Terms and Conditions
The Conditions of Business for sellers govern all aspects of the consignment, report, holding and sale of Property by Graham Budd Auctions Ltd. together with Graham Budd Auction Ltd.’s Authenticity Guarantee and the Conditions of Business for Buyers, as printed in sale catalogues and available from Graham Budd Auctions Ltd. upon request. Graham Budd Auctions Ltd. act as agent for Sellers.
Conditions of Business for Buyers and/or Sellers may be amended by additional terms printed in the sale catalogue and/or by notices posted up in the saleroom or announced by the auctioneer.
“Seller” is the owner of the “Property”, their agent or executors or the person in possession of the Property (as appropriate).
“GB” means Graham Budd Auctions Ltd., auctioneers & valuers, registered at Lion House, Red Lion Street, London, WC1R 4GB, company number 5036951.
“Seller’s Commission” is the commission GB charges Sellers of Property.
“Expenses” are GB’s expenses, fees, and charges relating to the Property, including legal expenses, insurance charges, illustration fees, administration fees, customs duties, shipping and packing costs, tests, searches and enquiries.
“Buyer’s Premium” is the commission GB charges Buyers of Property.
“Hammer Price” is the highest bid for the Property accepted by the auctioneer.
“Reserve Price” is the minimum Hammer Price at which the Property may be sold, as agreed between the Seller and GB. From time to time, GB may agree with the Seller to offer a collection of Property for a Global Reserve Price and/or agree an auctioneer’s discretion to reduce the Reserve Price or to offer the Property without a Reserve Price.
“Net Sale Proceeds” are the proceeds of sale actually received by GB, less Seller’s Commission, Buyer’s Premium and Expenses.
The Seller’s Commission, Hammer Price, Buyer’s Premium and all Expenses are subject to VAT, where applicable.
(a) The Seller warrants to GB and the Buyer that:-
(i) the Seller is the owner of the property and is authorised to sell it;
(ii) the Seller shall transfer possession and good title in the Property to the Buyer, free from any third party claims;
(iii) the Seller has provided all relevant information about the ownership, condition, authenticity, attribution, provenance and import/export history of the Property;
(iv) there are no copyright or other restrictions on GB’s rights to produce and publish images of the Property.
(b) The Seller will indemnify GB, its directors, employees, officers and Buyers of the Property against all losses and damages resulting from a breach of any of these warranties or other Conditions of Business. GB may cancel, rescind or postpone sales of Property where it reasonably believes that there has been or may be a breach of these warranties or any other Conditions of Business by the Seller.
(a) GB shall have sole discretion as to how Property is described, illustrated and marketed, and the date, venue and conduct of the sale.
(b) All oral or written estimates, appraisals and reports are statements of opinion only, may not be relied upon as a prediction of the sale price and may be revised from time to time by GB.
(c) GB may, without obligation, consult with third party experts and carry out such other research for the Property as it deems necessary. GB may transfer possession of the Property to such third parties and shall not be responsible for the acts and omissions of such third parties.
(d) GB shall have the absolute right to produce and publish images of any Property consigned for sale and will retain copyright in any such images it produces.
(e) GB will charge a Buyer’s Premium on the sale of the Property at GB’s standard rates. GB reserves the right to pay out its commissions as a fee to any third party introducing Sellers or Property to it.
(f) Sellers are prohibited from bidding on their own property. If a Seller offers the Hammer Price for their Property, GB shall charge the Seller the Seller’s Commission, Buyer’s Premium and Expenses relating to that Property.
Withdrawal of Property
(a) If the seller withdraws any Property from sale after their written agreement to sell it, GB may charge the Seller an amount equal to the Seller’s Commission and Buyer’s Premium GB would have received had the Property sold at its mid estimate, plus all expenses (the “withdrawal Fee”).
