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Buying in Detail
Conditions Of Sale-Buying with Precision Auction House
These conditions of Sale, important notices and explanations of cataloguing practice, set out the terms on which we offer Lots listed online for sale. By registering to bid and/or by bidding on line or at auction you agree to these terms so you should read them carefully before bidding. Unless otherwise agreed, Precision Auctions acts as agent for the seller. The contract for sale of all property is therefore made between the Seller and the Buyer.
A. BEFORE THE SALE
1. Description of Lots
(a) Certain words used in the catalogue descriptions have special meanings. You can find details of these on the page headed “Important Notices” (b) Our descriptions of any Lot in the catalogue, any condition reports and any other statement made by us (whether orally or in writing) about any Lot including about its nature or condition, artist, period, materials, approximate dimensions or provenance are our opinion and not to be relied upon as a statement of fact.
2. Our Responsibility for our description of Lots
We do not provide any guarantee in relation to the nature of a Lot apart from our authenticity warranty contained in paragraph E2 and to the extent provided in paragraph I.
(a) The condition of Lots sold in our auctions can vary due to factors such as age, previous damage, restoration, repair and wear and tear. Their nature means they may not be in perfect condition. Lots are sold “as is” in the condition they are in at the time of the sale, without any representation or warranty or assumption of liability of any kind as to condition by Precision Auction House or by the seller.
(b) Any reference to condition in a catalogue entry or in a condition report will not amount to a full description of condition and images may not show a Lot clearly. Colours and shades may look different in print or on screen to how they look on physical inspection. Condition reports are provided free of charge as a convenience to our buyers and are for guidance only. They offer our opinion but may not refer to all faults, inherent defects, restoration, alteration or adaptation because our staff are not professional restorers or conservators. For that reason they are not not an alternative to examining the lot in person or taking your own professional advise.
4. Viewing Lots Pre-Auction
(a) If you are planning to bid on a Lot you should inspect it online or through a knowledgeable representative to make sure that you accept the description and its condition.
(b) Our specialists may be available to answer any questions at the view or by appointment at any time.
Estimates are based on the condition , rarity, quality and provenance of the Lots and on prices achieved at auction for similar property. Estimates can from time to time change and are not a guarantee of the actual selling price or a Lots value for any other purpose. Estimates DO NOT include the buyer’s premium or any applicable taxes.
Precision Auction may withdraw any lot at any time prior to or during the sale. precision Auction has no liability to any potential buyers or other interested parties for any decision to withdraw any lot.
B. REGISTERING TO BID
1. New Bidders
(a) If this is your first time bidding with Precision Auction you should register at least 24 hours prior to the auction to give us enough time to process and approve your registration.
You will be asked for the following:
Photo Identification (driving licence, national id card or passport) Proof of your current address (a current utility bill or bank statement) We may ask you you to give us a financial reference and/or a deposit as a condition of allowing you to bid.
2. Returning bidders
We may ask for an updated ID document or a new financial reference should you look to bid on lots at a higher value than you have done in the past.
3. Bidding on behalf of another person
If you are bidding on behalf of another person that person will need to complete the registration requirements above before you can bid. They will also have to provide you and Precision Auction with a signed letter authorising you to bid for them and who is to settle the invoice in full.
4. Bidding through saleroom.com
If you wish to bid through the saleroom.com you must register at least 30 minutes before the sale. You can register online at https://www.the-saleroom.com/en-gb/my-account/register.
5. Bidding services
The bidding services described below are provided to our clients as a convenience and Precision Auctions are not responsible for any error (human or otherwise).
(a) Phone Bids
A request to phone bid must be made 24 hours prior to the sale. We will accept any reasonable request to telephone bid as long as we have enough staff available on the day of sale to facilitate these bids. All telephone bids will be in English unless otherwise agreed prior to the sale. We may record telephone bids. By bidding via telephone you agree to us recording your conversations. You also agree that your telephone bids are governed by these conditions of sale.
