IMPORTANT INFORMATION FOR BUYERS AND SELLERS
I. Buying and Selling Charges
Buyers
Spink charges a premium calculated at the Rates of Premium
set out below on the price at which a Lot is knocked down to
the Buyer – the ‘Hammer Price’ – plus VAT at the appropriate
rate (see II below and Conditions of Business).
The Rate of Premium is 20% of the final hammer price of each
lot up to and including £2,000 and 15% of the excess of the
hammer price above £2,000.
Sellers
The commission shall be subject to agreement between
the seller and the auctioneer plus VAT where appropriate
(see II below).
Bought in Lots
A charge of 5% may be made on the final bid for all Lots
failing to reach their reserve.
Other Charges
Where applicable, there will be charges for insurance,
illustration, freight and transit insurance.
Storage Charges
For a short period after the auction, uncollected purchases and
unsold lots are held at the salerooms. Thereafter they will be
removed for storage and charges will be incurred. (See
Conditions of Business – B.9)
II. Value Added Tax (VAT)
Charging of (VAT) at auction
The information shown on this page sets out the way in which
Spink intends to account for VAT.
(a) Buyers
(i) Auctioneers’ Margin Scheme
Where possible, Spink will offer lots for sale under the
Auctioneers’ Margin Scheme. Such lots can be identified by
the absence of any symbol next to the lot number in the
catalogue and will not be subject to VAT on the Hammer Price.
Where lots are sold using the Auctioneers’ Margin Scheme to
VAT–registered businesses, the VAT included within the
premium is not recoverable as input tax. On request
immediately after sale, Spink will issue invoices that show VAT
separately on both hammer price and buyer’s premium. This
will enable VAT-registered businesses to recover the VAT
charged as input tax, subject to the normal rules for recovering
input tax.
(ii) Zero-Rated lots
Limited Categories of goods, such as books, are zero-rated for
VAT in the United Kingdom. Such lots are offered under the
Auctioneers’ Margin Scheme. In these circumstances no VAT
element will be included within the buyer’s premium.
(iii) Daggered lots
Lots which are daggered (†) in the catalogue are subject to
VAT at 17.5% on both the hammer price and the buyer’s
premium.
(iv) Starred and Omega lots
Lots which are marked (x) in the catalogue are subject to VAT
at 5% on the the hammer price and 17.5% on the buyer’s
premium. Lots which bear the Omega symbol (O) are subject
to VAT at 17.5% on gross price. Such lots bear VAT because
the lot is liable for VAT at this rate on importation into the EU.
(v) Investment Gold lots
Lots marked (g) in the catalogue are exempt from VAT on the
hammer price and are subject to VAT at 17.5% on the buyer’s
premium.
(vi) Further information on imported lots
Lots which are marked (x) and Lots which bear the Omega
symbol (O) have VAT charged on the hammer price and
buyers’ premium because they have been imported into the
United Kingdom from outside the EU.
In such cases Spink has used a Temporary Importation
procedure, which in effect means that the point of importation
is deferred until the lot has been sold by Spink. At this point
the buyer is treated as the importer and is liable to pay the
import VAT due. The VAT is collected by Spink and paid to HM
Customs and Excise on behalf of the buyer.
(vii) Invoicing
Invoices may consist of one or more pages and will show: zero
rated lots; lots sold under the Auctioneers’ Margin Scheme;
lots marked (g) special scheme investment gold; daggered
lots (†), lots marked (x) import VAT and lots marked (O) omega
lots.
(viii) VAT Refunds – General
As Spink remains liable to account for VAT on all lots unless
proof of export is held, buyers will generally be asked to
deposit all amounts of VAT invoiced. However, if a Spink
nominated shipper is instructed, then any refundable VAT will
not be collected. In all other cases credits will be made when
proof of export is provided.
To apply for a credit, the appropriate export evidence must be
sent to Spink accounts department clearly marked ’VAT
Refund’. No payment will be made where the total amount of
VAT refundable is less than £50.
(ix) VAT Refunds - Buyers from within the EU
Refunds are available only on the hammer price of daggered
lots invoiced on the VAT on taxable lots’ page. The buyer must
certify that he is registered for VAT in another EU country and
that the lot is to be removed from the United Kingdom.
Where an EU buyer purchases a lot on which import VAT has
been charged, no refund of VAT is available from Spink.
(x) VAT Refunds – Buyers from outside the EU
Auctioneers’ Margin Scheme
Where evidence of export from the EU is produced, the VAT
element included within the premium may be refunded.
Daggered (†) lots
The VAT charged on the hammer price may be refunded where
evidence of export from the EU is produced. No refund of VAT
charged on the premium may be made.