(b) GB may withdraw any Property from sale without liability for any of the following reasons: - if (i) it reasonably believes that the authenticity or attribution is questionable; (ii) it reasonably believes that the Seller’s Warranties or other Conditions of Business have been breached; (iii) there is a competing ownership claim or lien over the Property; (iv) the Property does not have all licences and permits required by law, including those required under the Convention on the International Trade in Endangered Species (CITIES); (v) the condition of the Property has deteriorated since consignment; (vi) the auction has been postponed for any reason.
(c) If the property is withdrawn for any of reasons 3(b)(ii), or (iii) the Seller shall pay the Withdrawal Fee, as per Condition 3(a). If withdrawn for any other reason, the Property shall be returned to the Seller at the Seller’s Expense.
Exclusion of Liability
(a) GB shall not be liable for any errors or omissions in any written or oral information provided to Sellers or for acts or omissions relating to the conduct of the auction or any other matter relating to the sale of the Property, whether negligent or otherwise, subject always to Condition 4(c).
(b) Without prejudice to Condition 4(a), any claim against GB shall be limited to the Net Sale Proceeds for the relevant Property. GB shall not in any circumstances be liable for any indirect or consequential losses.
(c) GB’s liability to the Seller in respect of death or injury caused by GB’s negligent acts or omissions shall not be excluded or limited.
Loss or Damage to Property
(a) Unless otherwise agreed in writing, GB will assume the risk of loss or damage to Property received from the Seller until:- (i) risk passes to the Buyer; or (ii) if unsold, 60 days after the sale or when released to the Seller (whichever is earlier); or (iii) 6 months after receipt of the Property by GB, if not consigned for sale.
(b) GB shall charge a premium of 1.5% of:- (i) the Hammer Price of the Property, if sold; (ii) the reserve price of the Property or as otherwise stated on the Property Receipt, if unsold; or (iii) the mid estimate, if not offered for sale (or GB’s reasonable estimate of auction value where there are no pre-sale estimates).
(c) If damage or loss occurs whilst the Property is at the risk of GB, the maximum amount of GB’s liability shall be as set out in Condition 5 (b) (i)-(iii), as applicable, less Seller’s Commission and Expenses.
(d) GB will not be liable for any loss or damage caused by:- (i) normal wear and tear, gradual deterioration or inherent vice or defect; (ii) errors in processing; (iii) war or radioactive contamination.
Post Auction Sales
If any Property fails to sell at auction, GB shall be entitled for a period of 35 days after the auction to sell the Property privately for no less than the Reserve Price (unless otherwise agreed with the Seller) and on the terms of these Conditions of Business.
Payment of Net Sale Proceeds
(a) Subject in all cases to prior receipt of cleared funds by GB and subject to rescission of the sale under Condition 9, 35 days after the sale date or 5 working days after receipt of cleared funds from the Buyer (whichever is later), GB shall send the Seller the Net Proceeds in pounds sterling, less any other amounts owed by the Seller to GB.
(b) GB shall not be obliged to check the ability of Buyers to pay for the Property and shall have absolute discretion whether to use any of the rights and remedies against defaulting Buyers contained in the Conditions of Business for Buyers.
(a) GB will advise Sellers whether or not their Property has sold. Unsold Property may either:- (i) be reconsigned for sale; or (ii) collected by the Seller, after any amounts owed to GB by the Seller have been settled.
(b) If the Seller does not reconsign or collect the Property within 60 days of the auction as per Condition 8(a) (i) or (ii) above, GB shall be released from any duty of bailment and may in its sole discretion be entitled to:- (I) transfer the property to independent storage at the Seller’s expense; or (ii) re-offer the Property at auction for no less than 50% of the original Reserve Price agreed with the Seller (where applicable), and subject to the Seller’s commission on the re-sale plus all relevant Expenses.
(c) If the Seller deposits the property with GB for more than 1 year and neither collects or consigns it for sale, GB shall be entitled to sell such property at a GB sale or elsewhere, with estimates and reserves at GB’s discretion, after giving the Seller 60 days written notice sent to the Seller’s last known address.
