Terms And Conditions
TERMS AND CONDITIONS OF ENGAGEMENT FOR SELLING AT AUCTION
The Agent: LONDON.AUCTIONS Limited, hereinafter referred to as the ‘Agent’, is a general auctioneering practitioner acting as a sales agent for the ‘Vendor’ who is the owner of the items being entered into the auction. The Agent reserves the right to seek external advice to research and authenticate items when necessary.
The Vendor: The Vendor warrants that he or she is the rightful owner of the items listed on the Auction Authorisation and Receipt Form and that he or she has the authority to appoint the Agent to sell such items on his or her behalf.
Agent’s Role: The Agent is acting as a sales agent for the Vendor and is not responsible for any of the Vendor’s debts or defaults or for defects in the items sold. The contract for the sale of each item is made between the Vendor and the successful bidder at auction, hereinafter referred to as the ‘Buyer’.
Auction Lots: It is common practice for low value items to be grouped together to form a ‘Lot’. The contents of each Lot are described in the Auction Authorisation and Receipt Form which is assumed annexed to this document. Notwithstanding the content of the Lot(s) described on this form, the Agent reserves the right to regroup items into different Lots providing the total high and low estimates remain the same.
Descriptions: The Vendor assigns full responsibility for preparing the catalogue description to the Agent and accepts that descriptions may vary from those contained in the Auction Authorisation and Receipt Form.
Catalogue Illustrations: All lots are illustrated free of charge online at londonauctions.co. Any illustration beyond the online catalogue is by separate negotiation.
Estimates: Estimates are based on the Agent’s experience and research and they are no guarantee of the hammer price.
Reserve: The Vendor has the right to set a minimum selling price against any lot with a low estimate exceeding £100. This minimum selling price is known as a Reserve. The Reserve cannot exceed the lowest estimate. Vendors must advise the Agent of any Reserve before signing the Auction Authorisation and Receipt Form. Lots offered without Reserve will be sold to the highest bidder during the sale irrespective of the agreed estimates. Changes to agreed reserves or estimates will attract an administration charge of £35.
Vendor’s Commission: The Vendor agrees to pay 15% (+ VAT at the prevailing rate) of the hammer price to the Agent (subject to a minimum charge of £7.50 + VAT per lot) unless otherwise agreed in writing.
Lot Fee: A lot fee of £5 (+ VAT) for items entered into auction will be charged each time a lot goes under the hammer, whether sold or unsold.
Warranty: The Agent covers lots against fire and water damage. Theft and accidental damage must be covered by the Vendor at a rate of 1.5% + VAT of the low estimate of hammer price dependant on the outcome at auction. If the Vendor wishes to have a higher level of cover, then this must be agreed in writing with the Agent. This can be waived if you wish to cover under your own insurance by completing the relevant warranty waiver form. Any claims via our warranty will be dealt with by our insurer and London Auctions will not be liable to pay any monies until resolution with the insurer.
Safety Regulations: The selling of electrical goods and soft furnishings are subject to strict controls. When such items are consigned to the auction the Vendor remains liable for their legal compliance. Goods that have not been certified by a qualified electrician or tested and labeled in accordance with the statutory requirements will be excluded from the auction or disabled and sold 'as found'.
Bidding: The Agent is authorised to accept physical, absentee, telephone and internet bids on behalf of the Vendor. The Agent may also bid on behalf of the Vendor up to and including any Reserve. The Agent is authorised to accept lower bids against the Reserve providing the offer is within 10% of the agreed minimum. The Vendor or any other representative of the Vendor other than the Agent is strictly prohibited against placing bids against his or her own items.
Unsold Items: Unsold lots will have any reserves automatically reduced by at least 25% for the second sale and without reserve thereafter, unless arrangements are made with the auctioneers. If the Lots remain unsold, they must be collected at the Vendor's expense. Commission, lotting fee and insurance will still be charged.
Vendor Payments: Subject to receiving payment from the Buyer, the net proceeds (the hammer price less the Vendor’s Commission and any other charges) will be released within 28 working days of the auction. Electronic fund transfers will be made payable to the Vendor unless the Agent has been instructed otherwise. The Agent shall not be liable for payment to the Vendor until they themselves have received full payment from the Buyer.
Storage: Pre-auction storage will be provided by the Agent free of charge. Unsold Lots not being re-offered for sale must be collected within 2 days of the auction. Each Lot held by the Agent for more than 2 days will attract a storage fee of £2 (+VAT) for small items and £5 (+VAT) for large items, furniture and part Lots per day. Lots not collected after 30 days from the last auction will be sold to recover costs.
Advertising: The Agent will not charge for advertising unless agreed with the Vendor.
Copyright: Regardless of the outcome of the sale, the copyright for any photographs, illustrations or text used within the auction catalogue or in connection with the Agent’s business remain the property of the Agent and cannot be reproduced without written consent.
General: These terms and conditions will be governed by English law. Taxes and duties will be charged as necessary and VAT will be charged as applicable on all commissions, premiums and auction related expenses.
TERMS AND CONDITIONS FOR BUYING AT AUCTION
The Agent: London.Auctions Ltd, hereinafter referred to as the ‘Agent’, is a general auctioneering practitioner who is acting as an authorised sales agent for the owners of items being offered for sale at the auction.
