Conditions of Sale
ALL SALES ARE SUBJECT TO THE CONDITIONS PRINTED BELOW
THE SELLER
1. In these conditions the following words shall have the following meanings:-
"The Auctioneer" means Rosebery Fine Art Limited.
"Hammer Price" the price at which the Lot is sold to the Buyer.
"Buyer" the highest bidder for any Lot acceptable to the Auctioneer.
"Lot" goods delivered to the Auctioneer by the Seller for sale by auction.
2. The Auctioneer sells as agent for the Seller and as such is not responsible for any default of the Seller or Buyer.
3. All goods delivered to the Auctioneer's premises will be deemed to be delivered for sale by auction unless otherwise stated in writing, they will be catalogued and sold at the Auctioneer's discretion and are accepted by the Auctioneer subject to these conditions. By delivering goods to the Auctioneer for inclusion in auction the Seller acknowledges accepts and agrees to all these conditions, and grants the Auctioneer full authority to photograph and illustrate any Lot and use such photographs at any time at his discretion.
4. The Seller warrants the Auctioneer and the Buyer that he is the true owner of the Lot or is properly authorised to sell the Lot by the true owner and is able to transfer good title thereto free of any third party claims.
5. The Seller shall indemnify the Auctioneer, its servants and agents and the Buyer against all claims made or proceedings brought by persons entitled to the Lot and shall reimburse the Auctioneer on demand for all payments, cost, or expenses or any other loss or damage whatsoever made, incurred or suffered as a result of any breach by the Seller of these conditions.
6. (a) The Seller may place a reserve on any Lot by agreement in writing with the Auctioneer. The Auctioneer shall have the sole right to bid on behalf of the Seller up to the amount of the reserve. The Seller shall not bid on any Lot on which a reserve has been placed. The Auctioneer holds itself responsible only for reserves or other sale instructions received in writing from the vendor.
(b) Where any Lot fails to sell the Auctioneer retains the right to re-offer the Lot at a reduced estimate and reserve (if any) and sold at the Auctioneers discretion unless written instructions are received to the contrary.
(c) If the Seller does not wish to re-enter the Lot, or the Auctioneer advises the Seller that it does not wish to re-enter the Lot on their behalf, the Seller shall collect the Lot within five working days of the last auction, failing which they shall be responsible for storage charges at £2 per Lot per day in addition to any other charges to which they are liable.
(d) If the Lot remains uncollected two months after the date of the sale, the Auctioneer shall have the right to sell the Lot at auction without reserve and to deduct from the Hammer Price any sum owing to the Auctioneer including expenses arising from all sales in which the Lot has been included and storage and insurance charges.
7. The Auctioneer shall remit the proceeds of the Seller 28 days after the day of the auction provided that the Auctioneer has received the total sum due from the Buyer. The Auctioneer shall not be deemed to have received the total sum until any cheque delivered by the Buyer has been received and cleared. If the Auctioneer exercises its right to rescind the sale under clauses 9 and 19 hereof it shall not have any obligation to the Seller hereunder.
8. If the Seller withdraws instructions to the Auctioneer to sell any Lot the Auctioneer may charge the Seller such amount as the Auctioneer deems necessary to compensate the Auctioneer for all expenses incurred in respect of the Lot together with a cancellation charge which shall not be less than 15% of the Auctioneer's low estimate of the auction price of the Lot withdrawn together with VAT thereon.
9. If before the net proceeds of the sale have been paid to the Seller the Auctioneer receives notice from the Buyer that in its view the Lot is a forgery (and is not as described in the catalogue) and the Auctioneer agrees with that view, the Auctioneer will rescind the sale and refund the Buyer any amount paid to the Auctioneer in respect of that Lot.
10. (a) Loss & Damage Of Goods
Loss and Damage Warranty - Roseberys is not regulated by the FSA for the provision of insurance to its clients. However Roseberys for its own protection, assumes liability for property consigned to it at mid pre-sale estimate. To justify accepting liability, Roseberys makes a charge of 1.75% of the hammer price plus vat. Should an item(s) be subject to a claim following its sale by auction, the settlement figure will be the price achieved less charges and should the item be subject to a claim following an auction where it has been unsold, then the highest bid, if any, shall be the settlement figure.
