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T E RM S & C ON D I T I ON S


GENERAL TERMS & CONDITIONS


Watches of Knightsbridge Auctioneers carries on business with bidders, buyers, sellers and consignors 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 set out or referred to herein.


1. DEFINITIONS In these Conditions :


a. “WoKb” means Watches of Knightsbridge Ltd Auctioneers, 64 Knightsbridge, London, SW1X 7JF.


b. c.


“auctioneer” means Watches of Knightsbridge or its authorised auctioneer, as appropriate;


“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;


d. e. f.


“hammer price” means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;


“terms of consignment” means the stipulated terms and rates of commission on which Watches of Knightsbridge accepts instructions from sellers or their agents


“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 purchaser under these Conditions;


g.


“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 Watches of Knightsbridge by the seller in whatever capacity and however arising;


h.


“stated rate” means Watches of Knightsbridge’s published rates of commission for the time being and Value Added Tax thereon.


PART I - CONDITIONS MAINLY AFFECTING BIDDERS AND BUYERS 2. THE BUYER a.


asterisk thus - *. Value Added Tax is charged at the rate prevailing by law at the date of sale.


6. PAYMENT a.


Immediately a lot is sold buyers shall:


(1) give to WoKb their names and addresses and, if requested proof of identity, and (2) pay to WoKb the total amount due.


b. WoKb may, at its absolute discretion, agree credit terms with the buyer before an auction under which the buyer will be entitled to take possession of lots up to an agreed value in advance of payment by a stipulated future date of the total amount due. Cheques must clear into the bank account of WoKb until the release of the items. Any permitted payment by credit card or foreign card shall carry an extra charge to the buyer of such percentage of the total amount due as is displayed on the premises.


c. Any payments by a buyer to WoKb may be applied by WoKb towards any sums owing from that buyer to WoKb on any account whatever without regard to any directions of the buyer or his agent, whether express or implied.


7. TITLE AND COLLECTION OF PURCHASES a.


b.


The ownership of any lots purchased shall not pass to the relevant buyer until they have made payment in full to WoKb of the total amount due.


Buyers shall at their own risk and expense take away any lots that they have purchased and (subject to 6b) paid for not later than 2 working days following the day of the auction after which they shall be responsible for any removal, storage and insurance charges.


c. No purchase can be claimed or removed until it has been paid for (or the provisions of clause 6b satisfied).


8. REMEDIES FOR NON-PAYMENT OR FAILURE TO COLLECT PURCHASES


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, WoKb as agent for the seller shall at its absolute discretion and without prejudice to any other rights it may have, be entitled to exercise all or any of the following rights and remedies:


Bidders are required to register their particulars and satisfy WoKb’s security arrangements before entering the auction room to view or bid. The highest such bidder shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer’s absolute discretion. Bidders shall be deemed to act as principals unless there is in force a written acknowledgment by WoKb that a bidder is acting as an agent for a named principal. Once made, no bid may be withdrawn.


b. The right of WoKb to bid on behalf of the seller is expressly reserved. 3. MINIMUM INCREMENT


The auctioneer shall have the right to refuse any bid which does not exceed the previous bid by at least 10% or by such greater proportion as the auctioneer shall in his absolute discretion direct.


4. THE PURCHASE PRICE a.


The buyer shall pay the hammer price together with a premium thereon of 18% +VAT (21.6% inclusive) (or such other amount as shall be published by WoKb), the said premium not being negotiable and payable by ALL buyers. The seller authorises WoKb to retain beneficially the premium payable by buyers.


b.


Lots purchased online with www.the-saleroom.com will attract an additional charge for this service in the sum of 3.6% of the hammer price including VAT.


5. VALUE ADDED TAX Value Added Tax on the hammer price is imposed on all items affixed with an


16 4


a. b.


c. to proceed against the buyer for damages for breach of contract;


to rescind the sale of that lot and/or any other lots sold by WoKb to the defaulting buyer;


to re-sell the lot (by auction or private treaty) in which case the defaulting buyer 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. e. f. g. h.


to remove, store and insure the lot at the expense of the defaulting buyer and, in the case of storage, either at WoKb ‘s premises or elsewhere;


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 7 working days after the sale;


to retain that or any other lot sold to the defaulting buyer until that buyer pays the total amount due;


to reject or ignore bids from the defaulting buyer at future auctions or to impose conditions before any such bids shall be accepted;


to apply any proceeds of sale of other lots due or in future becoming due to the defaulting buyer towards the settlement of the total amount due and to exercise a lien on any of the buyer’s property in WoKb’s possession for any purpose.


9. THIRD PARTY LIABILITY


All members of the public on the Auctioneer’s premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly WoKb shall incur no liability for death or personal injury (except as required by law) or for the safety of the property of persons visiting prior to or at a sale


w w w.wa t c h e s of kn i g h t sb rid g e . com


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