Auction Types:
LIVE AUCTION - this means that in-person bidding and viewing will available. Internet bidding will also be possible, as will absentee / commission bids and telephone bids.
LIVE BROADCAST AUCTION - this is an auction broadcast online-only. A live feed with show the auctioneer conducting the sale. Bidding can happen online, and absentee / commission and telephone bidding will be available. In-person bidding will not be available. Viewing will be available either at a set time, or by appointment only (view each sale for specific details).
TIMED AUCTION - a timed auction is an online-only auction, with bidders against a clock. When the timer runs down, the highest bidder wins (subject to any reserves). A bid within the last 10 minutes will reset the timer to 10 minutes, allowing bidders fair chance and to combat 'sniping'. Viewing will be available either at a set time, or by appointment only (view each sale for specific details).
Conditions of Sale
Auctioneum Ltd carries on business with bidders, buyers and all those present in the auction room and online 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’or ‘we/us’ means the firm Auctioneum Ltd or its authorised auctioneer, as appropriate;
(b) ‘Hammer price’ means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;
(c) ‘Terms of Consignment’ means the stipulated terms and rates of commission on which Auctioneum Ltd accepts instructions from sellers or their agents;
(d) ‘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;
(e) ‘sale proceeds’ means the net amount due to the seller, being the hammer price for 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;
(f) ‘You’, ‘Your’ etc refers to the buyer as identified in condition 2;
(g) The singular includes the plural and vice versa as appropriate.
Information for buyers
2. Bidding Procedures and the Buyer
(a) Bidders are required to satisfy any security arrangements before entering the auction room to view or bid, and to register their particulars immediately on purchasing their first lot on the day.
(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 re-offering the Lot during the course of the auction or otherwise.
(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 21%+VAT (25.2% total) on the premium at the rate imposed by law.
ARTISTS RE-SALE RIGHT. Buyers of the re-sold art of living artists will be charged the royalty where applicable. Currently this is 4% on any item sold at 1000 Euros or over, diminishing from 50,000 Euros. VAT is not applicable on this charge. Further details can be obtained from artistscollectingsociety.org.
5. Value Added Tax
Valued Added Tax on the hammer price is imposed by law on all items affixed with an asterisk. 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
We accept payment via the telephone and also provide a secure payment portal through our website for your own security. Bidders leaving successful commission bids with us via telephone or email should be aware that payment will be made via this service. Online bidders, whether live or by automated online commission can pay via these services also. We do not accept Credit Card payments over £200 in any instance, we also no longer accept Cheques as a form of payment. From January 1st 2024 we will no longer accept cash payments. Full payment terms can be found on your invoice.
(1) Immediately a Lot is sold you will:
(a) Give to us, if requested, proof of identity, and
(b) Pay to us the total amount due in case or in such other way as is agreed by us.
(2) 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 expressed or implied.
7. Title and Collection of Purchase
Ample opportunity is given for inspection. Each purchaser, by making a bid for a lot, is deemed to have knowledge of all the Conditions of Sale and to have satisfied themselves as to the physical condition and accuracy of the description of the lot, including, but not restricted to, whether the lot is damaged, or has been repaired. No refund shall be granted on any lot for matters arising to condition.
Collection of won lots from our saleroom must take place within 5 workings days of the sale date unless there has been strict and written prior agreement. Please note that we do not have the capacity to store items for customers for more than this period of time without prior agreement. Uncollected items will be subject to storage charges of £5 per lot per day after the 5th working day. By agreeing to bid with us you agree to these terms and we reserve the right to charge for storage at our discretion by use of credit / debit card held on file, or upon collection by customer, or by telephone so as to release to carriers. If storage fees amount in value to more than the value of the lots purchase price and/or the low estimate, we the auctioneer take ownership of the lot(s) to recover the storage fees.
(1) The ownership of any Lots purchased shall not pass on to you until you have made payment in full to us of the total amount due.
(2) You shall at your own risk and expense take away any lots that you have purchased and paid for no later than five working days following the day of the auction after which you shall be responsible for any removal, storage and insurance charges.
(3) No purchase can be claimed or removed until it has been paid for.
8. Remedies for Non-Payment or Failure To Collect Purchase
(1) 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 shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise all or any of the following rights and remedies:
(a) To proceed against you for damages for breach of contract;
(b) To rescind the sale of that Lot and/or any other Lots sold by us to you;
(c) 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;
(d) To remove, store and insure the Lot at your expense and, in the case of storage, either at our premises or elsewhere, at the cost of £5 per lot per day;
(e) To deduct this cost from any registered credit or debit card submitted for registration at time of bidding
(f) To retain that or any other Lot sold to you until you pay the total amount due;
(g) To reject or ignore bids from you or your agent at future auctions or to impose conditions before any such bids shall be accepted;
(h) 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 on any of your property in our possession for any purpose.