(b) The Auctioneer its servants or agents shall not be responsible for loss or damage of any kind to Lots whether caused by the negligence or otherwise unless such a Lot is covered by insurance effected by the Auctioneer in accordance with
10 (a) above.
(c) Any liability of the Auctioneer its servants or agents for any claim for loss or damage whatsoever and howsoever arising in respect of the Lots whether caused by negligence or otherwise shall be limited to the amount of insurance cover affected in accordance with Clause 10(a) above.
11. Vendors Commission and Charges
A commission rate of 15% is payable by the vendor on the hammer price of all lots up to £1,000 and a commission of 10% is payable thereafter.
Loss & Damage Warranty
The rate payable by the vendor is 1.75% of the hammer price plus VAT. Insurance cover is provided at mid auction estimate. In the event of a claim settlement will be made at this level less normal charges as if the lot had actually sold for the mid estimate price.
Lottage
Lottage charges of £5 to £20 apply per lot that is sold. The charge varies according to the auction into which a lot is entered.
11. (a) Catalogue Illustrations
A charge will be made for illustration of any lots. Illustration will be at Rosebery's discretion, and is normally £20 per image.
Internet and Marketing
Roseberys sells live online and markets its auctions internationally. There is a charge of £10 per lot for this.
THE BUYER
12. Buyer's Premium
A buyer's premium of 20% of the hammer price is payable by the buyer, together with VAT on this premium unless specified otherwise in the auction catalogue.
13. The highest bidder acceptable to the Auctioneer shall be the Buyer. The Auctioneer shall have absolute discretion to settle any dispute and to refuse bids or to advance the bidding as seen fit.
14. Every bidder shall be deemed to act as principal unless in receipt of written acknowledgement by the Auctioneer that the bidder is acting as agent on behalf of a disclosed principal.
15. The Buyer must complete a registration form prior to bidding and will be given a paddle number. The Auctioneer may refuse a bid or re-offer a Lot if a Buyer has not registered and/or has no current paddle number. Following a successful bid the Buyer shall pay the Auctioneer in full the Hammer Price (plus VAT payable in accordance with clause 16 below), together with a premium of 20% of the Hammer Price and VAT at the standard rate on the premium, within two working days of the day of the sale.
VAT
Lots that are subject to VAT on the hammer price are marked in the catalogues with a (*) star. Buyers from outside the European Union must pay the vat, this will then be refunded to the buyer on provision of the necessary proof of export. VAT, which is applied to the Buyer's Premium and or the Vendors Commission and all other charges, cannot be refunded and must be paid in full in all circumstances. Lots which appear without the (*) symbol indicate that no VAT is payable on the hammer price. This is because such lots are sold using the Auctioneers' Margin Scheme and it should be noted that the VAT included within the Premium is not recoverable as input tax.
16. Where a Lot is marked with a (*) star VAT is payable on the Hammer Price at the standard rate.
17. The ownership of a Lot shall not pass to the Buyer and the Buyer shall not be entitled to remove any Lot until he has made full payment to the Auctioneer of the total amount due. Payment shall be deemed to have been made only after the Auctioneer has received cash or sterling bankers draft or the Buyers cheque has been cleared.
18. All furniture and rug lots must be collected by 5pm on the Monday after the auction. All other items must be collected by 5pm on the Wednesday after the auction. After this time a storage charge of £2 per lot, per day plus VAT is payable.
19. Should a Buyer breech either of conditions 15 and 18 the Auctioneer, at is absolute discretion and without prejudice to any other rights he may have, may exercise any of the following rights and remedies:-
(a) Proceed against the Buyer for breach of contract;
(b) rescind the sale of all or any Lots sold to the Buyer;
(c) re-sell all or any Lots by public auction or private treaty and deficiencies in the purchase price resulting from such sale (after giving credit for any prior payment received from the Buyer) together with full costs incurred in connection with the Lot or Lots shall be paid to the Auctioneer by the Buyer. Any surplus over the proceeds of the sale shall go to the Seller;
(d) remove, store and insure (on any premises) the Lot or Lots at the expense of the Buyer;
(e) charge interest on the purchase price of 5% over the base lending rate of the National Westminster Bank PLC on any amount out-standing from the Buyer more than 7 days after the date of sale;
(f) retain the Lot or any other Lot sold to the Buyer at the same or any other auction and release the same only after payment of the full purchase price.
