TERMS AND CONDITIONS FOR SELLING AND BUYING AT IAIN M SMITH AUCTIONEERS & VALUERS
Definitions
'Auctioneer' Means Iain M Smith Auctioneers and Valuers, Unit 50 Perth Airport Business Park, Scone, Perthshire. PH2 6PL (Registered in Scotland), referred to as IMS Auctions hereafter.
'Seller also known as Vendor' is the person who consigns item(s) for sale and who confirms that they are the rightful owner until such time the item(s) are sold to the Buyer.
'Buyer' is the person who makes the highest possible bid (or offer) accepted by the auctioneer. 'Bidder' is a prospective buyer for a Lot.
'Buyer's Premium' is the commission payable by the Buyer on the Hammer Price at the current rate as per the catalogue and is subject to VAT at the current rate.
'Hammer Price' or purchase price is the highest bid accepted by the auctioneer by the fall of the hammer or agreed sale price post auction sale before buyers premium.
'Item' Means each and every item consigned/accepted for sale 'Lot' Means each item(s) offered for sale either individual or grouped from item(s)
'Estimate' Means the expected range the hammer is expected to fall on the item(s). 'Reserve' Means the Lowest price below which an item cannot be sold.
'Total Amount Due' means the hammer price in respect of the lot sold together with any premium, VAT or other services and taxes chargeable and any additional charges payable to IMS Auctions.
2. Warranty of Items
The Seller warrants IMS Auctions and the Buyer that he or she is the true owner of the lot or has in writing authorisation by the true owner to consign it for sale and are able to transfer good and marketable title to the lot free of any lines, charges or third party claims. The true owner must be named and evidence must be provided upon request.
IMS Auctions will produce images in connection with the sale and marketing of the item(s) unless advised by the seller in writing otherwise.
IMS Auctions will decide which way a lot may be included in the sale including description, illustration, images and catalogue. IMS Auctions has the absolute discretion to divide, combine or withdraw any lot(s) from the sale, to refuse bids, regulate bidding or to cancel the sale without giving reason or previous notice. IMS Auctions reserve the right to dispose of any items which may be rejected as unsuitable for sale or for which, after trial does not obtain a bid. Fees will apply and are based on scale according to disposal weight.
IMS Auctions may offer an oral, written estimate or evaluation which is a genuinely held opinion only. It may not be relied upon as a prediction of the selling price or value of the item and may be revised at any time.
The Seller acknowledges that attribution of items is a matter of opinion and not of fact, and is dependent upon (amongst other things) information provided by the Seller, the condition of the property, the degree of research, examination or testing that is possible and practical in the circumstances, and the status of generally accepted expert opinion at the time of cataloguing.
3. Terms of Sale
The Seller acknowledges that the lots are sold subject to the Terms of Consignment at the time of entry of the lot(s).
4. Standard Seller Fees and Charges (Subject to VAT) and currently applicable to sold items only.
- Sellers Commission: 23% is charged on the hammer price of each sold lot.
- Loss or Damage Insurance: Goods on our premises are covered at the risk of fire, burglary and water damage. For this coverage a charge of 1% of the hammer price will be incurred by the seller. If a claim is required, the value of the goods will be based on the lower estimate. (Accidental breakage or damage is not covered)
- Lotting Fee of £2.00 for Internet, E-Commerce and images
Our sales are all on-line for maximum exposure to local, national and international buyers.
IMS Auctions can uplift larger consignments and items, subject to hourly fees and mutual agreement. All fees are deducted from the sale outcome or an invoice issued subject to sale outcome.
Reserves. A reserve can be placed on a lot in agreement with the auctioneer, prior to auction, being the minimum hammer price at which the lot may be sold. Reserves must be reasonable and we may decline to offer goods which in our opinion would be subject to an unreasonably high reserve. Reserves must not be higher than the lower pre-sale estimate level. The seller may not bid, instruct, or permit any other person to bid on their behalf on their own property. Should a reserve not be met and a buyer presents themselves whilst item(s) are still on IMS Auction property a private contract may be entered into should the reserve price be met.
IMS Auctions shall be entitle to sell lots with a 10% discretion on the reserve unless otherwise stated prior to the auction.
5. Loss or Damage Warranty
IMS Auctions shall in no circumstances be responsible for any loss or damage to any goods or for their unauthorised removal or theft unless arising from the direct negligence of IMS Auctions or its employees.