Rescission of Sales
GB may rescind the sale where it reasonably believes that the Property is counterfeit, as defined by GB’s Guarantee of Authenticity, in which case GB shall send the Seller a notice of such rescission. The Seller agrees to return to GB the Net Sale Proceeds received from the sale of such Property together with any additional Expenses incurred by GB. GB will return the Property to the Seller upon receipt of the Net Sale Proceeds and Expenses, unless prevented from doing so by reasons beyond GB’s control.
(a) GB will use information supplied by Sellers or otherwise obtained lawfully by GB for the provision of auction related services, client administration, marketing and as otherwise required by law.
(b) By agreeing to these Conditions of Business, the Seller agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 10(a).
(a) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect.
(b) These Conditions of Business shall be interpreted in accordance with English Law under the exclusive jurisdiction of the English Courts, in favour of GB.
CONDITIONS OF BUSINESS FOR BUYERS
(a) The contractual relationship of Graham Budd Auctions Ltd and Sellers with prospective Buyers is governed by:-
(i) these Conditions of Business for Buyers;
(ii) the Conditions of Business for Sellers, available from Graham Budd Auctions Ltd on request;
(iii) Graham Budd Auctions Ltd’s Authenticity Guarantee;
(iv) any additional notices and terms printed in the sale catalogue, in each case as amended by any saleroom notice or auctioneer’s announcement.
(b) As auctioneer, Graham Budd Auctions Ltd acts as agent for the Seller.
Occasionally, Graham Budd Auctions Ltd may own or have a financial interest in a lot.
“Bidder” is any person making, attempting or considering making a bid, including Buyers;
“Buyer” is the person who makes the highest bid or offer accepted by the auctioneer, including a Buyer’s principal when bidding as agent;
“Seller” is the person offering a lot for sale, including their agent, or executors;
“GB” means Graham Budd Auctions Ltd, Auctioneers and Valuers, registered at Lion House, Red Lion Street, London, WC1R 4GB, company number 5036951.
“Buyer’s Expenses” are any costs or expenses due to Graham Budd Auctions Ltd from the Buyer;
“Buyer’s Premium” is the commission payable by the Buyer on the Hammer Price at the rates set out in the Guide for Prospective Buyers;
“Hammer Price” is the highest bid for the Property accepted by the auctioneer at the auction or the post auction sale price;
“Purchase Price” is the Hammer Price plus applicable Buyer’s Premium and Buyer’s Expenses;
“Reserve Price” (where applicable) is the minimum Hammer Price at which the Seller has agreed to sell a lot.
The Buyer’s Premium, Buyer’s Expenses and Hammer Price are subject to VAT, where applicable.
Examination of Lots
(a) GB’s knowledge of lots is partly dependent on information provided by the Seller and GB is unable to exercise exhaustive due diligence on each lot. Each lot is available for examination before sale. Bidders are responsible for carrying out examinations and research before sale to satisfy themselves over the condition of lots and accuracy of descriptions.
(b) All oral and/or written information provided to Bidders relating to lots, including descriptions in the catalogue, condition reports or elswhere are statements of GB’s opinion and not representations of fact. Estimates may not be relied on as a prediction of the selling price or value of the lot and may be revised from time to time at GB’s absolute discretion.
Exclusions and limitations of liability to Buyers
(a) GB shall refund the Purchase Price to the Buyer in circumstances where it deems that the lot is a Counterfeit, subject to the terms of GB’s Authenticity Guarantee.
(b) Subject to Condition 4 (a), neither GB nor the Seller:-
(i) is liable for any errors or omissions in any oral or written information provided to Bidders by GB, whether negligent or otherwise;
(ii) gives any guarantee or warranty to Bidders and any implied warranties and conditions are excluded (save in so far as such obligations cannot be excluded by English law), other than the express warranties given by the Seller to the Buyer (for which the Seller is solely responsible) under the Conditions of Business for Sellers;
(iii) accepts responsibility to Bidders for acts or omissions (whether negligent or otherwise) by GB in connection with the conduct of auctions or for any matter relating to the sale of any lot.