Omega (O) and lots marked (x)
Where evidence of export from the EU is produced, the VAT
charged on both the hammer price and premium may be
refunded. Please ask Spink for advice on how to export such
lots since a specific form of export evidence is required.
The Seller
VAT at the standard rate is charged on the seller’s commission
to all UK residents, and to other EC residents who are not
registered for VAT within the EC. Sellers resident outside the
EC are not liable for payment of such VAT.
EC resident sellers who are registered for VAT in a country
other than the United Kingdom and are selling their Lots
outside the Auctioneers’ VAT Margin Scheme will also be
exempt from payment of such VAT provided that notification
of their VAT registration is included on the Spink receipt form
prior to the auction.
Where lots are sold using the Auctioneers’ VAT Margin
Scheme, Customs & Excise regulations require that the seller’s
commission must be charged inclusive of any VAT which may
be due.
Other service charges made to sellers, such as catalogue
illustration costs and insurance charges, will be subject to VAT
and treated on the same basis for VAT purposes.
III. Guidance to Purchasers regarding Payment and
Shipment Overseas
(a) Payment for purchases is due within 7 working days and
should be made in sterling by one of the following methods:
Direct bank transfer to Account No. 10100317, Sort Code
16-00-53, Swift Address: RBOSGB2L, IBAN No. GB69 RBOS
1600 5310 17, The Royal Bank of Scotland plc. London
Holborn Branch, 127-128 High Holborn, London WC1V 6PQ.
Please include your client number.
or
By cheque or bank draft made payable to Spink and Son Ltd
and sent to Spink at 69 Southampton Row, Bloomsbury,
London WC1B 4ET
Please attach the remittance slip printed at the bottom
of the invoice.
Purchases can only be released when payments have cleared
(b) Despatch of purchases will follow receipt of your despatch
instructions, full payment and receipt of any Export Licence
that may be required. (See V. below).
(c) Shipping can be arranged by Spink contracted shippers to your
instructions.
(d) Insurance. Spink’s own insurance cover on all purchased Lots
ceases at the time of collection from our premises or seven
days after the sale, whichever is the earlier. (See Conditions of
Business B.5a & 5b.)
(e) Works of art being handcarried outside the EC must be
correctly declared to Customs at the port/airport of departure
from the EC. If evidence of removal from the United Kingdom
is required for refund of VAT the Carrier should approach H.M.
Customs and Excise prior to departure. Spink can give advice
and assistance in arranging for the correct paperwork to be
completed on your behalf.
IV. Sellers resident Outside the EC
Importing works of art for sale. It is essential that all items
imported for sale must be declared as such to Customs at the
point of entry into the EC, and appropriate documents be
obtained for presentation to Spink. Particular attention should
be paid to items containing ivory or other material from
endangered species.
V. Export licensing regulations for works of art,
antiques and collectors’ items
Spink can advise buyers on the detailed provisions of the
export licensing regulations. If hand carried by the Buyer, the
Buyer will be required to produce a valid export licence to
Spink or sign a waiver document stating that a licence will be
applied for.
Buyers should always check whether an export licence is
required before exporting. Export licences are usually obtained
within two or three weeks but delays can occur.
Spink Services
In addition to holding regular auctions of Stamps, Coins,
Medals, Bonds, Shares and Banknotes, Spink offers a variety of professional
services.
Bidding on Your Behalf
If you cannot attend an auction in person, Spink can bid for
you according to your instructions. There is no extra charge for
this service which is known as commission bidding. If
successful, the price you pay will be the final bid and the
premium of 20% of the final hammer price of each lot up to
and including £2,000 and 15% of the excess of the hammer
price above £2,000 plus VAT where appropriate. Bids must
always be made or confirmed in writing, using the form
included in every catalogue. Bank references may be requested
and should be supplied in good time to be taken up before the
auction. For further information please telephone (020) 7563
4014. See also Conditions of Business A.12.
No bids, reserves or sale instructions are accepted via e-mail
Telephone Bidding in the saleroom may be arranged with two
clear days' notice (to allow checking of references), and
where at least one lot is expected to realise at least £1,000
(Spink reserve the right to vary this amount at its sole
discretion). For further information, please telephone the bids
office on (020) 7563 4005/4031.
Bidding Increments
Bidding generally opens below the low estimate and advances
in the following order although the auctioneer may vary the
bidding increments during the course of the auction. The
normal bidding increments are:
Up to £100 by £5
£100 to £300 by £10
£300 to £600 £320-£350-£380-£400 etc.
