Terms and Conditions (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, or online at https://www.grahambuddauctions.co.uk  

Definitions 

“Property” is the item(s) considered for sale via Graham Budd Auctions Limited.

"Seller" is the owner of the Property, their agent or executors, or the person in possession of the Property (as appropriate). 

“Buyer” is the person or entity who’s bid to purchase the Property is accepted by the auctioneer. 

"GB" means Graham Budd Auctions Limited, auctioneers & valuers, registered at 10 Cheyne Walk, Northampton, NN1 5PT, company number 5036951. 

"Seller's Commission” is the commission GB charges Sellers of Property (Charged at 15% plus VAT). 

"Expenses" are GB's expenses, fees, and charges relating to the Property, including (but not limited to) 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, who’s decision is final. 

"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 of the Property 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. 

1. Seller's Warranties 

(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, which includes information which the Seller could or should have known at the material time 

(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. 

2. Sale Preperation 

(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.

3. 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. 

4. 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 

5.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) 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 4(b), or if unsold then the mid estimate value of the property, less Seller's Commission and Expenses. 

(c) 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 

6. 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 

7. 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, 28 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 Sale Proceeds in the currency the seller nominates (which if not in GBP, then the seller assumes all risks and costs associated with the transfer of GBP to their chosen currency)

(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. 

8. Unsold/Uncollected Property 

(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. 

9. Rescission of Sales 

GB may rescind the sale where it reasonably believes that the Property is counterfeit, as defined by GB’s Authenticity Guarantee, 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. 

10. Anti-Money Laundering

The Seller acknowledges that due to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, GB and any person acting on behalf of GB may require further documentation verifying the identity of the Seller.

The Seller further agrees to provide GB with any information as GB determines to be necessary and appropriate to verify compliance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 and anti-money laundering regulations of any applicable jurisdiction or to respond to requests for information concerning the identity of the Seller from any governmental authority, self-regulatory organisation or financial institution in connection with its anti-money laundering compliance procedures, and to update such information as necessary. We may not be able to tell you if a disclosure has been made to the relevant authorities and if this is the case, we will not be liable for any loss, damage or expense as a results of any delay or otherwise caused by us when complying with our stator obligations.

11. Data Protection 

(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 11a). 

12. Miscellaneous 

(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.