From The Pit Lane - Formula One Timed Auction

Pre-Sale Viewing:

We are offering pre-sale viewing of lots at our Wellingborough Auction Room prior to the auction, this can be arranged timed appointment to be requested by email. 

Condition Reports:

Any requests for condition reports or additional photographs must be received by email prior to the auction. 

Graham Budd as a company do not issue COA’s. If one is supplied by the vendor details are included in the individual descriptions.

It is recommended that prospective Bidders inspect the lots on which they intend to bid, we accept bids from potential Buyers on the basis that Buyers (or their advisors) have fully accepted the lot prior to bidding and have satisfied themselves prior to bidding in relation to the condition and accuracy of the description of the lot.

Bidding:

Register Online & Id required:

All bidders are required to register in the auction Online before the auction commences in order to place a absentee bid or book a telephone line on any lot with the Auction House or bid on the Online Platforms.

A form of government-issued proof of identification (photographic identification with proof of current address) will be required at the time of registration, from all Absentee, Telephone and Online Bidders.

Lots will only be invoiced to the name and address on the bid registration form and cannot be transferred to another name and address. We can only accept payment for the lot from the registered Bidder.  

Buyer’s Premium and VAT:

The final selling bid at auction is known as the ‘hammer price'.

For bidders who have registered directly at Graham Budd Auctions and on the-saleroom.com websites, a buyers premium of 24% of the hammer price will be charged.

Bidders who register directly at the-saleroom.com will also be charged a 4.95% Internet bidders surcharge. Both the buyer’s premium and the internet surcharge are subject to VAT at the current rate of 20%.

In completing the Online bidder registration on bidlive.grahambuddauctions.co.uk or www.the-saleroom.com and providing your credit/debit cards details you authorise GBA to charge the credit/debit cards given in full payment, including all fees, for items successfully purchased in the Live Auction, and confirm that you are authorised to provide these credit/debit card details to GBA through bidlive.grahambuddauctions.co.uk and www.the-saleroom.com and agree that GBA are entitled to ship the goods to the card holder name and card holder address provided in fulfilment of the sale.

Artists Resale Rights (ARR):

Some lots as indicated in the catalogue may be subject to Artists Resale Rights (ARR).
This was introduced by a European Directive in 2006 to ensure that artists receive a royalty when their work is resold by an auction house or gallery. This Right applies to living artists and to those who have died within the last 70 years who are from applicable countries.

This royalty is paid by the purchaser on top of the hammer price if the sale price reaches or exceeds 1000 euros. The amount payable is on a sliding scale e.g. up to 50,000 euros, the royalty rate is 4% of the sale price. The maximum royalty a work can earn is capped at 12,500 euros.