Terms & Conditions
Third Party Liability. Every person on The Cotswold Auction Company premises at any time shall be deemed to be there at his own risk. He shall have no claim against The Cotswold Auction Company in respect of any accident which may occur or injury, damage or loss howsoever caused, save insofar as the injury, damage or loss shall be caused by the direct negligence of The Cotswold Auction Company employees.
GENERAL CONDITIONS OF SALE
1. Definitions. In these Conditions, The Cotswold Auction Company, who act only as Auctioneers and Agents for the Vendor, are called ‘the Auctioneers’ and the representative of The Cotswold Auction Company conducting the auction is called ‘the Auctioneer’. The ‘hammer price’ means the price at which a lot is knocked down by the Auctioneer to the Buyer. The ‘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 under Condition 12.
2. General
a. Agency. The Auctioneer sells as Agent for the Seller and as such is not responsible for any default by Seller or Buyer. The Auctioneers do not guarantee the title of any Lot or Lots sold by them and will not be responsible for any defects in such title. They accept no responsibility in connection with the commissioning of members of their staff to bid for Lots on behalf of intending Purchasers.
b. Description. Every Lot is sold with all faults and errors of description and the Auctioneers disclaim, for themselves and for the Seller, all responsibility for authenticity, attribution, age, origin, provenance, date, condition, quality or estimated selling price. All statements on such matters, whether printed in the catalogue or made orally, are statements of opinion and not representations of fact. Buyers are deemed to have to satisfied themselves on authenticity, condition, etc., before bidding and no-one in the Auctioneers employment has authority to make any representation of fact.
c. Bidding. The Auctioneer has absolute discretion to divide any Lot, to combine any two or more Lots, to withdraw any Lot, to refuse bids, to regulate the bidding or cancel the sale without in any case giving any reason. He may bid on the Seller’s behalf for all goods which are being offered subject to reserve or at the Auctioneer’s discretion. Where there is no reserve either the Seller or his Agent (who may be the Auctioneer) has the right to bid on the Seller’s goods. All intending purchasers must register their name and address with the auction staff and obtain a bidding number.
d. Fall of the Hammer. The highest Bidder shall be the Buyer – if any dispute arises, the Auctioneer has absolute discretion to settle the dispute or to re-offer the Lot.
e. Auctioneer’s Statement. All Conditions, Notices, descriptions, statements and other matters in the catalogue and elsewhere concerning any Lot are subject to any statements modifying or affecting the same made by the Auctioneer from the rostrum before accepting any bid for the Lot.
CONDITIONS MAINLY CONCERNING BUYERS
3. Premium. The Buyer shall pay to The Cotswold Auction Company the ‘hammer price’ together with a premium of 20% of the ‘hammer price’ together with Value Added Tax at the standard rate on the premium, agrees that the Auctioneers, when acting as Agents for the Seller, may also receive commission from the Seller in accordance with Condition 23 and acknowledges the Auctioneer’s right to retain the premium payable by the Purchaser.
4. Value Added Tax. Lots marked with ‘V’ belong to registered persons and Value Added Tax will be charged at the standard rate on the ‘hammer price’.
5. Payment. At the fall of the hammer the Buyer shall give to the Auctioneer if required, such proportion of the purchase price as the Auctioneer may require in default of which the Auctioneer may re-offer and re-sell the Lot or Lots in question. The ‘total amount due’ must be paid by the time stipulated on the title page of the catalogue, unless prior arrangements have been made with the Auctioneers.
Payment must be received into our account before lots are removed by cash (maximum ?8000), debit/credit card (3% charge on credit cards), cleared cheque or bank transfer. With regard to payment via online bidding with www.the-saleroom.com , please note that if payment is not received within 24 hours of the sale the Auctioneer reserves the right to take payment from the card registered with www.the-saleroom.com . We also reserve the right to request payment by bank transfer. Where payment has been made by telephone, goods will not be available for collection until three working days after. Overseas bidders need to provide personal ID by email, fax or post before their bid can be accepted. Overseas bidders are required to pay by Bank transfer, through the-saleroom payment portal or through the SagePay portal found on www.cotswoldauction.co.uk and to cover bank/card/method charges. Collections by couriers/carriers will only be permitted on receipt of instructions from the registered bidder. Collections by taxi or unconfirmed other parties will be refused.
6. Inspection. Each Buyer by making a bid for a Lot acknowledges that he has satisfied himself fully before bidding by inspection or otherwise as to all the sale conditions, the physical condition of and description of the Lot including but not restricted to whether the Lot is damaged or has been repaired or restored.
7. Ownership. The ownership of the Lot purchased shall not pass to the Buyer until he has made payment in full to the Auctioneers of ‘the total amount due’, but each Lot is at the sole risk of the Buyer from the fall of the hammer.