(g) reject any bids made by or on behalf of the Buyer at the same or any other future auction, or obtain part payment before accepting any future bids;
(h) apply any proceeds of sale then due or at any time thereafter becoming due to the Buyer towards settlement of the total amount due and exercise a lien on any property of the Buyers which is in the Auctioneers possession for any purpose.
20. (a) Many items are of an age or nature which precludes their being in perfect condition. The catalogue description is for guidance only and does not imply an item is free from defects nor does a reference to specific defects imply the absence of others.
(b) Prospective Buyers are strongly advised to examine personally any goods in which they are interested before the auction takes place. The Auctioneer can provide condition reports on request but provide no guarantee to reports given other than in relation of forgeries as referred to in clause 19(d).
(c) Any Lot which is claimed by the Buyer to be a forgery may be returned to the Auctioneer, in the same condition in which it was sold, within two weeks of the sale. If the Auctioneer is satisfied that the claim is justified and that the Buyer is able to transfer good marketable title to the Lot free from any third party claims Rosebery's will rescind the sale and refund any amount paid by the Buyer to Rosebery's for the Lot.
(d) Any claim by the Buyer under this condition shall be limited to the amount paid by the Buyer to the Auctioneer for the Lot.
21. The Auctioneers will, on the Buyer's written instructions, execute bids on their behalf, but neither the Auctioneer nor his employees nor agents shall be liable for any neglect in doing or failure to do so.
22. These conditions shall be governed by and construed in accordance with English Law.
23. Droit de Suite Royalty Charges. From 1st January 2012 artist's heirs and beneficiaries are now entitled to a resale royalty when a deceased artist's work is sold through an auction house, gallery or dealer. When an artist from a qualifying nationality has been deceased within the last 70 years the Artist Resale Right regulations are extended to the beneficiaries of the deceased artist. A second change to the Right means that artists from some countries outside the European Economic Area (EEA) will no longer enjoy reciprocal resale rights, and UK artists will no longer receive royalties from some countries outside of the EEA. This payment is only calculated on qualifying works of art, which are sold for a hammer price more than the UK sterling equivalent of EURO 1,000 - the UK sterling equivalent will fluctuate in line with prevailing exchange rates.
It is entirely the responsibility of the buyer to acquaint himself with the precise EURO to UK Sterling exchange rate on the day of the sale in this regard. and the auctioneer accepts no responsibility whatsoever if the qualifying rate is different to the rate indicated. All items in the catalogue that are marked with (maybe subject to droit de suite) are potentially qualifying items, and the royalty charge will be applied if the hammer price achieved is more than the UK sterling equivalent of EURO 1,000. The royalty charge will be added to all relevant buyers' invoices, and must be paid before items can be cleared. All royalty charges are passed on to the Design and Artists Copyright Society ('DACS'), no handling costs or additional fees with respect to these charges will be retained by the auctioneers. The royalty charge that will be applied to qualifying items which achieve a hammer price of more than the UK sterling equivalent of EURO 1,000, but less than the UK sterling equivalent of EURO 50,000 is 4%. For qualifying items that sell for more than the UK sterling equivalent of EURO 50,000 a sliding scale of royalty charges will apply - for a complete list of the royalty charges and threshold levels, please see www.dacs.org.uk. There is no VAT payable on this royalty charge.
Droit de suite royalty charges
All lots in this auction potentially qualify for Droit de Suite royalty charges which go to the artist's heir or beneficiary. Lots achieving a hammer price of more than the UK sterling equivalent of 1,000-49,000 Euros attract a 4% royalty charge. There is a sliding scale of charges for items that sell for more than the UK sterling equivalent of 50,000 Euros. See our Full Terms & Conditions for further information.
Payment
Cash - up to the sterling equivalent of 15,000 Euros on the day of the transaction
Debit cards - Switch, Delta, Visa
Credit cards - payments by credit card will be subject to a
2% surcharge
Bank transfer - Natwest Bank plc, Bloomsbury Parr's branch,
Sort Code 60-30-06, Account number 36952613,
Swift code NWBKGB2L, Iban GB80NWBK60300636952613.
Bank transfers from overseas are subject to a £25 fee.
