strict liability for the accuracy of
descriptions under modern consumer legislation and in some circumstances
responsibility lies with sellers if inaccuracies occur. We will assume that you
have approved the catalogue description of your lots unless informed to the
contrary. Where we are obliged to return the price to the buyer when the lot
is a deliberate forgery under Condition 15 of the Conditions of Sale and we
have accounted to you for the proceeds of sale you agree to reimburse us
the sale proceeds. The liability to reimburse the sale proceeds shall not arise
where you are acting reasonably and honestly and are unaware of the forgery
but we are or ought to have been aware of it.
11. Unsold and withdrawn items. If an item is unsold it may with your consent
be re-offered at a future sale. Where in our opinion an item is unsaleable you
must collect such items from the saleroom promptly on being so informed.
Otherwise, storage charges may be incurred. We reserve the right to charge
for storage in these circumstances at a reasonable daily rate.
12. Withdrawn and bought in items. These are liable to incur a charge of up
to 10% plus VAT of the reserve or low estimate on being bought in or
withdrawn after being catalogued.
13. Conditions of Sale. You agree that all goods will be sold on our Conditions
of Sale. In particular you undertake that you have the right to sell the goods
either as owner or agent for the owner. You undertake to compensate us
and any buyer or third party for all losses liabilities and expenses incurred in
respect of and as a result of any breach of this undertaking.
14. Authority to deduct commission and expenses and retain premium and
interest.
(a) You authorise us to deduct commission at the stated rate and all expenses
incurred for your account from the hammer price and consent to our right
to retain beneficially the premium paid by the buyer in accordance with our
Conditions of Sale and any interest earned on the sale proceeds until the
date of settlement.
(b) You authorise us in our discretion to negotiate a sale by private treaty not
later than the close of business on the day of the sale in the case of lots
unsold at auction, in which case the same charges will be payable as if such
lots had been sold at auction and so far as appropriate these terms apply.
15. Warehousing. We disclaim all liability for goods delivered to our saleroom
without sufficient sale instructions and reserve the right to make minimum
warehousing charge of £2 per lot per day. Unsold lots are subject to the same
charges if you do not remove them within a reasonable time of notification. If
not removed within three weeks we reserve the right to sell them and defray
charges from any net proceeds of sale or at your expense to consign them to
the local authority for disposal.
16. Settlement. Subject to our normal trading conditions, payment will be made
by BACS or cheque six weeks after the sale unless the buyer has not paid
for the goods. In this case no settlement will then be made but we will take
your instructions in the light of our Conditions of Sale. You authorise any
sums owed by you to us on other transactions to be deducted from the sale
proceeds. You must note the liability to reimburse the proceeds of sale to us
as under the circumstances provided for in Condition 10 above. You should
therefore bear this potential liability in mind before parting with the proceeds
of sale until the expiry of 28 days from the date of sale.
CONDITIONS OF SALE
Woolley & Wallis Salisbury Salerooms Ltd carries on business with bidders,
buyers and all those present in the auction room prior to or in connection
with a sale on the following General Conditions and on such other terms,
conditions and notices as may be referred to herein.
1. DEFINITIONS
In these Conditions:
(a) ‘auctioneer’ means Woolley & Wallis Salisbury Salerooms Ltd or its authorised
auctioneer, as appropriate;
(b) ‘deliberate forgery’ means an imitation made with the intention of deceiving
as to authorship, origin, date, age, period, culture or source but which is
unequivocally described in the catalogue as being the work of a particular
creator and which at the date of the sale had a value materially less than it
would have had if it had been in accordance with the description;
(c) ‘hammer price’ means the level of bidding reached (at or above any reserve)
when the auctioneer brings down the hammer;
(d) ‘terms of consignment’ means the stipulated terms and rates of commission
on which Woolley & Wallis Salisbury Salerooms Ltd accepts instructions from
sellers or their agents;
(e) ‘total amount due’ means the hammer price in respect of the lot sold together
with any premium, Value Added Tax chargeable and any additional charges
payable by a defaulting buyer under these Conditions;
(f) ‘sale proceeds’ means the net amount due to the seller, being the hammer
price of the lot sold less commission at the stated rate, Value Added Tax
chargeable and any other amounts due to us by the seller in whatever
capacity and however arising.
