T E RM S & C ON D I T I ON S
10. ABSENTEE & COMMISSION BIDS
Whilst prospective buyers are strongly advised to attend the auction 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, WoKb will if so instructed clearly and in writing execute bids on their behalf. Neither WoKb nor its employees or agents shall be responsible for any neglect or default in doing or failing to do so. Where two or more commission bids at the same level are recorded WoKb reserves the right in its absolute discretion to prefer the first bid so made.
PART II - CONDITIONS MAINLY AFFECTING SELLERS 11. WARRANTY OF TITLE AND AVAILABILITY
The seller warrants to WoKb and the buyer that the seller is the true owner of the property consigned or is properly 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. RESERVES a.
The seller shall be entitled to place prior to the auction a reserve on any lot consigned, being the minimum hammer price at which that lot may be sold. Reserves must be reasonable and WoKb may decline to offer goods which in WoKb’s opinion would be subject to an unreasonably high reserve (in which case goods carry the storage and insurance charges stipulated in the terms of consignment).
b. c.
A reserve once set cannot be changed except with WoKb’s consent.
Where a reserve has been placed only WoKb may bid on behalf of the seller.
13. AUTHORITY TO DEDUCT COMMISSION AND EXPENSES AND RETAIN PREMIUM
a.
The seller authorises WoKb to deduct commission at the stated rate and all expenses incurred for the buyer’s account from the hammer price and acknowledges Watches of WoKb right to retain beneficially the premium paid by the buyer in accordance with these Conditions.
b.
The seller authorises WoKb in their discretion to negotiate a sale by private treaty 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.
14. COLLECTIONS
WoKb do not themselves undertake the collection of goods but may, as the seller’s agent, instruct a contractor. WoKb accepts no liability for the actions of such contractor who contracts with the seller direct.
15. INSURANCE
a. WoKb holds all goods on their premises and in their custody covered against the risks of fire, burglary and water damage.
b.
The amount reimbursed to the seller will be the lower estimate of any lot’s stated on the consignment form.
16. AGENCY
WoKb acts as agent only and disclaims any liability for default by the buyer or for paying out the seller before receiving payment by the buyer. 17. UNSOLD ITEMS
Unsold items will incur a fee including postage costs if necessary.
18. WITHDRAWAL OF PROPERTY a.
If the seller withdraws any property from the sale without after their written agreement to sell it, WoKb may charge the seller 50% of the lower estimate.
in f o@w a t c h e s o f k n i g h t s b r i d ge. c om 99
27. Data Protection - WoKb will use information supplied by Buyers and Sellers or otherwise obtained lawfully by WoKb for the provision of auction related services, client administration, marketing and as otherwise required by law. By agreeing to these Conditions of Business, the Buyer or Seller agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined above.
28. English law applies to the interpretation of these Conditions.
26. Any indulgence extended to buyers or sellers by WoKb notwithstanding the strict terms of these Conditions or the terms of consignment shall affect the position at the relevant time only and in respect of that particular concession only; in all other respects these Conditions shall be construed as having full force and effect.
b. WoKb may withdraw any property from the sale without liability if WoKb reasonably believes that the authenticity or attribution is questionable.
PART III GENERAL CONDITIONS.
19. WoKb act as agent for the seller and as such is not responsible for default by the seller or the buyer. The seller acknowledges that lots are sold subject to the stipulations of these Conditions in their entirety and on the terms of consignment as notified to consignors at the time of the entry of the lot.
20. Subject to the next following Condition concerning deliberate forgeries, any representation or statement by WoKb in any catalogue as to authorship, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Prospective buyers are given ample opportunities to view and inspect before any sale and prospective buyers must satisfy themselves as to all such matters. Neither WoKb or its employees or agents nor the seller accept liability for the correctness of such opinions and all conditions and warranties, express, implied or statutory are hereby excluded.
21. Any lot which proves to be a deliberate forgery (as defined) may be returned to WoKb by the buyer within 21 days of the auction provided it is in the same condition as when bought, and is accompanied by particulars identifying it from the relevant catalogue description and a written statement of defects. If WoKb is satisfied from the evidence presented that the lot is a deliberate forgery WoKb shall refund the money paid by the buyer for the lot (but not the amount of any consequential loss, damages, expenses or interest) provided that (1) if the catalogue description reflected the accepted view of experts as at the date of sale or (2) the buyer personally is not able to transfer a good and marketable title to WoKb, the buyer shall have no rights under this condition.
22. WoKb shall have the right, at its discretion, to refuse admission to its premises or attendance at its auctions by any person.
23. Any indemnity under these Conditions shall extend to all actions, costs, expenses, claims and demands whatsoever suffered or incurred by the person entitled to the benefit of it and WoKb declares itself to be a trustee of the benefit of every such indemnity so far as it is expressed to be for the benefit of its employees and agents.
24. Any notice to any buyer, seller, bidder or viewer may be given by first class mail in which case it shall be deemed to have been received by the addressee 48 hours after posting.
25. Special terms may be used in catalogue descriptions in which case they must be interpreted in accordance with any glossary appearing at the commencement of the catalogue.
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