8. Removal of purchases. No purchase shall be claimed or removed until the Buyer’s account has been paid in full. All Lots shall be paid for and removed at the Buyer’s risk and expense by the time stipulated on the title page of the catalogue. Failing this the Auctioneers shall not be responsible if same are lost, stolen, damaged or destroyed and all Lots not so removed shall remain at the risk of the Buyer. The Buyer shall be responsible for any removal, storage and insurance charges on any Lot not taken away by the time stipulated. All damage done to the premises or to any Lots by the removal of any of the goods shall be paid for by the Purchaser of the goods. No Lots can on any account be transferred to another Purchaser.
9. Packing and Handling. The packing and handling of purchased Lots by the Auctioneers’ staff are undertaken solely as a courtesy to clients. In no event will the Auctioneers be held responsible for damage incurred by their packing or handling of sold Lots.
10. Motor Vehicles. The Buyer of a motor vehicle is responsible for complying with the provision of the Road Traffic Act 1972 and all relevant regulations made under Section 40 thereof (including the Motor Vehicle Construction and Use Regulations 1973) and any statutory modifications thereof.
11. Firearms. The Buyer of a firearm is responsible for obtaining a valid firearms certificate, shotgun certificate or certificate of registration as a firearms dealer and for conforming with the regulations in force in Great Britain relating to firearms. The Auctioneers will not deliver Lots to Buyers without production of evidence of compliance with this condition.
12. Default. Any Lots not paid for and collected by the time stipulated may be removed for storage, the charge to be payable by the Buyer. If they are not paid for and collected within seven days of the sale, the Auctioneer may re-sell them by auction or privately without notice to the Buyer. The deficiency, if any, attending such re-sale together with warehouse and other charges shall be made good by the defaulter at this sale together with interest at 2% above Lloyds Bank plc base rate upon the price of any Lot which has not been paid for within 48 hours of the sale. Any money deposited in part payment shall be held by the Auctioneers on account of any liability of the defaulter to them or to the Seller.
13. Commission Bids. On being given written instructions, the Auctioneers will be pleased to execute bids without charge for those who are unable to attend the sale. Commissions given by telephone are accepted at the sender’s risk and must be confirmed in writing forthwith.
14. Principal. Every Bidder shall be deemed to act as principal unless the Auctioneers acknowledge in writing that he acts as Agent on behalf of a named principal.
15. Rescission. Notwithstanding any other terms of these Conditions, if within 14 days after the sale, The Cotswold Auction Company have received from the Buyer of any Lot notice in writing that in his view the Lot is a deliberate forgery and within 21 days after such notification the Buyer returns the same to the Auctioneers in the same condition as at the time of sale and by producing evidence, the burden of proof to be upon the Buyer, satisfies the Auctioneer that considered in the light of the entry in the catalogue the Lot is a deliberate forgery, then the sale of the Lot will be rescinded and the purchase price of the same refunded. In the event of a dispute then the matter shall be settled by arbitration, the Arbitrator to be nominated by the President of the Royal Institution of Chartered Surveyors. Both the Buyer and the Vendor agree to be bound by the decision. A Buyer’s claim under this Condition shall be limited to any amount paid in respect of the Lot and shall not extend to any loss or damage suffered or expense incurred by him. The benefit of this Condition shall not be assignable and shall rest solely and exclusively in the original Buyer.
16. Bidding via the-saleroom.com. In completing the bidding registration on www.the-saleroom.com and providing your credit card details and unless alternative arrangements are agreed with The Cotswold Auction Company you
(i) authorise The Cotswold Auction Company, if we so wish to charge the credit card given in part or full payment, including all
fees, for items successfully purchased in the sale via the-saleroom.com, and
(ii) confirm that you are authorised to provide these credit card details to The Cotswold Auction Company through this site and
agree that The Cotswold Auction Company is entitled to ship the goods to the cardholder name and cardholder address
provided in fulfilment of the sale
(iii) agree to pay a 3% charge for purchases made over the internet via the-saleroom.com for all commission and live bids ( plus
VAT)
CONDITIONS MAINLY CONCERNING SELLERS
17. (a) The Seller warrants to the Auctioneers and to the Buyer that he 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.
(b) The Seller will indemnify the Auctioneers, their servants and Agents and the Buyer against any loss or damage suffered by either in the consequence of any breach of (a).
18. Instructions. As The Cotswold Auction Company are Auctioneers, all goods delivered to their premises will be deemed to be delivered for sale by Auction unless otherwise stated in writing and will be catalogued and sold at The Cotswold Auction Company’s discretion and accepted by them subject to all the Sale Conditions. By delivering the goods to The Cotswold Auction Company for inclusion in their auction sale, each Seller acknowledges that he or she has accepted and agreed to be bound by all these Conditions.