All goods on IMS Auctions premises are in their custody and will be held insured against the risk of fire, theft following forcible entry and water damage (but not accidental breakage or damage) for which a premium of 1% +VAT of the hammer price is charged. Before the point of sale, goods will be insured to the lower estimate as specified by IMS Auction Staff. From then the risk passes to the Buyer of the Lot.
Until the item(s) are delivered to our premises, the risk remains with the seller.
6. Unsold Items
If any lot fails to sell after at least one (1) attempt it is the seller's responsibility to collect the item within 7 days from being notified. Items that are not collected may be subject to re-sale or disposal fees prior to any payments are issued to the seller.
7. Lot Withdrawal
If a seller wishes to withdraw a lot received at IMS Auctions whether organised for sale or not, a withdrawal fee of 15% +VAT of the lower estimate with a minimum charge of £10 +VAT per lot will apply. Upon withdrawal of the lot, the seller shall arrange for the collection and removal at their own expense within 7 days of withdrawing. Late collection may result in storage fees.
IMS Auctions may withdraw a lot from a sale without any liability if:
- If IMS Auctions believes that there is any doubt to the lot's authenticity, attribution or ownership.
- If the lot suffers from loss or damage so that it is not in the state presented at arrival.
8. Non-Payment by the Buyer
If the Buyer fails to pay the purchase price within 14 days after the Auction, the lot will be treated as unsold and IMS Auctions will re-enter the item in the first available sale unless otherwise instructed by the seller.
If the buyer makes a claim to rescind the sale and in IMS Auctions opinion the claim is justified, IMS Auctions may rescind the sale without further reference to the Seller and refund the Buyer any amount already paid in respect of that lot. If the Seller has received any monies in respect of the sale of a lot and that sale is rescinded, IMS Auctions has the right to recover such monies from the Seller.
9. Settlement Payments
Subject to full payment by the Buyer, payment of the net proceeds will be made to you no later than 28 working days from the final date of the sale, provided we have received cleared funds. Payment will be made by Bank Transfer.
10. Third Party Liability
All persons on our premises are there on their own risk. Neither IMS Auctions nor our employees or agents shall incur liability for death or personal injury or similarly for the safety or loss of property of persons visiting our premises.
11. General
IMS Auctions claim the right at our discretion to refuse admission to any person to our premises.
12. Agency
IMS Auctions act as agents solely for and in the interests of the Seller. We do not act for Buyers in this role and do not give advice to Buyers. When IMS Auctions make a statement about a lot it is doing so on behalf of the Seller of this lot. The Auctioneer normally acts as agent only and disclaims any responsibility for default by Sellers or Buyers.
13. Data Protection
In connection with the management and operation of our business we require certain information to enable the processing of selling and buying at auction including credit information. IMS Auction will not give out personal information except as may be required by law.
14. Law and Jurisdiction
Governing Law. These Terms and Conditions and all aspects of matters, transactions or disputes to which they related or apply shall be governed by and interpreted in accordance with Scots Law.
Jurisdiction. The Buyer agrees that the Courts of Scotland are to have exclusive jurisdiction to settle disputes arising in connection in all aspects of all matters or transactions to which these Terms and Conditions relate of apply.
15. Bidding Procedures and the Buyer
Prior to Auction a prospective Buyer must register to bid with full name, permanent address and telephone number and if requested by IMS Auctions, banking or other suitable references. Registration is accepted via www.easyliveauction.com, www.iainmsmith.co.uk or in person at Unit 50, Perth Airport Business Park, Scone, Perth PH2 6PL.
IMS Auctions retain the right to bid on behalf of Sellers up to the amount of any reserve.
The right to refuse any bid is also reserved.
Any dispute as to who the Buyer of any Lot will be settled by IMS Auctions
16. Descriptions and Condition.
IMS Auctions undertake that reasonable care has been taken to produce catalogue descriptions that are accurate and reliable. These descriptions are only given as an aid to respective purchasers who must fully satisfy themselves on accuracy of description and condition of each lot prior to bidding.
Before Bidding, the Bidder should satisfy themselves that the item that they are bidding on is what they think it is. IMS Auctions are prepared to accept absentee bidding on the understanding that the intending bidder/buyer have inspected or requested information about the lots and have satisfied themselves to the authenticity and condition of each lot.