(c) Without prejudice to Condition 4(b), any claim against GB and/ or the Seller by a Bidder is limited to the Purchase Price for the relevant lot. Neither GB nor the Seller shall be liable for any indirect or consequential losses.
(d) Nothing in Condition 4 shall exclude or limit the liability of GB or the Seller for death or personal injury caused by the negligent acts or omissions of GB or the Seller.
Bidding at Auction
(a) GB has absolute discretion to refuse admission to the auction. Before sale, Bidders must complete a Registration Form and supply such information and references as GB requires. Bidders are personally liable for their bid and are jointly and severally liable with their principal, if bidding as agent (in which case GB’s prior and express consent must be obtained).
(b) GB advises Bidders to attend the auction, but GB will endeavour to execute absentee written bids provided that they are, in GB’s opinion, received in sufficient time and in legible form.
(c) When available, written and telephone bidding is offered as a free service at the Bidder’s risk and subject to GB’s other commitments; GB is therefore not liable for failure to execute such bids. Telephone bidding may be recorded.
Import, Export and Copyright Restrictions
GB and the Seller make no representations or warranties as to whether any lot is subject to import, export or copyright restrictions. It is the Buyer’s sole responsibility to obtain any copyright clearance or any necessary import, export or other licence required by law, including licenses required under the Convention on the International Trade in Endangered Species (CITES).
Conduct of the Auction
(a) The auctioneer has discretion to refuse bids, withdraw or re-offer lots for sale (including after the fall of the hammer) if (s)he believes that there may be an error or dispute, and may also take such other action as (s)he reasonably deems necessary.
(b) The auctioneer will commence and advance the bidding in such increments as (s)he considers appropriate and is entitled to place bids on the Seller’s behalf up to the Reserve Price for the lot, where applicable.
(c) Subject to Condition 7(a), the contract between the Buyer and the Seller is concluded on the striking of the auctioneer’s hammer.
(d) Any post-auction sale of lots shall incorporate these Conditions of Business.
Payment and Collection
(a) Unless otherwise agreed in advance, payment of the Purchase Price is due in pounds sterling immediately after the auction (the “Payment Date”).
(b) Title in a lot will not pass to the Buyer until GB has received the Purchase Price in cleared funds. GB will generally not release a lot to a Buyer before payment. Earlier release shall not affect passing of title or the Buyer’s obligation to pay the Purchase Price, as above.
(c) The refusal of any licence or permit required by law, as outlined in Condition 6, shall not affect the Buyer’s obligation to pay for the lot, as per Condition 8(a).
(d) On receipt of cleared funds, the buyer may collect lots from the saleroom during the auction and immediately after its completion. Thereafter all purchased lots will be transferred to GB's appointed shipper and independent storer, details of which are printed in the auction catalogue or available from GB on request. Purchased lots in the possession of the appointed company will be subject to their own Conditions of Business and insurance arrangements.
(e) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers.
Remedies for non-payment
Without prejudice to any rights that the Seller may have, if the Buyer without prior agreement fails to make payment for the lot within 5 working days of the auction, GB may in its sole discretion exercise 1 or more of the following remedies:-
(a) store the lot at its premises or elsewhere at the Buyer’s sole risk and expense;
(b) cancel the sale of the lot;
(c) set off any amounts owed to the Buyer by GB against any amounts owed to GB by the Buyer for the lot;
(d) reject future bids from the Buyer;
(e) charge interest at 4% per annum above The Bank of England’s Base Rate from the Payment Date to the date that the Purchase Price is received in cleared funds;
(f) re-sell the lot by auction or privately, with estimates and reserves at GB’s discretion, in which case the Buyer will be liable for any shortfall between the original Purchase Price and the amount achieved on re-sale, including all costs incurred in such re-sale, including any shipping, storing, packing, insurance and handling fees owed to third parties;
(g) Exercise a lien over any Buyer’s Property in GB’s possession, applying the sale proceeds to any amounts owed by the Buyer to GB. GB shall give the Buyer 14 days written notice before exercising such lien;
(h) commence legal proceedings to recover the Purchase Price for the lot, plus interest and legal costs;
(i) disclose the Buyer’s details to the Seller to enable the Seller to commence legal proceedings.