£600 to £1,000 by £50
£1,000 to £3,000 by £100
£3,000 to £6,000 £3,200-£3,500-£3,800,£4,000 etc.
£6,000 to £20,000 by £500
£20,000 and up Auctioneer’s discretion
Prices Realised
A prices realised will be published in the next sale catalogue in
this category.
Collection of Lots
If you are collecting lots after the sale please telephone and
make an appointment on (020) 7563 4005/4034.
Postal Charges
Prices for books
(items sent by this method are not covered by insurance)
"Weight" "UK" "EU" "Rest of the World"
Up to 1kg - £5 for any weight - £8 - £12
Up to 2kg - £5 for any weight - £14 - £20
*items over 2kg or to be sent by courier will be quoted separately
Prices for all other items (signed-for, insured mail)
"Weight" "UK" "EU" "Rest of the World"
Up to 0.25kg - £5 - £6 - £10
Up to 0.50kg - £6 - £9 - £15
Up to 1kg - £7.50 - £13 - £26
Up to 2kg - £9 - £22 - £48
*items over 2kg or to be sent by courier will be quoted separately
Shipping outside the UK
Spink can arrange the delivery and shipment of your purchases
anywhere in the world through our contracted shippers.
Estimates for the shipping of any property and advice on the
most secure and economic means of despatch can be obtained
on (020) 7563 4101. See also Important Information for
Buyers & Sellers III.
Packing and handling
We shall use all reasonable efforts to take care when handling
and packing a purchased Lot but remind the Buyer that after
seven days or from the time of collection the Lot is entirely at
the buyer’s risk.
Valuations and Inspections
Written valuations for probate, insurance, family division and
other purposes, which can be carried out at our offices or in
your home, are arranged through the Department. The
charges are on a per day or a part day basis. If items are
subsequently sold shortly afterwards, valuation charges may
be refunded. Please contact the relevant department.
Catalogue Subscriptions and Publications
Spink catalogues are reference works collected in their own
right, as well as being the essential guide to auction. Annual
subscriptions ensure regular receipt of catalogues at a
considerable saving. We also publish new works on
Numismatics and the Numismatic Circular (published since
1892), which offers coins, commemorative medals and
banknotes for sale.
CONDITIONS OF BUSINESS
The conditions set out below are the terms on which we contract, as
auctioneers, with sellers and, as agent acting on behalf of sellers, with
buyers. Buyers and sellers should read the conditions carefully. Buyers’
attention is drawn in particular to clause 16 which limits our liability. For
ease of reference, the conditions are divided into sections: Section A
gives a background to some of the terms that are used in the
Conditions generally; Section B is of particular relevance to sellers;
Section C to buyers; and Section D to both sellers and buyers.
A. Background to Terms used in these Conditions
1. In the conditions set out below, some terms are used regularly
that need explanation.
They are as follows:
– “the Buyer” means the person with the highest bid accepted by the
auctioneer;
– “the Lot” means any item deposited with us for sale at auction and,
in particular, the item or items described against any lot number in any
catalogue;
– “the Hammer Price” means the amount of the highest bid accepted
by the auctioneer in relation to a Lot;
– ”the Buyer’s premium” means the charge payable by the Buyer as a
percentage of the Hammer Price, at the rates set out in clause 15(a) in
Section C;
– ”the Reserve” means the amount below which we agree with the
Seller that the Lot cannot be sold;
– “Forgery” means a Lot constituting an imitation originally conceived
and executed as a whole with a fraudulent intention to deceive as to
authorship, origin, age, period, culture or source where the correct
description as to such matters is not reflected by the description in the
catalogue and which at the date of the auction had a value materially
less than it would have had if it had been in accordance with the
description in the catalogue. Accordingly, no Lot shall be capable of
being a Forgery by reason of any damage and/or restoration work of
any kind (including re-enamelling).
– ”The Insured Value” means the amount that Spink in its absolute
discretion from time to time shall consider to be the value for which a
Lot should be covered by insurance (whether or not insurance is
arranged by us).
B. The Seller
2. Spink’s Role as Agent
Our sales at public auction are undertaken as agent, on behalf of the
Seller. The contract for the sale of the Lot will be between the Seller and
the Buyer.
3. Commission
We shall charge the Seller commission at a rate agreed between the
Seller and Spink.
VAT at the appropriate rate will be charged on the commission. We
shall also collect from the Buyer a premium in addition to the Hammer
Price. We shall be entitled to retain this premium.