(2) 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 layout of the accommodation and security arrangements. Accordingly, neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.
10. Commission Bids
Whilst prospective buyers are strongly advised to attend the auction personally or via an online bidding platform and are always responsible for any decision to bid for a particular Lot and shall be assumed to have carefully inspected and satisfied themselves as to its condition, we will if so instructed clearly and in writing execute bids on their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any neglect or default in so doing or failing to do so. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made.
11. Warranty of Title And Availability
The seller warrants to the auctioneer and you that the seller is the true owner of the property consigned or is property authorised by the true owner to consign it for sale and is able to transfer good and marketable title to the property free from any third party claims.
12. Agency
The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers.
13. Descriptions
(1) Whilst we seek to describe lots accurately, it may be impractical for us to carry out exhaustive due diligence on each lot. Prospective buyers are given ample opportunities to view, inspect and ask for written condition reports before any sale and they (and any independent experts on their behalf) must satisfy themselves as to the accuracy of any description applied to the lot. Prospective buyers also bid on the understanding that, inevitably, representations or statements by us as to authorship, genuineness, origin, date, age, provenance, condition, size or estimated selling price involve matters of opinion. Neither we the auctioneer nor our employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, whether relating to description, condition, size or quality of lots, express, implied or statutory, and hereby excluded. All lots remain sold completely 'as is' - irrespective of any description, and no refund shall be issued on any lot where matters arising to condition are raised.
(2) Private treaty sales made under these Conditions are deemed to be sales by auction for purposes of consumer legislation.
(3) Electrical items - any and all electrical items (including, but not limited to, lamps, toys, furniture etc) are sold as decorative 'antique' or 'curio' objects ONLY and must only be used after a qualified electrician / professional has inspected the item for safety. Auctioneum Ltd or its agents are not liable for any injury, damage or loss relating to use of any electrical item. Based upon guidance from Trading Standards, plugs, cables and power leads will be removed prior to sale. No guarantees, warranties or similar are implied nor given on the working ability or electrical safety of any item.
(4) Measurements and Sizes - any measurements or stated sizes should be assumed as 'approximate' where given, and buyers are specifically requested to check sizes match their expectations prior to bidding.
(5) Clocks & Watches:
Originality & Inspection:
We do not provide opinions on the originality of component parts, accompanying documentation, boxes, or any additional material related to clocks and watches. Potential buyers are strongly advised to physically inspect the items in person before placing a bid, as we will not accept returns based on factors such as originality, completeness, or working condition.
Factory Seals:
In cases where a watch has an intact factory seal, we will not open it unless the interested party explicitly requests an internal inspection. If the seal is broken, the interested party agrees to cover the expenses of reinstating the seal, regardless of whether they make a purchase.
Condition Reports For Clocks / Watches:
Condition reports, upon request, will not include opinions on the originality, completeness, or working condition of the movement. They are provided for informational purposes only.
14. Online Bidding
Auctioneum Ltd offer catalogues across multiple online bidding websites. Each of these websites levies a different charge for this service and any prospective bidders are asked to satisfy themselves as to those charges on each specific website.
In completing the bidder registration on www.the-saleroom.com and providing your card details and unless alternative arrangements are agreed with Auctioneum Ltd you:
1. authorise Auctioneum Ltd if they so wish, to charge the card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com or other website, and
2. confirm that you are authorised to provide these card details to Auctioneum Ltd through www.the-saleroom.com (or other website) and agree that Auctioneum Ltd are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale.
15. Anti-Money Laundering & Financial Checks: Auctioneum Ltd adheres strictly to current Anti-Money Laundering regulations, Terrorist Financing and Transfer Of Funds Regulations and reserves the right to refuse payment or cancel the sale of any lot, should suspicion or evidence of regulation infringement arise. Transactions over €10,000 (or the sterling equivalent) will be subject to Anti-Money Laundering & other finiancial checks, and you will be required to supply the following:
a. Individuals - official photographic identification (passport, driving license or other government-issued identification) and proof of address (if this is not already included in your ID document)
b. Corporate entities - the certificate of incorporation (or equivalent) with your official name, registered number (if any) and registered address, as well as details and ID documentation for directors and beneficial owners of the entity
c. Trusts and / or Estates - details of and identity documentation for executors / trustees and details of beneficiaries.
We may ask for further information if we deem this necessary. If you are bidding for or on behalf of another person, (your “Principal”), you will be required to provide the above information for yourself and your Principal, along with written consent from your Principal, authorising you to bid on their behalf.
Please contact us for further information regarding identity and financial checks – 0117 9671000 / info@auctioneum.co.uk. These regulations apply to all forms of bidding, including (but not limited to) online, in-person, commission bidding, telephone bidding, proxy bidding.