The Catalogue: The Agent has prepared a catalogue to help prospective bidders to identify and examine the items for sale. A copy of the catalogue can be viewed online at londonauctions.co or purchased at the saleroom 30-34 Chiswick High Road, London, W4 1TE. Prospective buyers have the opportunity to inspect the items offered at the saleroom during the viewing days in advance of the auction. Due to the nature of the business - we do not accept any liability or responsibility for errors or ommissions made on the catalogue. We will not expressly describe every aspect of an item and as items are used or secondhand we can not describe all of the items wear or defects. A buyer must fully satisfy themself of the condition and description of any item listed on the catalogue.
Descriptions & Estimates: The descriptions provided in the catalogue and opinions expressed by the Agent before, during or after the sale are based on information provided by the Vendor and the Agent’s own research. While the Agent attempts to provide accurate descriptions of each item there is no guarantee of any expressed or implied attribution and prospective bidders should seek expert advice when necessary, or satisfy themself as to the description and condition of any item purchased.
Condition: It is the responsibility of the Buyer to ensure that he or she has fully inspected the items on offer before submitting a bid. For prospective Buyers who are unable to inspect the items, the Agent offers a condition report service. Although the Agent attempts to check every item for defects, the condition report service is no substitute for physical inspection and the Agent accepts no responsibility for undisclosed damage or imperfections in the items on offer.
Safety Regulations: Electrical goods and soft furnishings are sold as ‘antiques’ and it is the responsibility of the Buyer to ensure they are checked and certified before use.
Registration: All bidders are required to register before they can participate in the auction. Registration forms are available at the reception desk. Registered bidders will be allocated a unique number to protect their identity. Unregistered attendees cannot take part in the bidding process.
Live Bidding: Registered attendees will be entitled to bid on any item offered for sale in the auction. The auctioneer will present each lot in sequence and, where possible, the item(s) for sale will be displayed to the audience on a video screen. The audience (including any telephone bidders) will be invited to bid at levels and increments suggested by the auctioneer until the hammer falls. Bidding intentions must be made clear to the auctioneer, verbally if necessary, and the bidder’s registration number must be provided on request.
Absentee Bidding: For those who are unable to attend the auction in person or by telephone the Agent offers a absentee bidding facility. Absentee bids can be lodged with the Agent up to 2 hours before in person, and 24 hours via our website prior to the scheduled auction start time. Absentee bids can be entered on the Agent’s website, submitted by telephone or hand delivered to the Agent at the viewing session. Prospective buyers who leave Absentee bids are authorising the Agent to bid on their behalf up to their stated maximum. The Agent will obtain the goods for the lowest possible price, subject to competing bids and reserves.
Online Bidding: London Auctions offer an online bidding service via the-saleroom.com for bidders who cannot attend the sale.
In completing the bidder registration on www.the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with London Auctions:
1. authorise London Auctions, if they so wish, to charge the credit card given in part or full payment, including all fees, for items successfully purchased in the auction via the-saleroom.com, and
2. confirm that you are authorised to provide these credit card details to London Auctions through www.the-saleroom.com and agree that London Auctions are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale.
Please note that any lots purchased via the-saleroom.com live auction service will be subject to an additional 3% commission charge + VAT at the rate imposed on the hammer price
Reserves: Some of the lots in the auction will be subject to a Reserve. The Reserve is the minimum price that the Vendor will accept for the Lot. The auctioneer is unable to sell item(s) at a lower price than the Reserve. If a Lot fails to meet the Reserve the auctioneer will indicate this by announcing that there has been ‘No Sale’ before the hammer falls.
Buyer’s Premium: All sold lots attract a buyer’s premium of 22% + VAT. This premium will be added to the hammer price and it will be included on any invoice.
Payment: The Agent accepts three methods of payment – cash, debit card and credit card. Payment must be made on the day of the auction or within two days thereafter. For the avoidance of doubt this will be by close of business on Wednesday of each week. Failure to make payment within this time may result in a cancellation of your sale.
Collection of Lots: The Agent operates a zero tolerance policy on collection of goods purchased at auction. The Agent has limited storage space and thus it is imperative all lots purchased are collected within our agreed terms. All lots purchased at auction must be collected on the day of the auction, failing which the buyer has two business days to collect all purchased lots. For the avoidance of doubt this is by close of business on Wednesday. Failure to collect purchased lots by close of business on Wednesday will result in Storage Charges being applied to purchased lots. In addition The Agent accepts no responsibility for loss or damages for lots not collected within our terms as a result of movement and storage.
Storage Charges: There is a mandatory storage charge for every lot uncollected by close of business each Wednesday. The Storage Charges are as follows:
Small Lots: £2.00 per lot per day
Large Lots (incl any furniture items): £5.00 per lot per day
Unclaimed Lots: The Agent reserves the right to sell any lot which remains uncollected 30 days after the Auction to defray the costs of storage and other handling/administrative costs. It is the responsibility of the buyer to make contact regarding purchased lots and to arrange for its collection. We are not responsible for chasing up buyers on purchases made even though we will use our best endeavours to make contact to get items collected. A buyer may still be responsible for charges should we be unable to recoup all charges through the sale of lots.
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