Prospective Buyers, when registered, may leave commission bids in advance on www.easyliveauction.com or www.iainmsmith.co.uk. Written bids are accepted at Unit 50, Perth Airport Business Park, Scone, Perth PH2 6PL by email on in person.
In the event that IMS Auctions has received commission bids on a lot for identical amounts and at the auction those commission beds are the highest bids for the lot, it is at IMS Auctions ultimate discretion that it shall be sold to the person whose commission bid was received by the auctioneer first.
Telephone bids are accepted subject to availability and approval. IMS Auctions do not accept liability for failure to do so or for errors and omissions in connections.
Online Bidding. We offer online bidding via www.easyliveauction.com and www.iainmsmith.co.uk. IMS Auctions reserve the right approve or decline bidders for the live auctions. Bidding using this service is the responsibility of the Buyer and clicking the 'Bid Now' button is a commitment to buy and pay in full for the lot. We will use reasonable efforts to carry out online bids and do not accept liability for equipment failure, inability to access the internet or software malfunctions related to execution of online bids/live bidding.
Buyers should be aware when bidding live on-line that all bids are final.
16a. Increments
Bidding Increments shall be at the Auctioneer's sole discretion.
17. The Purchase Price
For each lot purchased a standard Buyer's Premium of 22% is payable. VAT at the current rate is charged on the Buyer's Premium.
Live online bidding fees apply, charged by the live bidding service provider. A fixed fee of £3.00 is available via www.easyliveauction.com or Free Registration with an additional 3.6% commission + VAT at the current rate via www.easyliveauction.com and www.iainmsmith.co.uk
18. Droit de Suite
This symbol (†) indicates works which may be subject to the Droit de Suite or Artist's Resale Right, which took effect in the United Kingdom on 14th February 2006. We are required to collect a royalty payment for all qualifying works of art. Under new legislation which came into effect on 1st January 2012, this applies to living artists and artists who have died in the last 70 years. This royalty will be charged to the Buyer on the Hammer price and in addition to the Buyer's premium. It will not apply to works where the hammer price is less than £1000. The charge for works of art sold at and above £1000 and below £50,000 is 4%, charges are calculated on a sliding scale. All royalty charges are paid to the Design and Artists Copyright Society ('DACS') or Artists' Collecting Society ('ACS') and no handling costs or additional fees are retained by the auctioneer. Resale royalties are not subject to VAT. Further information is available at www.dacs.org.uk
19. Payment
The purchase price must be paid to IMS Auctions no later than three (3) working days after the final day of the auction. Payment types include Bank Transfer, Credit/Debit Card, Cash (Max £5000) in £ Sterling. All additional bank fees are to be paid by the Buyer.
20. Title and Collection of Purchases
The ownership of any lots purchased shall not pass to the Buyer until you have made payment in full to IMS Auctions. No purchase can be claimed or removed before it has been paid for.
All goods purchased shall be paid for and removed at the Buyer's risk and expense by a time no later that three (3) working days after the final day of the auction. IMS Auctions are not responsible for any loss, damage, destruction of or theft of the goods once the hammer falls whether paid for or not and remain the risk of the Buyer.
Goods will only be released to the registered Buyer. Collection by courier or other named person will only be permitted upon receipt of written instructions from the Buyer and with agreement of IMS Auctions.
21. Post and Packing Service
Postage and Packing is offered for smaller items no larger than 60cm x 60cm x 45cm. There is a handling charge as well as packing and postage fee by scale for for all postage items. Quotes and new invoices are issued for settlement within two (2) working days and we aim to despatch within 10 working days from the last day of the sale.
22. Furniture Deliveries
Local Delivery is offered for larger items at a fee of £90 per hour + VAT. Immediate notification is required that you may require this service.
For National and International collections we recommend various couriers which can be issued on request. IMS Auctions will not be responsible for any item once it has been collected.
23. Unpaid/Non Collection of Lots
Storage charges will apply to all lots not collected within three (3) working days from the final day of the sale of £5.00 +VAT per lot per day. In the event that any goods are not paid for and removed after the sale, IMS Auctions shall be entitled to re-sell them by auction of privately without further notice to the buyer and steps may be take to prevent further bidding in the future.