4. Expenses
The Seller may be asked to bear all costs relating to:
(a) packing and shipping the Lot to us for sale;
(b) any applicable transit insurance;
(c) packing and shipping the Lot if it is returned to the Seller;
(d) any applicable customs duties;
(e) catalogue illustration;
(f) any restoration of the Lot agreed in advance with the Seller;
(g) any examination by external experts we believe necessary for
catalogue description;
(h) any external expert opinions we believe appropriate;
(i) a contribution to our general expenses if the Lot is not sold, equal to
5% of the Reserve;
(j) storage of the Lot after the sale, where applicable;
(k) our administration costs if expenses are incurred under (f) (g)
(h) and (j), equal to 10% of those expenses;
(l) any applicable VAT.
5a. Where the Lot is included under Spink’s Policy
(a) Unless we agree otherwise, the Lot will be automatically included as
consigned or entrusted goods under Spink’s Fine Art Policy for the
amount that we from time to time consider to be its appropriate value.
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This Value is not an undertaking by us that the Lot will be sold for this
amount.
(b) We shall charge the Seller a fee for the inclusion of the Lot under our
policy at the rate of 1% of either the Hammer Price or, if the Lot is
unsold, of the consigned or entrusted value. If we arrange transport,
we may charge the Seller an additional fee based on the value of the
Lot and the particular circumstances of the requirements for the
transport to maintain the benefit of the inclusion of the Lot under
Spink’s policy during such transport. Although we shall suggest carriers
if specifically requested, we cannot accept any liability in this respect.
(c) The Lot will retain the benefit of inclusion under Spink’s policy until the
expiry of seven days after the sale. If the Lot has not been sold, it will
be at the Seller’s risk after that time.
(d) We are unable to accept responsibility for damage caused by
woodworm, changes in atmospheric conditions or acts of terrorism.
5b. Owner’s Insurance
If the Seller specifically instructs us not to insure the Lot, it will remain
at the Seller’s risk at all times until the Buyer has made payment in full.
The Seller will indemnify us and our employees and agents, and the
Buyer (where applicable) against any claim made against us or them in
respect of the Lot, however that claim may arise. The Seller will also
reimburse us and them on demand for any expenses we or they may
incur as a result of such a claim, even if we or they are found to have
been negligent and even where such reimbursement is required of a
payment made without any legal liability being proved. The Seller must
notify the Seller’s insurers of the terms of this clause.
6. The Seller’s Undertakings regarding the Lot
This clause sets out the basis on which we shall handle the Lot
and which will govern the Seller’s relationship with the Buyer. If
that basis proves incorrect in any way, either we or the Buyer may
take legal action against the Seller.
We shall handle the Lot, and the Buyer will purchase, on the basis of
the Seller’s undertakings that:
(a) the Seller is the sole owner of the Lot with an unrestricted right to
transfer title to the Buyer free from all third party rights or claims
(including copyright claims);
(b) the Seller has complied with all requirements, legal or otherwise
relating to any export or import of the Lot and has notified us in writing
of any failure by third parties to comply with such requirements in the
past; and
(c) the Seller has notified us in writing of any material alterations to the
Lot of which the Seller is aware and of any concerns expressed by third
parties in relation to the ownership, condition or attribution of the Lot.
If any of (a), (b) and (c) above is incorrect, the Seller will indemnify us
and/or the Buyer in full on demand against all claims, costs or expenses
incurred by us or the Buyer as a result, whether arising in relation to the
Lot or the proceeds of sale.
7. Sale Arrangements
(a) We shall have complete discretion as to the way the Lot is described
and illustrated in the catalogue or any condition report; the place and
manner of sale; the decision as to which persons should be admitted to
the auction, and as to which bids should be accepted; whether expert
advice should be sought, and the combination or division of goods for
sale.
(b) Any estimate given, orally or in writing, is a matter of opinion only and
is not an assurance in relation to the price the Lot will eventually fetch.
(c) The Seller may not withdraw the Lot from sale without our consent.
However, we reserve the right to withdraw the Lot from sale at any time
if (i) we have any doubt as to its attribution or authenticity or as to the
accuracy of the statements made in clause 6 (a), (b) or (c) above or (ii)
there is any breach of these Conditions of Business or (iii) we believe it
would be improper to include the Lot in the sale.
(d) If either we or the Seller withdraw the Lot, we shall charge the Seller a
fee equal to 20% of the Reserve or, if no Reserve has been agreed at
that time, 20% of the Insured Value, together with any applicable VAT
and insurance and other expenses.
(e) Stamps
Sellers please be advised that prospective buyers may wish to obtain an
expert opinion on stamps being sold on your behalf. This is known as
an extension. If a request for an extension is accepted by Spink, (see C.
