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 Unsold and withdrawn items.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 Withdrawn and bought in items. These are liable to incur a charge of up to 10% plus VAT of the reserve or low estimate on being bought in or withdrawn after being catalogued.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. After sale settlement of the net sum due to you normally takes place within 28 days of the sale (by crossed cheque to the seller) 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.
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 22% on the first £500,000 and 12% thereafter + VAT at the appropriate rate.
5. VALUE ADDED TAX
Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk or double 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).
(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.
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 take away any lots that you have purchased and paid for not later than 3 working days following the day of the auction or upon the clearance of any cheque used for payment after which you shall be responsible for any removal, storage and insurance charges.
(c) No purchase can be claimed or removed 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
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