Conditions mainly concerning Sellers and Consignors 13 Warranty of title and availability


The seller warrants to DNW and to the buyer that he or she is the true owner of the property or is properly authorised to sell the property by the true owner and is able to transfer good and marketable title to the property free from any third party claims. The seller will indemnify DNW, its servants and agents and the buyer against any loss or damage suffered by either in consequence of any breach on the part of the seller.


14 Reserves


The seller shall be entitled to place, prior to the first day of the auction, a reserve at or below the low estimate on any lot provided that the low estimate is more than £100. Such reserve being the minimum ‘hammer price’ at which that lot may be treated as sold. A reserve once placed by the seller shall not be changed without the consent of DNW. DNW may at their option sell at a ‘hammer price’ below the reserve but in any such cases the sale proceeds to which the seller is entitled shall be the same as they would have been had the sale been at the reserve. Where a reserve has been placed, only the auctioneer may bid on behalf of the seller.


15 Authority to deduct commission and expenses


The seller authorises DNW to deduct commission at the ‘stated rate’ and ‘expenses’ from the ‘hammer price’ and acknowledges DNW's right to retain the premium payable by the buyer.


16 Rescission of sale


If before DNW remit the ‘sale proceeds’ to the seller, the buyer makes a claim to rescind the sale that is appropriate and DNW is of the opinion that the claim is justified, DNW is authorised to rescind the sale and refund to the buyer any amount paid to DNW in respect of the lot.


17 Payment of sale proceeds


DNW shall remit the ‘sale proceeds’ to the seller not later than 35 days after the auction, but if by that date DNW has not received the ‘total amount due’ from the buyer then DNW will remit the sale proceeds within five working days after the date on which the ‘total amount due’ is received from the buyer. If credit terms have been agreed between DNW and the buyer, DNW shall remit to the seller the sale proceeds not later than 35 days after the auction unless otherwise agreed by the seller.


18 If the buyer fails to pay to DNW the ‘total amount due’ within 3 weeks after the auction, DNW will endeavour to notify the seller and take the seller’s instructions as to the appropriate course of action and, so far as in DNW’s opinion is practicable, will assist the seller to recover the ‘total amount due’ from the buyer. If circumstances do not permit DNW to take instructions from the seller, the seller authorises DNW at the seller’s expense to agree special terms for payment of the ‘total amount due’, to remove, store and insure the lot sold, to settle claims made by or against the buyer on such terms as DNW shall in its absolute discretion think fit, to take such steps as are necessary to collect monies due by the buyer to the seller and if necessary to rescind the sale and refund money to the buyer if appropriate


19 If, notwithstanding that, the buyer fails to pay to DNW the ‘total amount due’ within three weeks after the auction and DNW remits the ‘sale proceeds’ to the seller, the ownership of the lot shall pass to DNW.


20 Charges for withdrawn lots


Where a seller cancels instructions for sale, DNW reserve the right to charge a fee of 15 per cent of DNW’s then latest middle estimate of the auction price of the property withdrawn, together with Value Added Tax thereon if the seller is resident in the UK, and ‘expenses’ incurred in relation to the property.


21 Rights to photographs and illustrations


The seller gives DNW full and absolute right to photograph and illustrate any lot placed in its hands for sale and to use such photographs and illustrations and any photographs and illustrations provided by the seller at any time at its absolute discretion (whether or not in connection with the auction).


22 Unsold lots


Where any lot fails to sell, DNW shall notify the seller accordingly. The seller shall make arrangements either to re- offer the lot for sale or to collect the lot.


23 DNW reserve the right to charge commission up to one-half of the ‘stated rates’ calculated on the ‘bought-in price’ and in addition ‘expenses’ in respect of any unsold lots.


General Conditions and Definitions


24 DNW sells as agent for the seller (except where it is stated wholly or partly to own any lot as principal) and as such is not responsible for any default by seller or buyer.


25 Any representation or statement by DNW, in any catalogue as to authorship, attribution, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Every person interested should exercise and rely on his or her own judgement as to such matters and neither DNW nor its servants or agents are responsible for the correctness of such opinions.


26 Whilst the interests of prospective buyers are best served by attendance at the auction, DNW will, if so instructed, execute bids on their behalf. Neither DNW nor its servants or agents are responsible for any neglect or default in doing so or for failing to do so.


27 DNW shall have the right, at its discretion, to refuse admission to its premises or attendance at its auctions by any person.


28 DNW has absolute discretion without giving any reason to refuse any bid, to divide any lot, to combine any two or more lots, to withdraw any lot from the auction and in case of dispute to put up any lot for auction again.


29 (a) Any indemnity under these Conditions shall extend to all actions, proceedings costs, expenses, claims and demands whatever incurred or suffered by the person entitled to the benefit of the indemnity.


(b) DNW declares itself to be a trustee for its relevant servants and agents of the benefit of every indemnity under these Conditions to the extent that such indemnity is expressed to be for the benefit of its servants and agents.


30 Any notice by DNW to a seller, consignor, prospective bidder or buyer may be given by first class mail or airmail and if so given shall be deemed to have been duly received by the addressee 48 hours after posting.


31 These Conditions shall be governed by and construed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. DNW hereby submits to the exclusive jurisdiction of the English courts and all other parties concerned hereby submit to the non-exclusive jurisdiction of the English courts.


32 In these Conditions:


(a) ‘catalogue’ includes any advertisement, brochure, estimate, price list or other publication;


(b) ‘hammer price’ means the price at which a lot is knocked down by the auctioneer to the buyer;


(c) ‘total amount due’ means the ‘hammer price’ in respect of the lot sold together with any premium, Value Added Tax chargeable and additional charges and expenses due from a defaulting buyer in pounds sterling;


(d) ‘deliberate forgery’ means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source which is not shown to be such in the description in the catalogue 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 that description;


(e) ‘sale proceeds’ means the net amount due to the seller being the ‘hammer price’ of the lot sold less commission at the ‘stated rates’ and ‘expenses’ and any other amounts due to DNW by the seller in whatever capacity and howsoever arising;


(f) ‘stated rate’ means DNW’s published rates of commission for the time and any Value Added Tax thereon;


(g) ‘expenses’ in relation to the sale of any lot means DNW charges and expenses for insurance, illustrations, special advertising, packing and freight of that lot and any Value Added Tax thereon;


(h) ‘bought-in price’ means 5 per cent more than the highest bid received below the reserve.


33 Vendors’ commission of sales


A commission of 15 per cent is payable by the vendor on the hammer price on lots sold. 34 VAT


Commission, illustrations, insurance and advertising are subject to VAT if the seller is resident in the UK.


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