Failure to collect purchases
(a) If the Buyer pays the Purchase Price but does not collect the lot within 14 days of the auction, GB's appointed shipper and independent storer will begin charging a handling fee, storage charges and insurance fees. Lots will be fully subject to the appointed company's Conditions of Business including remedies for failure to collect property.
(b) All packing and handling of lots is at the Buyer’s risk. GB will not be liable for any acts or omissions of third party shippers, storers or packers, or for any course of action taken under third party Conditions of Business including remedies for failure to collect property.
(a) GB will use information supplied by Bidders or otherwise obtained lawfully by GB for the provision of auction related services, client administration, marketing and as otherwise required by law.
(b) By agreeing to these Conditions of Business, the Bidder agrees to the processing of their personal information and to the disclosure of such information to third parties world-wide for the purposes outlined in Condition 11(a) and to Sellers as per Condition 9(i).
(a) All images of lots, catalogue descriptions and all other materials produced by GB are the copyright of GB.
(b) These Conditions of Business are not assignable by any Buyer without GB’s prior written consent, but are binding on Bidders’ successors, assigns and representatives.
(c) The materials listed in Condition 1(a) set out the entire agreement between the parties.
(d) If any part of these Conditions of Business be held unenforceable, the remaining parts shall remain in full force and effect.
(e) These Conditions of Business shall be interpreted in accordance with English Law, under the exclusive jurisdiction of the English Courts, in favour of GB.
GRAHAM BUDD AUCTIONS LTD AUTHENTICITY GUARANTEE
If Graham Budd Auctions Ltd sells an item of Property which is later shown to be a “Counterfeit”, subject to the terms below Graham Budd Auctions will rescind the sale and refund the Buyer the total amount paid by the Buyer to Graham Budd Auctions for that Property, up to a maximum of the Purchase Price.
The Guarantee lasts for one (1) year after the date of the relevant auction, is for the benefit of the Buyer only and is non-transferable.
“Counterfeit” means an item of Property that in Graham Budd Auctions reasonable opinion is an imitation created with the intent to deceive over the authorship, origin, date, age, period, culture or source, where the correct description of such matters is not included in the catalogue description for the Property.
Property shall not be considered Counterfeit solely because of any damage and/or restoration and/or modification work.
Please note that this Guarantee does not apply if either:-
(i) the catalogue description was in accordance with the generally accepted
opinions of scholars and experts at the date of the sale, or the catalogue description indicated that there was a conflict of such opinions; or
(ii) the only method of establishing at the date of the sale that the item was a Counterfeit would have been by means of processes not then generally available or accepted, unreasonably expensive or impractical; or likely to have caused damage to or loss in value to the Property (in Graham Budd Auctions reasonable opinion); or
(iii) there has been no material loss in value of the Property from its value had it accorded with its catalogue description.
To claim under this Guarantee, the Buyer must:-
(i) notify Graham Budd Auctions in writing within one (1) month of receiving any information that causes the Buyer to
question the authenticity or attribution of the Property, specifying the lot number, date of the auction at which it was purchased and the reasons why it is believed to be Counterfeit; and
(ii) return the Property to Graham Budd Auctions in the same condition as at the date of sale and be able to transfer good title in the Property, free from any third party claims arising after the date of the sale.
Graham Budd Auctions has discretion to waive any of the above requirements. Graham Budd Auctions may require the Buyer to obtain at the Buyer’s cost the reports of two independent and recognised experts in the relevant field. Graham Budd Auctions shall not be bound by any reports produced by the Buyer, and reserves the right to seek additional expert advice at its own expense.
In the event Graham Budd Auctions decides to rescind the sale under this Guarantee, it may refund to the Buyer the reasonable costs of up to two mutually approved independent expert reports, provided always that the costs of such reports have been approved in advance and in writing by Graham Budd Auctions.