Buyers - point d) the lot will be sent to an Expertising Committee.
Results of Sale as sent to the Seller will be marked accordingly.
Sellers should be aware that the length of time to reach an opinion by
a Committee is variable. Until a decision is reached, and Spink is advised
in writing, settlement will not be made on the lot.
8. Conduct of Sale
(a) The Lot will be sold subject to the Reserve, which cannot be above the
low estimate printed in the catalogue unless the Reserve is agreed to in
a currency other than pounds sterling and the exchange rates fluctuate
between the time the Reserve is agreed and the day of the sale. In this
case, unless we agree otherwise, the Reserve shall be an amount equal
to the pound sterling equivalent based on the closing exchange rate on
the business day immediately preceding the sale. We shall in no
circumstances be liable if bids are not received at the level of the
Reserve. We shall however be entitled to sell the Lot below the Reserve.
If we do so, we shall be obliged to account to the Seller as if the
Hammer Price was equal to the Reserve.
(b) The Seller may not bid for the Lot nor employ any person to do so on
the Seller’s behalf, although we shall have the right to bid on the Seller’s
behalf up to the amount of the Reserve.
9. After the Sale
(a) Accounting
After the sale, we shall require payment in full from the Buyer, including
payment of the Buyer’s premium. Provided this has occurred, we shall
remit to the Seller an amount equal to the Hammer Price less all charges
due from the Seller, 35 days after the date of the sale, unless we have
received notice that the Lot is a Forgery (as defined in Clause 1 of these
Conditions of Business). In the event of late payment by the Buyer we
shall make such remittance to the Seller within seven days of that
payment by the Buyer. If for any reason we make payment to the Seller
of the amount due before payment by the Buyer, we shall acquire
complete ownership of and title in the Lot, save only that in the event
that we are obliged to accept the Lot back from the Buyer on the basis
that it is a Forgery, the Seller will refund to us the proceeds of sale paid
to the Seller.
Payment will be made in sterling unless the Seller instructs otherwise in
writing. If the Seller requires payment other than in sterling, we shall
charge the Seller for any currency costs incurred.
(b) Non-Payment by the Buyer
If the Buyer fails to pay the full amount due within 35 days after the
date of sale, we shall be entitled to agree special terms on the Seller’s
behalf for payment, storage and insurance, and to take any steps we
consider necessary to collect the amount due from the Buyer. However,
we shall not be obliged either to remit the price due to the Seller
ourselves, nor to take any legal proceedings on the Seller’s behalf. We
shall discuss with the Seller the appropriate course of action to be taken
to recover the purchase price from the Buyer.
(c) Forgeries
If within seven days of the date of the auction the Buyer satisfies us that
the Lot is a Forgery (as defined in Clause 1 of these Conditions of
Business), then (i) if the Buyer at that time has not yet paid the full
amount due, we shall have the right to cancel the sale and/or (ii) if we
have at that time paid the Seller the whole or part of the full amount
due to the Seller, then the Seller must refund to us, on demand, the
total amount paid. In the latter case we shall exercise a lien over any
property of the Seller under our control as security for the amount due.
(d) Unsold Lot
If any Lot is unsold, or is not included in a sale, or is withdrawn from
sale for any reason, it must be collected from us within 35 days after
we send the Seller a notice requiring the Seller to collect it. If any such
Lot remains uncollected for a period exceeding 35 days, a storage
charge of £1 per item per day will apply and an additional charge will
be made for insurance. The Seller will not be entitled to collect the Lot
until all outstanding charges are met.
If any such Lot is not collected within 90 days after the date of the sale
or the date of the notice referred to above (whichever occurs first), it
may be disposed of by us as we see fit, which may involve its removal
to a third party warehouse at the Seller’s expense and its sale by public
auction on such terms as we consider appropriate, including those
relating to estimates and reserves. We shall then account to the Seller
for the proceeds of sale, having deducted all amounts due.
If any Lot is bought in or otherwise unsold by auction, we are
authorised as the exclusive agent for the Seller for a period of two
months following the auction to sell such Lot privately for a price that
will result in a payment to the Seller of not less than the net amount –
i.e. after deduction of all charges due from the Seller – to which the
Seller would have been entitled had the Lot been sold at a price equal
to the Reserve, or for such lesser amount as we and the Seller shall
agree. In such event the Seller’s obligations to us with respect to such a
Lot are the same as if it had been sold at auction.
10. Photographs and Illustrations
We shall have the right (on a non-exclusive basis) to photograph, video
or otherwise produce an image of the Lot. All rights in such an image
will belong to us, and we shall have the right to use it in whatever way
we see fit.