19. Collection. The Cotswold Auction Company will, if requested in writing, instruct a contractor on the Seller’s behalf in their capacity as Agents. The Auctioneers disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods and for damage to premises caused by the contractor who should be insured for such risks. The remover’s charge will be deducted from the proceeds of sale.
20. Loss or Damage. The Auctioneers disclaim all responsibility for loss or damage to goods or for unauthorised removal of goods unless caused by the direct negligence of their employees.
21. Storage. The Auctioneers reserve the right to store or arrange for the storage of goods delivered to them for sale either on their own premises or elsewhere at their sole discretion. They exempt themselves from any liability for loss or damage to goods delivered to their salerooms without sufficient sale instructions and reserve the right to make a storage charge for such goods.
22. Right to Sell. Sellers will be charged for goods left on the premises if the Seller has been requested to remove them and if the goods are not removed within seven days of such request. The Auctioneers reserve the right to sell the goods to defray costs and storage charges.
23. Reserves. The Seller shall be entitled to place prior to the auction a reserve on any Lot, being a minimum ‘hammer price’ at which that Lot may be treated as sold. The reserve once placed by the Seller shall not be changed without consent of the Auctioneers. The Auctioneers may at their option sell at a ‘hammer price’ below the reserve but in any such case 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. In the event of any reserve price not being reached at auction, the Auctioneers are empowered to sell after the auction, by private treaty, as long as the goods remain on their premises.
24. Commission and Expenses. The Seller authorises the Auctioneers to deduct commission at the stated rate and expenses where applicable from the ‘hammer price’ and acknowledges the Auctioneers right to retain the premium payable by the Buyer in accordance with Condition 3. The insurance premium will be charged as an expense to the Seller on the ‘hammer price’ at a rate of 1% plus Value Added Tax on this percentage.
25. Insurance. Unless otherwise instructed, the Auctioneers will insure property (other than motor vehicles) consigned to it for sale. Such insurance will be at the expense of the Seller and will be against the risks of fire, theft following forcible entry and water damage (but not against accidental breakage or damage). The value of the goods so covered shall be the gross amount realised, or in the case of unsold Lots the best bid, or in the case of goods withdrawn prior to the sale that which specialised staff of The Cotswold Auction Company shall in their absolute discretion estimate to be the auction value of such goods. The Cotswold Auction Company shall not be responsible for damage to or the loss, theft or destruction of any goods not so insured upon the owners written instructions. The Cotswold Auction Company shall not be responsible for accidental breakage, loss or damage howsoever caused unless directly caused by the negligence of their employees.
26. Value Added Tax. A Seller who sends for sale by auction any chattels which are an asset of his business must disclose to the Auctioneer whether or not he is a registered person for Value Added Tax purposes and if so, his registered number and whether or not he intends to operate the special scheme covering works of art, etc. This information must be supplied to the Auctioneer on or prior to the delivery of the goods.
27. Right to Photograph and Illustration. The Seller gives the Auctioneers full and absolute right to photograph and illustrate any Lot placed in their hands for sale and to use such photographs, including any provided by the Seller, at any time at their absolute discretion (whether or not in connection with the auction).
28. Rescission. If before the Auctioneers remit the sale proceeds to the Seller, the Buyer makes a claim to rescind the sale under Condition 15 if appropriate and the Auctioneers are of the opinion that the claim is justified, they are authorised to rescind the sale and refund to the Buyer any amount paid to the Auctioneers in respect to the Lot.
29. Payment of Sale Proceeds. Payment will normally be sent to the Seller approximately 14 days after the sale by cheque, subject to the appropriate deductions regarding commission, insurance, expenses and carriage, where necessary. The Auctioneers shall not be liable for payment to the Seller until they themselves have received full payment from the Buyer.
30. Indemnity. The Seller shall duly indemnify The Cotswold Auction Company against any claims in connection with any goods sold by The Cotswold Auction Company on the Seller’s behalf.
31. Artist’s Resale Rights (Droit de Suite). All lots in the catalogue marked are affected by this right, a royalty charge that we are required to collect from the buyer for all works of art that have been produced by living artists and remit to the artist’s collecting agent. This charge is only applicable on lots that achieve a hammer price of the UK sterling equivalent of 1,000 Euro or more and the amount cannot be more than 12,500 Euro, the charge for lots between1,000 Euro and 50,000 Euro is 4% of the hammer price, the the charge is calculated on a sliding scale on lots that sell over 50,000.01 Euro. The Euro rate of exchange applied will be the European Central Bank Rate on the day of the sale.
For any additional information regarding Droit de Suite regulations please telephone DACS (The Design and Artist’s Copyright Society) on 0044(o) 845 410 3410 or see www.dacs.org.uk
