TERMS OF SALE BY AUCTION AND CONDITIONS OF BUSINESS - VENDORS
Mainly Concerning Sellers
Sellers Commission: 15% of the hammer price, plus VAT,
1. £5 plus VAT lotting fee on each sold item
2. i) Title: The Seller of any Lot warrants to the Auctioneer and Buyer that the Seller is the true owner of the property, or is legally authorised to sell the property by its true owner, and is able to give good title to the property, free from any third party claims, and that the Seller will indemnify the Auctioneer and Buyer from any loss or damage suffered by either as a result of any breach of the terms of this clause by the Seller.
ii) The Seller will notify John Bellman Ltd prior to the auction of any alteration to the Lot of which the Seller is, or should reasonably be aware, or of suggestions made to the Seller by a third party that relate to condition, ownership or attribution of the Lot.
3. Reserves are subject to 10% discretion unless otherwise agreed. Once fixed, reserves may only be altered at the express permission of the Auctioneers. Where a reserve has been placed, only the Auctioneer may bid on behalf of the Seller. The Auctioneer reserves the right to sell at a hammer price below the reserve, but in such case the sale proceeds to the Seller shall be the same as if the lot had sold at reserve. When instructed to sell without reserve, the Auctioneer will sell for the highest price bid.
4. Insurance: The Auctioneers will insure lots at the lower estimate or reserve, whichever is the greater value, if the items have not been sold. John Bellman Ltd will not be responsible for loss or damage to frames or glass covering prints, paintings or other works, or for loss or damage to property caused by normal wear and tear, or changes in humidity or temperature.
5. The Auctioneers reserve the right to cancel any sale at any time, at their sole discretion.
6. Unsold Lots: The Auctioneer will notify the Seller of any unsold items within 14 days of the sale. The Seller can either re-offer the lot(s) with a lower reserve in a future auction, or collect the lot(s) within 28 days. If the auctioneers have not received instructions within 28 days, the lot(s) will be re-offered without reserve and sold to the highest bidder. Where a request has been made for a seller to remove goods from the saleroom, and they are not removed within 28 days of such a request, the aforementioned conditions will apply.
7. Withdrawn Lots: If the Seller withdraws a lot from auction, the Seller will pay John Bellman Ltd a withdrawal fee of 10% of the top estimate. The Seller must notify the Auctioneers in writing of their intention to withdraw a Lot, and must arrange for the removal of the Lot within 14 days of such notification.
8. Illustration: the Auctioneers reserve the right to illustrate Lots in the catalogue and on the Internet, and to make an appropriate charge for doing so. The Auctioneers reserve the right to reproduce photographs of Lots for any purpose.
9. Private Sales: If any lot fails to sell, the Seller authorises John Bellman Ltd, as exclusive agent, for a period of 14 days following the auction to sell the lot privately. All terms and conditions apply to such sales.
10. Sale Proceeds will be remitted 14 days after the auction, except where payment has not been received by the Auctioneers and it is held in their opinion to be in the Sellers’ best interests to extend the period for the Buyer to make payment in full. In such cases, John Bellman Ltd will remit the sale proceeds within 10 days of the day on which the total amount due is received from the Buyer. John Bellman Ltd reserves the right to retain any interest on accruing monies being held pending settlement to Sellers. A charge will be made to Sellers for payments other than in sterling.
11. The Seller authorises John Bellman Ltd to deduct commission at the stated rates, and any expenses, from the hammer price, and acknowledges the Auctioneers’ right to retain the Buyers Premium in accordance with the Buyers Conditions.
12. John Bellman Ltd must be notified in writing of any change of address of the Seller. Where a seller is ‘unknown’ at their stated address, and correspondence is returned to the Auctioneers offices, John Bellman Ltd reserve the right to offer their goods for sale without reserve to be sold to the highest bidder, after a period of 28 days from the initial posting. Any monies realised will be held by John Bellman Ltd until claimed by the Seller. All other terms and conditions will be held to apply.
13. John Bellman Ltd sell as agents and as such are not responsible for any default by the Buyer.
14. Estimates. John Bellman Ltd makes no warranty as to the anticipated selling price of property. Estimates are offered only as a guide and not as a statement of fact.
15. John Bellman Ltd reserves the right to alter these Terms and Conditions without notification to clients.