11. Other Matters
VAT
The Seller will give all relevant information about his VAT status and that
of the Lot to ensure that the correct information is printed in the
catalogues. Once printed, the information cannot be changed. If we
incur any unforeseen cost or expense as a result of the information
being incorrect, the Seller will reimburse to us on demand the full
amount incurred.
C. Buyers
12. Spink as agent
As auctioneers, we act as agent for the Seller. Unless otherwise agreed
sales of goods at our auctions result in contracts made between the
Seller, through our agency, with the Buyer.
13. Before the Sale
(a) Examination of goods
Prospective buyers are strongly advised to examine personally any
goods in which they are interested, before the auction takes place.
Condition reports are usually available on request. We provide no
guarantee to the Buyer other than in relation to Forgeries, as explained
in clause 1 of these Conditions of Business.
(b) Catalogue descriptions
Statements by us in the catalogue or condition report, or made orally or
in writing elsewhere, regarding the authorship, origin, date, age, size,
medium, attribution, genuineness, provenance, condition or estimated
selling price of any Lot are merely statements of opinion, and are not to
be relied on as statements of definitive fact. Catalogue illustrations are
for guidance only, and should not be relied on either to determine the
tone or colour of any item or to reveal imperfections. Estimates of the
selling price should not be relied on as a statement that this price is
either the price at which the Lot will sell or its value for any other
purpose.
Many items are of an age or nature which precludes their being in
perfect condition and some descriptions in the catalogue or given by
way of condition report make reference to damage and/or restoration.
We provide this information for guidance only and the absence of such
a reference does not imply that an item is free from defects or
restoration nor does a reference to particular defects imply the absence
of any others.
(c) Buyers Responsibility
Buyers are responsible for satisfying themselves concerning the
condition of the goods and the matters referred to in the catalogue
description.
(d) Extensions – Stamps
Prospective buyers who wish to obtain an expert opinion on any lot
(other than a mixed lot or lot containing undescribed stamps) are
requested to notify Spink in writing not less than forty-eight hours
before the time fixed for the commencement of the first session of the
sale. If accepted by Spink, such request shall have the same effect as
notice of an intention to question the genuineness or description of the
lot for the purposes of Condition 16 of the Conditions of Business;
Condition 17 shall thereafter apply accordingly.
Notice of a request for an expert opinion must give the reason why such
is required and specify the identity of the expert which will be subject
to the agreement of Spink. All lots for which Certificates of Authenticity
are desired must be submitted by Spink to the Expert Committee for
choice.
Extensions requested on account of condition will not normally be
accepted for expert opinions. Any Lot described as having faults or
defects may not be returned should a certificate cite other faults or
defects not included in the catalogue description.
Should Spink accept a request for an extension under the foregoing
provisions of this paragraph, the fact may be stated by the Auctioneer
from the rostrum prior to the sale of the lot.
It should be noted that any stamp accompanied by a Certificate of
Authenticity is sold on the basis of that Certificate only and not on the
basis of any other. No request for an extension will be accepted on such
a stamp and the return of such a stamp will not be accepted.
14. At the Sale
(a) Refusal of admission
Our sales take place on our own premises or premises over which we
have control for the sale, and we have the right, exercisable at our
complete discretion, to refuse admission to the premises or attendance
at an auction.
(b) Registration before bidding
Every prospective buyer must complete and sign a registration form and
provide identification before making a bid at auction. Prospective
buyers should be aware that we usually require buyers to undergo a
credit check.
(c) Bidding as Principal
When making a bid, prospective buyers will be accepting personal
liability, unless it has been agreed in writing, at the time of registration,
that a bidder is acting as agent on behalf of a third party acceptable to
us.
(d) Commission Bids
If a prospective buyer gives us instructions to bid on his behalf, by using
the form provided, we shall use reasonable efforts to do so, provided
these instructions are received not later than 24 hours before the sale.
If we receive commission bids on a particular Lot for identical amounts,
and at auction these bids are the highest bids for the Lot, it will be sold
to the person whose bid was received first. Commission bids are
undertaken subject to other commitments at the time of the sale, and
the conduct of the sale may be such that we are unable to bid as
requested. Since this is undertaken as a free service to prospective
buyers on the terms stated, we cannot accept liability for failure to
make a commission bid. Prospective buyers should therefore always
attend personally if they wish to be certain of bidding.
(e) Telephone Bids
If prospective buyers make arrangements with us not less than 24 hours
before the sale, we shall use reasonable efforts to contact the bidders
to enable them to participate in bidding by telephone, but in no
circumstances will we be liable to either the Seller or any prospective
buyer as a result of failure to do so.