(b) Internet bids
We will accept bids via the internet. You can bid via https://www.the-saleroom.com/en-gb or by one of our online partners such as the , Invaluable or Artsy. There may be a charge for bidding on these platforms – please see the websites for details.
C. AT THE SALE
1. Who can attend the auction
All auctions are open to the public online.
Unless otherwise indicated all lots are subject to a reserve. The reserve cannot be more than the low estimate.
3. Auctioneers discretion
The auctioneer can at his/her sole option:
(a) Refuse any bid
(b) Move the bidding backwards or forwards in any way he or she may decide.
(c) Withdraw any lot
(d) Reopen or continue the bidding even after the hammer has fallen
(e) In the case of error or dispute, cancel the sale or re open bidding in or after the sale.
The auctioneer accepts bids from:
(a) Bidders in the saleroom
(b) Telephone and internet bidders
5. Bidding on behalf of the seller
The auctioneer may bid on behalf of the seller up to but not including the amount of the reserve. No bids on behalf of the seller will be actioned at or above the reserve.
6. Bid increments
Bidding usually starts below the low estimate and increases in steps (bid increments). The auctioneer will decide at his or her sole opinion where the bidding should start and the bid increments.
7. Successful Bids
Unless the auctioneer decides to use his/her discretion when the auctioneer’s hammer strikes we have accepted the last bid. This means a contract for the sale of the lot has been formed between the seller and the successful bidder. We will issue an invoice to the registered bidder who made the successful bid. Whilst we send out invoices by post and/or email after the auction we do not accept responsibility for telling you whether or not your bid was successful. You should contact us by telephone, in person or email as soon as possible after the auction to get details of the outcome of your bid.
D. THE BUYERS PREMIUM, TAXES AND ARTISTS RESALE ROYALTY (ARR)
1.The Buyers Premium
In addition to the hammer price the successful bidder agrees to pay us a buyer’s premium on the the hammer price of each lot sold. On all lots we charge 11% plus VAT of the hammer price up to and including £500,000, 10% plus VAT on that part of the hammer price above £500,000. A buyers premium of 19.5% plus VAT is charged on Wine and Spirits.
The successful bidder is responsible for any applicable tax, including any VAT, sales or equivalent tax wherever they arise on the hammer price and the buyers premium. It is the buyers responsibility to ascertain and pay all taxes due.
1. Seller Warranties For each lot the seller gives a warranty that the seller:
(a) is the owner of the lot or a joint owner of the lot acting with the permission of the other owner(s).
(b) has the right to transfer ownership of the lot to the buyer without any restrictions or claims by anyone else.
2. Our Authenticity Warranty. We warrant that the lots in our sales are authentic. If within 30 days from the date of sale you satisfy us that your lot is not authentic we will refund the purchase price paid by you (We would expect at least 2 independent specialists recognized by us to provide written evidence that the lot is not authentic and the reasons for their opinion)
1. How to pay
(a) Immediately following the auction you must pay the the purchase price being:
(i) The hammer price and
(ii) The buyers premium and
(iii) Any other amounts due under section D
(iv) Any duties , VAT and services taxes Payment is due no later than by by the end of the seventh calendar day following the date of the auction.
(b) We will only accept payment from the registered bidder. Once issued we cannot change the buyers name on the invoice or re issue the invoice in a different name. You must pay immediately even if you want to export the lot and you need an export licence.
(c) You must pay for the lots bought at Precision Auctions in GBP in one of the following ways:
(i) Bank Transfer to: Account Number
(ii) Credit card We accept most major credit cards subject to certain conditions
(iii) Cash We accept cash up to a maximum of £5,000 per buyer per sale.
(c) You must quote the sale number , your invoice number and client number when making payment.
(d) for any more information please contact Precision Auction on any number listed.
2. Transferring ownership to you
You will only own the lot once we have received cleared funds and you have paid the invoice in full. We will then release the lot to you.
