24 DNW sells as agent for the seller (except where it is stated wholly or partly to own any lot as principal) and as such is not responsible for any default by seller or buyer.
25 Any representation or statement by DNW, in any catalogue as to authorship, attribution, genuineness, origin, date, age, provenance, condition or estimated selling price is a statement of opinion only. Every person interested should exercise and rely on his or her own judgement as to such matters and neither DNW nor its servants or agents are responsible for the correctness of such opinions.
26 Whilst the interests of prospective buyers are best served by attendance at the auction, DNW will, if so instructed, execute bids on their behalf. Neither DNW nor its servants or agents are responsible for any neglect or default in doing so or for failing to do so.
27 DNW shall have the right, at its discretion, to refuse admission to its premises or attendance at its auctions by any person.
28 DNW has absolute discretion without giving any reason to refuse any bid, to divide any lot, to combine any two or more lots, to withdraw any lot from the auction and in case of dispute to put up any lot for auction again.
29 (a) Any indemnity under these Conditions shall extend to all actions, proceedings costs, expenses, claims and demands whatever incurred or suffered by the person entitled to the benefit of the indemnity.
(b) DNW declares itself to be a trustee for its relevant servants and agents of the benefit of every indemnity under these Conditions to the extent that such indemnity is expressed to be for the benefit of its servants and agents.
30 Any notice by DNW to a seller, consignor, prospective bidder or buyer may be given by first class mail or airmail and if so given shall be deemed to have been duly received by the addressee 48 hours after posting.
31 These Conditions shall be governed by and construed in accordance with English law. All transactions to which these Conditions apply and all matters connected therewith shall also be governed by English law. DNW hereby submits to the exclusive jurisdiction of the English courts and all other parties concerned hereby submit to the non-exclusive jurisdiction of the English courts.
32 In these Conditions:
(a) ‘catalogue’ includes any advertisement, brochure, estimate, price list or other publication;
(b) ‘hammer price’ means the price at which a lot is knocked down by the auctioneer to the buyer;
(c) ‘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 in pounds sterling;
(d) ‘deliberate forgery’ means an imitation made with the intention of deceiving as to authorship, origin, date, age, period, culture or source which is not shown to be such in the description in the catalogue 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 that description;
(e) ‘sale proceeds’ means the net amount due to the seller being the ‘hammer price’ of the lot sold less commission at the ‘stated rates’ and ‘expenses’ and any other amounts due to DNW by the seller in whatever capacity and howsoever arising;
(f) ‘stated rate’ means DNW’s published rates of commission for the time and any Value Added Tax thereon;
(g) ‘expenses’ in relation to the sale of any lot means DNW charges and expenses for insurance, illustrations, special advertising, packing and freight of that lot and any Value Added Tax thereon;
(h) ‘bought-in price’ means 5 per cent more than the highest bid received below the reserve.
33 Vendors’ commission of sales
A commission of 15 per cent is payable by the vendor on the hammer price on lots sold.
34 VAT
Commission, illustrations, insurance and advertising are subject to VAT if the seller is resident in the European Union.