(f) Currency Converter
At some auctions, a currency converter will be operated, based on the
one month forward rates of exchange quoted to us by Royal Bank of
Scotland at opening on the date of the auction. Bidding will however
take place in sterling. The currency converter is not always reliable, and
errors may occur beyond our control either in the accuracy of the Lot
number displayed on the converter, or the foreign currency equivalent
of sterling bids. We shall not be liable to the Buyer for any loss suffered
as a result of the Buyer following the currency converter rather than the
sterling bidding.
(g) Video images
At some auctions there will be a video screen. Mistakes may occur in its
operation, and we cannot be liable to the Buyer regarding either the
correspondence of the image to the Lot being sold or the quality of the
image as a reproduction of the original.
(h) The auctioneer’s discretion
The auctioneer has the right at his absolute discretion to refuse any bid
to advance the bidding in such manner as he may decide to withdraw
or divide any Lot, to combine any two or more Lots and, in the case of
error or dispute, to put an item up for bidding again.
(i) Successful bid
Subject to the auctioneer’s discretion, the striking of his hammer marks
the acceptance of the highest bid and the conclusion of a contract for
sale between the Seller and the Buyer.
15. After the Sale
(a) Buyer’s Premium
In addition to the Hammer Price, the Buyer must pay us the Buyer’s
premium at a rate of 20% of the final hammer price of each lot up to
and including £2,000 and 15% of the excess of the hammer price
above £2,000.
(b) Value Added Tax
Value Added Tax is always payable on the premium. It may also be
payable on the Hammer Price, if the Lot has been marked with a sign
to that effect in the catalogue. It may be refunded on proof of export
from the European Union.
(c) Payment
The Buyer must provide us with his or her name and permanent address
and, if so requested, details of the bank from which payment will be
made and then pay the full amount due (comprising the Hammer Price,
the Buyer’s premium and any applicable value added tax) within seven
days after the date of the sale. This applies even if the Buyer wishes to
export the lot and an export licence is (or may be) required.
The Buyer will not acquire title to the Lot until all amounts due to us
have been paid to us, even in circumstances where we have released
the Lot to the Buyer.
Payment may be made by Visa or Mastercard. A charge of 2% will be
applied.
Payments exceeding £5,000 can normally only be made by the card
holder in person whilst on our premises.
Spink & Son is not able to notify successful bidders by telephone. While
Invoices are sent out by mail after the auction we do not accept
responsibility for notifying you of the result of your bid. Buyers are
requested to contact us by telephone or in person as soon as possible
after the sale to obtain details of the outcome of their bids to avoid
incurring unnecessary charges. Successful bidders will pay the price of
the final bid plus premium plus any applicable VAT.
(d) Collection of Purchases
Unless we specifically agree to the contrary, we shall retain items sold
until all amounts due to us, or to any other associated company of
Spink, have been paid in full. Items retained will be covered by our
insurance from the date of sale for a period of seven days or, if by then
the goods have been collected, to the time of collection. After seven
days or from the time of collection, whichever is the earlier, the Lot will
be entirely at the Buyer’s risk.
(e) Notification
Invoices are sent out by mail after the sale day, but we do not accept
responsibility for notifying you of your bid. Bidders are requested to
contact us as soon as possible after the sale to check if they were
successful, and to avoid incurring charges for late payment.
(f) Packing and handling
We shall use all reasonable efforts to take care when handling and
packing a purchased Lot but remind the Buyer that after seven days or
from the time of collection the Lot is entirely at the Buyer’s risk.
(g) Recommended packers and shippers
Our shipping department may arrange shipment as the Buyer’s agent.
Although we shall suggest carriers if specifically requested, we cannot
accept liability in this respect.
(h) Remedies for non-payment or failure to collect purchases
If the Buyer fails to make payment within seven days, we shall be
entitled to exercise one or more of the following rights or remedies:
– to charge interest at a rate of 1% per month on the full amount due
to the extent it remains unpaid for more than seven days after the
date of the auction;
– to set off against any amounts which we or any other associated
company of Spink may owe the Buyer in any other transaction the
outstanding amount remaining unpaid by the Buyer;
– to exercise a lien on any of the Buyer’s property which may be in our
possession for any purpose and, following 14 days’ notice to the
Buyer of the amount outstanding and remaining unpaid, arrange the
sale of such property and apply the proceeds in discharge of the
amount outstanding to us;
– where several amounts are owed by the Buyer to us or any other
associated company of Spink in respect of different transactions, to
apply any amount paid to discharge any amount owed in respect of
any particular transaction, whether or not the Buyer so directs;
– to reject at any future auction any bids made by the Buyer or on his
behalf or obtain a deposit from the Buyer before accepting any bids.