3. Transferring Risk to you
The risk and responsibility for the lot will transfer to you from whichever is the earlier of the following:
(a) When you collect the lot or
(b) At the end of the 14th day following the date of the auction (the free storage period)
4. What happens if you do not pay
(a) If you fail to pay us the purchase price in full by the due date, we will be entitled to do one or more of the following (as well as enforce our rights or remedies we have by law)
(i) we can cancel the sale of the lot. If we do this we may sell the lot again , publicly or privately on such terms we see fit in which case you must pay us any shortfall between the (original) purchase price and the proceeds from the resale. You must also pay all costs, expenses, losses, damages and legal fees we have had to pay or may suffer.
(ii) we can pay the seller an amount up to the net proceeds payable in respect of the amount bid by your default in which case you acknowledge and understand that Precision Auctions will have all the rights of the seller to pursue you for such amounts.
(iii) we can hold you legally responsible for the purchase price and may begin legal proceedings to recover it together with other losses, interest, legal fees and costs as far as we are allowed by law.
(iv) we can take what you owe us from any amounts which we may owe you
(v) we can at our opinion reveal your identity and contact details to the seller’s legal representative.
(vi) we can take any other action we see necessary or appropriate.
(b) if you make payment in full after the due date and we choose to accept such payment we may charge you storage and transport costs from the date that is 14 calendar days following the auction.
5. Keeping your property
If you owe money to us as well as the rights set out in F4 above we can use or deal with any of your property we hold in any way we are allowed to by law. We will only release your property to you after you pay us in full for what you owe. However if we choose we can also sell your property in any way we think appropriate. We will use the proceeds of the sale against any amounts you owe us and we will pay any amount left from that sale to you. If there is a shortfall you must pay us any difference between the amount we have received from the sale and the amount you owe us.
G. COLLECTION AND STORAGE
(a) We ask that you pay for and collect all purchased lots on the day of the auction.
(b) If you do not collect any lot on the day of the auction we can at our opinion remove the lot to a third party warehouse.
(c) If you do not collect a lot within 14 calendar days from the date of auction then unless otherwise agreed in writing:
(i) we will charge you storage charges from that date
(ii) as stated above the lot will be moved to a third party warehouse and they will charge you transport and handling fees for doing so.
(iii) we may sell the lot in any commercially reasonable way we think appropriate.
H. TRANSPORT AND SHIPPING
I. OUR LIABILITY TO YOU
(a) We give no warranty in relation to any statement made, or information given, by us or our employees about any lot other than as set out in the authenticity warranty and as far as we are allowed by law, all warranties and other terms which may be added to this agreement by law are excluded. The seller’s warranties contained in paragraph E1 are their own and we do not have any liability to you in relation to those warranties.
(b) We are not responsible to you for any reason other than in the event of fraud or fraudulent misrepresentation by us or other than as expressly set out in these conditions of sale.
(c) In particular please be aware that our written and telephone bidding services, online, condition reports, currency conversion and any other saleroom services are free services and we are not responsible to you for any errors (human or otherwise)
(d) We have no responsibility to any person other than a buyer in connection with the purchase of any lot.
(e) If in spite of the terms in paragraphs (a) to (d) or E2 above we are found to be liable to you for any reason we shall not have to pay more than the purchase price paid by you to us. We will not be responsible to you for any reason for loss of profits or business, loss of opportunity or value, expected savings or interest, costs, damages or expenses.
J. OTHER TERMS
1. Our ability to cancel. In addition to the other rights of cancellation contained in this agreement we can cancel a sale of a lot if we reasonably believe that completing the transaction is, or may be, unlawful or that the sale places us or the seller under any liability to anyone else or may damage our reputation.
2. Recordings. We may record proceedings at any auction. We will keep any personal information confidential, except to the extent of disclosure is required by law. Unless we agree otherwise in writing you may not record proceedings at any auction.
3. Copyright. We own the copyright to all images, illustrations and written material produced by or for us relating to a lot. You cannot use them without our prior written permission.
4. Law and disputes. This agreement and non-contractual obligations arising out of or in connection with this agreement, or any other rights you may have relating to the purchase of a lot will be governed by the laws of England and Wales.