(g) ‘‘You’, ‘Your’, etc. refer to the buyer as identified in Condition 2.
(h) The singular includes the plural and vice versa as appropriate.
2. BIDDING PROCEDURES AND THE BUYER
(a) Bidders are required to register their particulars before bidding and to satisfy
any security arrangements before entering the auction room to view or bid;
(b) the maker of the highest bid accepted by the auctioneer conducting the sale
shall be the buyer at the hammer price and any dispute about a bid shall be
settled at the auctioneer’s absolute discretion by reoffering the Lot during
the course of the auction or otherwise. The auctioneer shall act reasonably
in exercising this discretion.
(c) Bidders shall be deemed to act as principals.
(d) Our right to bid on behalf of the seller is expressly reserved up to the amount
of any reserve and the right to refuse any bid is also reserved.
3. INCREMENTS
Bidding increments shall be at the auctioneer’s sole discretion.
4. THE PURCHASE PRICE
The Buyer shall pay the hammer price together with a premium thereon of
26% plus VAT @20% (totalling 31.2% inclusive) on the first £500,000 and
20% plus VAT @20% (24%) inclusive thereafter.
5. VALUE ADDED TAX
Value Added Tax on the hammer price is imposed by law on all items affixed
with a † or Ω. Value Added Tax is charged at the appropriate rate prevailing
by law at the date of sale and is payable by buyers of relevant lots. (Please
refer to ‘Information for Buyers’ for a brief explanation of the VAT position).
6. PAYMENT
(a) Immediately a lot is sold you will:
(i) give to us, if requested, proof of identity, and
(ii) pay to us the total amount due in pounds sterling
(b) Any payments by you to us may be applied by us towards any sums owing
from you to us on any account whatever without regard to any directions of
you or your agent, whether express or implied.
(c) In line with new legislation we reserve the right to investigate and identify
the source of any funds received by us. The completion of the sale of a Lot
will be postponed or cancelled at our discretion if further time is needed
for investigation, or if you are in breach of your warranties as a buyer, or
if we consider the sale to be unlawful or in any way cause liabilities or be
detrimental to either Woolley and Wallis or the Seller.
7. TITLE AND COLLECTION OF PURCHASES
(a) The ownership of any Lots purchased shall not pass to you until you have
made payment in full to us of the total amount due.
(b) You shall at your own risk and expense collect any lots that you have
purchased and paid for from our premises not later than 3 working days
following the day of the auction or upon the clearance of any cheque used
for payment (if later) after which you shall be responsible for any collection,
storage and insurance charges.
(c) No purchase may be collected and we shall not release any lot to you or your
agent until it has been paid for.
8. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES
(a) If any Lot is not paid for in full and taken away in accordance with these
Conditions or if there is any other breach of these Conditions, we, as agent
for the seller and on our own behalf, shall at our absolute discretion and
without prejudice to any other rights we may have, be entitled to exercise
one or more of the following rights and remedies:
(i) to proceed against you for damages for breach of contract;
(ii) to rescind the sale of that lot and/or any other lots sold by us to you;
(iii) to resell the lot (by auction or private treaty) in which case you shall be
responsible for any resulting deficiency in the total amount due (after
crediting any part payment and adding any resale costs). Any surplus so
arising shall belong to the seller;
(iv) to remove, store and insure the lot at your expense and, in the case of
storage, either at our premises or elsewhere;
(v) to charge interest at a rate not exceeding 1.5% per month on the total
amount due to the extent it remains unpaid for more than 3 working days
after the sale;
(vi) to retain that or any other lot sold to you until you pay the total amount due;
(vii) to reject or ignore bids from you or your agent at future auctions or to
impose conditions before any such bids shall be accepted;
(viii) to apply any proceeds of sale of other Lots due or in future becoming due to
you towards the settlement of the total amount due and to exercise a lien (that
is a right to retain possession of any of your property in our possession for any
purpose until the debt due is satisfied.
(b) We shall, as agent for the seller and on our own behalf pursue these rights and
remedies only so far as is reasonable to make appropriate recovery in respect
of breach of these conditions
9. THIRD PARTY LIABILITY
All members of the public on our premises are there at their own risk and
must note the lay-out of the accommodation and security arrangements.
Accordingly neither the auctioneer nor our employees or agents shall incur
