TERMS & CONDITIONS
PART I CONDITIONS MAINLY AFFECTING BIDDERS AND BUYERS
1. DEFINITIONS
In these Conditions :
a. "auctioneer" means Fellows or its authorised auctioneer, as appropriate;
b. "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;
c. "hammer price"means the level of bidding reached (at or above any reserve) when the auctioneer brings down the hammer;
d. "terms of consignment"means the stipulated terms and rates of commission on which Fellows accepts instructions from sellers or their agents
e. "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;
f. "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 Fellows by the seller in whatever capacity and however arising;
g. "stated rate"means Fellows' published rates of commission for the time being and Value Added Tax thereon.
2. THE BUYER
a. Bidders are required to register their particulars and satisfy Fellows' 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 acknowledgement by Fellows that a bidder is acting as an agent for a named principal. Once made, no bid may be withdrawn.
b. The right of Fellows 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
On the first £50,000 of the Hammer Price (of any individual lot) the buyer will pay the hammer price and a premium of 19.57% (plus VAT) or 23.00% (inclusive of VAT)
On the excess over £50,000 of the hammer price (of any individual lot), the buyer will pay the hammer price and a premium of 13% (plus VAT) or 14.50% (inclusive of VAT).
The said premium not being negotiable and payable by ALL buyers. The seller authorises Fellows to retain beneficially the premium payable by buyers.
5. VALUE ADDED TAX
Value Added Tax on the hammer price is imposed on all items affixed with an 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 Fellows their names and addresses and, if requested proof of identity, and
(2) pay to Fellows the total amount due.
b. Fellows 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 shall not be acceptable by Fellows (unless Fellows in its absolute discretion permits payment by such method) nor are third party references or credit facilities with other auction houses. If a cheque is tendered Fellows reserves the right to instruct its bank to check the buyer's status and account balance before exercising any discretion. Any credit arrangement must be settled at least 4 days before the relevant sale. Any permitted payment by credit 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 Fellows may be applied by Fellows towards any sums owing from that buyer to Fellows 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. The ownership of any lots purchased shall not pass to the relevant buyer until they have made payment in full to Fellows of the total amount due.
b. 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, Fellows 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:
a. to proceed against the buyer for damages for breach of contract;
b. to rescind the sale of that lot and/or any other lots sold by Fellows to the defaulting buyer;
c. 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. to remove, store and insure the lot at the expense of the defaulting buyer and, in the case of storage, either at Fellows' premises or elsewhere;
e. 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 2 working days after the sale;
f. to retain that or any other lot sold to the defaulting buyer until that buyer pays the total amount due;
g. to reject or ignore bids from the defaulting buyer at future auctions or to impose conditions before any such bids shall be accepted;
h. 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 Fellows' 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 Fellows 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.
10. 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, Fellows will if so instructed clearly and in writing execute bids on their behalf . Neither Fellows 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 Fellows reserves the right in its absolute discretion to prefer the first bid so made.