If the Buyer fails to make payment within thirty-five days, we shall in
addition be entitled:
– to issue proceedings on behalf of the Seller against the Buyer to
recover the full amount due, together with the costs of such
proceedings on a full indemnity basis and with interest, charged at
4% per annum above Royal Bank of Scotland Base Rate;
– to cancel the sale of the Lot or any other item sold to the Buyer at
the same or any other auction;
– to arrange a resale of the Lot, publicly or privately, and, if this results
in a lower price being obtained, claim the balance from the Buyer
together with any costs incurred in connection with the Buyer’s
failure to make payment.
(i) Failure to collect
Where purchases are not collected within seven days after the sale,
whether or not payment has been made, we shall arrange storage at the
Buyer’s expense, and only release the items purchased after payment has
been made in full of storage, removal, insurance and any other costs
incurred, together with payment of all other amounts due to us.
(j) Export Licence
Unless otherwise agreed by us in writing, the fact that the Buyer wishes to
apply for an export licence does not affect his obligation to make payment
within seven days nor our right to charge interest on late payment.
If the Buyer requests us to apply for an export licence on his behalf, we
shall be entitled to recover from him our disbursements and out of
pocket expenses in relation to such application, together with any
relevant VAT.
We will not be obliged to refund any interest or other expenses incurred
by the Buyer where payment is made by the Buyer despite the fact that
an export licence is required.
16. Extent of Our Liability
We have an obligation to refund the Buyer in the circumstances set out
in clause 17. However, neither the Seller nor we, nor any of our
employees or agents, are responsible for the correctness of any
statement as to the authorship, origin, date, age, attribution,
genuineness or provenance of any Lot nor for any other errors of
description or for any faults or defects in any Lot. Neither the Seller,
ourselves, our employees or agents, give any guarantee in respect of
any Lot. Any warranty of any kind whatsoever is excluded by this clause.
17. Refund in the case of Forgery
A sale will be cancelled, and the amount paid refunded to the Buyer if
a Lot (other than a miscellaneous item not described in the catalogue)
sold by us proves to have been a Forgery. We shall not however be
obliged to refund any amounts if either (a) the catalogue description or
saleroom notice at the auction date corresponded to the generally
accepted opinion of scholars or experts at that time, or fairly indicated
that there was a conflict of opinions, or (b) it can be demonstrated that
the Lot is a Forgery only by means of either a scientific process not
generally accepted for use until after publication of the catalogue or a
process which at the date of the auction was unreasonably expensive
or impracticable or likely to have caused damage to the Lot.
Furthermore, the Buyer should note that this refund can be obtained
only if the following conditions are met:
(i) the Buyer must notify us in writing, within seven days of the auction
date, that in his view the Lot concerned is a forgery;
(ii) the Buyer must then return the item to us within fourteen days, in the
same condition as at the auction date; and
(iii) as soon as possible following return of the Lot, the Buyer must produce
evidence satisfactory to us that the Lot is a Forgery and that he is able
to transfer good title to us, free from any third party claims.
In no circumstances shall we be required to pay the Buyer any more
than the amount paid by him for the Lot concerned and the Buyer shall
have no claim for interest.
The benefit of this guarantee is not capable of being transferred, and is
solely for the benefit of the person to whom the original invoice was
made out by us in respect of the Lot when sold and who, since the sale,
has remained the owner of the Lot without disposing of any interest in
it to any third party.
We shall be entitled to rely on any scientific or other process to establish
that the Lot is not a Forgery, whether or not such process was used or
in use at the date of the auction.
D. Conditions Applicable to both Buyers and Sellers
18. Copyright
The copyright in all images, illustrations and written material relating to
a Lot is and shall remain at all times our property and shall not be used
by the Buyer nor anyone else without our prior written consent.
19. Notices
Any notice given under these Conditions is to be in writing and, if given
by post, will be taken to have been received by the addressee on the
second working day after posting or, if the addressee is overseas, on the
fifth working day after posting.
20. Severability
If any part of these Conditions of Business is found by any court to be
invalid, illegal or unenforceable, that part may be discounted and the
rest of the conditions shall continue to be valid and enforceable to the
fullest extent permitted by law.
21. Law and Jurisdiction
These Conditions of Business are subject to English law, which shall
apply to their construction as well as to their effect. For our benefit, the
Seller and the Buyer submit to the exclusive jurisdiction of the English
courts.
© Spink & Son Ltd. (2007)
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