Terms & Conditions of Sale and Business
These conditions of sale and business constitute the contract between Kinghams Auctioneers & Valuers and the seller, on the one hand, and the buyer on the other. By bidding at the auction, and/or consigning to Kinghams Auctioneers & Valuers, you agree to be bound by the following terms.
Agency
The auctioneer normally acts as agent only and disclaims any responsibility for default by sellers or buyers if the transaction is not completed and paid for.
Descriptions and condition of lots
Every effort is made to ensure the accuracy of statements relating to authorship, descriptions, origin, date, age, provenance and condition of lots. Statements made orally or in the catalogue are opinions given after careful consideration and research. Prospective buyers are given ample opportunity to view lots before any sale. When bidding, buyers acknowledge that they are fully satisfied as to the description and condition of the lot. The absence of a condition report or reference to condition in catalogue descriptions does not indicate that the lot is without fault.
Forgeries
Any lot which proves to be a deliberate forgery may be returned within 21 days of the auction, provided it is in the same condition as when bought and is accompanied by particulars identifying it from the catalogue description and a written statement of defects. If we are satisfied that the lot is a deliberate forgery we shall refund the money paid for the lot, including any buyer’s premium.
Buyer’s premium
There is a buyer’s premium of 26 per cent plus VAT on the hammer price of each lot up to and including £500,000; 18% plus VAT on the excess of £500,001 up to and including £1,000,000; and 15% plus VAT on the excess of £1,000,001.
VAT
Lots on which the buyer may have to pay VAT on the hammer price are marked in the catalogue with *. Other lots are sold under the Auctioneers’ Margin Scheme, which allows auctioneers to sell items without VAT on the hammer price; the buyer then pays an amount equivalent to VAT, which cannot be refunded and is not shown separately on the invoice.
The buyer
The highest bidder acknowledged as such by the auctioneer will be the buyer. If any dispute arises, the auctioneer has absolute discretion to settle the matter. The auctioneer rules the bidding, bids cannot be retracted, and the auctioneer reserves the right to refuse any bid. Each lot is the buyer’s sole responsibility from the fall of the hammer.
Payment
Buyers must pay in full before items can be removed from the premises. Invoices are issued from the day of the sale and must be paid in full within 24 hours. Invoices unpaid after seven days will incur interest at 5% above base rate from the date of the sale. We accept cash up to £9,000 (subject to money laundering regulations), debit cards (maximum £1,000 by phone) and bank transfer; a fee of £15 is added for international bank payments. We do not accept credit card or PayPal payments.
Storage
Handling and storage charges may be applied to purchased or unsold lots not collected within 14 days from the date of the auction, from £20 per lot handling plus £2 per lot per day for small items to £80 per lot plus £10 per lot per day for oversized items (plus VAT).
Sellers’ commission
Commission is charged to sellers at a flat rate of 15% plus VAT on each lot. There is a lotting charge of £5.00 (+VAT) per lot sold or unsold, and £10.00 (+VAT) per furniture lot sold or unsold. Insurance is charged at 1.5% (+VAT) of the hammer price, or bottom estimate if unsold. Reserves are not usually accepted for lots expected to realise below £50. Settlement is started from four weeks after the auction, subject to normal business conditions and funds being cleared.
English law applies to the interpretation of these conditions. Questions about a lot, a commission bid or a consignment? Email enquiries@kinghamsauctioneers.com or call 01608 695695.