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printed in the auction catalogue or available from GB on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements. (e) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers.


9. Remedies for non-payment Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, GB may in its sole discretion exercise 1 or more of the following remedies:- (a) store the lot at its premises or elsewhere at the Buyer’s sole risk and expense; (b) cancel the sale of the lot; (c) set off any amounts owed to the Buyer by GB against any amounts owed to GB by the Buyer for the lot; (d) reject future bids from the Buyer; (e) charge interest at 4% per annum above The Bank of England’s Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds; (f) re-sell the lot by auction or privately, with estimates and reserves at GB’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale,


including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties; (g) Exercise a lien over any Buyer’s Property in GB’s possession, applying the sale proceeds to any amounts owed by the Buyer to GB. GB shall give the Buyer 14 days written notice before exercising such lien; (h) commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs; (i) disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings.


10. Failure to collect purchases (a) If the Buyer pays the Purchase Price but does not collect the lot within 14 days of the auction, GB’s appointed shipper and independent storer will begin charging a handling fee, storage charges and insurance fees. Lots will be fully subject to the appointed company’s Conditions of Business including remedies for failure to collect property. (b) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers, or for any course of action taken under third party Conditions of Business including remedies for failure to collect property.


GRAHAM BUDD AUCTIONS LTD AUTHENTICITY GUARANTEE


If Graham Budd Auctions Ltd sells an item of Property which is later shown to be a “Counterfeit”, subject to the terms below Graham Budd Auctions will rescind the sale and refund the Buyer the total amount paid by the Buyer to Graham Budd Auctions for that Property, up to a maximum of the Purchase Price.


The Guarantee lasts for one (1) year after the date of the relevant auction, is for the benefit of the Buyer only and is non-transferable.


“Counterfeit” means an item of Property that in Graham Budd Auctions reasonable opinion is an imitation created with the intent to deceive over the authorship, origin, date, age, period, culture or source, where the correct description of such matters is not included in the catalogue description for the Property. Property shall not be considered Counterfeit solely because of any damage and/or restoration and/or modification work. Please note that this Guarantee does not apply if either:-


(i) the catalogue description was in accordance with the generally accepted opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or (ii) the only method of establishing at the date of the sale that the item was a Counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical; or likely to have caused damage to or loss in value to the Property (in Graham Budd Auctions reasonable opinion); or (iii) there has been no material loss in value of the Property from its value had it accorded with its catalogue description.


To claim under this Guarantee, the Buyer must:- (i) notify Graham Budd Auctions in writing within one (1) month of receiving any information that causes the Buyer to question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and


(ii) return the Property to Graham Budd Auctions in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third party claims arising after the date of the sale.


Graham Budd Auctions has discretion to waive any of the above requirements. Graham Budd Auctions may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the relevant field. Graham Budd Auctions shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense. In the event Graham Budd Auctions decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports, provided always that the costs of such reports have been approved in advance and in writing by Graham Budd Auctions.


11. Data Protection (a) GB will use information supplied by Bidders or otherwise obtained lawfully by GB for the provision of auction related services, client administration, marketing and as otherwise required by law. (b) By agreeing to these Conditions of Business, the Bidder agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 11(a) and to Sellers as per Condition 9(i).


12. Miscellaneous (a) All images of lots, catalogue descriptions and all other materials produced by GB are the copyright of GB. (b) These Conditions of Business are not assignable by any Buyer without GB’s prior written consent, but are binding on Bidders’ successors, assigns and representatives. (c) The materials listed in Condition 1(a) set out the entire agreement between the parties. (d) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect. (e) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GB.


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