Diamond Mills & Co. carries on business with bidders, buyers and all those present in the auction room prior to or in connection with a sale on the following General Conditions and on such other terms, conditions and notices as may be referred to herein.
1. DEFINITIONS
In these Conditions:
(a) “auctioneer” means the firm of Diamond Mills & Co. 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 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 Diamond Mills & Co. 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 buyer 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 us by the seller in whatever capacity and however arising;
(g) “You”, “your”, etc. refer to the buyer as identified in Condition 2;
(h) The singular includes the plural and vice versa as appropriate.
2. BIDDING PROCEDURES AND THE BUYER
(a) Bidders are required to register their particulars before bidding and to satisfy any security arrangements before entering the auction room to view or bid;
(b) the maker of the highest bid accepted by the auctioneer conducting the sale shall be the buyer at the hammer price and any dispute about a bid shall be settled at the auctioneer’s absolute discretion by re-offering the Lot during the course of the auction or otherwise;
(c) Bidders shall be deemed to act as principals;
(d) Once made, no bid may be withdrawn. Our right to bid on behalf of the seller is expressly reserved up to the amount of any reserve and the right to refuse any bid is also reserved.
3. INCREMENTS
Bidding increments shall be at the auctioneers sole discretion.
4. THE PURCHASE PRICE
The buyer shall pay the hammer price together with a premium thereon of 11.75% (or incremental) which shall include VAT on the premium at the rate imposed by law.
4A. DROIT DE SUITE. On certain Lots, which will be marked “AR” in the Catalogue and which are sold for a Hammer Price together with Buyer’s premium (but excluding VAT) of € or greater (converted into the currency of the Sale using the European Central Bank Reference rate prevailing on the date of the Sale), the Additional Premium will be payable to use by the Buyer to cover our expenses relating to the payment of royalties under the Artists Resale Right Regulations 2006. The Auctioneer will announce the equivalent of €1000 in the currency in which the Sale will take place at the beginning of the Sale. The Additional Premium will be a percentage of the amount of the hammer Price pus Buyer’s Premium calculated in accordance with the able below and shall not exceed €12,500 (converted into the currency of the Sale using the European Central Bank Reference rate prevailing on the date of the Sale). Amount of the Hammer Price plus Buyer’s Premium (but excluding VAT) Percentage amount 4% €0-50,000.
5. VALUE ADDED TAX
Value Added Tax on the hammer price is imposed by law on all items affixed with an asterisk or double asterisk. Value Added Tax is chained at the appropriate rate prevailing by law at the date of sale and is payable by buyers of relevant Lots. (Please refer to “Information for Buyers” for a brief explanation of the VAT position).
6. PAYMENT
(1) Immediately a Lot is sold you will:
(a) give to us, if requested, proof of identity, and
(b) pay to us the total amount due in cash or in such other way as is agreed by us.
(2) Any payments by you to us may be applied by us towards any sums owing from you to us on any account whatever without regard to any directions of you or your agent, whether express or implied.
7. TITLE AND COLLECTION OF PURCHASES
(1) The ownership of any Lots purchased shall not pass to you until you have made payment in full to us of the total amount due.
(2) You shall at your own risk and expense take away any lots that you have purchased and paid for not later than 3 working days following the day of the auction after which you shall be responsible for any removal, storage and insurance charges.
(3) No purchase can be claimed or removed until it has been paid for.
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 breach of these Conditions, we as agent for the seller shall at our absolute discretion and without prejudice to any other rights we may have, be entitled to exercise all or any of the following rights and remedies:
(a) to proceed against you for damages for breach of contract;
(b) to rescind the sale of that Lot and/or any other Lot sold by us to you;
(c) to re-sell the Lot (by auction or private treaty) in which case you 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 your expense and, in the case of storage, either at our 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 3 working days after the sale;
(f) to retain that or any other Lot sold to you until you pay the total amount due;
(g) to reject or ignore bids from you or your agent 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 you towards the settlement of the total amount due and to exercise a lien on any of your property in our possession for any purpose.
9. THIRD PARTY LIABILITY
All members of the public on our premises are there at their own risk and must note the lay-out of the accommodation and security arrangements. Accordingly neither the auctioneer nor our employees or agents shall incur liability for death or personal injury (except as required by law by reason of our negligence) or similarly for the safety of the property of persons visiting prior to or at a sale.
10. COMMISSIONS 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 we will if so instructed clearly and in writing execute bids in their behalf. Neither the auctioneer nor our employees or agents shall be responsible for any neglect or default in so doing or failing to do so. Where two or more commission bids at the same level are recorded we reserve the right in our absolute discretion to prefer the first bid so made.
We regret that we are unable to accept telephone bids on items estimated below ?500.
